Biohaven Ltd. (BHVN) Form 10-Q — Oct 29, 2026
Biohaven's Q3 2026 10-Q shows a net loss of $129.3M ($0.86/share), narrowed from $173.4M a year ago, with nine-month losses of $397.1M versus $593.3M in 2025 after cost cuts and portfolio reprioritization. Cash and marketable securities total roughly $161M against $264M of senior secured notes, leaving a shareholders' deficit of $98.2M. The quarter's headline items are two major out-licenses: SK Biopharmaceuticals will pay $400M upfront plus up to $150M milestones for the Kv7/epilepsy platform led by opakalim, and Ono Pharmaceutical paid $80M upfront with ~20% royalties for Asia rights to the BHV-1300 IgG degrader portfolio — together materially extending the cash runway.
Key figures
- Revenue
- 0
- Total Debt
- 264294000
- Total Assets
- 263676000
- Cash Position
- 95754000
- Shares Outstanding
- 151058781
- Ono upfront
- $80.0M plus $20M milestone, ~20% royalties
- Skbp upfront
- $400.0M ($350M at closing + $50M one year later) plus up to $150M milestones
- Atm sold 2026
- $178.9M net for 17.16M shares in Q1 2026; ~$350M still available under $682M ATM program
- Atm cumulative
- $325.1M net across 21.4M shares since inception
- Q3 2026 net loss
- $129.3M vs $173.4M prior year
- Nine month net loss
- $397.1M vs $593.3M prior year
- Trial victory award
- ~$4.0M combined (≈$1.0M to Biohaven) in trade secret suit vs Avilar/RA Capital
- Shareholders deficit
- -$98.2M
- Marketable securities
- $65.4M
- Notes payable carried
- $264.3M from $250M senior secured notes (Oberland), revenue payments 6.25% of troriluzole net sales
AI analysis
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