Biohaven第二季虧損收窄至1.37億美元 上半年減幅36%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q 
(Mark One)
☒       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
OR
☐         TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-41477

Biohaven Ltd.
(Exact name of registrant as specified in its charter)
British Virgin IslandsNot applicable
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

c/o Biohaven Pharmaceuticals, Inc.
215 Church Street, New Haven, Connecticut
06510
(Address of principal executive offices)(Zip Code)

(203) 404-0410 
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Shares, no par valueBHVNNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒
Accelerated filer☐
Non-accelerated filer☐
Smaller reporting company
☐

Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of August 6, 2026, the registrant had 151,043,781 common shares, without par value per share, outstanding.

Table of Contents

 
TABLE OF CONTENTS

Page
Part IFinancial Information
Item 1:
Unaudited Condensed Consolidated Financial Statements
4

Condensed Consolidated Balance Sheets
4

Condensed Consolidated Statements of Operations and Comprehensive Loss
5

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
7

Item 2:
Management’s Discussion and Analysis of Financial Condition and Results of Operations
32

Item 3:
Quantitative and Qualitative Disclosures About Market Risk
49

Item 4:
Controls and Procedures
50

Part IIOther Information

Item 1:
Legal Proceedings
51

Item 1A:
Risk Factors
51

Item 2:
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
51

Item 5.Other Information
51

Item 6:
Exhibits
52

Signatures
53

Table of Contents

PART I - FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

BIOHAVEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share amounts)

June 30, 2026December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$238,033 $229,957 
Marketable securities29,833 89,180 

Prepaid expenses27,041 47,022 

Other current assets1,652 2,170 
Total current assets296,559 368,329 
Property and equipment, net15,089 15,964 

Intangible assets18,400 18,400 
Goodwill1,390 1,390 

Other non-current assets39,301 47,364 
Total assets$370,739 $451,447 
Liabilities and Shareholders' Equity
Current liabilities:

Accounts payable$12,114 $11,643 

Accrued expenses and other current liabilities50,544 104,291 

Total current liabilities62,658 115,934 

Non-current operating lease liability
32,887 39,958 

Notes payable
259,480 238,900 
Other non-current liabilities3,492 4,583 
Total liabilities358,517 399,375 
Commitments and contingencies (Note 12)

Shareholders' (Deficit) Equity:

Preferred shares, no par value; 10,000,000 shares authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025
— — 
Common shares, no par value; 200,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 151,017,531 and 132,775,113 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
2,138,861 1,934,276 
Additional paid-in capital220,365 193,984 

Accumulated deficit(2,352,379)(2,084,536)
Accumulated other comprehensive income
5,375 8,348 

Total shareholders' (deficit) equity
12,222 52,072 
Total liabilities and shareholders' equity$370,739 $451,447 

The accompanying notes are an integral part of these condensed consolidated financial statements.
4

Table of Contents

BIOHAVEN LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
20262025

20262025

Operating expenses:

Research and development$100,814 $184,367 $204,641 $371,951 
General and administrative
24,085 27,334 50,686 61,311 
Total operating expenses124,899 211,701 255,327 433,262 
Loss from operations(124,899)(211,701)(255,327)(433,262)

Other (expense) income, net(12,021)13,815 (11,853)14,308 
Loss before provision for income taxes
(136,920)(197,886)(267,180)(418,954)
Provision for income taxes
391 261 663 870 
Net loss$(137,311)$(198,147)$(267,843)$(419,824)

Net loss per share — basic and diluted
$(0.91)$(1.94)$(1.80)$(4.11)
Weighted average common shares outstanding—basic and diluted
150,636,620 102,372,820 149,134,255 102,159,294 
Comprehensive loss: 
Net loss$(137,311)$(198,147)$(267,843)$(419,824)
Other comprehensive loss, net of tax
(2,927)(76)(2,973)(82)

Comprehensive loss
$(140,238)$(198,223)$(270,816)$(419,906)

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

Table of Contents

BIOHAVEN LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)

