BioXcel Therapeutics, Inc. (BTAI) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 15, 2026

Risk Assessment Details

Potential Dilution: 0.0% of current shares
Recent Dilution: 507.86% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
31M
Potential Supply
0
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

BTAI currently has 30.9M outstanding shares. with minimal authorized share overhang for future dilution. The company has significantly diluted shareholders by 507.86% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 15, 2026

10-Q filing | 30.9M shares outstanding

31M 0
Apr 17, 2026

8-K filing: BioXcel Therapeutics, Inc. granted lenders warrants to purchase up to 1,353,729 shares of common stock at an exercise price of $0.01 per share on April 15, 2026.

27M 0
Mar 27, 2026

10-K filing | 27.1M shares outstanding

27M 0
May 12, 2025

10-Q filing | 5.5M shares outstanding

5.5M 0
Mar 28, 2025

10-K filing | 3.1M shares outstanding

3.1M 0
Mar 04, 2025

8-K filing: BioXcel Therapeutics, Inc. entered into a securities purchase agreement for a registered direct offering of common stock and warrants.

2.6M 0
Feb 07, 2025
Stock Split

8-K filing: Stock split 1-for-16 | Outstanding: 42,390,000 → 2,649,375

2.6M 0
Jan 10, 2025

S-3 filing: This S-3 filing relates to the resale by selling stockholders of up to 5,100,000 shares of BioXcel Therapeutics, Inc.'s common stock issuable upon exercise of warrants.

42M 0
Nov 25, 2024

8-K filing: BioXcel Therapeutics, Inc. entered into an underwriting agreement for a public offering of 5,600,000 shares of common stock and accompanying warrants, and pre-funded warrants to purchase 9,000,000 shares of common stock and accompanying warrants, at combined public offering prices of $0.48 and $0.479 respectively, resulting in net proceeds of approximately $6.2 million. ($7.0M proceeds)

42M 0
Nov 21, 2024

8-K filing: BioXcel Therapeutics, Inc. entered into the Fifth Amendment to Credit Agreement, waiving certain covenants and agreeing to new capital raising covenants, while also issuing new warrants to lenders to purchase 5.0 million shares of common stock at $0.01 per share.

42M 0
Nov 14, 2024

10-Q filing | 42.4M shares outstanding

42M 0
Aug 06, 2024

10-Q filing | 40.3M shares outstanding

40M 0
May 09, 2024

10-Q filing | 30.9M shares outstanding

31M 0
Mar 25, 2024

8-K filing: BioXcel Therapeutics, Inc. entered into a Securities Purchase Agreement to issue and sell 3,054,609 shares of common stock and accompanying warrants, as well as pre-funded warrants to purchase up to 5,565,027 shares of common stock and accompanying warrants, in a registered direct offering, with expected net proceeds of approximately $24.9 million.

29M 0
Mar 22, 2024

10-K filing | 29.1M shares outstanding

29M 0
Jan 12, 2024

S-3 filing: BioXcel Therapeutics, Inc. is offering 69,630 shares of common stock issuable upon exercise of warrants granted in connection with that certain second amendment to credit agreement.

29M 0
Dec 06, 2023

8-K filing: BioXcel Therapeutics amended its credit agreement, terminated its Revenue Interest Financing Agreement, amended and restated warrants to purchase up to 278,520 shares, and granted new warrants to purchase up to 69,630 shares of common stock to Lenders.

29M 0
Nov 14, 2023

10-Q filing | 29.3M shares outstanding

29M 0
Nov 02, 2023

S-3 filing: BioXcel Therapeutics, Inc. is offering common stock with an aggregate offering price of up to $150,000,000 and is intended to use the net proceeds of this offering to fund ongoing clinical trials, commercialization preparation and for general corporate purposes.

29M 0
Aug 14, 2023

10-Q filing | 29.2M shares outstanding

29M 0
May 09, 2023

10-Q filing | 28.6M shares outstanding

29M 0
Mar 16, 2023

10-K filing | 28.0M shares outstanding

28M 0
Nov 14, 2022

10-Q filing | 28.0M shares outstanding

28M 0
Aug 11, 2022

10-Q filing | 28.0M shares outstanding

28M 0
May 27, 2022

S-3 filing: BioXcel Therapeutics, Inc. is registering 278,520 shares of common stock issuable upon exercise of warrants for resale by selling stockholders.

28M 0
May 09, 2022

10-Q filing | 28.0M shares outstanding

28M 0
Apr 19, 2022

8-K filing: BioXcel Therapeutics, Inc. issued warrants to lenders to purchase up to 278,520 shares of common stock at an exercise price of $20.04 per share and granted the lenders the right to purchase shares of common stock for $5.0 million at a price per share equal to a 10% premium to the volume weighted average price of the common stock over the 30 trading days prior to the lenders' election.

24M 0
Mar 11, 2022

10-K filing | 26.4M shares outstanding

26M 0
Mar 11, 2022

POS AM filing: BioXcel Therapeutics is offering common stock, preferred stock, debt securities, warrants and units for a total aggregate amount of $300,000,000, and the selling securityholder may offer and sell up to an aggregate of 8,546,750 shares of common stock.

24M 0
Nov 10, 2021

10-Q filing | 24.4M shares outstanding

24M 0
Aug 10, 2021

10-Q filing | 24.4M shares outstanding

24M 0
Jun 25, 2021

8-K filing: BioXcel Therapeutics, Inc. entered into an underwriting agreement for the issuance and sale of 3,155,000 shares of common stock at $31.70 per share, resulting in net proceeds of approximately $96.8 million. ($96.8M proceeds)

25M 0
May 10, 2021

10-Q filing | 24.6M shares outstanding

25M 0
Mar 12, 2021

10-K filing | 24.6M shares outstanding

25M 0
Nov 12, 2020

10-Q filing | 24.4M shares outstanding

24M 0
Aug 14, 2020

10-Q filing | 22.4M shares outstanding

22M 0
May 12, 2020

10-Q filing | 20.2M shares outstanding

20M 0
Mar 09, 2020

10-K filing | 20.2M shares outstanding

20M 0
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