Suvretta Capital and Averill report sizable Biohaven (BHVN) stakes in 13G/A

Rhea-AI Filing Summary

Suvretta Capital Management and affiliates reported significant ownership stakes in Biohaven Ltd. common shares as of 12/31/2025. Suvretta Capital Management, LLC and its principal, Aaron Cowen, each beneficially own 10,286,937 common shares, representing 7.8% of the class, with shared voting and dispositive power over these shares.

Averill Master Fund, Ltd., an advisory client of Suvretta, directly owns 8,800,438 common shares, equal to 6.6% of the class, also with shared voting and dispositive power. All securities in this amendment are directly owned by Suvretta advisory clients, and the reporting persons state that the holdings are not for the purpose of changing or influencing control of Biohaven.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Biohaven Ltd.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

G1110E107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. G1110E107

1

Names of Reporting Persons

SUVRETTA CAPITAL MANAGEMENT, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,286,937.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,286,937.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,286,937.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.8 %

12

Type of Reporting Person (See Instructions)

IA, OO

SCHEDULE 13G

CUSIP No. G1110E107

1

Names of Reporting Persons

AVERILL MASTER FUND, LTD.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 8,800,438.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 8,800,438.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,800,438.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.6 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

CUSIP No. G1110E107

1

Names of Reporting Persons

AARON COWEN

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 10,286,937.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 10,286,937.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,286,937.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.8 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Biohaven Ltd.
(b)	Address of issuer's principal executive offices: c/o Biohaven Pharmaceuticals, Inc. 215 Church Street, New Haven, Connecticut 06510
Item 2.
(a)	Name of person filing: Suvretta Capital Management, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - U.S.A.
(b)	Address or principal business office or, if none, residence: Suvretta Capital Management, LLC: 540 Madison Avenue, 7th Floor New York, New York 10022 United States of America Averill Master Fund, Ltd.: c/o Maples Corporate Services Limited P.O. Box 309 Ugland House Grand Cayman KY1-1104 Cayman Islands Aaron Cowen: c/o Suvretta Capital Management, LLC 540 Madison Avenue, 7th Floor New York, New York 10022
(c)	Citizenship: Suvretta Capital Management, LLC - Delaware Averill Master Fund, Ltd. - Cayman Islands Aaron Cowen - U.S.A.
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: G1110E107
Item 4.	Ownership
(a)	Amount beneficially owned: Suvretta Capital Management, LLC - 10,286,937 Averill Master Fund, Ltd. - 8,800,438 Aaron Cowen - 10,286,937
(b)	Percent of class: Suvretta Capital Management, LLC - 7.8% Averill Master Fund, Ltd. - 6.6% Aaron Cowen - 7.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Suvretta Capital Management, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(ii) Shared power to vote or to direct the vote: Suvretta Capital Management, LLC - 10,286,937 Averill Master Fund, Ltd. - 8,800,438 Aaron Cowen - 10,286,937
	(iii) Sole power to dispose or to direct the disposition of: Suvretta Capital Management, LLC - 0 Averill Master Fund, Ltd. - 0 Aaron Cowen - 0
	(iv) Shared power to dispose or to direct the disposition of: Suvretta Capital Management, LLC - 10,286,937 Averill Master Fund, Ltd. - 8,800,438 Aaron Cowen - 10,286,937
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. All of the securities reported in this Schedule 13G Amendment No. 3 are directly owned by advisory clients of Suvretta Capital Management, LLC. None of those advisory clients, other than Averill Master Fund, Ltd., may be deemed to beneficially own more than 5% of the Common Shares, no par value.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit B attached hereto.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

SUVRETTA CAPITAL MANAGEMENT, LLC

Signature:	By: /s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, General Counsel and Chief Compliance Officer
Date:	02/13/2026

AVERILL MASTER FUND, LTD.

Signature:	By: /s/ Andrew Nathanson
Name/Title:	Andrew Nathanson, Authorized Signatory
Date:	02/13/2026

AARON COWEN

Signature:	By: /s/ Aaron Cowen
Name/Title:	Aaron Cowen
Date:	02/13/2026

Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose. To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.

Exhibit Information

[Exhibit A - Joint Filing Agreement] [Exhibit B - Control Person Identification]

FAQ

What stake in Biohaven Ltd. (BHVN) does Suvretta Capital report?

Suvretta Capital Management, LLC reports beneficial ownership of 10,286,937 Biohaven common shares, representing 7.8% of the class as of 12/31/2025. Suvretta has shared voting and dispositive power over all these shares, held through its advisory clients.

How many Biohaven (BHVN) shares does Averill Master Fund, Ltd. own?

Averill Master Fund, Ltd. directly owns 8,800,438 Biohaven common shares, representing 6.6% of the class. It has shared voting and dispositive power over all of these shares, and is identified as an advisory client of Suvretta Capital Management, LLC in the filing.

What is Aaron Cowen’s reported ownership in Biohaven (BHVN)?

Aaron Cowen is reported as beneficially owning 10,286,937 Biohaven common shares, equal to 7.8% of the class. He has shared voting and dispositive power over these shares, which are held by advisory clients of Suvretta Capital Management, LLC, where he is the control person.

Are Suvretta and its clients seeking control of Biohaven (BHVN)?

The reporting persons certify that Biohaven securities were not acquired and are not held for the purpose of changing or influencing control of the issuer. They also state the holdings are not in connection with any transaction having that control-related purpose or effect.

Who actually owns the Biohaven (BHVN) shares reported in this Schedule 13G/A?

All securities in this Amendment No. 3 are directly owned by advisory clients of Suvretta Capital Management, LLC. Except for Averill Master Fund, Ltd., none of these advisory clients is stated to beneficially own more than 5% of Biohaven’s common shares.

Do the reporting persons claim full beneficial ownership of their Biohaven (BHVN) holdings?

Each reporting person disclaims beneficial ownership of the reported securities except to the extent of their pecuniary interest. The statement clarifies it should not be deemed an admission of beneficial ownership for Section 16 or any other legal purpose.