Biohaven Ltd.BHVN

Biohaven Ltd. Segments Disclosure

10-KFiled Mar 2, 20262 min read
Segment Information
The Company manages its operations as a single segment, focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. Our Chief Executive Officer (“CEO”), as the Company's chief operating decision maker, manages and allocates resources at a consolidated level.
Our CEO uses net loss that is also reported on the consolidated statement of operations as net loss to assess performance and decide how to allocate resources. The CEO uses net loss to evaluate the allocation of resources across functions, therapeutic areas, and research and development projects in line with our overarching long-term company-wide strategic goals as well as to monitor budget versus actual results.
The accounting policies of the Company's single operating segment are the same as those described in the summary of significant accounting policies as described in Note 2. The measure of segment assets is reported on the consolidated balance sheet as total consolidated assets. In 2025 and 2024, materially all the Company's long-lived assets were held in the United States. Expenditures for the addition of long-lived assets are reported on the consolidated statements of cash flows as purchases of property and equipment.
Additional information about segment profit or loss and significant segment expenses is as follows:
Year Ended December 31,
202520242023
Direct R&D program expense
BHV-4157 (Troriluzole)$49,241 $63,983 $73,080 
BHV-2000 (Taldefgrobep Alfa)23,481 59,710 40,870 
BHV-7000 & BHV-7010 (Kv7)115,269 136,422 47,327 
BHV-2100 (TRPM3 Antagonist)27,716 29,044 12,865 
BHV-8000 (TYK2/JAK1)34,864 12,697 39,025 
BHV-1300 (IgG Degrader)36,277 30,078 22,239 
BHV-1310 (IgG Degrader)5,486 13,341 1,962 
BHV-1400 (IgA Degrader)27,860 19,572 1,810 
BHV-1600 (β1-AR AAB Degrader)6,935 14,650 254 
BHV-1510 (Trop2)37,582 28,540 — 
BHV-1530 (FGFR3)22,670 14,554 — 
Other R&D program expense1,850 2,821 5,615 
Preclinical research programs R&D Expense
70,203 57,181 35,911 
R&D personnel expense (excluding share-based compensation)(1)
77,220 73,644 60,058 
R&D Share-based compensation expense
72,787 42,594 15,985 
R&D Knopp amendment expense
— 171,850 — 
G&A personnel expense (excluding share-based compensation)(1)
22,756 24,894 21,087 
G&A Share-based compensation expense
39,574 29,369 12,802 
Other segment items (2)
73,607 60,167 45,161 
Non-operating (income) expense
(7,998)(39,424)(26,500)
Provision (benefit) for income taxes
1,442 735 (1,383)
Segment net loss
738,822 846,422 408,168 
Reconciliation of profit or loss
Adjustments and reconciling items
— — — 
Consolidated net loss
$738,822 $846,422 $408,168 
(1)    Personnel expense includes employee payroll, bonus, and employee benefits for medical care, retirement, insurances and other.
(2)    Other segment items included in Segment net loss include unallocated non-program R&D expense, legal, accounting and other professional service fees, rent and utilities expense, depreciation, and other corporate expenses.

Historical Timeline

Fiscal YearFiled
2025Mar 2, 2026Showing above
2024Mar 3, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

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