BHVN

MKT CAP:$1B

Biohaven Ltd.

Market Cap

$1B

Healthcare·Biotechnology·🇺🇸 United States·NYSE

Healthcare·Biotechnology·🇺🇸·NYSE

Stock Price

$10.19-$0.65 (-6.00%)

Apr 21, 2026

Company Details

Biohaven Ltd. is a clinical-stage biopharmaceutical company. The Company focuses on development of therapies for neurological and immunoscience diseases that can change current treatment paradigms.

CEO

Vladimir Coric

IPO Date

Sep 23, 2022

Website

www.biohaven.com

Key Metrics TTM

Revenue

$0

— YoY

Net Income

-$739M

EPS (Diluted)

-$6.96

Free Cash Flow

-$610M

Revenue / Share

$0.00

Gross Margin

—

Operating Margin

—

Net Margin

—

FCF Margin

—

P/S

—

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 2, 2026

$0EPS -$6.86

Q4 2025

Mar 2, 2026

$0EPS -$1.21

Q3 2025

Nov 10, 2025

$0EPS -$1.64

Q2 2025

Aug 11, 2025

$0EPS -$1.94

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$90M
Q2 22	$0	$0	-$197M
Q3 22	$0	$0	-$68M
Q4 22	$0	$0	-$213M
Q1 23	$0	$0	-$78M
Q2 23	$0	$0	-$94M
Q3 23	$0	$0	-$111M
Q4 23	$0	-$948.0K	-$154M
Q1 24	$0	$0	-$183M
Q2 24	$0	$0	-$334M
Q3 24	$0	$0	-$178M
Q4 24	$0	$0	-$190M
Q1 25	$0	$0	-$222M
Q2 25	$0	$0	-$212M
Q3 25	$0	-$1M	-$169M
Q4 25	$0	-$960.0K	-$143M

Valuation

Quarter	P/S	P/E
Q1 22	60.1x	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	—	—
Q3 25	—	—
Q4 25	—	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$59M	-$59M
Q2 22	-$68M	-$104M
Q3 22	-$96M	-$100M
Q4 22	-$75M	-$76M
Q1 23	-$78M	-$78M
Q2 23	-$44M	-$45M
Q3 23	-$95M	-$96M
Q4 23	-$115M	-$115M
Q1 24	-$103M	-$103M
Q2 24	-$168M	-$171M
Q3 24	-$141M	-$142M
Q4 24	-$171M	-$171M
Q1 25	-$165M	-$166M
Q2 25	-$168M	-$168M
Q3 25	-$146M	-$146M
Q4 25	-$131M	-$131M

Capital Expenditures

Quarter	CapEx
Q1 22	$246.0K
Q2 22	$36M
Q3 22	$5M
Q4 22	$300.0K
Q1 23	$735.0K
Q2 23	$595.0K
Q3 23	$1M
Q4 23	$470.0K
Q1 24	$440.0K
Q2 24	$3M
Q3 24	$611.0K
Q4 24	$49.0K
Q1 25	$461.0K
Q2 25	$233.0K
Q3 25	$13.0K
Q4 25	$8.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-100.0%	-47.3%
Q2 22	-100.0%	+9.0%
Q3 22	—	+21.9%
Q4 22	—	+319.4%
Q1 23	—	-13.4%
Q2 23	—	-52.3%
Q3 23	—	+63.4%
Q4 23	—	-28.0%
Q1 24	—	+135.6%
Q2 24	—	+255.0%
Q3 24	—	+61.2%
Q4 24	—	+23.6%
Q1 25	—	+20.9%
Q2 25	—	-36.6%
Q3 25	—	-4.9%
Q4 25	—	-24.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$40M	—
Q2 22	$21M	—
Q3 22	$0	—
Q4 22	$116M	—
Q1 23	$4M	—
Q2 23	$5M	—
Q3 23	$4M	—
Q4 23	$0	—
Q1 24	$0	—
Q2 24	$0	—
Q3 24	$12M	—
Q4 24	$13M	—
Q1 25	$53M	—
Q2 25	$21M	—
Q3 25	$22M	—
Q4 25	$17M	—

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$70M	$20M
Q2 22	$177M	$20M
Q3 22	$53M	$15M
Q4 22	$137M	$76M
Q1 23	$63M	$14M
Q2 23	$79M	$15M
Q3 23	$96M	$15M
Q4 23	$135M	$19M
Q1 24	$156M	$27M
Q2 24	$315M	$19M
Q3 24	$158M	$21M
Q4 24	$167M	$22M
Q1 25	$188M	$34M
Q2 25	$184M	$27M
Q3 25	$141M	$28M
Q4 25	$122M	$21M

Revenue Segments

Quarter	Collaboration And Other	Product
Q1 22	$195M	$124M
Q2 22	—	$194M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$0	$152M	$152M
Q2 22	$23M	$0	$23M
Q3 22	$51M	$0	$51M
Q4 22	$205M	$260M	$465M
Q1 23	$125M	$263M	$388M
Q2 23	$148M	$188M	$335M
Q3 23	$112M	$129M	$241M
Q4 23	$248M	$133M	$382M
Q1 24	$183M	$101M	$283M
Q2 24	$239M	$198M	$437M
Q3 24	$84M	$294M	$379M
Q4 24	$99M	$387M	$486M
Q1 25	$98M	$224M	$323M
Q2 25	$166M	$239M	$405M
Q3 25	$185M	$75M	$260M
Q4 25	$230M	$89M	$319M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	36M	0.0%	-39.0%
Q2 22	36M	0.0%	-40.0%
Q3 22	39M	+9.9%	0.0%
Q4 22	61M	+54.6%	+69.9%
Q1 23	68M	+12.1%	+90.4%
Q2 23	68M	+0.1%	+90.5%
Q3 23	68M	+0.1%	+73.5%
Q4 23	80M	+17.0%	+31.3%
Q1 24	82M	+2.1%	+19.6%
Q2 24	88M	+7.6%	+28.6%
Q3 24	94M	+7.5%	+38.1%
Q4 24	101M	+7.1%	+26.4%
Q1 25	102M	+0.9%	+24.9%
Q2 25	102M	+0.4%	+16.6%
Q3 25	106M	+3.4%	+12.1%
Q4 25	120M	+13.6%	+18.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$0	30K
Q1 23	$0	30K
Q2 23	$0	30K
Q3 23	$0	30K
Q4 23	$0	30K
Q1 24	$0	30K
Q2 24	$0	30K
Q3 24	$0	30K
Q4 24	$0	15K
Q1 25	$0	15K
Q2 25	$0	15K
Q3 25	$0	15K
Q4 25	$0	15K

Revenue / Employee