Exhibit 99.1 Biohaven Reports Recent Business Developments and Fourth Quarter and Full Year 2025 Financial Results • Prioritizing three key, late-stage clinical programs including Molecular Degrader of Extracellular Proteins (MoDE™) and Targeted Removal of Aberrant Protein (TRAP™) extracellular protein degradation for immunological diseases, Kv7 ion channel modulation for epilepsy; and myostatin-activin pathway targeting obesity: ◦ Inflammation and Immunology: ▪ Graves' Disease: First-in-patient clinical ex ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 ____________________________________________________________________________ FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to ______ Commission File Number: 001-41477 Biohaven Ltd. (Exact Name of Registran ...

Biohaven Reports Recent Business Developments and Fourth Quarter and Full Year 2025 Financial Results [Accessibility Statement] Skip NavigationPrioritizing three key, late-stage clinical programs including Molecular Degrader of Extracellular Proteins (MoDETM) and Targeted Removal of Aberrant Protein (TRAPTM) extracellular protein degradation for immunological diseases, Kv7 ion channel modulation for epilepsy; and myostatin-activin pathway targeting obesity:Inflammation and Immunology:- IgA Nephropathy (IgAN ...

Core Insights - Biohaven Ltd. is a clinical-stage biopharmaceutical company focused on therapies for neurological and immunoscience diseases, attracting investor and analyst attention due to its innovative treatment approaches [1] - The average price target for Biohaven increased to $23 last month, reflecting a positive outlook from analysts compared to the previous quarter, with BTIG setting a target of $24, indicating a potential rally of 82.2% [2][6] - Analysts' optimism is supported by an increase in the average price target from $18.67 three months ago to $23, suggesting favorable developments in clinical trials or market conditions [3] - A year ago, the average price target was $31.5, indicating challenges over the past year, but the recent upward trend suggests potential recovery and positive developments, with Biohaven receiving a Zacks Rank 2 (Buy) [4] - Recent news, including clinical trial progress and regulatory approvals, could significantly impact analysts' expectations and price targets, with positive developments likely leading to further increases [5]

We came across a bullish thesis on Biohaven Ltd. on Danny’s Substack by Danny Green. In this article, we will summarize the bulls’ thesis on BHVN. Biohaven Ltd.'s share was trading at $11.54 as of February 18th. 25 Best Work-Life Balance Jobs to Enjoy Life Photographee.eu/Shutterstock.com Biohaven Ltd. is a clinical-stage biotechnology company targeting large global markets with significant unmet needs across neurology, immunology, and oncology, with lead programs such as its Kv7 activator franchise rep ...

Core Thesis - Biohaven Ltd. is positioned as a promising investment opportunity due to its potential blockbuster programs and a robust pipeline, with shares trading at $11.54 as of February 18th [1][3]. Company Overview - Biohaven Ltd. is a clinical-stage biotechnology company focusing on neurology, immunology, and oncology, with significant unmet needs in these areas [3]. - The company's lead programs, particularly its Kv7 activator franchise, could justify a substantial increase in market capitalization from approximately $1.4 billion if one or two Phase 3 trials succeed [3]. Long-term Vision - The company aims to evolve into a multi-franchise, platform-driven biopharma utilizing proprietary technologies, which could create a sustainable innovation engine [4]. - A single late-stage success could validate the broader platform and enhance the company's competitive advantage, which is supported by proven execution and a diversified pipeline [4]. Financial Position - Biohaven remains loss-making with negative free cash flow, typical for high-growth biotech firms, indicating that returns are heavily reliant on clinical milestones [6]. - The company has implemented a 60% reduction in R&D spending to extend its financial runway, while also securing a $600 million non-dilutive agreement to strengthen its financing position [5]. Market Sentiment and Risks - Investor confidence has been pressured by fragmentation across therapeutic areas and a recent setback with a Complete Response Letter, contributing to stock volatility [5]. - The market currently discounts the potential for a five-fold valuation increase to about $7 billion due to execution risks and pipeline uncertainties, creating a high-volatility but asymmetric long-term investment opportunity [6].

Core Viewpoint - Biohaven Ltd. (BHVN) shows significant upside potential with a mean price target of $21.13, indicating an 82.2% increase from its current price of $11.6 [1] Price Targets - The average of 15 short-term price targets ranges from a low of $9.00 to a high of $50.00, with a standard deviation of $11.83, suggesting variability in analyst estimates [2] - The lowest estimate indicates a potential decline of 22.4%, while the highest suggests a 331% upside [2] Analyst Consensus and Earnings Estimates - Analysts are increasingly optimistic about BHVN's earnings, with a positive trend in earnings estimate revisions, which historically correlates with stock price movements [4][11] - The Zacks Consensus Estimate for the current year has risen by 3.3% over the past month, with one estimate increasing and no negative revisions [12] Zacks Rank - BHVN holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential for upside [13] Price Movement Guidance - While consensus price targets may not be entirely reliable, the direction they imply appears to be a useful guide for potential price movement [14]