Six Months Ended June 30,
20262025
Cash flows from operating activities:
Net loss$(267,843)$(419,824)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization4,625 4,224 
Non-cash share-based compensation
47,450 73,874 

Issuance of common shares as payment under license and other agreements
858 4,844 

Change in fair value of forward contract and derivative liabilities
— (7,314)

Change in fair value of notes payable
17,650 1,190 
Other non-cash items, net
(1,357)(4,247)
Changes in operating assets and liabilities:

Prepaid expenses and other current and non-current assets
20,087 (11,781)
Accounts payable471 1,599 
Accrued expenses and other current and non-current liabilities
(56,958)24,375 
Net cash used in operating activities(235,017)(333,060)
Cash flows from investing activities:
Proceeds from maturities of marketable securities
110,000 330,000 

Purchases of marketable securities(49,512)(178,144)
Purchases of property and equipment(454)(694)

Other investing activities
— (1,829)
Net cash provided by investing activities
60,034 149,333 
Cash flows from financing activities:
Proceeds from issuance of notes payable
— 250,000 
Proceeds from issuance of common shares
178,884 — 
Payment of issuance costs
— (1,247)

Proceeds from issuance of common shares under 2022 Equity Incentive Plan
3,928 1,446 
Other financing activities, net
— — 
Net cash provided by financing activities
182,812 250,199 
Effects of exchange rates on cash, cash equivalents, and restricted cash19 (17)
Net increase in cash, cash equivalents, and restricted cash 
7,848 66,455 
Cash, cash equivalents, and restricted cash at beginning of period232,779 102,542 
Cash, cash equivalents, and restricted cash at end of period$240,627 $168,997 
 
The accompanying notes are an integral part of these condensed consolidated financial statements.
6

Table of Contents
BIOHAVEN LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(Unaudited)

1.   Nature of the Business and Basis of Presentation 
Biohaven Ltd. (“we,” “us," "our," "Biohaven" or the “Company”) was incorporated in Tortola, British Virgin Islands in May 2022. Biohaven is a biopharmaceutical company focused on the discovery, development and commercialization of life-changing treatments in key therapeutic areas, including immunology, obesity, neuroscience, and oncology. The Company is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple, proprietary drug development platforms. Biohaven's key clinical and preclinical programs include Kv7 ion channel modulation for epilepsy; Molecular Degrader of Extracellular Proteins (“MoDE”) and Targeted Removal of Aberrant Protein ("TRAP") extracellular protein degradation for immunological diseases; and myostatin-activin pathway targeting agent for neuromuscular and metabolic diseases, including obesity. 
The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development ("R&D") efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts may require additional capital, additional personnel and infrastructure, and further regulatory and other capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.
Separation from Biohaven Pharmaceutical Holding Company Ltd. 
On October 3, 2022, Biohaven Pharmaceutical Holding Company Ltd. (the “Former Parent”) completed the distribution to holders of its common shares of all of our outstanding common shares and the spin-off of Biohaven from the Former Parent (the “Separation”). As a result of the Separation, Biohaven became an independent, publicly traded company as of October 3, 2022, and commenced regular way trading under the symbol “BHVN”’ on the New York Stock Exchange on October 4, 2022.
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The accompanying condensed consolidated financial statements include the accounts of Biohaven and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Going Concern
In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued.
Through August 10, 2026, the Company has funded its operations primarily with funding from the Former Parent, including a cash contribution received at the Separation, proceeds from the sale of its common shares, and proceeds from the sale of senior secured notes under its Note Purchase Agreement (as defined in Note 4 "Fair Value of Financial Assets and Liabilities" and described in Note 6, "Notes Payable"). The Company has incurred recurring losses since its inception and expects to continue to generate operating losses for the foreseeable future. 
As of the date of issuance of these condensed consolidated financial statements, the Company expects its existing cash, cash equivalents, and marketable securities will be sufficient to fund operating and financial commitments, and other cash requirements, for at least one year after the issuance date of these financial statements. 
To execute its business plans, the Company will require funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales or royalties, if ever, it expects to finance its operations through the sale of public or private equity, debt financings or other capital sources, 
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BIOHAVEN LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
1.   Nature of the Business and Basis of Presentation (Continued)

including collaborations with other companies or other strategic transactions. However, there can be no assurance that such funding will be available on acceptable terms, in a timely manner, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s shareholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

