Biohaven reported a GAAP net loss of USD 145.6 million in Q4 2025 and a GAAP net loss attributable to common shareholders of USD 738.8 million in FY 2025. Q4 2025 R&D expenses were USD 121.9 million (down 27.2%) and G&A expenses were USD 20.8 million (down 7.6%), while FY 2025 R&D expenses were USD 635.1 million and FY 2025 G&A expenses were USD 110.3 million. Biohaven ended 2025 with cash, cash equivalents, marketable securities and restricted cash of about USD 322.0 million, and subsequently raised net proceeds of USD 178.9 million from the sale of 17.2 million common shares and made a USD 42.7 million payment to settle a Knopp true-up liability. On the business side, Biohaven said it is prioritizing three late-stage programs: extracellular protein degraders (BHV-1400 for IgA nephropathy and BHV-1300 for Graves’ disease), the selective Kv7 activator opakalim for focal epilepsy, and taldefgrobep alfa for obesity. The company highlighted first dosing of BHV-1400 in IgA nephropathy patients with early biomarker and clinical observations, and first-in-patient experience with BHV-1300 showing complete suppression of TSH receptor-stimulating antibodies with thyroid hormone normalization within weeks; Biohaven expects the pivotal IgA nephropathy study to initiate in Q1 2026 and plans to initiate a pivotal Graves’ disease study in H2 2026. Biohaven also reported that in an ongoing opakalim open-label extension, the majority of participants on 75 mg once daily who completed at least 6 months achieved ≥50% seizure-frequency reductions, with pivotal topline results expected in H2 2026, and said it initiated a Phase 2 obesity study of taldefgrobep in Q4 2025 with topline results expected in H2 2026. Biohaven also noted a November 2025 restructuring aimed at an approximately 60% reduction in annual direct R&D spend (excluding personnel and share-based compensation), and said it signed an MoU with KAUST in January 2026 to collaborate on discovery efforts including generative AI and supercomputing.
Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Biohaven Ltd. published the original content used to generate this news brief via PR Newswire (Ref. ID: 202603021605PR_NEWS_USPR_____NE99377) on March 02, 2026, and is solely responsible for the information contained therein.
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