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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 04, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	BioXcel Therapeutics, Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,211,296
Entity Central Index Key	0001720893
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 80,079	$ 32,426
Prepaid expenses and other current assets	3,519	1,681
Total current assets	83,598	34,107
Property and equipment, net	1,010	1,041
Operating lease right-of-use asset	1,153	1,193
Other assets	51	51
Total assets	85,812	36,392
Current liabilities
Accounts payable	6,733	4,953
Accrued expenses	3,600	3,120
Due to Parent		64
Other current liabilities	1,932	331
Total current liabilities	12,265	8,468
Operating lease liability	961	1,029
Total liabilities	13,226	9,497
Stockholders' equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value, 50,000,000 shares authorized; 20,182,382 and 18,087,382 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	20	18
Additional paid-in-capital	144,165	83,565
Accumulated deficit	(71,599)	(56,688)
Total stockholders' equity	72,586	26,895
Total liabilities and stockholders' equity	$ 85,812	$ 36,392

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	20,182,382	18,087,382
Common stock, shares outstanding (in shares)	20,182,382	18,087,382

STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Operating costs and expenses
Research and development	$ 12,371	$ 5,674
General and administrative	2,625	1,745
Total operating expenses	14,996	7,419
Loss from operations	(14,996)	(7,419)
Other income
Dividend and interest income, net	85	215
Net loss	$ (14,911)	$ (7,204)
Net loss per share attributable to common stockholders basic and diluted	$ (0.79)	$ (0.46)
Weighted average shares outstanding - basic and diluted	18,968,096	15,663,795

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Common stock	Additional Paid in Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2018	$ 16	$ 62,593	$ (23,720)	$ 38,889
Beginning Balance (in shares) at Dec. 31, 2018	15,663,221
Stock-based compensation		682		682
Exercise of stock options		1		1
Exercise of stock options (in shares)	2,581
Net loss			(7,204)	(7,204)
Ending Balance at Mar. 31, 2019	$ 16	63,276	(30,924)	32,368
Ending Balance (in shares) at Mar. 31, 2019	15,665,802
Beginning Balance at Dec. 31, 2019	$ 18	83,565	(56,688)	$ 26,895
Beginning Balance (in shares) at Dec. 31, 2019	18,087,382			18,087,382
Issuance of common stock, net of issuance costs	$ 2	68,809		$ 68,811
Issuance of common stock, net of issuance costs (in shares)	2,300,000
Purchase and cancellation of shares from BioXcel Corporation		(9,024)		$ (9,024)
Purchase and cancellation of shares from BioXcel Corporation (in shares)	(300,000)			(300,000)
Stock-based compensation		776		$ 776
Exercise of stock options		39		39
Exercise of stock options (in shares)	95,000
Net loss			(14,911)	(14,911)
Ending Balance at Mar. 31, 2020	$ 20	$ 144,165	$ (71,599)	$ 72,586
Ending Balance (in shares) at Mar. 31, 2020	20,182,382			20,182,382

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
Issuance costs paid	$ 4,789	$ 4,789

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (14,911)	$ (7,204)
Reconciliation of net loss to net cash used in operating activities
Depreciation and amortization	47	37
Stock-based compensation expense	776	682
Due to Parent under asset contribution agreement		500
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(1,838)	(1,292)
Accounts payable, accrued expenses and other	3,769	1,607
Net cash used in operating activities	(12,157)	(5,670)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and leasehold improvements	(16)	(600)
Net cash used in investing activities	(16)	(600)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net of issuance costs	68,811
Purchase and cancellation of shares from BioXcel Corporation	(9,024)
Exercise of options	39	1
Net cash provided by financing activities	59,826	1
Net (decrease) increase in cash and cash equivalents	47,653	(6,269)
Cash and cash equivalents, beginning of the period	32,426	42,565
Cash and cash equivalents, end of the period	80,079	36,296
Supplemental cash flow information:
Interest paid	$ 3	$ 8

STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2020
STATEMENTS OF CASH FLOWS
Issuance costs paid	$ 4,789	$ 4,789

Organization and Principal Activities	3 Months Ended
Organization and Principal Activities	Mar. 31, 2020
Organization and Principal Activities
Organization and Principal Activities	Note 1. Organization and Principal Activities BioXcel Therapeutics, Inc. is a clinical stage biopharmaceutical company utilizing artificial intelligence to identify improved therapies in neuroscience and immuno-oncology. BTI's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. BTI's two most advanced clinical development programs are BXCL501, a sublingual thin film formulation designed for acute treatment of agitation resulting from neuropsychiatric disorders, and BXCL701, an orally administered systemic innate immunity activator designed for treatment of a rare form of prostate cancer, pancreatic cancer and advanced solid cancers in combination with other immuno-oncology agents. The Company’s primary activities have been clinical and pre-clinical research and development for BXCL501 and BXCL701. As used in these financial statements, unless otherwise specified or the context otherwise requires, the terms the “Company” or “BTI” refer to BioXcel Therapeutics, Inc., and “BioXcel” or “Parent” refer to BioXcel Corporation, the Company’s parent. The Company is a majority-owned subsidiary of BioXcel Corporation, also referred to as BioXcel or Parent, and was incorporated under the laws of the State of Delaware on March 29, 2017. The Company’s principal office is in New Haven, Connecticut. The unaudited financial information for the three months ended March 31, 2020 and 2019 is presented on the same basis as the financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The Company does not have any components of other comprehensive income (loss) recorded within its financial statements, and, therefore, does not separately present a statement of comprehensive income (loss) in its financial statements. Certain reclassifications have been made to the prior year financial information to conform to the current period presentation. These reclassifications had no effect on the reported results of operations.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation The Company’s financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”).

