BioXcel Therapeutics Amends Credit Agreement; Lowers Liquidity to $3.0M

What Happened
BioXcel Therapeutics, Inc. (BTAI) filed an 8‑K reporting that on August 10, 2026 it entered into a Twelfth Amendment to its Credit Agreement and Guaranty (and First Amendment to the Security Agreement) with its lenders and Oaktree Fund Administration LLC as administrative agent. The Twelfth Amendment requires the company to, on or prior to August 21, 2026 (an extension from the prior August 10 date), enter into definitive agreements for one or more transactions acceptable to the lenders that either (A) repay all loan and other obligations under the Credit Agreement or (B) provide an alternative capital solution on terms acceptable to the lenders. The amendment also lowers the Credit Agreement’s minimum cash liquidity covenant to $3.0 million (previously $6.25 million under the Eleventh Amendment). The amendment is filed as Exhibit 10.1.

Key Details

• Amendment date: August 10, 2026; new transaction deadline: on or prior to August 21, 2026.
• Required outcome: definitive agreements that (A) repay all loans under the Credit Agreement, or (B) provide an alternative capital solution acceptable to the lenders.
• Minimum cash liquidity covenant reduced to $3.0 million from $6.25 million.
• Administrative agent: Oaktree Fund Administration LLC; original Credit Agreement dated April 19, 2022.

Why It Matters
This amendment sets a near-term, lender‑approved timeline for the company to secure repayment or an alternative financing solution, and it reduces the minimum cash the company must maintain under the loan agreement. For investors, these are material credit and liquidity developments because they define immediate financing requirements and change covenant pressure on the company’s cash position. The full amendment text is available as Exhibit 10.1 to the 8‑K for additional detail.