Good morning, ladies and gentlemen, and welcome to the BioXcel Therapeutics Annual Meeting of Stockholders. I will now turn the meeting over to Dr. Peter Mueller. Please go ahead.
Good morning, everybody. I'm Dr. Peter Mueller, the Chairman of the Board of Directors of BioXcel Therapeutics and the Chairperson of today's meeting. I'm very happy to welcome you to our annual meeting of stockholders. Before I call the meeting to order, I'd like to introduce you also to Vimal Mehta, our Chief Executive Officer and Founder, and Richard Steinhart, our Chief Financial Officer, and Javier Rodriguez, our Chief Legal Officer. The meeting will now officially come to order. We will proceed with the formal business of the meeting as set forth in the notice of annual meeting and proxy statement. The time is now exactly 9:00 A.M. Eastern Time, and the polls are now open for voting on all matters before the meeting. If you have not already voted and wish to vote, the polls will remain open until we finish presenting the proposals and close the polls.
You do not need to vote during the meeting if you have already voted and do not wish to change your vote. Upon joining the meeting, an agenda for the meeting should have become available on your screen. Also available at the bottom of your screen are the rules of conduct for the meeting. To conduct an orderly meeting, we ask that participants abide by these rules. We will be responding to appropriate questions raised regarding the matters to be voted on at this meeting. If you would like to submit a question, you may enter your questions in the question and answer function on the annual meeting webpage. You must include your name and the public organization with your question. Each stockholder will be able to ask up to two questions.
Note that only stockholders who are logged into the meeting using their 16-digit control number will be able to vote and submit questions at today's meeting. Our secretary will file the proof of mailing the notice of the meeting to stockholders of record on the record date with the company's records of the meetings. All stockholders of record at the close of business on October 31st, 2025, or holders of a valid proxy are entitled to vote at the meeting. A complete list of the holders of record of the outstanding shares of the company's common stock on the record date for the meeting is available on your screen if you have logged into the meeting using your 16-digit control number. At this time, I'd also like to introduce Angela Cullum, a representative of American Election Services, engaged through Broadridge Financial Solutions.
The Board of Directors has appointed such a representative to act as Inspector of Election at today's meeting. Ms. Cullum has signed the customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting. I have been informed by the Inspector of Election that a quorum is present. Therefore, I hereby declare the meeting to be duly constituted for the transaction of business. We will now proceed with the formal business of this meeting. There are five proposals to be considered by the stockholders at today's meeting. The company recommends that the stockholders vote for each nominee for director and for each of the other proposals.
The first item of business is the election of three Class I directors named in the company's proxy statement, each to serve for a three-year term until the 2028 annual meeting of stockholders and until his or her successor is duly elected and qualified, or until his or her earlier death, resignation, or removal. The Board has nominated June Bray, Sandeep Laumas, and David Mack. Since no stockholders have provided notice of direct nominations for this meeting, and in accordance with our bylaws, the nominations are closed. You can read a short biography of each nominee in the company's proxy statement. The second item of business is the ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2025. Devin Brady of Ernst & Young is present at this meeting and available to respond to appropriate questions of the stockholders.
The third item of business is the approval on an advisory non-binding basis of the compensation for our named executive officers. The fourth item of business is the approval of an amendment to the company's amended and restated certificate of incorporation as amended to effect within 12 months following the date of stockholder approval, and solely if the Board determines it is necessary and advisable to regain compliance with the minimum bid price requirements of the Nasdaq Capital Market, a reverse stock split at a ratio of not less than 1- for- 2 and not greater than 1- for- 20, with the exact ratio to be set within the range by the Board.
Please note the company is currently in compliance with the minimum bid price requirements at the Nasdaq Capital Market and has submitted this proposal as a precautionary measure to provide additional flexibility to address any potential future deficiency with respect to the Nasdaq minimum bid price requirements. The fifth item of business is the approval of an adjournment of the annual meeting if necessary to solicit additional proxies if there are not sufficient votes at the time of the annual meeting to approve Proposal 4 . This is the final proposal for today's meeting. As a reminder, for the purposes of today's meeting, we welcome only those questions from stockholders about the proposals put before stockholders at this meeting. Please submit these via the question and answer text box on the annual meeting webpage. We will now take the questions.
Thank you, Peter. There are two questions. I'll address the first question, and Vimal will address the second. First question is, in the third quarter, you raised $4.9 million through ATM sales. Reported shares for the Q2 were approximately 14.4 million, and Q3 shares were approximately 21.8, a difference of 7.3 million. The low trade was $1.18 . In the time frame, that would have returned over $8 million. What was your average cost per share traded, and how many shares did the company sell?
Well, let me explain. The 14.4 million shares in the second quarter was as of the filing date, not the end of the quarter. The end of the quarter shares are in the 10-Q and disclosed. The 21.8 million shares that's on the cover of the 10-Q for the third quarter was as of the filing date, which is mid-November. It's not quite apples to apples here. We disclose in each of the quarters exactly how many shares were sold, and that information is in the 10-Q for both the second and third quarter. Vimal?
Second question is, when was the drug SERENITY you have now that you are trying to get approval for the at-home treatment? was originally approved, and how many doses approximately have been issued? Does the drug have a black box warning issued back then or even now? And as a long-term shareholder who at one time represented a lot of shareholders, would you please return my calls if I have a question? Our drug originally was approved in April of 2022. We have two doses approved, 120 microgram and 180 microgram. There is no black box warning on our current label. And we will be very happy to take the call from our shareholders. If you have any questions, you can reach out to us through our IR company.
Okay. Thank you, Vimal. Peter, there are no other questions, so if you could continue, please.
Okay. Great. So there are no more questions at this time. So if you wish to vote and you haven't already, please vote now by clicking on the voting button on the web portal and following the instructions. You do not need to vote electronically if you have already sent in your signed proxy or if you have voted by telephone or internet unless you wish to change your vote. We will pause for approximately 30 seconds before closing the voting polls. Okay. The time is now 9:10 A.M. Eastern Time on December 12th, 2025, and the polls are now closed for voting. The Inspector of Election will count the votes. T hank you very much. I have received the preliminary report of the Inspector of Election. The final report will be kept with the company's records of the annual meeting.
Based on the preliminary report of the Inspector of Election, first, each of June Bray, Sandeep Laumas, and David Mack have been elected as a Class I director. Second, the proposal to ratify the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for fiscal year ending December 31st, 2025 has been approved. Third, the advisory vote of the compensation of our named executive officers has been approved. Fourth, the proposal to amend the company's certificate of incorporation to effect a reverse split if the Board determines it is necessary and advisable has been approved. And fifth, the proposal to adjourn the meeting if necessary to solicit additional proxies if there were not sufficient votes at the time of the annual meeting to approve Proposal 4 has been approved. However, it is not necessary to adjourn the meeting at this time.
The final tally of the votes will be published within four business days in a current report on Form 8-K to be filed with the Securities and Exchange Commission. It is now 9:12 A.M. Eastern Time, and the formal portion of the meeting has concluded. With that, ladies and gentlemen, this concludes our annual meeting, and the meeting is now adjourned. I want to thank you for attending and for your continued support of BioXcel Therapeutics.
Ladies and gentlemen, this concludes today's meeting. We thank you for participating. You may now disconnect your lines.