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2020

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Use of Estimates

The Company’s financial statements are prepared in accordance with GAAP. The preparation of financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses in its financial statements and the accompanying notes. The most significant estimates in the financial statements relate to the fair value of equity awards and valuation allowance related to the Company’s deferred tax assets and liabilities.

The preparation of our financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of expenses.

During the quarter ended March 31, 2020, the novel coronavirus disease, or COVID-19, was declared a pandemic and spread to multiple regions across the globe, including the United States and Europe. The outbreak and government measures taken in response have also had a significant impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets.

We have evaluated the impact of COVID-19 within our financial statements and given the daily evolution of the COVID-19 outbreak and the global responses to curb its spread, we are not able to estimate the effects of the COVID-19 outbreak on our results of operations, financial condition, or liquidity. The financial statements do not reflect any adjustments as a result of the pandemic but there may be changes to the current estimates in future periods.

Unaudited Interim Financial Information

The accompanying unaudited financial statements do not include all of the information and footnotes required by GAAP. The accompanying year-end balance sheet was derived from audited financial statements but does not include all disclosures required by GAAP. The unaudited interim financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2020, the results of its operations for the three months ended March 31, 2020 and 2019 and its cash flows for the three months ended March 31, 2020 and 2019, respectively. The results for the three months ended March 31, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020, any other interim periods or any future year or period.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of March 31, 2020, cash equivalents were comprised of money market funds. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. We believe we mitigate such risk by investing in or through major financial institutions.

Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until the equity financing was consummated. After consummation of an equity financing, these costs were recorded in stockholders’ equity as a reduction of proceeds generated as a result of the offering.

Effective September 22, 2019, the Company terminated its At-The-Market (“ATM”) program. All costs associated with this program have been amortized and charged to Additional paid-in-capital.

Property and Equipment

Equipment consists of computers and related equipment that are stated at cost and depreciated using the straight-line method over estimated useful life of 5 years. Furniture is being depreciated using the straight-line method over approximately 7 years. Leasehold improvements are being amortized over the shorter of the life of the lease or the asset.

The Company follows the guidance provided by the Financial Accounting Standards Board (“FASB”) ASC Topic 360‑10, Property, Plant, and Equipment. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated. Impairment charges are recognized at the amount by which the carrying amount of an asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Since its inception, the Company has not recognized any impairment or disposition of long lived assets.

Leases

We determine if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our balance sheet.

ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As our lease did not provide an implicit rate, we used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Renewal options were not included in our calculation of the related asset and liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

The Company adopted ASU 2016‑02 Lease Accounting Topic 842 in January 2019 and recorded a ROU asset and related liability in the amount of $1,308 on commencement of a new office lease.

Stock-Based Compensation

The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation—Stock Compensation,” which requires the measurement and recognition of compensation expense based on estimated fair market values for all share-based awards made to employees and directors, including stock options. The Company’s stock-based compensation plan was adopted and became effective in August 2017.

Both BioXcel and the Company’s stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period. The estimated fair value of stock option awards was determined using the Black-Scholes option pricing model on the date of grant. Significant judgment and estimates were used to estimate the fair value of these awards, as they were not publicly traded. Stock awards granted by the Company subsequent to the IPO are valued using market prices at the date of grant.

ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The Black-Scholes option-pricing model was used as its method of determining fair value. This model is affected by the Company’s stock price as well as assumptions regarding a number of subjective variables. These subjective variables include, but are not limited to, the expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The value of the award is recognized as an expense in the statement of operations over the requisite service period. The periodic expense is then determined based on the valuation of the options. The Company has elected to account for forfeitures as they occur, by reversing compensation cost when the award is forfeited.

The Company adopted FASB ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting as of January 1, 2019 which allows non-employee options to be expensed using the adoption date fair value.

Research and Development Costs

Research and development expenses include wages, benefits, facilities, supplies, external services, clinical study and manufacturing costs and other expenses that are directly related to the Company’s research and development activities. At the end of the reporting period, the Company compares payments made to third party service providers to the estimated progress toward completion of the research or development objectives. Such estimates are subject to change as additional information becomes available. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company may record net prepaid or accrued expense relating to these costs. The Company expenses research and development costs as incurred.

Expenses Accrued Under Contractual Arrangements with Clinical Research Organizations

As part of the process of preparing our financial statements, we are required to estimate our accrued expenses. This process involves reviewing open contracts and purchase orders, communicating with our applicable personnel to identify services that have been performed on our behalf and estimating the level of service performed and the associated cost incurred for the service when we have not yet been invoiced or otherwise notified of actual cost. The majority of our service providers invoice us monthly in arrears for services performed. We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on facts and circumstances known to us at that time. We periodically confirm the accuracy of our estimates with the service providers and make adjustments if necessary.

