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BioXcel Therapeutics is at the opening stage of chapter 11, pursuing court approval of a proposed $19 million DIP facility and cash-collateral relief to fund operations while it runs a section 363 sale process, with the first-day hearing scheduled for August 31, 2026. The proposed facility would provide $9.5 million on an interim basis and a further $9.5 million after final approval, while permitting a partial roll-up of up to $58.25 million of prepetition secured obligations; no interim or final financing order has yet been entered. DIP financing declaration Dkt. 25 The debtor filed its voluntary chapter 11 petition on August 27, 2026. Chapter 11 petition Dkt. 1 Its investment banker states that unrestricted cash was approximately $440,000 as of the petition date and that cash would turn negative during the first four weeks absent DIP proceeds. DIP financing declaration Dkt. 25 The same declaration describes Teva Pharmaceutical Industries Ltd. as the most viable strategic bidder, with a non-binding indication to acquire substantially all assets through a section 363 sale as stalking horse, after the debtor sought alternative financing without…
Updated Aug 28, 2026
BioXcel Therapeutics secured a $19 million DIP financing commitment and entered into an asset sale agreement with Teva as stalking horse bidder, subject to court approval.
BioXcel Therapeutics filed for Chapter 11 bankruptcy protection after reporting liabilities of $100 million to $500 million and assets of $10 million to $50 million.
Aug 31, 2026
Commencement & Financing · 10:00 AM ET · Hon. Thomas M. Horan · Courtroom 7
Motion to File Under Seal- Motion for Entry of an Order Authorizing the Debtors to Redact and Seal the Confidential Information in (A) the Debtors' Motion for Entry of an Order (I) Authorizing the Implementation of a Key Employee Retention Program; (II) Authorizing the Implementation of a Key Employee Incentive Program, (III) Approving the Terms of the Debtors' Employee Programs; and (IV) Granting Related Relief Filed by BioXcel Therapeutics, Inc.. (Attachments: # (1) Exhibit) (Kochenash, Jared)
Docket 39 · Aug 28, 2026
Declaration of Samir Saleem in Support of the Debtors' Motion to Authorize the Implementation of a Key Employee Retention Program; (II) Authorizing the Implementation of a Key Employee Incentive Program; (III) Approving the Terms of the Debtors' Employee Programs; and (IV) Granting Related Relief (related document(s)[36], [37]) Filed by BioXcel Therapeutics, Inc.. (Kochenash, Jared)
Docket 38 · Aug 28, 2026
(REDACTED) Motion to Authorize the Implementation of a Key Employee Retention Program; (II) Authorizing the Implementation of a Key Employee Incentive Program; (III) Approving the Terms of the Debtors' Employee Programs; and (IV) Granting Related Relief (related document(s)[36]) Filed by BioXcel Therapeutics, Inc.. (Attachments: # (1) Exhibit A) (Kochenash, Jared)
Docket 37 · Aug 28, 2026
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