[Form 4] Biohaven Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Biohaven Ltd. director and CEO Vlad Coric reported purchasing additional common shares of BHVN on 11/13/2025 in an underwritten public offering. Two trusts associated with his family each acquired 333,333 common shares at $7.50 per share, one held by The Vlad Coric Family Trust and the other by The Vladimir Coric Marital Trust.

After these transactions, reported holdings include 1,195,275 common shares held by The Vlad Coric Family Trust, 740,546 common shares held by The Vladimir Coric Marital Trust, and 109,565 common shares in a 401(k) plan. An additional 1,797,148 common shares are reported as held directly. The report notes that the family trust shares are for the benefit of family members, that his spouse is trustee, and that Coric disclaims beneficial ownership of those trust-held securities. It also states that the direct balance includes 544 shares acquired through the Biohaven Employee Share Purchase Plan on May 30, 2025.

Insights

Equity Ownership and Governance Analyst

CEO-related trusts and plans significantly increase indirect and direct holdings through participation in an underwritten offering at a fixed purchase price.

The filing shows the Chief Executive Officer and director of Biohaven Ltd. reporting large purchases of common shares at $7.5 per share on 11/13/2025 in an underwritten public offering. Two related trusts acquired 333,333 shares each, taking their reported indirect holdings to 1,195,275 and 740,546 common shares, respectively. The CEO also reports indirect ownership through a 401(k) plan of 109,565 shares and direct ownership of 1,797,148 shares.

The trusts are for the benefit of family members, and the reporting person disclaims beneficial ownership of those securities, while still reporting them under Section 16. This structure means legal ownership and economic benefit are partly separated, yet the positions remain closely tied to the CEO’s immediate family. The filing also notes that the direct balance includes 544 shares acquired via the Biohaven Employee Share Purchase Plan on 05/30/2025, which shows continued participation in company-sponsored equity programs.

Key items to monitor from this filing are the sizable participation in the underwritten offering at a set price of $7.5 and the resulting concentration of reported holdings across direct, retirement, and family trust accounts. Over upcoming reporting periods and future Section 16 filings, changes in these trust and plan balances will provide a concrete way to track ongoing alignment between management and shareholder equity exposure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Coric Vlad

(Last) (First) (Middle)

C/O BIOHAVEN LTD.

215 CHURCH STREET

(Street)

NEW HAVEN CT 06510

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Biohaven Ltd. [ BHVN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
11/13/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	11/13/2025		P		333,333(1)	A	$7.5	1,195,275	I	By: The Vlad Coric Family Trust(2)
Common Shares	11/13/2025		P		333,333(1)	A	$7.5	740,546	I	By: The Vladimir Coric Marital Trust(2)
Common Shares								109,565	I	By: 401(K) Plan
Common Shares								1,797,148(3)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents common shares acquired in an underwritten public offering.

2. These Common Shares are held in a trust for the benefit of the Reporting Person's family members, excluding the Reporting Person. The Reporting Person's spouse is trustee of the trust. The Reporting Person disclaims beneficial ownership of these securities, and the inclusion of the securities held by the trust in this report and prior Section 16 filings by the Reporting Person is not an admission that the reporting person is the beneficial owner of these securities for purposes of Section 16 or for any other purpose.

3. This balance includes 544 shares that were acquired through the Biohaven Employee Share Purchase Plan on May 30, 2025.

Remarks:

	/s/ George Clark, Attorney-in-Fact	11/17/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Biohaven (BHVN) report on this Form 4?

The filing reports that Biohaven Ltd. director and CEO Vlad Coric was associated with purchases of 333,333 common shares by The Vlad Coric Family Trust and 333,333 common shares by The Vladimir Coric Marital Trust on 11/13/2025 in an underwritten public offering at $7.50 per share.

How many Biohaven (BHVN) shares are held by the Coric family trusts after the transactions?

Following the reported transactions, The Vlad Coric Family Trust holds 1,195,275 common shares and The Vladimir Coric Marital Trust holds 740,546 common shares of Biohaven Ltd.

What is Vlad Corics reported direct and 401(k) ownership in Biohaven (BHVN)?

The Form 4 shows 109,565 common shares held in a 401(k) plan and an additional 1,797,148 common shares reported as held directly, with the direct balance including 544 shares acquired through the Biohaven Employee Share Purchase Plan on May 30, 2025.

Does Vlad Coric claim beneficial ownership of the Biohaven shares in the family trusts?

The filing states that the common shares in the family trust are held for the benefit of the reporting persons family members, that his spouse is trustee, and that he disclaims beneficial ownership of these securities. Their inclusion is not an admission that he is the beneficial owner for Section 16 or any other purpose.

What was the purchase price for the Biohaven (BHVN) shares reported in this Form 4?

Each of the two reported purchases by the family trusts was made at a price of $7.50 per common share in an underwritten public offering on 11/13/2025.

What is Vlad Corics role at Biohaven (BHVN) according to this filing?

The Form 4 identifies the reporting person as both a Director and an Officer of Biohaven Ltd., with the officer title listed as Chief Executive Officer.