We base our expenses related to clinical trials on our estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and contract research organizations that conduct and manage clinical trials on our behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. Payments under some of these contracts depend on factors such as the successful enrollment of patients and the completion of clinical trial milestones. In accruing expenses, we estimate the time period over which services will be performed and the level of effort to be expended in each period, which is based on an established protocol specific to each clinical trial. If the actual timing of the performance of services or the level of effort varies from our estimate, we adjust the accrual accordingly. Although we do not expect our estimates to be materially different from amounts actually incurred, our understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in us reporting amounts that are too high or too low in any particular period.

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.

Fair Value Measurements

ASC 820 “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below:

Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2—Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument.

Level 3—Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, as well as considering counterparty credit risk in its assessment of fair value.

The carrying amounts of cash equivalents, accounts payable and accrued expenses approximate fair value due to the short-term nature of these instruments.

Net Loss per Share

The Company computes basic net loss per share by dividing net loss available to common stockholders by the weighted average number of common shares outstanding for the period and excludes the effects of any potentially dilutive securities. Diluted earnings per share, if presented, would include the dilution that would occur upon the exercise or conversion of all potentially dilutive securities into common stock using the “treasury stock” and/or “if converted” methods as applicable. The potential dilutive securities included outstanding options (for both employees and non-employees) for the three months ended March 31, 2020 and 2019. Such securities have not been included in the loss per share calculation since their impact would be anti-dilutive. There were 3,089,310 and 2,757,275 shares of options that were excluded from the calculation of the loss per share for the three months ended March 31, 2020 and 2019, respectively.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) which amends the existing guidance relating to the accounting for income taxes. This ASU is intended to simplify the accounting for income taxes by removing certain exceptions to the general principles of accounting for income taxes and to improve the consistent application of GAAP for other areas of accounting for income taxes by clarifying and amending existing guidance. The ASU is effective for fiscal years beginning after December 15, 2020. The Company does not expect that the adoption of this new guidance will have a material impact on the Company’s Financial Statements.

Transactions with BioXcel	3 Months Ended
Transactions with BioXcel	Mar. 31, 2020
Transactions with BioXcel
Transactions with BioXcel	Note 4. Transactions with BioXcel The Company has entered into the Amended and Restated Asset Contribution Agreement, pursuant to which BioXcel agreed to contribute BioXcel’s rights, title and interest in BXCL501, BXCL701, BXCL502 and BXCL702, and all of the assets and liabilities associated in consideration for (i) 9,480,000 shares of our common stock, (ii) $1,000 upon completion of an initial public offering, (iii) $500 upon the later of the 12 month anniversary of an initial public offering and the first dosing of a patient in the bridging bioavailability/ bioequivalence study for the BXCL501 program, (iv) $500 upon the later of the 12 month anniversary of an initial public offering and the first dosing of a patient in the Phase 2 proof of concept open label monotherapy or combination trial with Keytruda for the BXCL701 program and (v) a one-time payment of $5,000 within 60 days after the achievement of $50,000 in cumulative net sales of any product or combination of products resulting from the development and commercialization of any one of the Candidates or a product derived therefrom. With the completion of the Company’s IPO in March 2018, $1,000 was charged to Research and Development costs in connection with (ii) above and was paid on April 5, 2018. The Company paid $500 to BioXcel in connection with (iii) above in April 2019. In July 2019, the Company completed the first dosing of a patient in the combination trial of BXCL701 with Keytruda, and as a result the Company paid $500 to BioXcel in connection with (iv) above in July 2019. The Company entered into a Separation and Shared Services Agreement with BioXcel that took effect on June 30, 2017, as amended and restated on November 7, 2017 and March 6, 2020, or the Services Agreement, pursuant to which BioXcel will allow us to continue to use the office space, equipment, services and leased employees based on the agreed upon terms and conditions for a payment of defined monthly and/or hourly fees. The office space and equipment portion of the Services Agreement ended effectively on April 30, 2018 when the Company moved to new office space to accommodate additional personnel that had been hired. Services provided by BioXcel through its subsidiaries in India and the United States will continue indefinitely, as agreed upon by the parties. These services are primarily for drug discovery and for chemical, manufacturing and controls cost. Service charges recorded under this agreement were $397 and $293 for the three months ended March 31, 2020 and 2019, respectively. Under the Services Agreement, the Company has an option, exercisable until December 31, 2020, to enter into a collaborative services agreement with BioXcel pursuant to which BioXcel shall perform product identification and related services for us utilizing EvolverAI. The parties are obligated to negotiate the collaborative services agreement in good faith and to incorporate reasonable market-based terms, including consideration for BioXcel reflecting a low, single-digit royalty on net sales and reasonable development and commercialization milestone payments, provided that (i) development milestones shall not exceed $10 million in the aggregate and not be payable prior to proof of concept in humans and (ii) commercialization milestones shall be based on reaching annual net sales levels, be limited to 3% of the applicable net sales level, and not exceed $30 million in the aggregate. BioXcel shall continue to make such product identification and related services available to us for at least five years from June 30, 2017. The parties are currently discussing extending the product identification and related services that BioXcel would provide under the collaborative services agreement, however, as of the date hereof, we have not reached a definitive agreement. The Company paid $9,024 for the purchase and subsequent cancellation of 300,000 shares owned by BioXcel, which is more fully discussed below under Note 8 to these financial statements.

