BioXcel Therapeutics filed voluntary petitions for Chapter 11 bankruptcy protection on August 27, 2026, in the U.S. Bankruptcy Court for the District of Delaware. The company entered into a Stalking Horse Asset Purchase Agreement with Teva Pharmaceuticals to sell substantially all assets for $57.5 million upfront cash plus up to $87.5 million in contingent milestones. BioXcel also secured Debtor-in-Possession financing totaling up to $77.25 million from Oaktree Capital Management and the Qatar Investment Authority, comprising $19 million in new money term loans and a $58.25 million roll-up of prepetition debt. Samir Saleem was appointed as Chief Restructuring Officer to oversee the process. BioXcel Therapeutics operates in the biotechnology industry, developing therapies for neurological disorders.
