Biohaven Ltd.
BHVN · Pharmaceutical Preparations · 150.6M shares · +22%/yr ↑ dilution · EDGAR filings ↗
Reference price $8.52 · est. market cap ~$1.3B — last insider purchase, 2025-11-17 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D42Clinical/early-stage biotech — clinical-stage biopharma (post-spinoff), very heavy burn ($610M), funded.
Strengths
- Liquidity — current ratio 3.2 (44th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Cash burnNegative free cash flow (-610.2M)
- Chronic dilutionShare count +22%/yr over 3y (dilution, book value/share -95%)
- Trial readout soonUpcoming trial readout ~2026-05 — PHASE2/PHASE3 · Focal Epilepsy
Key metrics
Return on equity
-1418.8%
Return on assets
-163.7%
Current ratio
3.2×
Free cash flow
-$610M
EBITDA
-$735M
Tangible book value
$32M
Cash & investments
$319M
Cash runway
2q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-17 | Mehta Kishan | Gift | 17K | — |
| 2026-03-17 | Mehta Kishan | Gift | 17K | — |
| 2026-01-05 | Buten Matthew | Tax withheld | 2.6K | $9.93 |
| 2026-01-05 | Clark George C. | Option exercise | 2.5K | — |
| 2026-01-05 | Clark George C. | Tax withheld | 1.1K | $9.93 |
| 2026-01-05 | Car Bruce | Option exercise | 4.8K | — |
| 2026-01-05 | Car Bruce | Tax withheld | 2.4K | $9.93 |
| 2026-01-05 | Coric Vlad | Option exercise | 14K | — |
| 2026-01-05 | Coric Vlad | Tax withheld | 7.4K | $9.93 |
| 2026-01-05 | Gentile Kimberly | Option exercise | 3.8K | — |
| 2026-01-05 | Gentile Kimberly | Tax withheld | 2.0K | $9.93 |
| 2026-01-05 | Buten Matthew | Option exercise | 4.2K | — |
| 2025-11-17 | Clark George C. | Buy | 17K | $8.52 |
| 2025-11-13 | Coric Vlad | Buy | 333K | $7.50 |
| 2025-11-13 | Bailey Gregory | Buy | 400K | $7.50 |
| 2025-11-13 | Coric Vlad | Buy | 333K | $7.50 |
| 2025-11-13 | CHILDS JOHN W | Buy | 3.3M | $7.50 |
| 2025-03-04 | CHILDS JOHN W | Buy | 3.4K | $30.73 |
| 2025-03-04 | CHILDS JOHN W | Buy | 3.4K | $30.73 |
| 2025-03-04 | CHILDS JOHN W | Buy | 900 | $30.73 |
| 2025-03-04 | CHILDS JOHN W | Buy | 25K | $30.39 |
| 2025-03-04 | CHILDS JOHN W | Buy | 28K | $30.43 |
| 2025-01-05 | Clark George C. | Option exercise | 2.5K | — |
| 2025-01-05 | Clark George C. | Tax withheld | 1.1K | $38.64 |
| 2025-01-05 | Buten Matthew | Option exercise | 4.2K | — |
| 2025-01-05 | Buten Matthew | Tax withheld | 2.6K | $38.64 |
| 2025-01-05 | Coric Vlad | Option exercise | 14K | — |
| 2025-01-05 | Gentile Kimberly | Option exercise | 3.8K | — |
| 2025-01-05 | Car Bruce | Option exercise | 4.8K | — |
| 2025-01-05 | Car Bruce | Tax withheld | 2.3K | $38.64 |
| 2025-01-05 | Coric Vlad | Tax withheld | 6.8K | $38.64 |
| 2025-01-05 | Gentile Kimberly | Tax withheld | 2.0K | $38.64 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06874335 ↗ | A Phase 1 Study of BHV-1530 in Advanced Solid Tumors Solid Tumor | PHASE1 | Recruiting | 2029-03-01 |
| NCT06384807 ↗ | A Phase 1/2 Study of BHV-1510 (Previously PBI-410) in Advanced Solid Tumors Solid Tumor | PHASE1/PHASE2 | Recruiting | 2028-02-01 |
| NCT07661056 ↗ | Study to Determine if BHV-1300 is Effective and Safe in Adults With Graves' Disease Graves Disease | PHASE3 | Recruiting | 2028-01-01 |
| NCT06980649 ↗ | Study of BHV-1300 in Graves' Disease Graves Disease | PHASE1 | Recruiting | 2027-09-01 |
