BioXcel Therapeutics Amends Employment Agreements for Executives

On January 7, 2025, BioXcel Therapeutics, Inc. (NASDAQ:BTAI) made significant revisions to the employment agreements of its key executives Vimal Mehta, PhD, Richard Steinhart, and Frank Yocca. These amendments aim to adjust their compensation packages for the year 2025.

For Dr. Vimal Mehta, President and Chief Executive Officer, the “Mehta Amendment” reflects a reduction in cash compensation to $706,558 for 2025 coupled with a grant of options allowing the purchase of 660,000 shares of the company’s common stock under the 2020 Incentive Award Plan.

Similarly, the “Steinhart Amendment” concerning Chief Financial Officer Richard Steinhart outlines a decrease in cash compensation to $289,800 and a grant of options for 270,000 shares of common stock as per the same Plan.

Furthermore, the “Yocca Amendment” for Chief Scientific Officer Frank Yocca entails a decrease in cash compensation to $290,500 for 2025 and a grant of 270,000 shares of the company’s common stock through the mentioned Plan.

All the options granted to the executives have an exercise price of $0.4713 per share and will vest in twelve equal monthly installments across a twelve-month period. The specifics of the amendments to the employment agreements were filed with the Securities and Exchange Commission in an 8-K form and are available for reference.

These adjustments in compensation packages for key executives at BioXcel Therapeutics aim to align their interests closely with those of the company and its shareholders as they progress through the year.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BioXcel Therapeutics’s 8K filing here.

BioXcel Therapeutics Company Profile

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company'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.