Why did BTAI's Q2 2025 IGALMI® net revenue drop to $120K from $1.1M in Q2 2024?

BioXcel Therapeutics (BTAI) reported a significant decrease in IGALMI® net revenue, dropping to $120,000 in Q2 2025 from $1.1 million in Q2 2024. This decline is primarily attributed to the company's strategic decision to maintain "minimal commercial resources" for IGALMI®'s market presence.1

While BioXcel Therapeutics continues to supply IGALMI® to patients and providers in the institutional setting and aims to build brand awareness, it is doing so with limited commercial support.1 This reduced investment in commercialization efforts appears to be a consistent factor, as similar statements regarding "minimal commercial support" were also noted in the company's Q1 2025 financial results, where IGALMI® net revenue was $168,000 compared to $582,000 in Q1 2024.2 For the full year 2024, IGALMI® net revenue was $2.3 million, an increase from $1.4 million in 2023, but the quarterly trend in 2025 shows a clear reduction in sales.3

For more detailed financial analysis and historical data on BTAI, you can explore Fintel's comprehensive financial analysis page for BioXcel Therapeutics, Inc. (NasdaqCM).4