| NCT06976268 ↗ | A Study to Determine if BHV-8000 is Effective, Safe and Tolerable as a Treatment for Adults Living With Early Parkinson's Disease Parkinson Disease | PHASE2/PHASE3 | Recruiting | 2027-08-01 |
| NCT07054684 ↗ | Study of BHV-1400 in IgA Nephropathy IgA Nephropathy | PHASE1 | Recruiting | 2027-07-01 |
| NCT06132893 ↗ | A Study to Determine if BHV-7000 is Effective and Safe in Adults With Refractory Focal Onset Epilepsy Focal Epilepsy | PHASE2/PHASE3 | Recruiting | 2026-12-01 |
| NCT06443463 ↗ | Long-term Safety and Tolerability of BHV-7000 Focal Epilepsy | PHASE2 | Enrolling By Invitation | 2026-12-01 |
| NCT07262268 ↗ | A Phase 1b Study of BHV-7000 in Participants With Inherited Erythromelalgia Familial Erythromelalgia | PHASE1 | Enrolling By Invitation | 2026-11-01 |
| NCT07281495 ↗ | Taldefgrobep Alfa in Adults With Overweight and Obesity Obesity, Overweight | PHASE2 | Active Not Recruiting | 2026-09-01 |
| NCT06309966 ↗ | Study to Determine if BHV-7000 is Effective and Safe in Adults With Refractory Focal Onset Epilepsy Focal Epilepsy | PHASE2/PHASE3 | Recruiting | 2026-05-01 |
| NCT06529146 ↗ | Real-World Data Study of Troriluzole-Treated Patients With Spinocerebellar Ataxia (SCA) Compared to a Matched Natural History Control Spinocerebellar Ataxias | — | Active Not Recruiting | 2024-09-06 |
| NCT07642050 ↗ | A Study to Determine if BHV-1400 is Effective and Safe in Adults With IgA Nephropathy IgA Nephropathy | PHASE3 | Not Yet Recruiting | 2028-09-01 |
| NCT06423781 ↗ | Long-term Safety Study of BHV-7000 in Participants With Major Depressive Disorder (MDD) Major Depressive Disorder | PHASE2 | Completed | 2026-03-18 |
| NCT06425159 ↗ | A Study to Determine if BHV-7000 is Effective and Safe in Adults With Idiopathic Generalized Epilepsy With Generalized Tonic-clonic Seizures Generalized Epilepsy | PHASE2/PHASE3 | Terminated | 2026-03-12 |
| NCT06419608 ↗ | Efficacy and Safety Study of BHV-7000 Monotherapy in Major Depression Major Depressive Disorder | PHASE2 | Completed | 2025-11-07 |
| NCT06423794 ↗ | BHV-7000 Open-Label Extension Bipolar Mania Study Bipolar Disorder | PHASE2 | Terminated | 2025-04-25 |
| NCT06603623 ↗ | Efficacy and Safety Trial of BHV-2100 for the Acute Treatment of Migraine Migraine | PHASE2 | Completed | 2025-03-24 |
| NCT06419582 ↗ | BHV-7000 Acute Treatment of Bipolar Mania Bipolar Disorder | PHASE2/PHASE3 | Completed | 2025-01-15 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-27 | 2026-05-26 | 0001935979-26-000048 ↗ |
| 8-K | 2026-05-05 | 2026-05-04 | 0001628280-26-030579 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001935979-26-000045 ↗ |
| 8-K | 2026-05-04 | 2026-05-04 | 0001935979-26-000044 ↗ |
| 8-K | 2026-05-04 | 2026-04-28 | 0001935979-26-000042 ↗ |
| 8-K | 2026-03-02 | 2026-03-02 | 0001935979-26-000022 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0001935979-26-000020 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001935979-26-000005 ↗ |
| 8-K | 2026-01-07 | 2026-01-06 | 0001935979-26-000002 ↗ |
| 8-K | 2025-11-13 | 2025-11-13 | 0001628280-25-052066 ↗ |
| 10-Q | 2025-11-10 | 2025-09-30 | 0001935979-25-000092 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001935979-25-000090 ↗ |