BioXcel Therapeutics filed for Chapter 11 bankruptcy after concluding it could not secure sufficient funding to continue operations through the end of August. The company previously signaled strategic options after cash stress increased and said it was evaluating possible paths forward. The bankruptcy filing included a planned sale of substantially all of its assets, with Teva identified as a stalking horse bidder for parts of the company’s portfolio. Among the assets in scope is agitation-treatment candidate Igalmi (dexmedetomidine sublingual film), which remained under FDA review. The move shows how quickly financing constraints can force late-stage biotechs into restructuring, even when regulatory milestones are pending.