Biohaven Financials
This page shows Biohaven (BHVN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Biohaven’s business model currently runs on external capital, with R&D-heavy cash burn far larger than its cash stockpile.
In FY2025, free cash burn of-$610.2M was almost identical to operating cash burn of-$609.4M because capital spending was only$715K ; that points to an asset-light development operation, not a business being weighed down by plants or inventory. Even though net loss improved from FY2024, cash burn did not, so the accounting loss narrowed without yet reducing the company’s funding need.
The balance sheet shows funding dependence: cash rose to
Near-term liquidity is better than book equity suggests: current assets of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Biohaven's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Biohaven has elevated debt relative to equity (D/E of 7.67), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Biohaven's current ratio of 3.18 indicates adequate short-term liquidity, earning a score of 61/100. The company can meet its near-term obligations, though with limited headroom.
Biohaven generates a -1418.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -199.9% the prior year.
Biohaven passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Biohaven generates $0.82 in operating cash flow (-$609.4M OCF vs -$738.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Biohaven's EBITDA was -$735.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 16.2% from the prior year.
Biohaven reported -$738.8M in net income in fiscal year 2025. This represents an increase of 12.7% from the prior year.
Biohaven earned $-6.86 per diluted share (EPS) in fiscal year 2025. This represents an increase of 26.1% from the prior year.
Cash & Balance Sheet
Biohaven generated -$610.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 4.0% from the prior year.
Biohaven held $230.0M in cash against $0 in long-term debt as of fiscal year 2025.
Biohaven had 133M shares outstanding in fiscal year 2025. This represents an increase of 31.2% from the prior year.
Margins & Returns
Biohaven's ROE was -1418.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1219.0 percentage points from the prior year.
Capital Allocation
Biohaven invested $635.1M in research and development in fiscal year 2025. This represents a decrease of 20.2% from the prior year.
Biohaven invested $715K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 82.3% from the prior year.
BHVN Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $103.8M | N/A | $141.2M-23.4% | $184.4M-1.7% | $187.6M | N/A | $157.6M-49.9% | $314.8M |
| SG&A Expenses | $26.6M | N/A | $28.2M+3.2% | $27.3M-19.6% | $34.0M | N/A | $20.6M+8.5% | $19.0M |
| Operating Income | -$130.4M | N/A | -$169.4M+20.0% | -$211.7M+4.5% | -$221.6M | N/A | -$178.2M+46.6% | -$333.8M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $272K | N/A | $221K-15.3% | $261K-57.1% | $609K | N/A | -$59K-133.3% | $177K |
| Net Income | -$130.5M | N/A | -$173.4M+12.5% | -$198.1M+10.6% | -$221.7M | N/A | -$160.3M+49.9% | -$319.8M |
| EPS (Diluted) | $-0.88 | N/A | $-1.64+15.5% | $-1.94+10.6% | $-2.17 | N/A | $-1.70+53.3% | $-3.64 |
BHVN Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $466.4M+3.3% | $451.4M+10.3% | $409.1M-25.7% | $550.4M+19.9% | $458.9M-25.4% | $615.1M+20.5% | $510.5M-12.4% | $582.6M |
| Current Assets | $385.6M+4.7% | $368.3M+13.8% | $323.6M-31.8% | $474.8M+24.1% | $382.8M-28.9% | $538.5M+22.2% | $440.5M-13.8% | $511.3M |
| Cash & Equivalents | $273.1M+18.8% | $230.0M+24.4% | $184.8M+11.5% | $165.8M+68.5% | $98.4M-0.7% | $99.1M+17.5% | $84.4M-64.7% | $239.1M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M |
