The company remains in a pre-revenue stage with persistent quarterly operating losses that reached $130.4 million in 2026Q1, exacerbated by R&D expenditures that peaked at $314.8 million in 2024Q2.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.06M | 4.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -2.06M | -4.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - | - |
| Operating Expenses | 652.18M | 741.24M | 885.11M | 436.05M | 567.93M | 218.9M | 114.51M | 479.12M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 102.94M | 106.17M | 89.24M | 62.77M | 130.86M | 37.41M | 16.05M | 134.45M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 551.31M | 635.07M | 795.87M | 373.28M | 437.07M | 181.49M | 98.46M | 344.67M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.96M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -654.25M | -745.38M | -885.11M | -436.05M | -567.93M | -218.9M | -114.51M | -479.12M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 15.79% | -102.98% | 23.22% | -159.45% | -91.17% | 76.1% | - |
| EBITDA | -646.22M | -735.46M | -877.26M | -429.14M | -566.55M | -217.51M | -114.43M | -478.95M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 29.36% | 16.16% | -104.42% | 24.25% | -160.47% | -90.07% | 76.11% | - |
| D&A (Non-Cash Add-back) | 8.02M | 9.92M | 7.86M | 6.91M | 1.39M | 1.39M | 72K | 171.86K |
| EBIT | -660.55M | -737.38M | -885.11M | -436.05M | -567.93M | -218.9M | -114.51M | -541.1M |
| Net Interest Income | 10.38M | 14.59M | 21.33M | 17.73M | 0 | 0 | 0 | 0 |
| Interest Income | 10.38M | 14.59M | 21.33M | 17.73M | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12.71M |
| Other Income/Expense | 7.67M | 8M | 39.42M | 26.5M | -1.91M | 6.47M | -4.16M | -49.26M |
| Pretax Income | -646.57M | -737.38M | -845.69M | -409.55M | -569.84M | -212.43M | -118.67M | -528.39M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 1.1M | 1.44M | 735K | -1.38M | 438K | 1.37M | 0 | 419K |
| Effective Tax Rate % | -0.17% | -0.2% | -0.09% | 0.34% | -0.08% | -0.64% | 0% | -0.08% |
| Net Income | -647.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.8M | -118.67M | -528.8M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | 27.11% | 12.71% | -107.37% | 28.43% | -166.74% | -80.16% | 77.56% | - |
| Net Income (Continuing) | -647.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.8M | -118.67M | -528.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 60M | 60M | 0 |
| EPS (Diluted) | -4.39 | -6.86 | -9.28 | -5.73 | -12.75 | -5.97 | -3.31 | -10.91 |
| EPS Growth % | 39.42% | 26.08% | -61.95% | 55.06% | -113.57% | -80.36% | 69.66% | - |
| EPS (Basic) | - | -6.86 | -9.28 | -5.73 | -12.75 | -5.97 | -3.31 | -10.91 |
| Diluted Shares Outstanding | 147.62M | 107.62M | 91.23M | 71.2M | 44.74M | 35.82M | 35.82M | 48.49M |
| Basic Shares Outstanding | 147.62M | 107.62M | 91.23M | 71.2M | 44.74M | 35.82M | 35.82M | 48.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution dilution
As reported in financial statements, Biohaven's R&D expenditure reached a peak of $314.8M in 2024Q2, reflecting the aggressive simultaneous advancement of multiple late-stage clinical programs that currently dominate the company's cost structure and necessitate consistent, high-volume capital deployment to maintain the current pipeline development velocity.
The company's cost profile is almost entirely comprised of R&D, which fluctuates significantly based on the timing of clinical trial milestones and CRO activity. Investors should monitor whether the recent moderation in R&D spending from the 2024Q2 peak represents a sustainable efficiency gain or merely a temporary lull between major trial phases.
Based on recent SEC filings, Biohaven's net losses are consistently exacerbated by non-cash stock-based compensation, which reached $53.1M in 2025Q1, suggesting that the reported bottom-line figures may not fully capture the underlying operational cash burn required to sustain the firm's current human capital and research initiatives.
The reliance on equity-based incentives appears to be a strategic tool for preserving cash, yet it creates a persistent drag on EPS that complicates valuation for traditional fundamental analysts. This accounting nuance warrants further investigation into the dilution impact on long-term shareholders as the company continues to fund its pipeline.
According to historical income statement data, the 2024Q2 period marked a critical inflection point where R&D spending surged to $314.8M, signaling a strategic shift toward aggressive, multi-program Phase 3 execution that fundamentally altered the company's quarterly cash burn profile and increased its reliance on external capital markets.
This period of peak spending suggests management's intent to accelerate the path to commercialization for the Kv7 and MoDE platforms. The lasting impact of this inflection is a heightened sensitivity to clinical data readouts, as the company has effectively committed its remaining capital to these specific high-stakes milestones.
As indicated by the lack of revenue and persistent quarterly operating losses exceeding $130M, Biohaven's current strategy of running multiple late-stage trials simultaneously may be unsustainable without significant dilutive financing, a risk that short-sellers likely focus on given the company's total absence of commercial product revenue streams.
The absence of a commercial revenue base leaves the company entirely exposed to equity market volatility and the high cost of capital. Investors should monitor whether the current cash position is sufficient to reach a value-inflection point before the necessity for further capital raises creates significant downward pressure on existing equity.
Quick answers to the most common questions about buying BHVN stock.
For fiscal year 2025, Biohaven Ltd. (BHVN) reported total revenue of $0.0M.
Biohaven Ltd. (BHVN) reported a net loss of $738.8M for the fiscal year ending 2025.