BHVN · Biohaven Ltd.

Biohaven's Q1 2026 results reflect significant cost discipline following the Q4 2025 program reprioritization, with R&D expenses dropping 45% year-over-year to $103.8 million primarily from reduced direct program and preclinical spending, including avoided upfront payments from 2025 agreements. G&A expenses declined 22% to $26.6 million, driven by lower non-cash share-based compensation after lower grant-date fair values in 2026 equity awards. This led to a narrower GAAP net loss of $130.5 million ($0.88/share) versus $221.7 million ($2.17/share) in Q1 2025, with non-GAAP adjusted net loss at $102.2 million ($0.69/share). Cash reserves strengthened to $351.8 million as of March 31, 2026, supporting near-term milestones. CEO Vlad Coric highlighted a transformative 2026 with pivotal trial initiations mid-year for TRAP/MoDE degraders BHV-1400 (IgA nephropathy) and BHV-1300 (Graves’ disease), validating the precision immunology platform. Additional catalysts include 2H 2026 topline data from the pivotal epilepsy study of Kv7 activator opakalim and Phase 2 obesity trial of taldefgrobep alfa, which completed enrollment in Q1. Pipeline advances continue in Parkinson’s (BHV-8000), endometrial cancer (BHV-1510 + Libtayo), and FGFR3 ADC (BHV-1530) with no dose-limiting toxicities. Five AAN presentations underscored neuroscience and immunology leadership. Investors can expect detailed updates at the May 27 R&D Day.