SCHEDULE 13G/A: Oaktree Entities Update Passive Stake in BioXcel Therapeutics, Holding 2.73% Through Warrants

Oaktree Fund Advisors, Oaktree Capital Management, and affiliated entities have filed an amended Schedule 13G, disclosing a collective beneficial ownership of 2.73% in BioXcel Therapeutics, Inc. through warrants.

Summary

• Oaktree Fund Advisors, LLC (OFA), Oaktree Capital Management LP (OCM), Oaktree Capital Holdings, LLC (OCH), and Oaktree Capital Group Holdings GP, LLC (OCGH GP) are the reporting persons in this Schedule 13G/A filing.
• Collectively, the Oaktree entities beneficially own 170,230 shares of BioXcel Therapeutics, Inc. Common Stock.
• This beneficial ownership represents 2.73% of BioXcel Therapeutics' outstanding common stock.
• The ownership is primarily through warrants, with 118,801 warrants directly held by funds and accounts managed by OCM, and 51,429 warrants directly held by funds and accounts managed by OFA.
• The reported percentage is calculated based on 6,056,046 shares of Common Stock outstanding as of May 9, 2025, as reported in BioXcel's Form 10-Q filed on May 12, 2025, plus the 170,230 shares issuable upon exercise of the reported warrants.
• The warrants have two different strike prices and expiration dates: $0.010 expiring on November 25, 2031, and $0.48 expiring on April 19, 2029.
• The filing states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer.

Sentiment

Score: 5

Explanation: The document is a factual, routine regulatory filing disclosing beneficial ownership. It does not contain information that would inherently be considered positive or negative for the company's operational or financial performance.

Risks

• The filing explicitly states that the securities were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of BioXcel Therapeutics, Inc., nor in connection with any transaction having that purpose or effect, other than activities solely in connection with a nomination under Rule 14a-11.

Future Outlook

This Schedule 13G/A filing is a disclosure of beneficial ownership and does not contain any forward-looking statements or guidance from BioXcel Therapeutics, Inc. or the reporting Oaktree entities regarding the company's future performance or strategic direction.

Industry Context

This filing is a routine disclosure of an institutional investor's passive stake in a publicly traded company. It indicates that Oaktree, a significant investment firm, continues to hold an interest in BioXcel Therapeutics, primarily through warrants, which is a common investment vehicle in the biotechnology sector.

Stakeholder Impact

• Shareholders: Provides transparency regarding the passive ownership stake of a major institutional investor, Oaktree, in BioXcel Therapeutics. This information can be used by shareholders to understand the composition of the company's ownership base.

Key Dates

Keywords

BioXcel Therapeutics, Oaktree, Schedule 13G/A, beneficial ownership, warrants, common stock, SEC filing, institutional investment