Property & Equipment

3 Months Ended

Mar. 31, 2020

Property & Equipment

Property & Equipment

Note 5. Property & Equipment

Property and Equipment, net consisted of the following


	March 31,		December 31,
	2020		2019
	Unaudited
Computers and related equipment	$	242	$	229
Furniture		347		344
Leasehold improvements		642		642
		1,231		1,215
Accumulated depreciation		(221)		(174)
	$	1,010	$	1,041

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 6. Commitments and Contingencies Master Service Agreements The Company has entered into a Master Services Agreement (“MSA”) with a Contract Research Organization (“CRO”), dated November 1, 2018 for strategic planning, expert consultation, clinical trial services, statistical programming and analysis, data processing, data management, regulatory, clerical, project management, medical device services, and other research and development services as set forth in specific work orders. This agreement is for a period of five (5) years. Excluding the CRO’s property, all improvements, inventions, processes, techniques, work product, know-how, data and information generated, conceived, reduced to practice or derived under the MSA by the CRO or its personnel and subcontractors, shall be and remain the exclusive property of the Company, and any inventions that may evolve from the foregoing shall belong to the Company. The Company entered into a series of cancellable work orders to support its clinical trial activities, related to the first of the Company’s BXCL701 clinical trials. This clinical trial is expected to cost approximately $10,000 and is anticipated to take place over the next two years. To date, the Company has incurred $2,534 in costs for the work surrounding this trial. In the first quarter of 2019 the Company entered into a second series of cancellable work orders to support a second clinical trial related the Company’s BXCL 701 product candidate. This clinical trial is expected to aggregate approximate approximately $8,000 and it is anticipated to take place over the next three years. Approximately one half of this cost is to be reimbursed by a partner. The Company has incurred $1,237 of costs in connection with this trial. In addition, an MSA was signed with a second CRO during the first quarter of 2019 to include strategic planning, expert consultation, regulatory activities, data interpretation, New Drug Application (“NDA”) services, and research and development services, including clinical, data management, statistical and medical writing activities. This MSA supports BXCL501. The cost of these clinical trials are expected to aggregate approximately $14,700, and these trials are anticipated to take place during 2020. As of March 31, 2020, the Company has incurred $7,034 of costs in connection with these trials. Contingencies In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a global pandemic. This outbreak has caused and is continuing to cause major disruptions to businesses and financial markets worldwide. This may affect the Company’s operations and those of third parties on which the Company relies, including causing disruptions in the supply of the Company’s product candidates and the conduct of current and planned preclinical and clinical studies. The Company may need to limit its operations and may experience limitations in employee resources. There are risks that the COVID-19 pandemic may be more difficult to contain if it reaches a larger population or broader geography, in which case the risks described herein could increase significantly. The extent to which the COVID-19 pandemic impacts the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and the actions to contain the coronavirus or treat its impact, among others. Additionally, while the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the coronavirus on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity, and the Company’s ability to complete its preclinical and clinical studies on a timely basis, or at all. The ultimate impact of COVID-19 is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing, preclinical and clinical trial activities or the global economy as a whole. However, these effects could have a material, adverse impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which the Company relies.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2020

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

Accrued expenses consist of the following:


	March 31, 2020		December 31, 2019

Drugs and clinical trial expenses	$	2,118	$	1,215
Accrued salaries, benefits and travel related costs		663		1,570
Professional and consultant fees		277		126
Legal expenses		450		140
Other administrative accruals		92		69
	$	3,600	$	3,120

Other current liabilities as of March 31, 2020 includes $192 for the current portion of Operating lease liabilities and $1,740 for the financing of insurance premiums.

Stockholders' Equity (Deficit)	3 Months Ended
Stockholders' Equity (Deficit)	Mar. 31, 2020
Stockholders’ Equity (Deficit)
Stockholders’ Equity (Deficit)	Note 8. Stockholders’ Equity (Deficit) Authorized Capital The Company is authorized to issue up to 10,000,000 preferred shares with a par value of $0.001 per share. No preferred shares are issued and outstanding. The Company is authorized to issue up to 50,000,000 shares of common stock with a par value of $0.001 per share. The Company had 20,182,382 and 18,087,382 shares of common stock outstanding as of March 31, 2020 and December 31, 2019, respectively. Description of Common Stock Each share of common stock has the right to one vote. The holders of common stock are entitled to dividends when funds are legally available and when declared by the board of directors. Common Stock Issuances On May 20, 2019, the Company entered into an Open Market Sale Agreement (the “Sale Agreement”) with Jefferies LLC (“Jefferies”) pursuant to which the Company may offer and sell shares of its common stock, par value $0.001 per share (the “Common Stock”), having an initial offering price no greater than $20.0 million (the “Shares”), from time to time, through an “at the market offering” program under which Jefferies will act as sales agent. The Company sold 66,193 shares under the Sale Agreement for gross proceeds of $737, issuance costs of $350 or net proceeds of $387. The Sale Agreement was terminated by the Company on September 22, 2019 On September 26, 2019, the Company entered into an underwriting agreement with several underwriters in connection with the issuance and sale by the Company in a public offering of 2,303,030 shares of the Company’s common stock at a public offering price of $8.25 per share, less underwriting discounts and commissions, pursuant to an effective shelf registration statement on Form S-3 (Registration No. 333-230674) and a related prospectus supplement filed with the SEC (the “September 2019 Offering”). The September 2019 Offering closed on September 30, 2019. The Company received proceeds of approximately $17,423, net of issuance costs of $1,577 from the September 2019 Offering. The Company intends to use the net proceeds for general corporate purposes, which may include development and commercialization of their product candidates, research and development, general and administrative expenses, license or technology acquisitions, and working capital and capital expenditures. In February 2020, the Company sold in a registered offering 2,300,000 shares of our common stock at a public offering price of $32.00 per share for gross proceeds of $73,600 less underwriting discounts and commissions. The Company received proceeds of approximately $68,811, net of issuance costs of $4,789 from the February 2020 offering. The Company used $9,024 of the proceeds to purchase and cancel 300,000 shares of common stock from BioXcel.

