BHVN Stock — Biohaven Ltd.: Cash, EV, Pipeline

What they do

Biohaven is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. We are advancing our innovative portfolio of therapeutics, leveraging our proven drug development experience and multiple proprietary drug development platforms.

Source: 10-K FY2025 via SEC EDGAR

Share price

$14.47

Market cap

$2,185.8M

Cash

$161.1M

Enterprise value

$2,024.7M

Balance sheet

Cash	$161.1M
Debt	$0.0M
Net cash	$161.1M
Enterprise value	$2,024.7M
Basic shares	151.1M shares
Fully diluted shares	176.2M shares
Fully diluted market cap	$2,549.0M
Cash per share	$1.07
Quarterly burn	$85.1M
Cash runway	3.1 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

151.0M

Pre-funded warrants

0.0M

Options

20.4M

RSUs

0.9M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

3.8M

FDSO

176.2M

Cap table as of 2026-08-06.

Price history

Loading BHVN daily closes…

Loading price history…

Next catalyst

Taldefgrobep Alfa · Now - Nov 24, 2026 Now · Phase 2 · Obesity; Overweight

Recently reported

BHV-1300 Phase 3 Mixed · 2026-10-08

BHV-1300 · graves disease

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Now - Nov 24, 2026 Now	Taldefgrobep Alfa	Phase 2	Obesity; Overweight	2H 2026 Est. Nov 7, 2026 · half midpoint
GUIDEDEst. Nov 7, 2026 Now half midpoint	opakalim Phase 2/3 RISE3 topline in focal epilepsy	Phase 2/3	focal epilepsy	2H 2026
Nov 12 - Dec 24 in 5d	BHV-7000	Phase 2/3	Focal Epilepsy	—
Dec 13, 2026 - Jan 24, 2027 in 5 wks	BHV-7000	Phase 1	Familial Erythromelalgia	—
Jan 12 - Feb 23 in 9 wks	BHV-7000	Phase 2/3	Focal Epilepsy	—
Jan 12 - Feb 23 in 9 wks	BHV-7000	Phase 2	Focal Epilepsy	—
Aug 12 - Sep 23 in 9 mo	BHV-1400	Phase 1	IgA Nephropathy	—
Sep 12 - Oct 24 in 10 mo	BHV-8000 10mg	Phase 2/3	Parkinson Disease	—
Oct 13 - Nov 24 in 11 mo	BHV-1300	Phase 1	Graves Disease	—
Feb 12 - Mar 25 in 15 mo	BHV-1300	Phase 3	Graves Disease	—
Mar 14 - Apr 25 in 16 mo	BHV-1510	Phase 1/2	Solid Tumor	—
Jul 13 - Aug 24 in 20 mo	Temozolomide	Phase 2/3	Glioblastoma	—
Oct 13 - Nov 24 in 24 mo	BHV-1400	Phase 3	IgA Nephropathy	—
Apr 12 - May 24 in 30 mo	BHV-1530	Phase 1	Solid Tumor	October 2026

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

troriluzole

Stage not disclosed · Active Modality: prodrug of riluzole

Target glutamate

Partnerships Yale University (license); ALS Biopharma / FCCDC (patent assignment)

Indications

obsessive compulsive disorder (Stage not disclosed)
spinocerebellar ataxia (Stage not disclosed)

Status note Note Purchase Agreement payments tied to troriluzole global net sales. Second-tranche option conditioned on FDA approval by June 30, 2026 expired unexercised.

taldefgrobep alfa

Stage not disclosed · Active Modality: anti-myostatin adnectin

Aliases BMS-986089

Target myostatin

Partnerships Bristol Myers Squibb (worldwide license; up to $200M regulatory milestones; tiered royalties high teens to low twenties)

Indications

not disclosed (Stage not disclosed)

Status note Phase 3-ready.

opakalim

Stage not disclosed · Active

Aliases BHV-7000, KB-3061

Target Kv7 ion channel

Partnerships Knopp Biosciences (Kv7 platform acquisition; flat mid-single-digit royalties; up to $185M on opakalim US/EMEA approvals)

Indications

epilepsy (Stage not disclosed)

Status note Lead asset of Kv7 channel targeting platform.

BHV-8000

Stage not disclosed · Active Modality: brain-penetrant dual TYK2/JAK1 inhibitor

Target TYK2/JAK1

Partnerships Hangzhou Highlightll Pharmaceutical (ex-China exclusive license; tiered royalties mid-single digits to low teens)

Indications

not disclosed (Stage not disclosed)

Status note $15M development milestone recorded in Q2 2025.

BHV-1510

Stage not disclosed · Active

Aliases PBI-410

Target TROP-2

Partnerships Pyramid Biosciences (acquired January 2024)

Indications

not disclosed (Stage not disclosed)

Status note IPR&D from Pyramid acquisition; no further detail in excerpt. Merus three dual-targeting ADC programs were terminated in January 2026 (unnamed; no rows).

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	troriluzole
Lead indication	Spinocerebellar Ataxias
Lead phase	Phase 3
Active trials	15
Collaborator trials	3

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT07661056	Phase 3	Recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	Graves Disease	—
NCT07642050	Phase 3	Not yet recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	IgA Nephropathy	—
NCT03701399	Phase 3	Active, not recruiting	Sponsor	Biohaven Pharmaceuticals, Inc.	—	Spinocerebellar Ataxias; Spinocerebellar Ataxia Type 1; Spinocerebellar Ataxia Type 2	—
NCT05337553	Phase 3	Active, not recruiting	Sponsor	Biohaven Pharmaceuticals, Inc.	—	Spinal Muscular Atrophy; Neuromuscular Diseases; SMA	—
NCT06309966	Phase 2/3	Active, not recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	Focal Epilepsy	—
NCT06132893	Phase 2/3	Recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	Focal Epilepsy	—
NCT06976268	Phase 2/3	Recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	Parkinson Disease	—
NCT06443463	Phase 2	Enrolling by invitation	Sponsor	Biohaven Therapeutics Ltd.	—	Focal Epilepsy	—
NCT07281495	Phase 2	Active, not recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	Obesity; Overweight	2H 2026 Est. Nov 7, 2026 · half midpoint
NCT06384807	Phase 1/2	Recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	Solid Tumor	—
NCT07262268	Phase 1	Enrolling by invitation	Sponsor	Biohaven Therapeutics Ltd.	—	Familial Erythromelalgia	—
NCT07054684	Phase 1	Recruiting	Sponsor	Biohaven Therapeutics Ltd.	—	IgA Nephropathy	—

Sponsor-matched active trials from ClinicalTrials.gov (15 as sponsor, 3 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 18 active trials for Biohaven Therapeutics Ltd. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Cormorant Asset Management	2,610,000	+850,000	1.99%	2026-08-14
Ikarian Capital	748,181	+335,700	1.82%	2026-08-14
ADAR1 Capital Management	501,687	+456,910	0.35%	2026-08-14
Sphera Biotech	164,437	-429,563	0.35%	2026-08-14
DAFNA Capital	137,593	-708,142	0.39%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

Loading headlines…

Headlines from the Fully Diluted live wire: IR newsrooms, newswires, SEC filings, and halt notices, refreshed every 15 minutes.

BHVN — Biohaven Ltd. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

BHVN — Biohaven Ltd.