Every 10-Q that Biohaven Ltd. (BHVN) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BHVN and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BHVN filings page.
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. reported a first-quarter 2026 net loss of $130.5M, an improvement from $221.7M a year earlier, driven by sharply lower research and development and general and administrative spending. Total operating expenses fell to $130.4M from $221.6M, reflecting portfolio and cost-optimization efforts.
Cash and cash equivalents were $273.1M and marketable securities were $74.7M as of March 31, 2026, supporting management’s view that existing liquidity should fund operations for at least one year after the statements’ issuance. Net cash used in operating activities was $149.9M for the quarter.
To bolster its balance sheet, Biohaven issued 17,164,940 common shares under its at-the-market equity program, generating net proceeds of $178.9M and increasing outstanding shares to 150,506,490. Notes payable tied to a revenue-sharing Note Purchase Agreement had a fair value of $241.9M, highlighting a significant non-traditional financing obligation linked to future sales and regulatory milestones. The company continues to focus on three key late-stage programs in Kv7 ion channel modulation, MoDE/TRAP extracellular protein degraders, and myostatin-activin pathway targeting for neuromuscular and metabolic diseases.
Biohaven Ltd. (BHVN) reported a larger quarterly loss and added new debt to fund its pipeline. For Q3 2025, net loss was $173.4 million compared with $160.3 million a year ago. Operating expenses were $169.4 million, with research and development at $141.2 million and general and administrative at $28.2 million. Net investment income was $3.4 million.
Liquidity shifted toward cash: cash and cash equivalents were $184.8 million and marketable securities were $75.4 million as of September 30, 2025. Year‑to‑date, operating cash outflows totaled $478.8 million, partly offset by $250.0 million of proceeds from senior secured notes issued in April 2025. Notes payable measured at fair value were $268.3 million at quarter‑end. A derivative liability related to a prior agreement declined to $22.0 million.
Shareholders’ equity moved to a deficit of $17.2 million, from $423.4 million at December 31, 2024, reflecting continued losses and fair value adjustments. The company stated it expects existing cash, cash equivalents, marketable securities, and equity purchase commitments to fund operations for at least one year after issuance of these financial statements. Common shares outstanding were 105,803,655 as of September 30, 2025.
Biohaven Ltd. reported a continued operating loss and a material financing transaction that altered its balance sheet. Total assets were $550.4 million versus $615.1 million at year-end, with $165.8 million in cash and cash equivalents and $239.2 million in marketable securities. The company recorded a net loss of $198.1 million for the quarter and $419.8 million for the six months, with basic and diluted loss per share of $1.94 and $4.11, respectively.
Biohaven completed a $250.0 million secured notes financing under a Note Purchase Agreement and elected fair-value accounting for those notes, which increased non-current notes payable to $257.1 million and raised total liabilities to $415.8 million. Research and development expense declined versus the prior-year periods, reducing operating expense and operating loss, but operating cash use remained substantial at $333.1 million for the six months. The company also reported significant contingent milestone and commercial payment obligations under license and acquisition agreements totaling up to $3.185 billion, which are not recognized as liabilities because the triggering events were not considered probable.