Current posture

What matters now

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

Material case activity

1. BioXcel Therapeutics secures DIP financing and Teva stalking-horse bid

   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.