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BHVN

Biohaven Ltd.

BHVN

Biohaven Ltd. • NYSE
$10.03 ▲ 5.80% (+0.55)
Market Cap $1.06 B
52w High $47.42
52w Low $7.48
Dividend Yield 0%
P/E -1.33
Volume 1.72M
Outstanding Shares 105.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $168.277M ▼ $-173.443M ▲ 0% $-1.64 ▲ $-172.117M ▲
Q2-2025 $0 $211.701M ▼ $-198.147M ▲ 0% $-1.94 ▲ $-209.723M ▲
Q1-2025 $0 $221.561M ▲ $-221.677M ▼ 0% $-2.17 ▼ $-219.315M ▼
Q4-2024 $0 $189.931M ▲ $-186.843M ▼ 0% $-1.85 ▼ $-187.47M ▼
Q3-2024 $0 $178.168M $-160.304M 0% $-1.7 $-176.174M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $260.217M ▼ $409.123M ▼ $426.283M ▲ $-17.16M ▼
Q2-2025 $404.98M ▲ $550.415M ▲ $415.828M ▲ $134.587M ▼
Q1-2025 $322.749M ▼ $458.946M ▼ $199.451M ▲ $259.495M ▼
Q4-2024 $485.991M ▲ $615.107M ▲ $191.671M ▼ $423.436M ▲
Q3-2024 $378.816M $510.523M $194.517M $316.006M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-173.443M ▲ $-145.716M ▲ $164.967M ▲ $122K ▼ $19.387M ▼ $-145.729M ▲
Q2-2025 $-198.147M ▲ $-167.936M ▼ $-15.546M ▼ $249.83M ▲ $66.308M ▲ $-168.169M ▼
Q1-2025 $-221.677M ▼ $-165.124M ▲ $164.879M ▲ $369K ▼ $147K ▼ $-165.585M ▲
Q4-2024 $-186.843M ▼ $-170.742M ▼ $-87.676M ▲ $272.853M ▲ $14.523M ▲ $-170.791M ▼
Q3-2024 $-160.304M $-141.276M $-93.398M $80.375M $-154.299M $-141.887M

Five-Year Company Overview

Income Statement

Income Statement Biohaven is still a classic development‑stage biotech: it has essentially no ongoing product revenue, but it does have sizable research and operating expenses. Losses have been consistent for several years and have recently grown, reflecting heavier spending as the pipeline advances. The company is clearly prioritizing building future products over near‑term profitability, and current shareholders are relying on the eventual success of clinical programs rather than current earnings power.

Balance Sheet

Balance Sheet The balance sheet is relatively lean and typical for a young biotech. Assets are modest and heavily skewed toward cash and similar items, with only a small amount of debt and positive equity. That said, the cash cushion is not large compared with the pace of losses, which means Biohaven is likely to depend on future external funding, partnerships, or other capital sources to support its full development plans. Financial flexibility exists, but is not unlimited.

Cash Flow

Cash Flow Cash flow is negative and largely driven by operating spending on research, development, and overhead. Capital spending on physical assets is minimal, so almost all cash use is going directly into the pipeline rather than buildings or equipment. Free cash flow is therefore meaningfully negative and tracks operating cash outflows closely. Without commercial revenue, the company’s cash needs will continue to be covered mainly by financing activities rather than by the business itself.

Competitive Edge

Competitive Edge Biohaven’s competitive strength lies more in its science and platforms than in commercial scale at this stage. It has several differentiated technologies in neurology, immunology, and oncology, and a management team with a history of successfully bringing migraine drugs to market. These factors give it a scientific and execution edge. However, it operates in highly crowded and fast‑moving fields, faces large and well‑funded competitors, and has no current marketed products to anchor its position. Its moat is therefore promising but still unproven and heavily dependent on clinical and regulatory success.

Innovation and R&D

Innovation and R&D Innovation is the core of Biohaven’s story. The company is pushing multiple novel approaches at once: protein degraders for autoimmune disease, ion channel modulators for epilepsy and mood disorders, glutamate modulators for rare neurological conditions, and next‑generation antibody‑drug conjugates in cancer, plus a myostatin inhibitor with potential in muscle and obesity. This breadth offers multiple shots on goal and exposure to large markets, but it also raises execution risk and funding needs. Upcoming trial readouts and regulatory decisions across these programs will largely determine how much of today’s scientific promise turns into future products.

Summary

Overall, Biohaven is an early‑stage, research‑driven biotech with no recurring revenue, meaningful ongoing losses, and a moderate but not oversized cash base. Its value is tied much more to the quality and progress of its pipeline than to current financial performance. Strengths include a sophisticated set of drug platforms, a diversified pipeline in high‑need diseases, and an experienced leadership team. Key risks center on clinical trial outcomes, regulatory approvals, competitive pressure in its target markets, and the likelihood of needing additional capital, which can dilute existing shareholders. The company’s future path will be shaped by how well it can convert its scientific platforms into approved, commercially viable therapies before its financial resources become constrained.

NEWS

November 13, 2025 · 4:05 PM UTC

Biohaven Announces Closing of Upsized Public Offering and Full Exercise of the Underwriters' Option to Purchase Additional Shares, Generating Gross Proceeds of Approximately $200M

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November 12, 2025 · 7:15 AM UTC

Biohaven Announces Pricing of $175 Million Public Offering of Common Shares

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November 11, 2025 · 4:05 PM UTC

Biohaven Announces Proposed Public Offering of Common Shares

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November 10, 2025 · 6:58 AM UTC

Biohaven Reports Third Quarter 2025 Financial Results and Recent Business Developments

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November 4, 2025 · 8:06 PM UTC

FDA Issues Complete Response Letter for Biohaven's VYGLXIA (troriluzole) New Drug Application for Spinocerebellar Ataxia

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