Stock-Based Compensation

3 Months Ended

Mar. 31, 2020

Stock-Based Compensation

Stock-Based Compensation

Note 9. Stock-Based Compensation

Stock Options

The Company’s 2017 Stock Incentive Plan (the “2017 Stock Plan”) became effective in August 2017 and will expire in August 2027. Under the 2017 Stock Plan, the Company may grant incentive stock options, non-statutory stock options, restricted stock awards and other stock-based awards.

As of March 31, 2020, there were 3,294,956 shares of the Company’s common stock authorized for issuance under the 2017 Stock Plan. Options granted under the 2017 Stock Plan have a term of ten years with vesting terms determined by the board of directors, which is generally four years.

The fair value of options granted during the three months ended March 31, 2020 was estimated using the Black-Scholes option-pricing model with the following assumptions.


	For the
	Three Months Ended
	March 31, 2020
Exercise price per share	$	13.60		-	$	32.48
Expected stock price volatility		78.25	%	-		80.76	%
Risk-free rate of interest		1.17	%	-		2.38	%
Fair value of grants per share	$	9.04		-	$	23.58
Expected Term (years)		4.7		-		7.0

Prior to the Company’s IPO, it did not have a history of market prices of its common stock and, as such, volatility was estimated using historical volatilities of similar public companies. The expected term of the employee awards is estimated based on the simplified method, which calculates the expected term based upon the midpoint of the term of the award and the vesting period. The Company uses the simplified method because it does not have sufficient option exercise data to provide a reasonable basis upon which to estimate the expected term. The expected term of non-employee awards represents the awards contractual term. The expected dividend yield is 0% as the Company has no history of paying dividends nor does management expect to pay dividends over the contractual terms of these options. The risk-free interest rates are based on the United States Treasury yield curve in effect at the time of grant, with maturities approximating the expected term of the stock options.

The following table summarizes information about stock option activity under the 2017 Stock Plan for the three months ended March 31, 2020 (in thousands, except share and per share data):


						Weighted Average
	Number	Weighted Average		Total		Remaining
	of	Exercise		Intrinsic		Contractual
	Shares	Price per Share		Value		Life (in years)
Outstanding as of January 1, 2020	3,058,349	$	3.26	$	34,725	8.0
Options granted	100,000	$	17.18	$	—	9.8
Options forfeited	(334)	$	10.28	$	—
Options exercised	(95,000)	$	0.41	$	—
Outstanding as of March 31, 2020	3,063,015	$	3.80	$	56,901	7.8

Options vested and exercisable as of March 31, 2020	2,132,356	$	2.06	$	43,269	7.6

There were 231,941 shares available for grant as of March 31, 2020.

The Company recognized stock-based compensation expense under the 2017 Stock Plan of $768 and $659 for the three months ended March 31, 2020 and 2019, respectively.

The total grant-date fair value of options was $1,195 for the three months ended March 31, 2020.

Unrecognized compensation expense related to unvested awards as of March 31, 2020 was $3,198 and will be recognized over the remaining vesting periods of the underlying awards. The weighted-average period over which such compensation is expected to be recognized is 1.2 years.

BioXcel Charges

BioXcel has granted stock options to its employees under its own Equity Incentive Plan (“BioXcel Plan”). Stock-based compensation expense from the BioXcel Plan is allocated to the Company over the period over which those stock option awards vest and are based on the percentage of time spent on Company activities compared to BioXcel activities, which is the same basis used for allocation of salary costs. The BioXcel stock option awards are valued at fair value on the date of grant and that fair value is recognized over the requisite service period. The estimated fair value of these BioXcel stock option awards was determined using the Black Scholes option pricing model on the date of grant. Significant judgment and estimates were used to estimate the fair value of these awards, as they are not publicly traded.

Share based compensation expense (income), net of forfeitures, recognized by the Company in its statements of operations related to BioXcel equity awards totaled approximately $8 and $23 for the three months ended March 31, 2020 and 2019, respectively.

Total share based compensation charges were approximately $776 and $682 for the three months ended March 31, 2020 and 2019, respectively. The Company charged $466 and 310 to research and development and general and administrative expense for the three months ended March 31, 2020, respectively. The Company charged $453 and 229 to research and development and general and administrative expense for the three months ended March 31, 2019, respectively.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2020
Income Taxes
Income Taxes	Note 10. Income Taxes Deferred income tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial reporting and tax bases of assets and liabilities and are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. As a result of the Company’s cumulative losses, management has concluded that a full valuation allowance against the Company’s net deferred tax assets is appropriate. No income tax liabilities existed as of March 31, 2020 and December 31, 2019 due to the Company’s continuing operating losses. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) enacted on March 27, 2020 temporarily modifies the federal income tax rules on net operating losses incurred in 2018, 2019, and 2020. Under the CARES Act, a taxpayer that incurs in 2020 or has incurred during 2019 or 2018 an NOL is permitted to carryback such NOL to the prior five years to offset prior year income to claim a tax refund of previously paid federal income taxes. As a result of the Company’s losses since inception it would not benefit from this provision. The Act retroactively suspends the 80% income limitation on use of NOL carryovers for taxable years beginning before January 1, 2021, and allows 100% of any such taxable income to be offset by the amount of such NOL carryforward. This 80% income limitation is reinstated for tax years beginning after December 31, 2020.

