Form 4: BioXcel CFO Steinhart Converts RSUs to Common Stock

BioXcel Therapeutics' Chief Financial Officer, Richard I. Steinhart, converted Restricted Stock Units into common stock on December 14 and 15, 2025.

Summary

• Richard I. Steinhart, Chief Financial Officer of BioXcel Therapeutics, Inc. (BTAI), reported transactions involving the vesting and conversion of Restricted Stock Units (RSUs) into common stock.
• On December 14, 2025, 33 RSUs, granted on March 14, 2022, vested and were converted into 33 shares of BioXcel Therapeutics Common Stock.
• Following this transaction, Steinhart's direct beneficial ownership of Common Stock increased to 6,542 shares, and his direct beneficial ownership of RSUs decreased to 130 units.
• On December 15, 2025, an additional 35 RSUs, granted on March 15, 2023, vested and were converted into 35 shares of BioXcel Therapeutics Common Stock.
• After the December 15, 2025 transaction, Steinhart's direct beneficial ownership of Common Stock further increased to 6,577 shares, and his direct beneficial ownership of RSUs decreased to 282 units.
• Each RSU represents a contingent right to receive one share of the Issuer's Common Stock upon vesting, subject to continuous employment.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as it reflects a routine, expected event (RSU vesting) for a key executive, indicating continued alignment of interests with shareholders through increased equity ownership. It does not contain any negative news or unexpected events.

Positives

• The vesting of Restricted Stock Units indicates continued employment and commitment of a key executive, Richard I. Steinhart, to BioXcel Therapeutics.
• Increased direct beneficial ownership of common stock by the Chief Financial Officer aligns his interests with those of shareholders.

Risks

• The value of the acquired common stock is subject to market fluctuations, impacting the executive's personal wealth tied to company performance.

Future Outlook

The filing does not contain forward-looking statements or guidance regarding the company's financial performance or strategic direction. It solely reports insider transactions related to equity compensation.

Industry Context

This is a routine insider transaction related to executive compensation, common across all industries for publicly traded companies. It does not reflect specific industry trends or competitive positioning.

Related Party Transactions

• The reported transactions are related party dealings as they involve the Chief Financial Officer, an insider, acquiring company stock through the vesting of equity awards.

Stakeholder Impact

• Shareholders: Increased insider ownership may be viewed positively as it aligns management's interests with shareholder value.
• Employees: The vesting of RSUs is a standard component of executive compensation, reflecting the company's compensation practices.

Next Steps

• Continued vesting of the remaining Restricted Stock Units held by Richard I. Steinhart according to their respective schedules, subject to his continuous employment.

Key Dates

Keywords

BioXcel Therapeutics, BTAI, Form 4, Insider Transaction, Restricted Stock Units, RSU, Common Stock, Vesting, Richard I Steinhart, Chief Financial Officer, Equity Compensation