BioXcel Therapeutics Enters 11th Credit Amendment, Defers Payment

What Happened

• BioXcel Therapeutics, Inc. announced on July 31, 2026 that it entered into an Eleventh Amendment to its Credit Agreement with its lenders and administrative agent. The amendment defers a principal payment that was originally due June 30, 2026 (previously deferred to July 31, 2026) to August 31, 2026. On that date the company must pay $9,016,914.47 (the principal and interest that were due June 30, 2026) plus all accrued interest and fees through August 31, 2026.

Key Details

• Payment deferral: June 30, 2026 payment pushed to August 31, 2026; required amount on Aug 31 is $9,016,914.47 plus accrued interest/fees.
• Liquidity covenant relaxed: minimum cash liquidity requirement reduced from $7.5 million to $6.25 million.
• Deadlines and lender conditions: company must, on or before August 10, 2026 (extended from July 31), enter into definitive agreements for transactions acceptable to lenders that either (A) repay all loan obligations or (B) provide alternative capital solutions acceptable to lenders.
• Compensation and payments restriction: through August 10, 2026 the company is prohibited from changing compensation arrangements with directors, officers or employees, making non‑ordinary course payments to them, or materially increasing their compensation/benefits.

Why It Matters

• These amendments reflect near‑term cash and financing pressure: BioXcel must secure a lender‑acceptable repayment or alternative capital by August 10 and make a roughly $9.02M payment by August 31. The reduced liquidity covenant gives limited additional runway but tight deadlines remain. Investors should view this as a material update on the company’s debt standing and short‑term liquidity position.