Leases

3 Months Ended

Mar. 31, 2020

Leases

Leases

Note 11. Leases

The Company entered into an agreement to lease approximately 11,040 square feet of space on the 12th floor of the building located at 555 Long Wharf Drive, New Haven, Connecticut that commenced February 22, 2019, or the Commencement Date. The premises were occupied in March 2019.

The term of the 12th floor lease continues from the Commencement Date through the last day of the calendar month immediately following the seventh anniversary of the Commencement Date.

The Company’s improvement costs were approximately $642 and are being amortized over the life of the lease.

Maturities of the operating lease liability are as follows:


Year ending December 31,	Amount
2020 (excluding the three months ended March 31, 2020)	$	157
2021		196
2022		219
2023		225
2024		230
Thereafter		275
Total lease payments		1,302
Less imputed interest		(149)
Total lease liability		1,153
Less current portion		(192)
Operating lease liability	$	961

The current portion of the Company’s operating lease liability of $192 as of March 31, 2020 is included in other current liabilities on the balance sheet.

The Company recorded lease expense of $54 and $22 related to its operating lease right-of-use asset for the three months ended March 31, 2020 and 2019, respectively.

The Company has an option to renew the lease for one additional five-year term at 95% of the then-prevailing market rates but not less than the rental rate at the end of the initial lease term.

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2020
Subsequent Event
Subsequent Event	Note 12. Subsequent Event The Company received funds under the Paycheck Protection Program of the CARES Act in April 2020 in the amount of $537. The application for these funds requires the Company to, in good faith, certify that the current economic uncertainty made the loan request necessary to support the ongoing operations of the Company. This certification further requires the Company to take into account our current business activity and our ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not significantly detrimental to the business. The receipt of these funds, and the forgiveness of the loan attendant to these funds, is dependent on the Company having initially qualified for the loan and qualifying for the forgiveness of such loan based on our future adherence to the forgiveness criteria and maintenance of certain employment levels. On April 23, 2020, the Small Business Administration issued a new FAQ #31, which provided guidance on what it means to certify that: “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Following review of this new FAQ #31 the Company decided to withdraw from the Paycheck Protection Program and has repaid the loan in full together with all accrued interest.

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2020

Summary of Significant Accounting Policies

Basis of Presentation

The Company’s financial statements are prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”)

Use of Estimates

Unaudited Interim Financial Information

Cash and Cash Equivalents

Offering Costs

Effective September 22, 2019, the Company terminated its At-The-Market (“ATM”) program. All costs associated with this program have been amortized and charged to Additional paid-in-capital.

Property and Equipment

Since its inception, the Company has not recognized any impairment or disposition of long lived assets.

Leases

The Company adopted ASU 2016‑02 Lease Accounting Topic 842 in January 2019 and recorded a ROU asset and related liability in the amount of $1,308 on commencement of a new office lease.

Stock-Based Compensation

Research and Development Costs

Expenses Accrued Under Contractual Arrangements with Clinical Research Organizations

Patent Costs

Costs related to filing and pursuing patent applications are recorded as general and administrative expense and expensed as incurred since recoverability of such expenditures is uncertain.

Fair Value Measurements

Level 1—Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

The carrying amounts of cash equivalents, accounts payable and accrued expenses approximate fair value due to the short-term nature of these instruments.

Net Loss per Share

Recent Accounting Pronouncements

Property & Equipment (Tables)

3 Months Ended

Mar. 31, 2020

Property & Equipment

Schedule of Property and Equipment, net


	March 31,		December 31,
	2020		2019
	Unaudited
Computers and related equipment	$	242	$	229
Furniture		347		344
Leasehold improvements		642		642
		1,231		1,215
Accumulated depreciation		(221)		(174)
	$	1,010	$	1,041

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2020

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses


	March 31, 2020		December 31, 2019

Drugs and clinical trial expenses	$	2,118	$	1,215
Accrued salaries, benefits and travel related costs		663		1,570
Professional and consultant fees		277		126
Legal expenses		450		140
Other administrative accruals		92		69
	$	3,600	$	3,120

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Stock-Based Compensation

Schedule of Valuation Assumptions


	For the
	Three Months Ended
	March 31, 2020
Exercise price per share	$	13.60		-	$	32.48
Expected stock price volatility		78.25	%	-		80.76	%
Risk-free rate of interest		1.17	%	-		2.38	%
Fair value of grants per share	$	9.04		-	$	23.58
Expected Term (years)		4.7		-		7.0

Schedule of Stock Option Activity


						Weighted Average
	Number	Weighted Average		Total		Remaining
	of	Exercise		Intrinsic		Contractual
	Shares	Price per Share		Value		Life (in years)
Outstanding as of January 1, 2020	3,058,349	$	3.26	$	34,725	8.0
Options granted	100,000	$	17.18	$	—	9.8
Options forfeited	(334)	$	10.28	$	—
Options exercised	(95,000)	$	0.41	$	—
Outstanding as of March 31, 2020	3,063,015	$	3.80	$	56,901	7.8

