Biohaven reports Q3 net loss $173.4M, plans 60% R&D spend cut to focus on three late-stage programs

Biohaven Ltd.

2025-Q3 EPS reported -$5.74

Net loss $173.4M ($1.64/share) vs $160.3M ($1.70/share) YoY; non-GAAP loss $155.9M ($1.47/share).
R&D spend $141.2M, down 10% YoY; plans ~60% reduction in direct R&D spend going forward.
Cash and equivalents $263.8M as of Sep 30, 2025.
Restructuring: focus on opakalim (Kv7), extracellular degraders (BHV-1400/1300), and taldefgrobep (myostatin); other programs paused/halted.
FDA Type A meeting requested to appeal CRL for SCA drug VYGLXIA; Phase 2 opakalim depression data expected Q4 2025.

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