Earnings Releases·Oct 29, 2026, 4:05 PM ET

Biohaven — Third Quarter 2026 Earnings Summary

Reported net loss of $129.3 million ($0.86/share) for Q3 2026, a significant improvement from $173.4 million ($1.64/share) in the prior year period, driven by a 28% reduction in R&D expenses to $101.9 million following strategic reprioritization.
Secured major strategic partnerships generating immediate capital: an exclusive global license with SK Biopharmaceuticals for opakalim (BHV-7000) yielding $350 million upfront upon closing, and an exclusive MoDE platform license with Ono Pharmaceutical providing an $80 million upfront payment.
Key regulatory and clinical milestones include an FDA user fee goal date for the Vyglxia (troriluzole) NDA resubmission in Q1 2027, with top-line data expected for the RISE 3 trial of opakalim in H2 2026 and the BHV-1400 pivotal trial in IgA nephropathy targeting initiation in H2 2026.
Total shareholders' equity turned negative to $(98.2) million as of September 30, 2026, while cash and equivalents stood at $164.0 million; a partial clinical hold on BHV-7000 remains in place pending nonclinical data, though enrollment for the RISE 3 trial continues.