2.   Summary of Significant Accounting Policies 
Our significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies," to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 (the "2025 Form 10-K"). Updates to our accounting policies are discussed below in this Note 2.
Unaudited Interim Condensed Consolidated Financial Information
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position, results of operations, and cash flows for all periods presented. The results for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's 2025 Form 10-K.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, valuation of forward contract and derivative liability, and valuation of notes payable. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Restricted Cash
Restricted cash included in other current assets in the condensed consolidated balance sheets consists primarily of employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares. See Note 9, "Non-Cash Share-Based Compensation," of the 2025 Form 10-K for additional information on the Company's employee share purchase plan. 
Restricted cash included in other non-current assets in the condensed consolidated balance sheets primarily represents collateral held by banks for a letter of credit ("LOC") issued in connection with the leased office space in Yardley, Pennsylvania and LOCs issued in connection with the leased office and lab spaces in Cambridge, Massachusetts and Pittsburgh, Pennsylvania. See Note 12, ‘‘Commitments and Contingencies,’’ of the 2025 Form 10-K for additional information on the real estate leases.
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BIOHAVEN LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
2.   Summary of Significant Accounting Policies (Continued)

The following represents a reconciliation of cash and cash equivalents in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash as of June 30, 2026 and June 30, 2025, respectively, in the condensed consolidated statements of cash flows:

As of June 30, 2026As of June 30, 2025
Cash and cash equivalents$238,033 $165,797 

Restricted cash (included in other current assets)103 250 
Restricted cash (included in other non-current assets)2,491 2,950 
Total cash, cash equivalents and restricted cash at the end of the period in the condensed consolidated statement of cash flows
$240,627 $168,997 

Recently Issued Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. This ASU is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements. 

3. Marketable Securities
The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at June 30, 2026 and December 31, 2025 were as follows:

Amortized CostAllowance for Credit LossesNet Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
June 30, 2026
Debt securities

U.S. treasury bills
$134,413 $— $134,413 $2 $(2)$134,413 

Total $134,413 $— $134,413 $2 $(2)$134,413 

December 31, 2025
Debt securities

U.S. treasury bills
114,109 — 114,109 61 — 114,170 

Total$114,109 $— $114,109 $61 $— $114,170 

The fair values of debt securities available-for-sale by classification in the condensed consolidated balance sheets were as follows:

June 30, 2026December 31, 2025
Cash and cash equivalents$104,580 $24,990 
Marketable securities29,833 89,180 
Total$134,413 $114,170 

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BIOHAVEN LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
3.  Marketable Securities (Continued)

The net amortized cost and fair value of debt securities available-for-sale at June 30, 2026 and December 31, 2025 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or if the Company intends to sell a security prior to maturity.

June 30, 2026December 31, 2025
Net Amortized CostFair ValueNet Amortized CostFair Value
Due to mature:
Less than one year$134,413 $134,413 $114,109 $114,170 

 Summarized below are the debt securities available-for-sale the Company held at June 30, 2026 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:

Less than 12 months
Number of SecuritiesFair ValueUnrealized Losses
June 30, 2026
Debt securities

U.S. treasury bills4 $59,794 $(2)