| Total Liabilities | $336.9M-15.6% | $399.4M-6.3% | $426.3M+2.5% | $415.8M+108.5% | $199.5M+4.1% | $191.7M-1.5% | $194.5M-2.2% | $198.9M |
| Current Liabilities | $52.1M-55.1% | $115.9M+2.6% | $113.0M-9.1% | $124.3M-24.2% | $164.0M+6.4% | $154.2M+1.3% | $152.3M-2.5% | $156.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $129.5M+148.7% | $52.1M+403.4% | -$17.2M-112.8% | $134.6M-48.1% | $259.5M-38.7% | $423.4M+34.0% | $316.0M-17.7% | $383.7M |
| Retained Earnings | -$2.2B-6.3% | -$2.1B-7.5% | -$1.9B-9.8% | -$1.8B-12.6% | -$1.6B-16.5% | -$1.3B-16.1% | -$1.2B-16.1% | -$998.6M |
BHVN Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$149.9M-14.7% | -$130.7M+10.3% | -$145.7M+13.2% | -$167.9M-1.7% | -$165.1M+3.3% | -$170.7M-20.9% | -$141.3M+15.8% | -$167.8M |
| Capital Expenditures | $0-100.0% | $8K-38.5% | $13K-94.4% | $233K-49.5% | $461K+840.8% | $49K-92.0% | $611K-79.3% | $2.9M |
| Free Cash Flow | -$149.9M-14.7% | -$130.7M+10.3% | -$145.7M+13.3% | -$168.2M-1.6% | -$165.6M+3.0% | -$170.8M-20.4% | -$141.9M+16.9% | -$170.7M |
| Investing Cash Flow | $15.2M+210.7% | -$13.7M-108.3% | $165.0M+1161.2% | -$15.5M-109.4% | $164.9M+288.1% | -$87.7M+6.1% | -$93.4M+4.6% | -$97.9M |
| Financing Cash Flow | $179.0M-5.2% | $188.8M+154650.8% | $122K-100.0% | $249.8M+67604.6% | $369K-99.9% | $272.9M+239.5% | $80.4M-75.0% | $321.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BHVN Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -100.8% | N/A | N/A | -147.2%-61.8pp | -85.4% | N/A | -50.7%+32.6pp | -83.3% |
| Return on Assets | -28.0% | N/A | -42.4%-6.4pp | -36.0%+12.3pp | -48.3% | N/A | -31.4%+23.5pp | -54.9% |
| Current Ratio | 7.41+4.2 | 3.18+0.3 | 2.86-1.0 | 3.82+1.5 | 2.33-1.2 | 3.49+0.6 | 2.89-0.4 | 3.27 |
| Debt-to-Equity | 2.60-5.1 | 7.67+32.5 | -24.84-27.9 | 3.09+2.3 | 0.77+0.3 | 0.45-0.2 | 0.62+0.1 | 0.52 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Biohaven profitable?
No, Biohaven (BHVN) reported a net income of -$738.8M in fiscal year 2025.
What is Biohaven's EBITDA?
Biohaven (BHVN) had EBITDA of -$735.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Biohaven's return on equity (ROE)?
Biohaven (BHVN) has a return on equity of -1418.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Biohaven's free cash flow?
Biohaven (BHVN) generated -$610.2M in free cash flow during fiscal year 2025. This represents a -4.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Biohaven's operating cash flow?
Biohaven (BHVN) generated -$609.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Biohaven's total assets?
Biohaven (BHVN) had $451.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Biohaven's capital expenditures?
Biohaven (BHVN) invested $715K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Biohaven spend on research and development?
Biohaven (BHVN) invested $635.1M in research and development during fiscal year 2025.
What is Biohaven's current ratio?
Biohaven (BHVN) had a current ratio of 3.18 as of fiscal year 2025, which is generally considered healthy.
What is Biohaven's debt-to-equity ratio?
Biohaven (BHVN) had a debt-to-equity ratio of 7.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Biohaven's return on assets (ROA)?
Biohaven (BHVN) had a return on assets of -163.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Biohaven's cash runway?
Based on fiscal year 2025 data, Biohaven (BHVN) had $230.0M in cash against an annual operating cash burn of $609.4M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Biohaven's Piotroski F-Score?
Biohaven (BHVN) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Biohaven's earnings high quality?
Biohaven (BHVN) has an earnings quality ratio of 0.82x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Biohaven?
Biohaven (BHVN) scores 10 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.