Biohaven Ltd.

Biohaven Ltd. announced positive new clinical data for its selective Kv7.2/7.3 activator, opakalim, in epilepsy, demonstrating a 3-fold prolongation in time to second generalized tonic-clonic seizure in IGE and a 54% seizure frequency reduction in focal epilepsy with a favorable tolerability profile. Additionally, the company reported compelling positive clinical biomarker and patient data for its extracellular protein degraders, BHV-1300 for Graves' disease and BHV-1400 for IgA nephropathy, showing deep and rapid lowering of disease-driving antibodies. Pivotal Phase 3 trials for both autoimmune programs are set to begin by mid-2026.

Biohaven Ltd. has amended its Equity Distribution Agreement, allowing the company to sell up to an aggregate offering price of $350.0 million of its common shares through an "at-the-market" equity offering program. J.P. Morgan Securities LLC will serve as the manager for these sales, which may occur on the New York Stock Exchange or through negotiated transactions. The actual sales will depend on market conditions, the trading price of common shares, and the company's capital needs.

Biohaven Ltd. reported a reduced net loss for Q1 2026, decreasing to $(130.5) million from $(221.7) million in Q1 2025, driven by a significant reduction in operating expenses, particularly R&D. The company's cash and cash equivalents increased to $273.1 million, and total shareholders' equity rose to $129.5 million, largely due to $178.9 million in proceeds from common share issuance. Biohaven continues to fund operations through equity and debt, including senior secured notes, and expects current liquidity to last at least one year.

Biohaven Ltd. reported a net loss of $130.5 million, or $0.88 per share, for the first quarter ended March 31, 2026, a significant reduction from $221.7 million, or $2.17 per share, in the prior year period. The company also highlighted substantial progress in its clinical pipeline, including the expected mid-year initiation of pivotal trials for BHV-1400 in IgA nephropathy and BHV-1300 in Graves' disease. Additionally, topline results for its pivotal epilepsy program and Phase 2 obesity study are anticipated in the second half of 2026.