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# BioXcel Is Bankrupt. Teva Is First in Line for IGALMI.
- URL: https://www.pennystocks.news/btai-bioxcel-is-bankrupt-teva-is-first-in-line-for-igalmi/
- Published: 2026-08-30T14:40:51.000Z
- Updated: 2026-08-30T14:40:51.000Z
- Description: Teva holds the opening bid in a court-supervised auction for substantially all of BioXcel's assets, including its only approved drug. Whoever wins also inherits a pending FDA decision due in November.
- Author: PennyStocksNews Team
- Tags: nasdaq, ticker-btai

BioXcel Therapeutics has run out of road. On August 28, the company entered **voluntary Chapter 11 bankruptcy in Delaware** and simultaneously agreed to sell substantially all its assets to Teva Pharmaceuticals — with Teva already holding the opening bid.

BioXcel Therapeutics, Inc. NASDAQ: BTAI 

The assets up for auction include **IGALMI, BioXcel's only approved drug** — a film that dissolves under the tongue to treat sudden, severe agitation in adults with schizophrenia or bipolar disorder — along with a pending application to expand its approved use to home settings. Teva, a subsidiary of Teva Pharmaceutical Industries Ltd., has agreed to serve as what bankruptcy law calls a stalking-horse bidder: it sets the floor price that any competing buyer must beat. The court process allows others to top it, but if nobody does, Teva takes the assets.

Shares closed 74.76% lower at $0.1814, on dollar volume of about $10.4 million.

For anyone holding the stock, the mechanics of a Chapter 11 asset sale are worth understanding. Secured creditors get paid first from whatever the auction produces. Equity holders stand at the back of that line and receive whatever, if anything, remains. The company's announcement did not state the dollar value of Teva's bid.

To keep operating through the process, BioXcel locked in **$19 million in financing from its existing secured lenders** — funding that, once the court approves it, ranks ahead of most other claims and is meant to cover wages, supplier payments and the costs of the bankruptcy itself. The company says IGALMI will stay on the market and continue reaching patients throughout the proceedings.

The pending application to allow IGALMI to be used at home — rather than only under direct clinical supervision — is still under FDA review, with a **decision date of November 14, 2026**, according to the company's August 28 announcement. Whoever wins the auction inherits that application, and whatever the FDA decides about it.