Group 1 - Goldman Sachs initiated a buy rating on Biohaven (NYSE: BVHN) with a price target of $23 per share, indicating a potential upside of about 98% due to its IgAN treatment targeting a market exceeding $40 billion in the U.S. [1] - Vistra Energy (NYSE: VST) is recommended for purchase following its deal with Meta, which increased Goldman Sachs' 2027 EBITDA estimates by 5%, with a price target set at $205 [1]. - Goldman Sachs has a buy rating on Nvidia (NASDAQ: NVDA) with a price target of $250, expecting a revenue surprise of $2 billion in the upcoming earnings report on February 25 [1]. Group 2 - Biohaven is a clinical-stage biotechnology company focusing on late-stage programs in inflammation and immunology, epilepsy, and obesity, with BHV-1400 in IgA nephropathy viewed as a key driver for stock performance [1]. - The Meta deal for Vistra Energy signifies the company's ability to secure substantial Power Purchase Agreements (PPAs) despite ongoing policy uncertainties [1]. - Nvidia is anticipated to outperform bottom-line numbers, with expectations for increased data center guidance and growing demand for GPUs and AI [1].

Core Insights - Biohaven is advancing a broad portfolio of innovative therapies targeting various diseases, with significant milestones expected in 2026 [6][35]. Group 1: Clinical Programs and Developments - Biohaven plans to initiate a pivotal study of BHV-1300 for Graves' disease in 2026, with early clinical data showing complete suppression of pathogenic antibodies and normalization of thyroid hormones within weeks [1][16]. - The BHV-1400 program for IgA nephropathy has demonstrated rapid clinical improvements, including a mean reduction of over 60% in disease-causing proteins and significant improvements in kidney function within weeks of dosing [12][13]. - Opakalim, a selective Kv7 channel activator for focal epilepsy, has shown a 50% responder rate in participants after six months of treatment, with pivotal results expected in 2026 [20][21]. - The obesity program featuring taldefgrobep, a myostatin-activin inhibitor, has begun Phase 2 studies, targeting significant weight loss and muscle gain, with topline results anticipated in 2026 [25][28]. Group 2: Innovative Platforms and Technologies - Biohaven's proprietary MoDE and TRAP degrader platforms focus on the selective removal of disease-causing proteins, representing a transformative approach in precision immunology [8][10]. - The company has established collaborations, including a memorandum of understanding with KAUST, to enhance the development of next-generation degraders [9]. - Biohaven's next-generation antibody drug conjugates (ADCs), such as BHV-1510 and BHV-1530, are showing promising clinical activity and safety profiles, with ongoing studies in various cancer types [29][31]. Group 3: Future Outlook and Strategic Goals - The company aims to transform immunological disease therapy by selectively targeting and removing disease-causing proteins, fulfilling the potential of precision immunology [5][14]. - Biohaven is committed to addressing high unmet medical needs across its clinical-stage portfolio, with a focus on innovative treatments for autoimmune diseases, obesity, and neurological disorders [6][35].

Core Viewpoint - U.S. stock futures are showing positive movement, particularly with Nasdaq 100 futures increasing by approximately 1% on Friday, while Outlook Therapeutics Inc faces significant stock decline due to FDA's response on its biologics license application [1]. Company Specifics - Outlook Therapeutics Inc (NASDAQ:OTLK) experienced a sharp decline of 60.9%, dropping to $0.62 in pre-market trading after the FDA issued a complete response letter regarding its ONS-5010/LYTENAVA application for treating wet age-related macular degeneration, indicating that the application cannot be approved in its current form [2][1]. - Intelligent Bio Solutions Inc (NASDAQ:INBS) saw a decrease of 19.2%, falling to $7.70 in pre-market trading following the announcement of a $10 million private placement priced at-the-market under Nasdaq rules [3]. - Net Lease Office Properties (NYSE:NLOP) shares dipped by 8.9% to $23.50 in pre-market trading [3]. - Progressive Corp (NYSE:PGR) tumbled by 5.8% to $214.60 in pre-market trading [3]. - Old Republic International Corp (NYSE:ORI) slipped by 4.8% to $43.42 in pre-market trading [3]. - Cango Inc – ADR (NYSE:CANG) fell by 4% to $1.44 in pre-market trading [3]. - Xeris Biopharma Holdings Inc (NASDAQ:XERS) decreased by 3.6% to $7.57 in pre-market trading after a previous gain of over 7% on Wednesday [3]. - Biohaven Ltd (NYSE:BHVN) fell by 2.6% to $11.00 in pre-market trading [3]. - RealReal Inc (NASDAQ:REAL) slipped by 2.3% to $15.41 in pre-market trading [3].