Biohaven Ltd. (BHVN) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 28, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BHVN SEC filings page.
This page shows Biohaven Ltd. (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 research-led model converts heavy development spending into persistent cash losses and a sharply thinner capital cushion.
Operating cash outflow was$609M against a net loss of$739M in FY2025. Free cash flow was-$610M , so the accounting loss was closely accompanied by cash consumption rather than dominated by a working-capital timing gap.
R&D was
Balance-sheet financing changed sharply: liabilities reached
Financial Health Signals
Biohaven Ltd. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Biohaven Ltd. passes 1 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Biohaven Ltd. reported a net loss of $738.8M while operations used $609.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Biohaven Ltd.'s EBITDA was -$124.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Biohaven Ltd. reported a net loss of $137.3M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Biohaven Ltd. earned -$0.91 per diluted share (EPS) in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
Cash & Balance Sheet
Biohaven Ltd. recorded an outflow of $85.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Biohaven Ltd. held $238.0M in cash as of Q2 2026; no long-term debt figure is on record for that period.
Not reported for Q2 2026.
Margins & Returns
Biohaven Ltd.'s quarterly ROE was -1123.5% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is down 976.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1022.7 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Biohaven Ltd. invested $100.8M in research and development in Q2 2026. This represents a decrease of 45.3% from the same quarter a year earlier. Against the prior quarter it is down 2.9%.
Biohaven Ltd. invested $454K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 94.8% from the same quarter a year earlier. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Not reported for Q2 2026.
BHVN Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $100.8M-45.3% | $103.8M-44.7% | N/A | $141.2M-10.4% | $184.4M-41.4% | $187.6M+20.3% | N/A | $157.6M+65.0% |
| SG&A Expenses | $24.1M-11.9% | $26.6M-21.7% | N/A | $28.2M+37.2% | $27.3M+44.2% | $34.0M+24.6% | N/A | $20.6M+36.8% |
| Operating Income | -$124.9Mn/m | -$130.4Mn/m | N/A | -$169.4Mn/m | -$211.7Mn/m | -$221.6Mn/m | N/A | -$178.2Mn/m |
| EBITDA | -$124.3Mn/m | -$128.1Mn/m | N/A | -$168.3Mn/m | -$210.6Mn/m | -$219.3Mn/m | N/A | -$177.2Mn/m |
| Income Tax | $391K+49.8% | $272K-55.3% | N/A | $221Kn/m | $261K+47.5% | $609K+7.0% | N/A | -$59Kn/m |
| Net Income | -$137.3Mn/m | -$130.5Mn/m | N/A | -$173.4Mn/m | -$198.1Mn/m | -$221.7Mn/m | N/A | -$160.3Mn/m |
| EPS (Basic) | -$0.91n/m | -$0.88n/m | -$1.12n/m | -$1.64n/m | -$1.94n/m | -$2.17n/m | -$1.78n/m | -$1.70n/m |
| EPS (Diluted) | -$0.91n/m | -$0.88n/m | -$1.12n/m | -$1.64n/m | -$1.94n/m | -$2.17n/m | -$1.78n/m | -$1.70n/m |
| Diluted Shares (Avg) | 151M+47.1% | 148M+44.8% | N/A | 106M+12.1% | 102M+16.6% | 102M+24.9% | N/A | 94M+38.1% |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Interest Expense.
BHVN Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $370.7M-32.6% | $466.4M+1.6% | $451.4M-26.6% | $409.1M-19.9% | $550.4M-5.5% | $458.9M+9.7% | $615.1M+19.9% | $510.5M+33.4% |
| Current Assets | $296.6M-37.5% | $385.6M+0.8% | $368.3M-31.6% | $323.6M-26.5% | $474.8M-7.1% | $382.8M+9.8% | $538.5M+21.7% | $440.5M+41.8% |
| Cash & Equivalents | $238.0M+43.6% | $273.1M+177.5% | $230.0M+132.0% | $184.8M+119.0% | $165.8M-30.7% | $98.4M-46.1% | $99.1M-60.1% | $84.4M-24.4% |
| Short-Term Investments | $29.8M-87.5% | $74.7M-66.7% | $89.2M-76.9% | $75.4M-74.4% | $239.2M+20.9% | $224.3M+122.7% | $386.9M+190.0% | $294.4M+128.4% |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Goodwill | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% | $1.4M0.0% |
| Total Liabilities | $358.5M-13.8% | $336.9M+68.9% | $399.4M+108.4% | $426.3M+119.1% | $415.8M+109.1% | $199.5M+70.3% | $191.7M+124.9% | $194.5M+109.8% |
| Current Liabilities | $62.7M-49.6% | $52.1M-68.3% | $115.9M-24.8% | $113.0M-25.8% | $124.3M-20.4% | $164.0M+89.4% | $154.2M+178.3% | $152.3M+144.9% |
| Non-Current Liabilities | $295.9M+1.5% | $284.8M+704.2% | $283.4M+657.0% | $313.3M+641.9% | $291.5M+582.8% | $35.4M+16.1% | $37.4M+25.6% | $42.2M+38.2% |
| Total Equity | $12.2M-90.9% | $129.5M-50.1% | $52.1M-87.7% | -$17.2M-105.4% | $134.6M-64.9% | $259.5M-13.9% | $423.4M-1.1% | $316.0M+9.0% |
| Retained Earnings | -$2.4Bn/m | -$2.2Bn/m | -$2.1Bn/m | -$1.9Bn/m | -$1.8Bn/m | -$1.6Bn/m | -$1.3Bn/m | -$1.2Bn/m |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Long-Term Debt.