Options vested and exercisable as of March 31, 2020	2,132,356	$	2.06	$	43,269	7.6

Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases

Summary of maturities of the operating lease liability


Year ending December 31,	Amount
2020 (excluding the three months ended March 31, 2020)	$	157
2021		196
2022		219
2023		225
2024		230
Thereafter		275
Total lease payments		1,302
Less imputed interest		(149)
Total lease liability		1,153
Less current portion		(192)
Operating lease liability	$	961

Organization and Principal Activities (Details)	3 Months Ended
Organization and Principal Activities (Details)	Mar. 31, 2020 item
Organization and Principal Activities
Number of advanced program	2

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Jan. 31, 2019
Summary of Significant Accounting Policies
Anti-dilutive securities (in shares)	3,089,310	2,757,275
Right to Use Asset	$ 1,153		$ 1,193
Lease liability	$ 1,153
ASU 2016-02 \| Adjustment
Summary of Significant Accounting Policies
Right to Use Asset				$ 1,308
Lease liability				$ 1,308
Computers and related equipment
Summary of Significant Accounting Policies
Useful life	5 years
Furniture
Summary of Significant Accounting Policies
Useful life	7 years

Transactions with BioXcel (Details) $ in Thousands			1 Months Ended			3 Months Ended
Transactions with BioXcel (Details) $ in Thousands	Apr. 05, 2018 USD ($)	Nov. 07, 2017 USD ($) shares	Feb. 29, 2020 USD ($) shares	Jul. 31, 2019 USD ($)	Apr. 30, 2019 USD ($)	Mar. 31, 2020 USD ($) shares	Mar. 31, 2019 USD ($)	Dec. 31, 2019 shares
Transactions with BioXcel
Common shares, issued \| shares						20,182,382		18,087,382
Payments to repurchase shares			$ 9,024			$ 9,024
Shares repurchased (in shares) \| shares			300,000			300,000
BioXcel Corporation \| Asset contribution agreement
Transactions with BioXcel
Common shares, issued \| shares		9,480,000
Lump sum payment to parent		$ 5,000
Period specified for payment		60 days
Cumulative net sales		$ 50,000
Payment to (received from) related party	$ 1,000			$ 500	$ 500
BioXcel Corporation \| Collaborative services agreement
Transactions with BioXcel
Term of agreement		5 years
BioXcel Corporation \| Development milestones
Transactions with BioXcel
Potential milestone payments		$ 10,000
BioXcel Corporation \| Sales milestones
Transactions with BioXcel
Potential milestone payments		$ 30,000
Maximum milestone (as as percent)		3
BioXcel Corporation \| Separation and Shared Services Agreement
Transactions with BioXcel
Service charges						$ 397	$ 293
BioXcel Corporation \| Payable upon milestones \| Asset contribution agreement
Transactions with BioXcel
Lump sum payment to parent		$ 1,000
BioXcel Corporation \| Payable upon later 12 months IPO and first dosing for BXCL501 \| Asset contribution agreement
Transactions with BioXcel
Lump sum payment to parent		$ 500
Period specified for payment		12 months
BioXcel Corporation \| Payable upon later of 12 months of IPO and specified milestones \| Asset contribution agreement
Transactions with BioXcel
Lump sum payment to parent		$ 500
Period specified for payment		12 months

Property and Equipment, net (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Equipment
Property and equipment, gross	$ 1,231	$ 1,215
Accumulated depreciation and amortization	(221)	(174)
Property and equipment, net	1,010	1,041
Computers and related equipment
Equipment
Property and equipment, gross	242	229
Furniture
Equipment
Property and equipment, gross	347	344
Leasehold improvements
Equipment
Property and equipment, gross	$ 642	$ 642

Commitments and Contingencies (Details) - USD ($) $ in Thousands		3 Months Ended
	Nov. 01, 2018	Mar. 31, 2020	Mar. 31, 2019
CRO
Commitments and Contingencies
Expected term	5 years
CRO Initial clinical trials
Commitments and Contingencies
Expected term		2 years
Expected cost		$ 10,000
Cost incurred		2,534
CRO Second clinical trials
Commitments and Contingencies
Expected term			3 years
Expected cost			$ 8,000
Cost incurred		1,237
Reimbursed cost (as a percent)			50.00%
Second CRO
Commitments and Contingencies
Expected cost			$ 14,700
Cost incurred		$ 7,034

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Drugs and clinical trial expenses	$ 2,118	$ 1,215
Accrued salaries, benefits and travel related costs	663	1,570
Professional and consultant fees	277	126
Legal expenses	450	140
Other administrative accruals	92	69
Accrued expenses	3,600	$ 3,120
Operating lease liabilities current portion	192
Insurance premiums payable	$ 1,740

Stockholders' Equity (Deficit) - Authorized (Details)	3 Months Ended
Stockholders' Equity (Deficit) - Authorized (Details)	Mar. 31, 2020 Vote $ / shares shares	Dec. 31, 2019 $ / shares shares
Stockholders’ Equity (Deficit)
Preferred shares, authorized	10,000,000	10,000,000
Preferred shares, par value (dollar per share) \| $ / shares	$ 0.001	$ 0.001
Preferred shares, issued	0	0
Preferred shares, outstanding	0	0
Common shares, authorized	50,000,000	50,000,000
Common stock, par value \| $ / shares	$ 0.001	$ 0.001
Common stock outstanding	20,182,382	18,087,382
Number of vote per common stock \| Vote	1

