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Side-by-side financial comparison of BioXcel Therapeutics, Inc. (BTAI) and Rafael Holdings, Inc. (RFL). Click either name above to swap in a different company.
BioXcel Therapeutics, Inc. is the larger business by last-quarter revenue ($256.0K vs $240.0K, roughly 1.1× Rafael Holdings, Inc.). Rafael Holdings, Inc. runs the higher net margin — -4090.0% vs -4900.4%, a 810.4% gap on every dollar of revenue. On growth, Rafael Holdings, Inc. posted the faster year-over-year revenue change (87.5% vs -30.1%). Over the past eight quarters, Rafael Holdings, Inc.'s revenue compounded faster (85.2% CAGR vs -33.7%).
BioXcel Therapeutics, Inc. is a clinical-stage biopharmaceutical firm that leverages artificial intelligence to accelerate drug discovery and development. Its core focus is on neuroscience and immuno-oncology therapies addressing unmet medical needs, primarily serving markets in North America with candidates targeting rare and hard-to-treat conditions.
Rafael Advanced Defense Systems Ltd. is an Israeli defense technology company. It was founded as Israel's National R&D Defense Laboratory for the development of weapons and military technology within the Israeli Ministry of Defense; in 2002 it was incorporated as a limited company.
BTAI vs RFL — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $256.0K | $240.0K |
| Net Profit | $-12.5M | $-9.8M |
| Gross Margin | 87.5% | — |
| Operating Margin | -4016.4% | -4225.4% |
| Net Margin | -4900.4% | -4090.0% |
| Revenue YoY | -30.1% | 87.5% |
| Net Profit YoY | -15.5% | -9.0% |
| EPS (diluted) | $0.40 | $-0.19 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $256.0K | $240.0K | ||
| Q3 25 | $98.0K | — | ||
| Q2 25 | $120.0K | — | ||
| Q1 25 | $168.0K | — | ||
| Q4 24 | $366.0K | — | ||
| Q3 24 | $214.0K | $165.0K | ||
| Q2 24 | $1.1M | $336.0K | ||
| Q1 24 | $582.0K | $68.0K |
| Q4 25 | $-12.5M | $-9.8M | ||
| Q3 25 | $-30.9M | — | ||
| Q2 25 | $-19.2M | — | ||
| Q1 25 | $-7.3M | — | ||
| Q4 24 | $-10.9M | — | ||
| Q3 24 | $-13.7M | $-4.5M | ||
| Q2 24 | $-8.3M | $-32.4M | ||
| Q1 24 | $-26.8M | $6.0M |
| Q4 25 | 87.5% | — | ||
| Q3 25 | 88.8% | — | ||
| Q2 25 | 10.8% | — | ||
| Q1 25 | 91.7% | — | ||
| Q4 24 | -127.0% | — | ||
| Q3 24 | -446.7% | — | ||
| Q2 24 | 94.4% | 74.7% | ||
| Q1 24 | 86.3% | — |
| Q4 25 | -4016.4% | -4225.4% | ||
| Q3 25 | -14518.4% | — | ||
| Q2 25 | -13210.0% | — | ||
| Q1 25 | -6011.3% | — | ||
| Q4 24 | -2866.9% | — | ||
| Q3 24 | -7146.3% | -2330.3% | ||
| Q2 24 | -1566.7% | -27726.5% | ||
| Q1 24 | -4151.7% | -4622.1% |
| Q4 25 | -4900.4% | -4090.0% | ||
| Q3 25 | -31541.8% | — | ||
| Q2 25 | -15989.2% | — | ||
| Q1 25 | -4317.9% | — | ||
| Q4 24 | -2966.9% | — | ||
| Q3 24 | -6378.5% | -2707.9% | ||
| Q2 24 | -751.7% | -9628.3% | ||
| Q1 24 | -4603.3% | 8892.6% |
| Q4 25 | $0.40 | $-0.19 | ||
| Q3 25 | $-2.18 | — | ||
| Q2 25 | $-2.45 | — | ||
| Q1 25 | $-1.50 | — | ||
| Q4 24 | $-1.17 | — | ||
| Q3 24 | $-5.15 | $-0.19 | ||
| Q2 24 | $-3.30 | $-1.36 | ||
| Q1 24 | $-13.89 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $28.4M | $45.5M |
| Total DebtLower is stronger | $109.6M | — |
| Stockholders' EquityBook value | $-95.5M | $85.2M |
| Total Assets | $44.9M | $105.4M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.4M | $45.5M | ||
| Q3 25 | $36.2M | — | ||
| Q2 25 | $17.4M | — | ||
| Q1 25 | $31.0M | — | ||
| Q4 24 | $29.9M | — | ||
| Q3 24 | $40.4M | $2.7M | ||
| Q2 24 | $56.3M | $7.4M | ||
| Q1 24 | $74.1M | $7.1M |
| Q4 25 | $109.6M | — | ||
| Q3 25 | $109.1M | — | ||
| Q2 25 | $108.7M | — | ||
| Q1 25 | $105.5M | — | ||
| Q4 24 | $102.5M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-95.5M | $85.2M | ||
| Q3 25 | $-88.9M | — | ||
| Q2 25 | $-107.7M | — | ||
| Q1 25 | $-90.2M | — | ||
| Q4 24 | $-93.1M | — | ||
| Q3 24 | $-85.6M | $82.2M | ||
| Q2 24 | $-74.3M | $86.1M | ||
| Q1 24 | $-72.4M | $104.9M |
| Q4 25 | $44.9M | $105.4M | ||
| Q3 25 | $44.8M | — | ||
| Q2 25 | $25.8M | — | ||
| Q1 25 | $38.6M | — | ||
| Q4 24 | $38.3M | — | ||
| Q3 24 | $48.9M | $96.8M | ||
| Q2 24 | $65.4M | $101.6M | ||
| Q1 24 | $82.3M | $106.1M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-14.2M | $-6.8M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-14.2M | $-6.8M | ||
| Q3 25 | $-18.8M | — | ||
| Q2 25 | $-12.6M | — | ||
| Q1 25 | $-12.0M | — | ||
| Q4 24 | $-14.8M | — | ||
| Q3 24 | $-16.3M | $-2.9M | ||
| Q2 24 | $-23.2M | $-251.0K | ||
| Q1 24 | $-17.7M | $-2.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $-375.0K | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | -111.6% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.0% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | — | 36.9% | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.42× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
