Biohaven Ltd.

Listed Company

BHVNCIK 0001935979NYSELarge AcceleratedPharmaceutical PreparationsD8FY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-738.82M

Total Assets

$451.45M

Equity

$52.07M

Shares Out

150.42M

Op. Cash Flow

$-609.44M

Business

Biohaven Ltd. is a biopharmaceutical company focused on the discovery, development and commercialization of novel therapies in neuroscience, immunology and oncology. It advances multiple proprietary platforms and product candidates, including glutamate modulators (troriluzole and related agents), Kv7 ion channel activators (BHV-7000), TRPM3 antagonists (BHV-2100), myostatin inhibitor taldefgrobep alfa, TYK2/JAK1 inhibitors, MoDE/TRAP extracellular degraders, ARMs and next-generation ADCs (e.g., BHV-1510). The company operates in a single reportable segment developing therapeutics across those therapeutic areas. Biohaven holds worldwide rights to most candidates and conducts global clinical development, relying on third-party manufacturing, collaborations and potential regional commercialization or licensing arrangements.

Summary from filing dated 2025-03-03

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	635	796	373	437	181
General and administrative	110	89	63	131	37
Total operating expenses	745	885	436	568	219
Loss from operations	−745	−885	−436	−568	−219
Other income, net	8	39	27	−2	1
Total other income, net	8	39	27	−2	6
Loss before provision (benefit) for income taxes	−737	−846	−410	−570	−212
Provision (benefit) for income taxes	1	735,000	−1	438,000	1
Net loss	−739	−846	−408	−570	−214
Net loss per share basic (in dollars per share)	−6.86	−9.28	−5.73	−12.75	−5.43
Net loss per share diluted (in dollars per share)	−6.86	−9.28	−5.73	−12.75	−5.43
Weighted average common shares outstandingbasic (in shares)	108	91	71	45	39
Weighted average common shares outstandingdiluted (in shares)	108	91	71	45	39

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	230	99	248	205	76
Marketable securities	89	387	133	260	0
Prepaid expenses	47	49	35	21	7
Other current assets	2	3	12	19	2
Total current assets	368	538	442	587	95
Property and equipment, net	16	17	17	18	13
Intangible assets	18	18	18	18	18
Goodwill	1	1	1	1	1
Other non-current assets	47	40	34	38	14
Total assets	451	615	513	662	142
Accounts payable	12	18	16	11	5
Accrued expenses and other current liabilities	104	51	40	44	37
Forward contract and derivative liability	0	85	0	—	—
Total current liabilities	116	154	55	90	42
Non-current operating lease liability	40	33	28	31	3
Notes payable	239	0	—	—	—
Other non-current liabilities	5	5	2	2	3
Total liabilities	399	192	85	123	47
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred shares, no par value; 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common shares, no par value; 200,000,000 shares authorized as of December 31, 2025 and 2024; 132,775,113 and 101,221,989 shares issued and outstanding as of December 31, 2025 and 2024, respectively	1,934	1,657	888	616	0
Additional paid-in capital	194	112	40	14	0
Accumulated deficit	−2,085	−1,346	−499	−91	0
Accumulated other comprehensive income	8	79,000	−65,000	284,000	0
Total shareholders' equity	52	423	428	539	35
Total liabilities and shareholders' equity	451	615	513	662	142

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Non-cash share-based compensation	112	72	29	194	66
Acquisition of IPR&D asset	0	11	0	—	—
Depreciation and amortization	10	8	7	1	1
Issuance of common shares as payment for license agreement	5	72	22	0	0
Change in fair value of notes payable	−9	0	0	—	—
Obligation to issue common shares as payment for license agreements and other arrangements	0	9	0	0	—
Fair value of forward contract and derivative liabilities under license agreement	0	103	0	0	—
Change in fair value of forward contract and derivative liabilities	9	−18	0	0	—
Issuance of warrant under license agreement	0	3	0	2	8
Other non-cash items	174,000	−12	−6	726,000	−3
Prepaid expenses, income tax receivable, and other current and non-current assets	4	8	27	−41	−9
Accounts payable	−6	710,000	5	6	1
Accrued expenses and other current and non-current liabilities	4	8	−7	7	10
Net cash used in operating activities	−609	−582	−332	−298	−146
Proceeds from maturities of marketable securities	570	504	322	0	0
Proceeds from sales of marketable securities	0	0	5	0	0
Purchases of marketable securities	−267	−746	−194	−260	0
Purchases of property and equipment	−715,000	−4	−3	−6	−938,000
Cash acquired from acquisition of IPR&D asset	0	391,000	0	0	2
Other investing activities	−2	0	0	—	—
Net cash provided by (used in) investing activities	301	−245	130	−305	944,000
Change in restricted cash due to Former Parent	0	0	−35	35	0
Proceeds from issuance of notes payable	250	0	0	—	—
Proceeds from issuance of common shares	189	666	243	284	0
Payments of issuance costs	−2	−2	−800,000	−1	0
Proceeds from issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan	2	12	5	451,000	395,000
Other financing activities	−194,000	2	0	0	395,000
Net cash provided by financing activities	439	678	212	768	138
Effect of exchange rates on cash, cash equivalents and restricted cash	−3,000	75,000	−497,000	429,000	0
Net increase (decrease) in cash, cash equivalents and restricted cash	130	−150	10	166	−6
Cash paid for interest	216,000	125,000	0	0	107,000

Filings

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