    
The Company did not have any investments in an unrealized loss position as of December 31, 2025. 
The Company did not have any investments in a continuous unrealized loss position for more than twelve months as of June 30, 2026 and December 31, 2025.
The Company reviewed the securities in the table above and concluded that they are performing assets generating investment income to support the needs of the Company's business. In performing this review, the Company considered factors such as the credit quality of the investment security based on research performed by external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. As of June 30, 2026, the Company did not intend to sell these securities and did not believe it was more likely than not that it would be required to sell these securities prior to the anticipated recovery of their amortized cost basis.
Net Investment Income
Gross investment income includes interest income from debt securities available-for-sale, money-market funds, cash and restricted cash. Net investment income included in other (expense) income, net in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2026 and 2025 was as follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Debt securities
$1,239 $3,076 $2,801 $6,304 
Other investments
1,468 1,122 3,181 2,133 
Gross investment income
2,707 4,198 5,982 8,437 
Investment expenses
(24)(45)(50)(78)
Net investment income$2,683 $4,153 $5,932 $8,359 

We utilize the specific identification method in computing realized gains and losses on sales of debt securities. The Company had no sales of debt securities available-for-sale during the three and six months ended June 30, 2026 and 2025.
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BIOHAVEN LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(Unaudited)

4.   Fair Value of Financial Assets and Liabilities 
The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. In this note, the Company provides details on the fair value of financial assets and liabilities and how it determines those fair values.
Financial Instruments Measured at Fair Value on the Condensed Consolidated Balance Sheets
Certain of the Company's financial instruments are measured at fair value on the condensed consolidated balance sheets on a recurring basis. The fair values of these instruments are based on valuations that include inputs that can be classified within one of three levels of a hierarchy established by GAAP. See Fair Value Measurements in Note 2, "Summary of Significant Accounting Policies," included in the 2025 Form 10-K for a description of the type of valuation information ("valuation inputs") that qualifies a financial asset or liability for each level.
Financial assets and liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2026 and December 31, 2025 were as follows:

Fair Value Measurement Using:
Balance Sheet ClassificationType of InstrumentLevel 1Level 2Level 3Total
June 30, 2026
Assets: 
Cash and cash equivalents
Money market funds$104,383 $— $— $104,383 
Cash and cash equivalents
U.S. treasury bills29,875 74,705 — 104,580 

Marketable securitiesU.S. treasury bonds
— 29,833 — 29,833 

Other non-current assetsMoney market funds2,282 — — 2,282 
Total assets$136,540 $104,538 $— $241,078 

Liabilities:

Notes payable
Notes payable, non-current
— — 259,480 259,480 
Total liabilities$— $— $259,480 $259,480 

December 31, 2025
Assets:
Cash and cash equivalents
Money market funds$195,265 $— $— $195,265 
Cash and cash equivalentsU.S. treasury bills— 24,990 — 24,990 

Marketable securitiesU.S. treasury bills— 89,180 — 89,180 

Other current assets
Money market funds250 — — 250 
Other non-current assetsMoney market funds3,017 — — 3,017 
Total assets$198,532 $114,170 $— $312,702 

Liabilities:

Notes payableNotes payable, non-current
$— $— $238,900 $238,900 
Total liabilities$— $— $238,900 $238,900 

There were no securities transferred between Level 1, 2, and 3 during the three and six months ended June 30, 2026 and 2025.
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BIOHAVEN LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except share and per share amounts)
(Unaudited)
4.   Fair Value of Financial Assets and Liabilities (Continued) 

The following is a description, including valuation methodology, of the financial assets and liabilities measured at fair value on a recurring basis:
Cash and Cash Equivalents, Other Current Assets, and Other Non-Current Assets
Financial assets measured at fair value on a recurring basis classified within cash and cash equivalents and other non-current assets at June 30, 2026 and within cash and cash equivalents, other current assets and other non-current assets at December 31, 2025, consisted of cash invested in U.S. treasury bills with original maturities of three months or less at time of purchase and short-term money market funds that are readily convertible to known amounts of cash and redeemable daily at the election of the Company. The carrying value for these financial assets approximates fair value due to the near-term maturities of the U.S treasury bills and money market funds underlying security holdings resulting in an insignificant change in value because of changes in interest rates. 
Marketable Securities 
At June 30, 2026, the fair value of the Company’s Level 2 debt securities is obtained from quoted market prices of debt securities with similar characteristics, quoted prices from identical assets in inactive markets, or discounted ca