BHVN Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$85.1Mn/m | -$149.9Mn/m | -$130.7Mn/m | -$145.7Mn/m | -$167.9Mn/m | -$165.1Mn/m | -$170.7Mn/m | -$141.3Mn/m |
| Depreciation & Amortization | $621K-41.4% | $2.4M+5.3% | $2.6M+4.6% | $1.1M+10.5% | $1.1M+8.5% | $2.2M+55.3% | $2.5M+29.9% | $1.0M+16.7% |
| Stock-Based Compensation | $19.2M-7.9% | $28.3M-46.7% | N/A | $21.5M+77.1% | $20.8M+70.1% | $53.1M+52.1% | N/A | $12.2M+172.9% |
| Capital Expenditures | $454K+94.8% | $0-100.0% | $8K-83.7% | $13K-97.9% | $233K-92.1% | $461K+4.8% | $49K-89.6% | $611K-51.0% |
| Free Cash Flow | -$85.6Mn/m | -$149.9Mn/m | -$130.7Mn/m | -$145.7Mn/m | -$168.2Mn/m | -$165.6Mn/m | -$170.8Mn/m | -$141.9Mn/m |
| Investing Cash Flow | $44.8Mn/m | $15.2M-90.8% | -$13.7Mn/m | $165.0Mn/m | -$15.5Mn/m | $164.9M+384.5% | -$87.7Mn/m | -$93.4M-259.5% |
| Financing Cash Flow | $3.8M-98.5% | $179.0M+48413.8% | $188.8M-30.8% | $122K-99.8% | $249.8M-22.2% | $369K-89.2% | $272.9M+11.3% | $80.4Mn/m |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BHVN Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -1123.5%-976.2pp | -100.8%-15.4pp | N/A | N/A | -147.2%-63.9pp | -85.4%-25.9pp | N/A | -50.7%-15.4pp |
| Return on Assets | -37.0%-1.0pp | -28.0%+20.3pp | N/A | -42.4%-11.0pp | -36.0%+18.9pp | -48.3%-5.4pp | N/A | -31.4%-4.6pp |
| Current Ratio | 4.73+0.9x | 7.41+5.1x | 3.18-0.3x | 2.860.0x | 3.82+0.5x | 2.33-1.7x | 3.49-4.5x | 2.89-2.1x |
| Liabilities-to-Equity | 29.33+26.2x | 2.60+1.8x | 7.67+7.2x | N/A | 3.09+2.6x | 0.77+0.4x | 0.45+0.3x | 0.62+0.3x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Debt-to-Equity, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Biohaven Ltd. BHVN | FY2025 | N/A | -$738.8M | N/A | $2.3B | — |
| Ardelyx, Inc. ARDX | FY2025 | $407.3M | -$61.6M | -15.1% | $774.6M | 45/100 |
| Vera Therapeutics, Inc. VERA | FY2025 | N/A | -$299.6M | N/A | $2.2B | — |
| Pharvaris N.V. PHVS | FY2025 | N/A | -$206.2M | N/A | $2.2B | — |
| Janux Therapeutics, Inc. JANX | FY2025 | $10.0M | -$113.6M | N/A | $1.1B | 71/100 |
| Syndax Pharmaceuticals, Inc. SNDX | FY2025 | $172.4M | -$285.4M | N/A | $1.2B | 60/100 |
Where Biohaven Ltd. Ranks
Frequently Asked Questions
Is Biohaven Ltd. profitable?
No, Biohaven Ltd. (BHVN) reported a net loss of $738.8M in fiscal year 2025.
What is Biohaven Ltd.'s EBITDA?
Biohaven Ltd. (BHVN) had EBITDA of -$735.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Biohaven Ltd.'s return on equity (ROE)?
Biohaven Ltd. (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 Ltd.'s free cash flow?
Biohaven Ltd. (BHVN) recorded an outflow of $610.2M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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 Ltd.'s operating cash flow?
Biohaven Ltd. (BHVN) recorded an outflow of $609.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Biohaven Ltd.'s total assets?
Biohaven Ltd. (BHVN) had $451.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Biohaven Ltd.'s capital expenditures?
Biohaven Ltd. (BHVN) invested $715K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Biohaven Ltd. spend on research and development?
Biohaven Ltd. (BHVN) invested $635.1M in research and development during fiscal year 2025.
What is Biohaven Ltd.'s current ratio?
Biohaven Ltd. (BHVN) had a current ratio of 3.18 as of fiscal year 2025, which is generally considered healthy.
What is Biohaven Ltd.'s liabilities-to-equity ratio?
Biohaven Ltd. (BHVN) had a liabilities-to-equity ratio of 7.67 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity. No debt-to-equity ratio is shown for fiscal year 2025, because the filing data we hold for that year carries no long-term debt figure.
What is Biohaven Ltd.'s return on assets (ROA)?
Biohaven Ltd. (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 Ltd.'s P/E ratio?
Biohaven Ltd. (BHVN) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $2.3B as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Biohaven Ltd.'s price-to-sales ratio?
Biohaven Ltd. (BHVN) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $2.3B as of Oct 28, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Biohaven Ltd.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Biohaven Ltd. (BHVN) held $319.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $609.4M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Biohaven Ltd.'s Piotroski F-Score?
Biohaven Ltd. (BHVN) has a Piotroski F-Score of 1 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Ltd.'s earnings high quality?
Biohaven Ltd. (BHVN) reported a net loss of $738.8M while operations used $609.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.