A Parhurst follow-up to Report 1. In re BioXcel Therapeutics, Inc., No. 26-11360 (Bankr. D. Del.). Docket read through entry 137, filed 21 September 2026.

The bidding procedures go before Judge Horan on 28 September at 2:00 PM. Four things have changed since our teardown. One of them decides who is still able to argue with the lenders.

Two deadlines, one day

One. The interim DIP order was signed on 31 August. A party that wants to challenge the prepetition lenders' liens and claims has 75 days from its entry. That is 14 November.

Two. The FDA has assigned the at-home sNDA for IGALMI a target action date of 14 November 2026. That comes from the debtors' own DIP motion, entry 24.

Three. The DIP credit agreement requires the sale to be consummated no later than 60 days after the petition. That is 26 October, nineteen days before both.

Each fact is ordinary on its own. Together they mean the sale is due to close before the FDA acts, and the window to challenge the roll-up shuts on the day it does. Up to $67.5m of Teva's price is Development Milestone Payments tied to that sNDA.

Nobody is in place to use the window

On 10 September the U.S. Trustee filed a statement that no unsecured creditors' committee has been appointed. The box ticked is "Insufficient response". A committee is the party that normally brings a lien challenge, with the estate paying its counsel. There is none.

By the 15 September objection deadline, two objections reached the docket.

No creditor objection to the DIP or to the bidding procedures is on the docket.

The Richeson objection makes one point that the documents support. The initial budget attached to the interim DIP order runs to 18 December. It projects $6.17m of ending book cash in the week of the 26 October milestone, and $3.83m at the start of the FDA week. The sale date is a financing milestone, not the day the cash runs out. Section 8.11 of the credit agreement lets the lenders extend it.

The debt, as carried

The August operating report, filed 21 September, gives the first number for the prepetition debt. It covers 28 to 31 August and is unaudited.

Teva's upfront cash of $57.5m is 51.5% of the secured debt as carried. The roll-up, at up to $58.25m, converts 52.1% of it into DIP debt.

The debtors' own exhibit calls the Teva offer a "$112.5M stalking horse bid". That label sits $744,867 above the secured debt. Only $57.5m of it is cash at closing. The rest is contingent, and it is paid after closing to an estate whose assets carry the lenders' liens.

The bonus plan is public, and it is priced for a better bid

The KERP and KEIP amounts were sealed when we wrote the teardown. The order approving them, entered 18 September after a certificate of no objection, attaches the summary.

The KEIP measures a Transaction Value Metric: cash at closing, plus cash paid on the CVRs above $55m. The base tier is $57.5m, which is Teva's upfront cash to the dollar. Closing the Teva deal as signed pays the four executives $477,342.

The upper tiers are $75m, $100m, $125m and $150m. Teva's milestones are capped at $87.5m, and only CVR cash above $55m counts. So the most that Teva's own terms can produce is $90m, and only if every milestone pays in full. That clears the first tier and stops short of the second. The top three tiers need a better bid than Teva's.

The same exhibit benchmarks the plan at 0.4% of a $112.5m sale value. The metric that pays the executives counts $57.5m of that figure at closing.

Call #2, re-read

BioXcel Therapeutics, Inc., No. 26-11360. Teva closes as stalking horse with no qualified overbid. Resolves by 30 November 2026. Confidence: medium. Unchanged.

The docket added evidence on both sides.

The auction decides it. If a qualified bid appears, we print that here.

Closed since the teardown

What is still not established

• Which milestone payments reach anyone behind the DIP. The 8-K makes them consideration

to the Debtors, after closing. The DIP and prepetition liens sit on the Debtors' assets.

• The bid protections. The equity objection quotes figures from the banker's declaration,

entry 14. We have not read entry 14 in full, so we do not repeat them.

• Whether the lenders agreed to move the day-30 milestones. The procedures order and the

final DIP order were due by 26 September. The hearing is 28 September. The credit agreement allows a lender extension, and moves the sale milestones automatically when the court's calendar sets later dates. No extension is on the docket.

• The general bar date. Entry 121 sets it at 30 days after service of the notice. The date

itself is not on the docket yet. The governmental bar date is 23 February 2027.

• The sale hearing date. Not in the entries we read.

The dates that matter

Sources, read in full on 22 September 2026 from the claims agent's case site and the Delaware docket: entries 24, 64 (with the DIP credit agreement and initial budget), 90, 97, 121, 123 (with Exhibit 1) and 135. Docket text only for entries 66, 79 and 93. Every figure above appears in one of those or is arithmetic on figures in them, recorded in editorial/facts/bioxcel-006.json.

Parhurst is not investment advice. No price targets. No non-public information. Sealed filings are named, never read.