Biohaven Ltd. SEC Filings

Biohaven Ltd. is a clinical-stage biopharmaceutical company focused on immunology, obesity, neuroscience and oncology, reporting continued losses as it advances a broad R&D portfolio. For the quarter ended June 30, 2026, it recorded a net loss of $137.3 million and for the first half of 2026 a net loss of $267.8 million, driven primarily by research and development expense of $204.6 million over six months. Losses narrowed versus 2025 as R&D spending declined.

Liquidity is anchored by cash, cash equivalents and marketable securities of $267.9 million as of June 30, 2026, with management expecting these resources to fund operations for at least one year from the financial statement issuance date. Operating cash outflows were $235.0 million in the first half, partially offset by $178.9 million of equity raised through at-the-market offerings. The balance sheet shows total assets of $370.7 million and notes payable at fair value of $259.5 million under a revenue- and milestone-based Note Purchase Agreement tied to troriluzole, contributing to fair value losses in other expense. Shareholders’ equity declined to $12.2 million as accumulated deficit increased to $2.35 billion and the company continues to rely on external capital, including a large remaining ATM capacity.

Biohaven Ltd. appointed John Yetimoglu to its Board of Directors, effective August 6, 2026. He will serve in the director class whose term expires at the 2027 Annual Meeting of Shareholders and has been named to the Board’s Nominating and Governance Committee. The company states there is no arrangement or understanding with any other person regarding his selection, no family relationships with other directors or executive officers, and no related-party transactions involving him that require disclosure under Item 404(a) of Regulation S‑K.

Under Biohaven’s compensation policy for non‑employee directors, Mr. Yetimoglu is entitled to options to purchase common shares with an aggregate grant date fair value of $713,875, vesting 25% on grant and 25% on each of the following three anniversaries of grant, subject to his continuous service. He will also receive a $57,000 annual retainer for his service as a director and committee member.

Biohaven Ltd. officer Warren Karl Volles filed an initial statement of beneficial ownership. As of July 9, 2026, he directly owned 248,212 Common Shares, including shares acquired through the Biohaven Employee Share Purchase Plan. He also held 14,000 restricted share units and stock options over Common Shares, including options on 300,000 shares at $7.00 expiring in 2032 and on 95,250 shares at $41.93 expiring in 2034, with additional option tranches vesting through 2029.

Biohaven Ltd. announced several scientific leadership changes. Effective July 13, 2026, Bruce Car, Ph.D., will retire as Chief Scientific Officer and move to a part-time role as Chief Innovation Officer, focusing on scientific initiatives and external collaborations, including multiple assets in the collaboration with Bexorg, Inc. He will continue as an executive officer and his salary will be reduced by fifty percent to reflect his schedule.

At the same time, David Pirman, Ph.D., is promoted to Executive Vice President and Head of Discovery, leading Biohaven’s internal drug-discovery organization and research programs. The company also designated Warren Volles, General Counsel and Chief Legal Officer, as an executive officer, formalizing his role in guiding Biohaven’s legal function.

Janus Henderson Group Ltd. files Amendment No. 2 to Schedule 13G/A reporting beneficial ownership of 8,584,676 common shares of Biohaven Ltd. (BHVN), representing 5.7% of the class as of 06/30/2026. The filing states Janus Henderson and affiliated asset managers exercise shared voting and shared dispositive power over these shares but disclaim rights to dividends or proceeds from sales. The filing identifies the reporting person as Janus Henderson Group Ltd. and provides exhibits for the subsidiary identification and power of attorney.

Biohaven Ltd. provided extensive research and development updates, highlighting new clinical data across epilepsy, autoimmune and neuroscience programs. Its Kv7.2/7.3 activator opakalim in idiopathic generalized epilepsy tripled median time to a second generalized tonic-clonic seizure to 141 days versus 47 days on placebo in a small randomized trial and showed no somnolence, dizziness or fatigue. In focal epilepsy, an open-label extension analysis found 54% of six‑month completers on opakalim 75 mg once daily achieved at least a 50% seizure reduction, with low central nervous system adverse event rates compared with other antiseizure medicines. Biohaven also reported Phase 1b data for its extracellular degraders: BHV‑1300 reduced Graves’ disease TSHR‑IgG1 autoantibodies by over 80% with associated normalization of thyroid hormones, while BHV‑1400 lowered pathogenic Gd‑IgA1 by more than 60% within 48 hours and 70% within one month in IgA nephropathy, alongside early improvements in kidney function markers. Early safety across these programs was described as favorable, and Biohaven plans pivotal Phase 3 trials in Graves’ disease and IgA nephropathy by mid‑2026 while advancing additional CNS candidates such as PKM2 activator BHV‑8100 and tinnitus spray BHV‑1955.

Janus Henderson Group plc reports beneficial ownership of 11.7% of Biohaven Ltd. As disclosed, Janus Henderson's Asset Managers hold 17,534,612 common shares of Biohaven Ltd as beneficial owners as of 03/31/2026, with shared voting and dispositive power over those shares. The filing states the Asset Managers exercise voting discretion for Managed Portfolios but disclaim rights to dividends or sale proceeds, and that no single Managed Portfolio owns more than 5% of the class.

Biohaven Ltd. entered into Amendment No. 2 to its Equity Distribution Agreement with J.P. Morgan Securities LLC, establishing an “at-the-market” equity offering program. From May 4, 2026, the company may sell up to an aggregate offering price of $350.0 million in common shares through J.P. Morgan as manager.

Shares may be sold on the New York Stock Exchange or via other negotiated transactions at prevailing market prices, with actual sales determined over time by the company’s capital needs and market conditions. The program is issued under an effective shelf registration statement and related base prospectus and prospectus supplement filed on May 4, 2026.

Biohaven Ltd. is offering common shares having an aggregate offering price of up to $350,000,000 through an amendment dated May 4, 2026 to its equity distribution agreement with J.P. Morgan Securities LLC. The shares will be sold as at-the-market offerings from time to time. The company reported 150,506,490 common shares outstanding as of March 31, 2026. Sales may occur in ordinary brokers’ transactions, to or through market makers, on the NYSE or other permitted venues, and the sales agent may act as agent or principal. The sales agent may receive up to 3.00% of gross proceeds as compensation.