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January 8, 2025

Top execs at New Haven-based BioXcel face compensation reductions amid company’s financial struggles

PHOTO | FILE IMAGE Vimal Mehta is CEO of BioXcel Therapeutics Inc.
By Andrew Larson

Three C-level officials at New Haven-based biopharmaceutical company BioXcel Therapeutics Inc. have taken cuts to their cash compensation as the business, which uses artificial intelligence to develop medicines in neuroscience and immuno-oncology, faces financial issues.

BioXcel inked amendments to the trio’s employment agreements that reduced the executives’ cash compensation but also granted them options to purchase more common stock, according to a notice filed with the U.S. Securities and Exchange Commission.

President and CEO Vimal Mehta’s cash compensation was reduced to $706,558; Chief Financial Officer Richard Steinhart’s cash compensation was lowered to $289,800; and Chief Scientific Officer Frank Yocca’s compensation fell to $290,500, the filing states.

The amendments also grant options for the executives to purchase additional shares of the company’s common stock, pursuant to the company’s 2020 Incentive Award Plan.

Mehta had a salary of just over $1 million in 2023, and total competition of $4.7 million, according to the company’s proxy statement. 

Information about 2024 pay packages is not yet available. 

BioXcel has faced various headwinds over the past year, including lay offs, and a risk of being delisted from the Nasdaq Stock Market.

 

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