Biohaven reports Q4 loss $145.6M, prioritizes three late-stage programs, raises $178.9M

Biohaven Ltd.

Q4 net loss $145.6M ($1.21/sh); non-GAAP adj. net loss $107.9M ($0.90/sh).
Cash, equivalents, securities $322M at year end; raised $178.9M via 17.2M share issuance.
Pivotal trial for IgAN degrader BHV-1400 starts Q1 2026; Graves' degrader BHV-1300 pivotal in 2H 2026.
Opakalim OLE: >50% seizure reduction in most on 75mg at 6 months; pivotal data due 2H 2026.
Taldefgrobep Phase 2 obesity initiated Q4 2025; topline results expected 2H 2026.

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