Biohaven Ltd. (BHVN)

Price$15.69Cached quoteAs of 2026-09-05 08:53 UTC

AI: Fair-priced

Price checkBiohaven’s roughly $2.2 billion market value looks balanced against cash, debt and pipeline risk.

Biohaven Ltd. (NYSE: BHVN) has about 151 million shares outstanding and a market capitalization near $2.2 billion. At June 30 it held $238.0 million cash plus $29.8 million marketable securities, against a $259.5 million fair-value notes liability. That leaves little net financial cushion before the pending SK transaction. For a pre-revenue biotech, the quoted value is therefore mostly a bet on future clinical success rather than current earnings power.

Big pictureCash durability improves sharply if the SK deal closes, but the company still burns substantial cash.

The second-quarter net loss was $137.3 million; first-half operating cash burn was $235.0 million, although that included a $42.7 million one-time Knopp payment. The SK deal promises $350 million at closing and $50 million in 2027, while transferring Kv7 development costs and $245 million of specified obligations. Non-dilutive means that cash arrives without issuing new shares. RBC estimates this could extend runway into 2028, but closing is still subject to antitrust and customary conditions.

Business strengthLate-stage programs and platform breadth are strengths, yet there is still no product revenue.

Biohaven has no product sales yet, so classic profit multiples are not useful. Its value comes from a diversified pipeline across immunology, neuroscience, obesity and oncology, with BHV-1300 already in pivotal Phase 3 for Graves’ disease and several additional readouts expected. This business is not economically cyclical in the usual sense; instead, it is catalyst-cyclical, meaning trial results, regulatory decisions and financing windows dominate returns. The breadth reduces single-asset dependence but raises R&D demands.

What could change the storyClinical readouts, deal closing, financing choices and regulatory outcomes can move intrinsic value quickly.

Bull case: the SK deal closes, degrader efficacy holds in larger controlled studies, obesity and oncology data are competitive, and lower burn lets Biohaven avoid repeated equity raises. Bear case: pivotal results disappoint, regulatory paths lengthen, or the deal is delayed, forcing heavier use of its ATM program. Dilution means existing holders own a smaller percentage after new shares are issued; Biohaven sold 17.2 million ATM shares in first-quarter 2026 and still had $350 million of capacity at June 30.

AI: News

Kv7 deal announcedSK Biopharmaceuticals agreed to license Biohaven’s Kv7 platform, adding substantial non-dilutive funding and shifting costs.

On August 26, Biohaven signed a global licensing agreement giving SK Biopharmaceuticals rights to the Kv7 platform led by opakalim. Biohaven is due $350 million at closing and $50 million in 2027, with additional development milestones and royalties possible. SK will also assume future Kv7 costs and specified obligations. The deal materially improves financing flexibility, but the upfront payment still depends on antitrust clearance and other closing conditions.

RBC turns cautiousRBC downgraded Biohaven after the rally, saying the Kv7 deal reduced near-term upside catalysts.

On September 8, RBC Capital moved Biohaven to Sector Perform after a strong share-price recovery. Reuters reported RBC viewed the Kv7 agreement as balance-sheet positive and potentially sufficient to extend the company’s cash runway into 2028. However, RBC also argued that licensing away the program removed a major near-term catalyst and that the remaining degrader story carries meaningful clinical and regulatory uncertainty.

Second-quarter resultsBiohaven reported a smaller quarterly loss and lower R&D spending, but remained pre-revenue and cash-burning.

On August 10, Biohaven reported a second-quarter net loss of $137.3 million and R&D expense of $100.8 million, both lower than the prior-year quarter. At June 30, cash and marketable securities totaled about $267.9 million. The company still had no product-sale revenue, and first-half operating cash use was $235.0 million. Those figures explain why the later SK licensing agreement is strategically important for liquidity and funding durability.

Graves Phase 3 startsBiohaven dosed the first patient in its pivotal BHV-1300 Graves’ disease trial.

On June 29, Biohaven announced the first patient had entered its pivotal Phase 3 study of BHV-1300 in Graves’ disease. The program targets disease-driving antibodies through the company’s MoDE extracellular protein degradation approach. Advancing into a registrational-stage trial increases the asset’s potential strategic value, but it also raises spending and execution requirements. Successful controlled data would be a major bull catalyst; weak efficacy or safety could materially reduce pipeline value.

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Revenue

2022

2023

2024

2025

Net income

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Free cash flow

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Total cash / debt

CashTotal debt

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$0	$0	$0	$0	—	—
Research & development	$635.1M	$795.9M	$373.3M	$437.1M	$181.5M	$98.5M
Operating expenses	$745.4M	$885.1M	$436.1M	$567.9M	$218.9M	$114.5M
Operating income	−$745.4M	−$885.1M	−$436.1M	−$567.9M	−$218.9M	−$114.5M
EBITDA	−$735.5M	−$877.3M	−$429.1M	−$566.5M	−$217.5M	−$114.4M
Net income	−$738.8M	−$846.4M	−$408.2M	−$570.3M	−$213.8M	−$118.7M
Basic EPSper basic share	-$6.86	-$9.28	-$5.73	-$12.75	-$5.43	-$3.01
Diluted EPSper diluted share	-$6.86	-$9.28	-$5.73	-$12.75	-$5.43	-$3.01

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.75%of listed shares

BlackRock, Inc.13.21M shares · Jun 30, 2026

View holders

Top 20 reported holders of BHVN
Holder	% owned
BlackRock, Inc.	8.75%13.21M shares
MONTANOVA CAPITAL, LLC	6.81%10.29M shares
STIFEL FINANCIAL CORP	6.58%9.94M shares
CHILDS JOHN W	≈6.54%9.88M shares
Jupiter Topco LLC	5.68%8.58M shares
Woodline Partners LP	5.07%7.66M shares
STATE STREET CORP	4.60%6.95M shares
INFINITUM ASSET MANAGEMENT, LLC	4.14%6.25M shares
D. E. Shaw & Co., Inc.	2.77%4.19M shares
AQR CAPITAL MANAGEMENT LLC	2.75%4.15M shares
Coric Vlad	≈2.55%3.85M shares
GEODE CAPITAL MANAGEMENT, LLC	2.20%3.32M shares
FMR LLC	1.96%2.96M shares
Royalty Pharma Sub-Manager, LLC	1.94%2.94M shares
Cormorant Asset Management, LP	1.73%2.61M shares
GOLDMAN SACHS GROUP INC	1.71%2.58M shares
UBS Group AG	1.67%2.52M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	1.65%2.49M shares
Bailey Gregory	≈1.34%2.02M shares
Balyasny Asset Management L.P.	1.24%1.88M shares

Percentages use 151.02M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys16$42.28M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 17, 2025Form 4	Clark George C.VP, Chief Accounting Officer	BuyCommon Shares · indirect	17.0K	$8.52	$144.8K	20.0K
Nov 13, 2025Form 4	Bailey GregoryDirector	BuyCommon Shares	400.0K	$7.50	$3.00M	2.02M
Nov 13, 2025Form 4	Coric VladChief Executive Officer	BuyCommon Shares · indirect	333.3K	$7.50	$2.50M	740.5K
Nov 13, 2025Form 4	Coric VladChief Executive Officer	BuyCommon Shares · indirect	333.3K	$7.50	$2.50M	1.20M
Nov 13, 2025Form 4	CHILDS JOHN WDirector	BuyCommon Shares · indirect	3.33M	$7.50	$25.00M	5.65M