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Biohaven Reports Third Quarter 2025 Financial Results

On November 10, 2025, Biohaven Ltd. (NYSE: BHVN) announced its financial results for the third quarter ended September 30, 2025, along with key developments in its business operations. As a leading clinical-stage biopharmaceutical company, Biohaven is committed to the discovery and advancement of transformative therapies targeting a range of medical conditions.

CEO's Statement

Vlad Coric, M.D., Chairman and Chief Executive Officer of Biohaven, expressed enthusiasm about the company's progress, stating, “Our mission remains to deliver innovative medicines to patients in need of new treatment options. We have cultivated a strong pipeline that addresses both rare and common diseases.”

Biohaven's portfolio features pioneering approaches to unmet medical needs, particularly in areas such as epilepsy, autoimmune diseases, obesity, depression, and cancer. Among the highlighted projects are MoDE™ and TRAP™ degrader programs, which have generated compelling evidence for their potential to transform treatments for immune-mediated diseases. Additionally, the company is developing opakalim, a Kv7 ion channel activator designed to treat epilepsy and depression, and taldefgrobep alfa, a therapy targeting the myostatin-activin pathway for obesity and spinal muscular atrophy (SMA).

Recent Business Updates

In Q3 2025, Biohaven initiated strategic cost optimization efforts, directing resources towards three high-value, late-stage clinical programs:
1. Opakalim: A Kv7 ion channel activator, currently in pivotal studies for focal epilepsy and depression.
2. TRAP and MoDE Extracellular Degraders: Key assets aimed at IgA nephropathy (BHV-1400) and Graves' disease (BHV-1300).
3. Taldefgrobep alfa: This innovative therapy targets obesity and SMA, with plans to advance into Phase 2 clinical trials by the end of 2025.

The restructuring may lead to the pause or delay of non-priority programs, enabling significant cost savings. Biohaven aims for a 60% reduction in its annual direct R&D spending, excluding personnel and share-based compensation costs.

Financial Performance

• - Revenue & Loss: The financial report indicated a net loss of $173.4 million for the third quarter, equating to $1.64 per share. This compares to a loss of $160.3 million, or $1.70 per share, in Q3 2024.
• - R&D Expenses: Total R&D expenses were recorded at $141.2 million for Q3 2025, a decrease compared to $157.6 million in Q3 2024. This decline was mainly due to lower direct program spending related to BHV-2000 and opakalim.
• - G&A Expenses: General and administrative expenses rose to $28.2 million in Q3 2025 from $20.6 million in the same quarter of the previous year, primarily due to increased legal costs and share-based compensation.

Future Milestones

Biohaven is poised for significant milestones, including:

• - Opakalim: Delivering top-line results from a Phase 2 study on major depressive disorder in Q4 2025, alongside two Phase 2/3 studies in focal epilepsy with initial results expected in the first half of 2026.
• - TRAP and MoDE Extracellular Degraders: Continuing patient enrollment in expanded Phase 1b studies and moving towards pivotal studies for IgAN and Graves' disease.
• - Taldefgrobep alfa: Initiating Phase 2 clinical trials in obesity in Q4 2025 while engaging health authorities regarding SMA’s registration pathway in the U.S. and Europe.

The company's financial metrics indicate a modest but strategic shift aimed at optimizing growth, ensuring that Biohaven is well-positioned for the future. With approximately $263.8 million in cash, equivalents, marketable securities, and restricted cash as of September 30, 2025, the company maintains a robust capital position.

With its innovative therapeutic focus and strategic refocusing, Biohaven is dedicated to revolutionizing the treatment landscape for patients with severe and often neglected medical conditions. The coming months promise important updates and continued commitment to advancing its pivotal programs.