BioXcel Therapeutics, Inc. a pharmaceutical company with a market capitalization of $17.2 million, has expanded its Board of Directors by appointing Dr. Rajiv Patni as a new Class II director. Dr. Patni, with extensive experience in global product development, is currently CEO of Judo Bio and serves on the board of Quince Therapeutics. His appointment, effective January 15, 2025, comes at a critical time for the company, which faces significant financial challenges, including a debt of nearly $105 million and an 86% stock decline over the past year.
Dr. Patni’s expertise in biopharmaceutical product development is expected to benefit BioXcel, especially as the company navigates profitability struggles and explores strategic financing options. His term will expire at the 2026 annual stockholders’ meeting, unless earlier terminated. As part of his compensation, Dr. Patni will receive cash and equity-based awards, including a stock option grant for 44,000 shares with a vesting period tied to his continued service on the board.
In addition to the board expansion, BioXcel has also made significant adjustments to its executive compensation structure and credit agreements. The company is undergoing financial restructuring and exploring financing options to address its debt burden. Despite these challenges, BioXcel is advancing two pivotal Phase 3 trials for drug candidate BXCL501 and the SERENITY At-Home study for Igalmi.
