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Biohaven .(BHVN) - 2024 Q3 - Quarterly Results
BHVNBiohaven .(BHVN)2024-11-12 21:16

Financial Performance - The company reported a net loss of 160.3million,or160.3 million, or 1.70 per share, for Q3 2024, compared to a net loss of 102.6million,or102.6 million, or 1.50 per share, for the same period in 2023[12]. - Total operating expenses for Q3 2024 were 178,168,000,a61.2178,168,000, a 61.2% increase from 110,547,000 in Q3 2023[17]. - Non-GAAP adjusted net loss for Q3 2024 was 164,134,000,comparedto164,134,000, compared to 98,118,000 in Q3 2023, indicating a 67.1% increase[21]. - The company reported a non-GAAP adjusted net loss per share of 1.74forQ32024,comparedto1.74 for Q3 2024, compared to 1.44 for Q3 2023[21]. - The net loss for Q3 2024 was 160,304,000,comparedtoanetlossof160,304,000, compared to a net loss of 102,574,000 in Q3 2023, representing a 56.3% increase in losses[17]. Cash and Assets - As of October 2, 2024, the company reported cash, cash equivalents, marketable securities, and restricted cash totaling approximately 642million[1].−Cashandcashequivalentsdecreasedto642 million[1]. - Cash and cash equivalents decreased to 84,390,000 as of September 30, 2024, down from 248,402,000attheendof2023[18].−TotalassetsasofSeptember30,2024,were248,402,000 at the end of 2023[18]. - Total assets as of September 30, 2024, were 510,523,000, slightly down from 513,212,000attheendof2023[19].−Theaccumulateddeficitgrewto513,212,000 at the end of 2023[19]. - The accumulated deficit grew to 1,158,871,000 as of September 30, 2024, up from 499,292,000attheendof2023[20].−Currentliabilitiesincreasedsignificantlyto499,292,000 at the end of 2023[20]. - Current liabilities increased significantly to 152,294,000 in Q3 2024, compared to 55,423,000 at the end of 2023[19]. - The number of outstanding shares increased to 1,381,699 as of September 30, 2024, from 887,528 at the end of 2023[20]. Research and Development - Research and Development (R&D) expenses for Q3 2024 were 157.6 million, an increase of 62.1millioncomparedto62.1 million compared to 95.5 million in Q3 2023, driven by advancing clinical trials[9]. - Research and development expenses rose to 157,607,000inQ32024,comparedto157,607,000 in Q3 2024, compared to 95,517,000 in Q3 2023, reflecting a 65% increase[17]. - The company anticipates submitting a total of 4 Investigational New Drug (IND) applications in 2024 as part of its MoDE™ platform[8]. - The pivotal trial for troriluzole in spinocerebellar ataxia (SCA) achieved positive topline results, demonstrating a 50-70% slowing of disease progression, equating to a delay of 1.5-2.2 years over the 3-year study period[4]. - The company plans to submit a New Drug Application (NDA) for troriluzole to the FDA in 4Q 2024, following the positive trial results[4]. - The company initiated a Phase 2 trial for BHV-2100 in the acute treatment of migraine, with an expected enrollment of approximately 575 patients across 60 sites in the U.S.[5]. - Upcoming milestones include topline data from the Phase 3 trial of taldefgrobep alfa in spinal muscular atrophy (SMA) expected in 4Q 2024[7]. Expenses - General and Administrative (G&A) expenses for Q3 2024 were 20.6million,upfrom20.6 million, up from 15.0 million in Q3 2023, reflecting increased non-cash share-based compensation[10].