68,693 Biohaven (BHVN) options granted to board director

Rhea-AI Filing Summary

Biohaven Ltd. director Michael Thomas Heffernan received a grant of stock options on April 28, 2026. The award covers 68,693 options, each allowing him to buy one common share at an exercise price of $9.61. After this grant, he holds 68,693 options directly.

These options vest in full on the earlier of April 28, 2027 or the date of Biohaven’s 2027 Annual Meeting of Shareholders, as long as he continues serving the company through that date. The options expire on April 28, 2036. This is a compensation-related grant rather than an open-market share purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Heffernan Michael Thomas

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Options (Right to buy)	68,693	$0.00	--

Holdings After Transaction: Stock Options (Right to buy) — 68,693 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Options granted: 68,693 options Exercise price: $9.61 per share Options after transaction: 68,693 options +2 more

5 metrics

Options granted 68,693 options Grant on April 28, 2026

Exercise price $9.61 per share Stock option strike price

Options after transaction 68,693 options Total derivative holdings following grant

Expiration date April 28, 2036 Option term end date

Vesting date trigger Earlier of April 28, 2027 or 2027 meeting Full vesting condition, continuous service required

Key Terms

Stock Options (Right to buy), Grant, award, or other acquisition, Annual Meeting of Shareholders

3 terms

Stock Options (Right to buy) financial

"security_title: "Stock Options (Right to buy)""

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

Annual Meeting of Shareholders financial

"the date of the 2027 Annual Meeting of Shareholders"

A yearly gathering where a company’s owners (shareholders) vote on key items like electing the board, approving executive pay, and ratifying auditors, and receive updates on performance and strategy. Think of it as an annual town hall for owners: it matters to investors because outcomes and disclosures can affect leadership, corporate direction, dividend and governance policies, and therefore the company’s risk and potential return.

Form 4 Insider Transactions: What Each Field Means →

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^*

Heffernan Michael Thomas

(Last) (First) (Middle)

C/O BIOHAVEN LTD.

215 CHURCH STREET

(Street)

NEW HAVEN CONNECTICUT 06510

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/28/2026

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

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

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

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

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
Stock Options (Right to buy)	$9.61	04/28/2026		A		68,693		(1)	04/28/2036	Common Shares	68,693	$0	68,693	D

Explanation of Responses:

1. The shares subject to this stock option will vest in full on the earlier of (a) April 28, 2027 or (b) the date of the 2027 Annual Meeting of Shareholders, in each case subject to the Reporting Person's continuous service with the Issuer through such vesting date.

Remarks:

	/s/ George Clark, Attorney-in-Fact	04/30/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

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

Biohaven reported a compensation-related stock option grant to director Michael Thomas Heffernan. He received 68,693 options on April 28, 2026, giving him the right to buy common shares at a fixed exercise price, with no open-market share purchase or sale involved.

How many Biohaven (BHVN) stock options were granted to Michael Thomas Heffernan?

He was granted 68,693 stock options. Each option is a right to buy one Biohaven common share, giving him potential future ownership if he chooses to exercise them, subject to vesting and other terms described in the filing footnote.

What is the exercise price and expiration date of the Biohaven (BHVN) options?

The options carry an exercise price of $9.61 per share and expire on April 28, 2036. This means Heffernan can purchase Biohaven common shares at $9.61, once vested, any time before the 2036 expiration date if he chooses to exercise.

What is the vesting schedule for Michael Heffernan’s Biohaven (BHVN) option grant?

The options vest in full on the earlier of April 28, 2027 or the date of Biohaven’s 2027 Annual Meeting of Shareholders. Vesting requires his continuous service with Biohaven through that date, aligning the award with ongoing board service.

Did the Biohaven (BHVN) Form 4 show any open-market buying or selling of shares?

No, the Form 4 reflects a grant of stock options as compensation, not an open-market trade. The reported transaction is an acquisition of derivative securities, with no shares bought or sold in the market in this specific filing.

How many Biohaven (BHVN) options does Michael Heffernan hold after this transaction?

Following the grant, he holds 68,693 stock options directly. This total matches the number of options awarded in the April 28, 2026 transaction, indicating the filing shows this new grant as his reported derivative position.