Bioxcel Therapeutics moved to sell substantially all assets and filed for Chapter 11 bankruptcy after evaluating strategic options earlier in 2026. The company’s process includes divestiture of its agitation-treatment product Igalmi (dexmedetomidine sublingual film) and other assets. The filing follows Bioxcel’s earlier disclosure that it was exploring strategic alternatives, and it signals the pressure on late-stage commercial biopharma programs that struggle with scale, pipeline execution, or ongoing cash needs. For industry participants, the event also raises near-term questions about asset disposition timing, buyer appetite for the Igalmi franchise, and potential continuity for any development-stage programs that depended on the same corporate funding base.