
Biohaven Ltd.
NYSE•BHVN
CEO: Dr. Vladimir Coric M.D.
Sector: Healthcare
Industry: Biotechnology
Listing Date: 2022-09-23
Biohaven Ltd., together with its subsidiaries, focuses on discovering, developing, and commercializing therapies for immunology, neuroscience, and oncology worldwide. The company's pipeline products include Troriluzole, which is in Phase 3 clinical trial for the treatment of neurological and neuropsychiatric illnesses; BHV-5500 that blocks glutamate signaling mediated by post-synaptic NMDA receptors; Taldefgrobep Alfa, which is in Phase 3 clinical trial for the treatment of spinal muscular atrophy and obesity; BHV-7000, a candidate in Phase 2/3 clinical trials for the treatment of focal and generalized epilepsy, bipolar disorder, and major depressive disorder; BHV-2100 that is in Phase 1 clinical trials for the treatment of migraines and neuropathic pain; and BHV-8000, a product candidate in Phase 1 clinical trials for the treatment of early Alzheimer's and Parkinson's disease, sclerosis, and amyloid-related imaging abnormalities. It also offers BHV-1300, a product candidate in Phase 1 clinical trials to treat rheumatoid arthritis; BHV-1310 for the treatment of generalized myasthenia gravis and acute exacerbations or flares; BHV-1400 to treat IgA Nephropathy; and BHV-1600 for the treatment of dilated cardiomyopathy. In addition, the company develops BHV-1100, a product candidate in Phase 1a/1b clinical trials for multiple myeloma patients; BHV-1510, a preclinical product that targets carcinomas; and BHV-1500 for Hodgkin's lymphoma. It has license, development, and commercialization agreements with Yale University, AstraZeneca, University of Connecticut, Artizan Biosciences Inc., Reliant Glycosciences LLC, Katholieke Universiteit Leuven, BMS, and Highlightll Pharmaceutical Co. Ltd. The company was formerly known as Biohaven Research Ltd and changed its name to Biohaven Ltd. in September 2022. Biohaven Ltd. was incorporated in 2022 and is headquartered in New Haven, Connecticut. Biohaven Ltd. was formerly a subsidiary of Biohaven Pharmaceutical Holding Company Ltd.
Contact Information
Market Cap
$1.22B
P/E (TTM)
-1.6
0
Dividend Yield
--
52W High
$44.28
52W Low
$7.48
52W Range
Rank60Top 78.6%
2.5
F-Score
Modified Piotroski Analysis
Based on 6-year fundamentals
Weak • 2.5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2024
Financial Dashboard
Q3 2025 Data
Revenue
$0.00+0.00%
4-Quarter Trend
EPS
-$1.64-3.53%
4-Quarter Trend
FCF
-$145.73M+2.71%
4-Quarter Trend
2025 Q3 Earnings Highlights
Key Highlights
Net Loss Significantly Reduced Nine-month net loss narrowed to $(593.3M) USD from $(659.6M) USD; R&D spending decreased $115.3M across programs.
Financing Secured Via NPA Received $250.0M gross proceeds from First Notes issuance under Note Purchase Agreement in April 2025 to fund operations.
Cash Position Strengthened Net cash increased $85.8M over nine months due to financing; ending cash, equivalents totaled $188.4M USD.
Key Pipeline Data Released BHV-1300 achieved median 83% total IgG reduction by day 18 in Phase 1 subcutaneous dosing study for autoimmune diseases.
Risk Factors
Troriluzole Regulatory Setback Received Complete Response Letter for US NDA for troriluzole for SCA; planning appeal meeting with FDA to discuss path forward.
High Indebtedness and Covenants Significant debt via NPA limits cash flow flexibility; breach of financial statement covenant triggers potential default risk.
Continued Operating Losses Expect to continue generating operating losses for foreseeable future; requires substantial future funding to support growth strategy.
G&A Expenses Increased Nine-month G&A expenses rose $22.7M, driven by higher non-cash share-based compensation costs recognized in the first quarter of 2025.
Outlook
Advance Key Clinical Programs Initiated Phase 3 trials for Opakalim (Epilepsy) and BHV-8000 (Parkinson's); expect Opakalim topline results in H1 2026.
Future Funding Requirements Requires additional capital to execute business plans; financing expected via public or private equity or debt sources.
Obesity Phase 2 Study Planned Plan to initiate Phase 2 study for Taldefgrobep Alfa (BHV-2000) in obesity management in Q4 2025 evaluating dosing schedules.
Insider Equity Commitment Secured Entered unconditional equity purchase commitments for $60.0M from Insiders, which terminates in November 2026.
Peer Comparison
Revenue (TTM)
VCEL$258.72M
RCUS$240.00M
$205.63M
Gross Margin (Latest Quarter)
VRDN100.0%
CLDX100.0%
RCUS92.3%
Key Metrics
Symbol | Market Cap | P/E (TTM) | ROE (TTM) | Debt to Assets |
|---|---|---|---|---|
| VERA | $3.18B | -14.5 | -46.7% | 13.4% |
| VRDN | $2.62B | -7.7 | -55.1% | 3.7% |
| OCUL | $2.53B | -10.7 | -87.2% | 18.7% |
Long-Term Trends
Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
N/M
Revenue Volatile
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
0%
Cash Flow Needs Attention
Research & Insights
Next earnings:Mar 2, 2026
EPS:-$1.32
|Revenue:-
Reports
All Years
Form 10-Q - Q3 2025
Period End: Sep 30, 2025|Filed: Nov 10, 2025|Revenue: $0.00+0.0%|EPS: $-1.64-3.5%N/AForm 10-Q - Q2 2025
Period End: Jun 30, 2025|Filed: Aug 11, 2025|Revenue: $0.00+0.0%|EPS: $-1.94-46.7%N/AForm 10-Q - Q1 2025
Period End: Mar 31, 2025|Filed: May 12, 2025|Revenue: $0.00+0.0%|EPS: $-2.17-1.4%N/AForm 10-K - FY 2024
Period End: Dec 31, 2024|Filed: Mar 3, 2025|Revenue: $0.00+0.0%|EPS: $-9.28-62.0%N/AForm 10-Q - Q3 2024
Period End: Sep 30, 2024|Filed: Nov 12, 2024|Revenue: $0.00+0.0%|EPS: $-1.70+13.3%N/AForm 10-Q - Q2 2024
Period End: Jun 30, 2024|Filed: Aug 9, 2024|Revenue: $0.00+0.0%|EPS: $-3.64+175.8%N/AForm 10-Q - Q1 2024
Period End: Mar 31, 2024|Filed: May 9, 2024|Revenue: $0.00+0.0%|EPS: $-2.20+113.6%N/AForm 10-K - FY 2023
Period End: Dec 31, 2023|Filed: Feb 29, 2024|Revenue: $0.00+0.0%|EPS: $-5.73+55.1%N/A