Bioxcel Therapeutics Inc (BTAI) Smart Money Holdings (13F, Q2 2026)

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BioXcel Therapeutics (BTAI) signed the Fourteenth Amendment to its credit agreement on August 24, under which its lenders are adding $1.25 million in new loans — but the company paid an upfront fee of $250,000, equal to 20% of the amount borrowed. The lenders also cut the minimum cash liquidity requirement from $3.0 million down to just $250,000, and the company must line up, by August 31, a definitive agreement for a deal that either repays the loans in full or delivers an alternative capital solution acceptable to the lenders. On top of that, the amendment removes some of the company's previous flexibility on things like out-licensing intellectual property and selling assets.

On August 21, 2026, BioXcel Therapeutics (BTAI) signed the Thirteenth Amendment to its credit agreement — a loan first put in place in April 2022, with Oaktree Fund Administration serving as administrative agent. The key change: the company now has until August 28, 2026, rather than August 21, to sign definitive agreements for transactions that would either repay the entire loan and other obligations under the agreement or deliver an "alternative capital solutions" deal the lenders find acceptable. In plain terms, the lenders gave BioXcel one more week to line up financing that resolves the debt.

BioXcel Therapeutics signed a new amendment to its credit agreement on August 10. It pushes back the deadline for the company to either repay all its loans or line up an alternative capital deal that the lenders approve — from August 10 to August 21 — and it lowers the minimum cash liquidity covenant from $6.25 million to $3.0 million. The company still needs to nail down a definitive agreement with the lenders by that new deadline.

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BioXcel Therapeutics (BTAI) entered a short-term amendment with its lenders on July 3rd to avoid an immediate default. The deal defers a ~$9M payment from June 30th to July 31st and cuts the minimum cash covenant to $7.5M. In exchange, the company must secure a transaction repaying all loans by July 31st. A lender-approved director now leads a special board committee with sole authority over a sale or restructuring. Executive compensation and hiring are frozen.