In a recent SEC filing, BioXcel Therapeutics, Inc., a pharmaceutical company specializing in the development of novel drugs, announced amendments to its corporate structure and provided details on the outcomes of its annual stockholders meeting. The filing, dated June 10, 2024, revealed that the company's stockholders approved an increase in the number of authorized shares of common stock from 100 million to 200 million.
The increase in authorized shares was one of several items voted on during the annual meeting. The stockholders also elected two Class III directors, ratified the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for the year ending December 31, 2024, and approved, on an advisory basis, the compensation of the company's named executive officers.
The board of directors of BioXcel Therapeutics had previously approved the amendment to increase authorized shares. Following stockholder approval, the company filed the necessary Certificate of Amendment with the Secretary of State of the State of Delaware to formalize the changes.
The stockholders also voted on the frequency of future advisory votes on executive compensation, with the majority favoring an annual vote. Consequently, BioXcel Therapeutics has decided to hold such votes every year until the next advisory vote on the matter.
The annual meeting saw a high level of participation, with approximately 70.5% of the company's outstanding common stock represented in person or by proxy. This level of engagement reflects the stockholders' active involvement in the company's governance and strategic direction.
BioXcel Therapeutics, based in New Haven, Connecticut, is traded on The Nasdaq Capital Market under the ticker symbol NASDAQ:BTAI. The information provided in this article is based on the company's SEC filing, which serves as the source of the reported facts.
In other recent news, BioXcel Therapeutics has made significant strides in the first quarter of 2024. The company reported an increase in net revenue from its IGALMI drug and a decrease in net loss compared to the previous year. BioXcel Therapeutics also announced the completion of a $25 million registered direct offering and the acquisition of two new patents.
The company is expanding its neuroscience program, particularly its agitation treatment for bipolar, schizophrenia, and Alzheimer's, with the advancement of its BXCL501 treatment in late-stage clinical programs. BioXcel Therapeutics plans to file a supplemental New Drug Application (sNDA) in 2025 for their commercial product.
The company is also focused on the TRANQUILITY In-Care study for Alzheimer's agitation, with the FDA indicating the need for 12-month safety data. However, BioXcel Therapeutics needs to secure financing and achieve technical readiness before initiating the study. The company is currently exploring financing options and potential partnerships to support future growth.
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