Biohaven .(US:BHVN)2025-11-10 12:02Financial Performance - Biohaven reported a net loss of $173.4 million, or $1.64 per share, for Q3 2025, compared to a net loss of $160.3 million, or $1.70 per share, for the same period in 2024[12]. - Non-GAAP adjusted net loss for Q3 2025 was $155.9 million, or $1.47 per share, compared to $164.1 million, or $1.74 per share, for Q3 2024[12]. - GAAP net loss for Q3 2025 was $173,443, compared to a loss of $160,304 in Q3 2024, representing an increase in loss of approximately 7.1%[25]. - Non-GAAP adjusted net loss for Q3 2025 was $155,868, while in Q3 2024 it was $164,134, indicating a decrease in loss of about 5.1%[25]. - GAAP net loss per share for Q3 2025 was $1.64, compared to $1.70 in Q3 2024, reflecting an improvement of approximately 3.5%[25]. - Non-GAAP adjusted net loss per share for Q3 2025 was $1.47, down from $1.74 in Q3 2024, showing a reduction of about 15.5%[25]. - For the nine months ended September 30, 2025, GAAP net loss totaled $593,267, compared to $659,579 for the same period in 2024, a decrease of approximately 10.0%[25]. - Non-GAAP adjusted net loss for the nine months ended September 30, 2025, was $489,058, down from $617,340 in 2024, indicating a reduction of about 20.8%[25]. Expenses - Research and Development (R&D) expenses decreased to $141.2 million in Q3 2025 from $157.6 million in Q3 2024, a reduction of approximately 10.4%[9]. - General and Administrative (G&A) expenses increased to $28.2 million in Q3 2025 from $20.6 million in Q3 2024, reflecting a rise of approximately 37.4%[10]. - Total operating expenses for Q3 2025 were $169.4 million, down from $178.2 million in Q3 2024[20]. - Non-cash share-based compensation expense for Q3 2025 was $21,535, compared to $12,160 in Q3 2024, an increase of approximately 77.5%[25]. Strategic Initiatives - The company expects to achieve a 60% reduction in annual direct R&D spend, excluding personnel and share-based compensation, as part of its strategic cost optimization efforts[6]. - The company continues to focus on improving its financial metrics and reducing net losses through strategic initiatives and operational efficiencies[25]. - Future outlook includes ongoing efforts in product development and market expansion to enhance revenue streams and profitability[25]. Clinical Development - Biohaven plans to initiate a Phase 2 clinical trial in obesity in Q4 2025 and continue ongoing Health Authority interactions regarding SMA registrational paths in the US and Europe[14]. - The company is focused on advancing its late-stage clinical programs, including pivotal studies for opakalim in focal epilepsy and depression, and BHV-1400 and BHV-1300 for IgA nephropathy and Graves' disease[4]. Financial Position - Cash, cash equivalents, marketable securities, and restricted cash totaled approximately $263.8 million as of September 30, 2025[8]. - Biohaven's total assets decreased to $409.1 million as of September 30, 2025, from $615.1 million as of December 31, 2024[22]. - The change in fair value of derivatives resulted in a gain of $3,960 in Q3 2025, compared to a loss of $15,990 in Q3 2024, reflecting a significant positive shift[25].