BioXcel Therapeutics, Inc. filed a Form 8-K on October 30, 2026, reporting the October 26, 2026 completion of the court-approved sale of substantially all of its neuroscience assets to Teva Pharmaceuticals International GmbH for upfront cash consideration of $57.5 million, along with executive officer terminations and a planned corporate name change.

Key Highlights

  • Sale completed October 26, 2026: Teva acquired substantially all of the Debtors' neuroscience assets, including rights to IGALMI® (dexmedetomidine) and BXCL501, related intellectual property, and certain regulatory filings and approvals.
  • Upfront consideration of $57.5 million: Against this amount, a $5.75 million deposit previously paid by Teva was credited at closing, in addition to certain cure costs.
  • Milestone payments possible: The Debtors are eligible for a development milestone of up to $67.5 million contingent on FDA approval of the pending supplemental new drug application for IGALMI® for at-home use, and commercial milestones of up to $20.0 million in the aggregate if such approval has not been obtained on or prior to February 28, 2027.
  • BXCL701 and BXCL702 retained: Those assets were excluded from the sale and remain with the Debtors.
  • Four executive officers terminated: CEO Vimal Mehta, CFO Richard Steinhart, CSO Frank Yocca, and CLO Javier Rodriguez were all terminated effective 5:00 p.m. Eastern Time on October 31, 2026.
  • Chief Restructuring Officer appointed President: Samir Saleem was appointed President and Secretary, effective October 31, 2026, and will serve as principal executive officer.
  • Name change authorized: The Board authorized filing a Certificate of Amendment to rename the company "BX Liquidation, Inc.," expected to be filed in November 2026.

BioXcel Closes Teva Asset Sale, Winds Down Operations After Chapter 11

According to the filing, BioXcel Therapeutics, Inc. (common stock trading on the OTC Pink Marketplace under the symbol "BTAIQ" following suspension of trading on NASDAQ:BTAI on September 8, 2026) and its subsidiaries OnkosXcel Therapeutics, LLC and OnkosXcel Employee Holdings, LLC filed voluntary chapter 11 petitions on August 27, 2026, in the United States Bankruptcy Court for the District of Delaware, jointly administered under Case No. 26-11360 (TMH). On the same date, the Debtors entered into an Asset Purchase Agreement with Teva Pharmaceuticals International GmbH.

The filing discloses that the Court entered an order on September 28, 2026, approving the Purchase Agreement and bidding procedures. Following the bidding process and the receipt of no other qualifying bids, the Debtors cancelled the auction and designated Teva as the successful bidder. The Court entered the Sale Order on October 21, 2026 (Docket No. 267), and the sale closed on October 26, 2026. The filing states that "the proceeds of the Sale were applied at closing to repay obligations under the Debtors' debtor-in-possession financing facility in accordance with the Court's final order authorizing such financing, subject to the retention of certain amounts to fund the wind-down of the Debtors' estates."

In connection with the wind-down, the Board on October 30, 2026, terminated four senior officers effective October 31, 2026. Dr. Mehta will remain a Board member and, commencing November 1, 2026, will receive $5,000 per month for director service consistent with the Company's Non-Employee Director Compensation Program, according to the filing. The Board also authorized a corporate name change to "BX Liquidation, Inc." via a Certificate of Amendment to be filed in November 2026; the filing notes that stockholder approval was not required under Section 242 of the General Corporation Law of the State of Delaware.

What Was Disclosed

BioXcel Therapeutics disclosed the October 26, 2026 closing of its bankruptcy sale of neuroscience assets to Teva for $57.5 million upfront, along with potential milestone payments, the termination of four executive officers, the appointment of Samir Saleem as President, and a planned name change to BX Liquidation, Inc.