Stockholders' Equity (Deficit) - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended
	Sep. 26, 2019	May 20, 2019	Feb. 29, 2020	Mar. 31, 2020	Dec. 31, 2019
Number of shares issued	2,303,030		2,300,000
Purchase price (in dollar per share)	$ 8.25		$ 32.00
Common stock, par value				$ 0.001	$ 0.001
Issuance costs paid			$ 4,789	$ 4,789
Gross proceeds from issuance of common stock	$ 1,577		73,600
Proceeds from issuance of common stock, net of issuance costs	$ 17,423		68,811	68,811
Payments to repurchase shares			$ 9,024	$ 9,024
Shares repurchased (in shares)			300,000	300,000
Jefferies Sale Agreement
Number of shares issued		66,193
Common stock, par value		$ 0.001
Issuance costs paid		$ 350
Gross proceeds from issuance of common stock		737
Proceeds from issuance of common stock, net of issuance costs		387
Jefferies Sale Agreement \| Maximum
Proceeds from issuance of common stock, net of issuance costs		$ 20,000

Stock-Based Compensation - Fair value assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Sep. 26, 2019
Stock-Based Compensation
Authorized shares	3,294,956
Fair value of grants per share		$ 32.00	$ 8.25
Options
Stock-Based Compensation
Terms of award	10 years
Vesting period	4 years
Expected stock price volatility, minimum (as a percent)	78.25%
Expected stock price volatility, maximum (as a percent)	80.76%
Risk-free rate of interest, minimum (as a percent)	1.17%
Risk-free rate of interest, maximum (as a percent)	2.38%
Expected dividend yield (as a percent)	0.00%
Options \| Minimum
Stock-Based Compensation
Exercise price per share (in dollars per share)	$ 13.60
Fair value of grants per share	$ 9.04
Expected Term (years)	4 years 8 months 12 days
Options \| Maximum
Stock-Based Compensation
Exercise price per share (in dollars per share)	$ 32.48
Fair value of grants per share	$ 23.58
Expected Term (years)	7 years

Stock-Based Compensation - Stock Option Activity (Details) - Options - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Number of Shares
Outstanding, beginning balance (in shares)	3,058,349
Options granted (in shares)	100,000
Options forfeited (in shares)	(334)
Options exercised (in shares)	(95,000)
Outstanding, ending balance (in shares)	3,063,015	3,058,349
Options vested and exercisable (in shares)	2,132,356
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in dollars per shares)	$ 3.26
Options granted (in dollars per share)	17.18
Options forfeited (in dollars per shares)	10.28
Options exercised (in dollars per shares)	0.41
Outstanding, end balance (in dollars per shares)	3.80	$ 3.26
Options vested and exercisable (in dollars per shares)	$ 2.06
Options
Intrinsic value, Outstanding, beginning balance	$ 34,725
Intrinsic value, Outstanding, end balance	56,901	$ 34,725
Intrinsic value, vested and exercisable	$ 43,269
Weighted average remaining contractual life, Outstanding, Beginning	7 years 9 months 18 days	8 years
Weighted average remaining contractual life, granted	9 years 9 months 18 days
Weighted average remaining contractual life, vested and exercisable	7 years 7 months 6 days

Stock-Based Compensation - Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Stock-Based Compensation
Available for grant (in shares)	231,941
Share-based compensation costs recognized	$ 776	$ 682
Research and development expense
Stock-Based Compensation
Share-based compensation costs recognized	466	453
General and administrative expense
Stock-Based Compensation
Share-based compensation costs recognized	$ 310	229
Options
Stock-Based Compensation
Number of options granted (in shares)	100,000
Share-based compensation costs recognized	$ 768	659
Weighted-average grant-date fair value	1,195
Remaining unamortized expense	$ 3,198
Remaining unamortized expense period	1 year 2 months 12 days
Options \| BioXcel Corporation
Stock-Based Compensation
Share-based compensation costs recognized	$ 8	$ 23

Income Taxes - (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Income Taxes
Income tax liabilities	$ 0	$ 0

Leases - (Details) $ in Thousands	Feb. 22, 2019 USD ($) ft²
Leases
Area of lease \| ft²	11,040
Improvement costs \| $	$ 642

Leases - Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Maturities of the operating lease liability
2020 (excluding the three months ended March 31, 2020)	$ 157
2021	196
2022	219
2023	225
2024	230
Thereafter	275
Total lease payments	1,302
Less imputed interest	(149)
Total lease liability	1,153
Less current portion	$ (192)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Operating lease liability	$ 961	$ 1,029

Leases - Additional Information (Details) $ in Thousands		3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Feb. 22, 2019 item	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)
Leases
Operating lease liabilities current portion		$ 192
Amortization charges		$ 54	$ 22
Option to renew the lease	true
Number of renewal options \| item	1
Renewal term	5 years
Lease renewed at percentage of market rates	95.00%

Subsequent Events (Details) $ in Thousands	1 Months Ended
Subsequent Events (Details) $ in Thousands	Apr. 30, 2020 USD ($)
Subsequent events \| Paycheck Protection Program Loan
Subsequent events
Proceed from debt	$ 537