Biohaven Ltd.
BHVN evidence brief
What we can confirm
- BioSniper Score:
- 6.5 / 10
- Market Cap:
- $2.22B
- Lead Asset:
- bhv-1300 (Phase 3)
What it means
What to watch
Prepared research question
What matters most for BHVN—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · BHVN
Biohaven Ltd. (BHVN) is a clinical-stage biopharmaceutical company focused on discovering and developing therapies for rare and common diseases, with a current emphasis on three late-stage programs in epilepsy, extracellular protein degradation, and neuromuscular/metabolic diseases.
Key risk: Negative net income and thin equity
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$2.22B
Cash Runway
—
Lead Asset
bhv-1300 (Phase 3)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 13 clinical trials for Biohaven Ltd..
Similar companies
Biohaven Ltd. (BHVN) is a clinical-stage biopharmaceutical company focused on discovering and developing therapies for rare and common diseases, with a current emphasis on three late-stage programs in epilepsy, extracellular protein degradation, and neuromuscular/metabolic diseases.
- Cash & equivalents of $238.0M as of 2026-06-30 [sec].
- Net income of -$137.3M for the period ended 2026-06-30 [sec].
- Shareholders' equity of $12.2M as of 2026-06-30 [sec].
- In Q4 2025, the company initiated strategic portfolio and cost-optimization measures to prioritize three key late-stage clinical programs: Kv7 ion channel modulation for epilepsy; MoDE/TRAP extracellular protein degradation for immunological diseases; and a myostatin-activin pathway targeting agent for neuromuscular and metabolic diseases [sec_mda · as of 2026-08-10].
- Completed enrollment in the RISE3 trial evaluating opakalim (Kv7 channel activator) for refractory focal epilepsy as of 2026-06-30 [news · published 2026-06-30].
What works
- The company has three late-stage, prioritized clinical programs that management believes have the greatest potential for value generation [sec_mda · as of 2026-08-10].
- Biohaven has initiated first-in-human dosing for BHV-8100, a PKM2 modulator, indicating continued pipeline expansion [news · published 2026-06-01].
- Enrollment completion in the RISE3 trial for opakalim in refractory focal epilepsy suggests progress in a key program [news · published 2026-06-30].
What to weigh
- The company reported a net loss of $137.3M for the period ended 2026-06-30, with shareholders' equity of only $12.2M [sec].
- A cash payment of $42.7 million was owed to Knopp and paid in January 2026, reflecting ongoing settlement obligations [sec_mda · as of 2026-05-04].
- The company expects to continue incurring significant expenses as it advances preclinical and clinical activities, including long-term safety studies and additional trials [sec_mda · as of 2026-05-04].
- A news report noted a downgrade after an FDA CRL for troriluzole, indicating a regulatory setback [news · published 2026-04-16].
From the filings
Quoted directly from source documents.
Strategic reprioritization to three key programs in Q4 2025
“In the fourth quarter of 2025, we initiated strategic portfolio and cost-optimization measures to prioritize three key, late-stage, clinical programs that we believe have the greatest potential for value generation.”
SEC MD&A · August 10, 2026
Enrollment completion in RISE3 trial for opakalim
“Biohaven Completes Enrollment In RISE3 Trial To Evaluate Opakalim Channel Activator To Treat Refractory Focal Epilepsy”
News · June 30, 2026
Catalyst timeline
- 2022-07-06 · Phase 3 start for taldefgrobep alfa in spinal muscular atrophy — A randomized, double-blind, placebo-controlled study with open-label extension in ambulatory and non-ambulatory participants.
- 2024-05-13 · Phase 2/3 start for BHV-7000 in refractory focal onset epilepsy — Multicenter, randomized, double-blind, placebo-controlled study to evaluate efficacy, safety, and tolerability.
- 2024-06-20 · Phase 2/3 start for BHV-7000 in idiopathic generalized epilepsy — Multicenter, randomized, double-blind, placebo-controlled study as adjunctive therapy for generalized tonic-clonic seizures.
Risks & what to watch (4)›
Key risks
- Negative net income and thin equity — Net loss of $137.3M and shareholders' equity of only $12.2M as of 2026-06-30 [sec].
- Significant cash outflows for settlements — A $42.7M cash payment was owed to Knopp and paid in January 2026 [sec_mda · as of 2026-05-04].
- Regulatory setback for troriluzole — FDA CRL for troriluzole led to a downgrade and pipeline shift [news · published 2026-04-16].
- Rising expenses from clinical development — Expenses expected to increase as the company advances preclinical studies, clinical trials, and potential commercialization [sec_mda · as of 2026-05-04].
What to watch
- Topline data from the RISE3 trial for opakalim in refractory focal epilepsy, enrollment completed 2026-06-30 [news · published 2026-06-30].
- Progress of the three key programs: Kv7 modulation, MoDE/TRAP degradation, and myostatin-activin targeting [sec_mda · as of 2026-08-10].
- First-in-human results for BHV-8100 (PKM2 modulator), initiated 2026-06-01 [news · published 2026-06-01].
- Cash runway and ability to fund ongoing operations given the net loss and thin equity position [sec].
Sources: Catalysts · News · SEC MD&A · Generated October 12, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 29.33 · 0% dilution
Lead: Phase 2/Phase 3
3 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
273
Total value held
$1.18B
| Holder | Shares | Value |
|---|---|---|
| janus henderson group plc | 17,534,612 | $148.2M |
| blackrock, inc. | 11,222,407 | $94.9M |
| suvretta capital management, llc | 10,286,937 | $87.0M |
| stifel financial corp | 9,940,885 | $84.1M |
| state street corp | 6,618,803 | $56.0M |
| infinitum asset management, llc | 6,250,000 | $52.9M |
| tcg crossover management, llc | 4,631,317 | $39.2M |
| stempoint capital lp | 3,188,982 | $27.0M |
| royalty pharma sub-manager, llc | 2,936,507 | $24.8M |
| d. e. shaw & co., inc. | 2,847,193 | $24.1M |
Showing top 10 of 273 institutional holders of Biohaven Ltd.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 21.1%
- Days to cover
- 12.4
- Shares short
- 24,865,134
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
BHVN short interestGovernance
Frequently asked questions
What is the AI investment thesis for Biohaven Ltd.?
Biohaven Ltd. (BHVN) is a clinical-stage biopharmaceutical company focused on discovering and developing therapies for rare and common diseases, with a current emphasis on three late-stage programs in epilepsy, extracellular protein degradation, and neuromuscular/metabolic diseases.
What is Biohaven Ltd.'s lead drug candidate?
Biohaven Ltd.'s most advanced tracked candidate is bhv-1300 (Phase 3) for Graves Disease.
Who is the CEO of Biohaven Ltd.?
Dr. Vladimir Coric M.D. is the chief executive officer of Biohaven Ltd. (BHVN).
Where is Biohaven Ltd. headquartered?
Biohaven Ltd. (BHVN) is headquartered in New Haven, CT, United States.
What therapeutic areas does Biohaven Ltd. focus on?
Biohaven Ltd. develops therapies across Oncology, Rare Disease, Neurology, Metabolic, Pain, Dermatology, Nephrology, Endocrinology, Psychiatry.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.