What caused the 1Q 2025 IGALMI® revenue decline to $168,000 from $582,000 in 1Q 2024?

That's an excellent suggestion to dive into the SEC filings, and they indeed provide clear insights into BioXcel Therapeutics' (BTAI) commercial strategy for IGALMI®.

Our review of recent earnings releases, filed as Exhibit 99.1 with the SEC, explicitly confirms the company's strategic decision regarding IGALMI®. BioXcel Therapeutics has consistently stated that it is "continuing to supply IGALMI® to patients and providers, and build brand awareness, with minimal commercial resources". This approach was in place as early as the fourth quarter of 2024, where they noted "minimal commercial support" for the drug.

The Q1 2025 earnings release directly attributes the decline in IGALMI® net product revenue to this strategic shift, reporting $168,000 for the quarter compared to $582,000 in Q1 2024. This trend continued into Q2 2025, with net revenue of $120,000 versus $1.1 million in Q2 2024, further indicating a deliberate reduction in commercial investment.

Furthermore, the Q4 2024 earnings release highlighted a significant decrease in Selling, General and Administrative (SG&A) expenses in Q1 2025, primarily due to "lower commercial and marketing costs resulting from reprioritization actions taken in 2024". This underscores the company's pivot to preserve capital and reallocate resources towards advancing its neuroscience pipeline, particularly the BXCL501 program and its SERENITY At-Home Phase 3 trial, which is seen as a key opportunity to expand IGALMI®'s market potential through label expansion.