Biohaven .(US:BHVN)2025-11-10 13:11Financial Performance - For the three months ended September 30, 2025, net loss was $173,443,000 compared to a net loss of $160,304,000 for the same period in 2024, reflecting an increase in loss of approximately 8.9%[14] - The company has incurred recurring losses since its inception and anticipates continued operating losses for the foreseeable future[26] - As of September 30, 2025, the Company reported a net loss of $173,443,000, contributing to an accumulated deficit of $1,938,981,000[95] - The net investment income for the three months ended September 30, 2025, was $3,410, compared to $5,648 for the same period in 2024, indicating a decrease of 39.5%[57] - The basic and diluted net loss per share for the nine months ended September 30, 2025, was $5.74, compared to $7.50 in 2024, showing an improvement of 23.5%[130] Assets and Liabilities - As of September 30, 2025, total assets decreased to $409,123,000 from $615,107,000 as of December 31, 2024, representing a decline of approximately 33.5%[12] - Total liabilities increased significantly to $426,283,000 from $191,671,000, marking an increase of approximately 122.3%[12] - As of September 30, 2025, total cash, cash equivalents, and restricted cash amounted to $188,384, a significant increase from $88,019 as of September 30, 2024, representing a growth of 113.6%[40] - The fair value of cash and cash equivalents was $169,846,000, while marketable securities included $14,998,000 in U.S. treasury bills and $60,371,000 in U.S. treasury bonds[61] - Total liabilities increased to $290,280,000 as of September 30, 2025, compared to $84,710,000 as of December 31, 2024[61] Cash Flow and Investments - The company reported a net cash used in operating activities of $478,776,000 for the nine months ended September 30, 2025, compared to $411,711,000 in 2024, indicating an increase of approximately 16.3%[19] - Cash flows from investing activities provided $314,300,000 in 2025, contrasting with a cash outflow of $157,298,000 in 2024[19] - The Company did not have any investments in an unrealized loss position as of September 30, 2025, indicating stable investment performance[54] - The total fair value of marketable securities decreased significantly from $312,297,000 as of December 31, 2024, to $75,369,000 as of September 30, 2025[61] Research and Development - Research and development expenses for the nine months ended September 30, 2025, were $513,120,000, down from $628,398,000 in 2024, a decrease of approximately 18.4%[14] - Research and development expenses for the three months ended September 30, 2025, included $10,769,000 for BHV-4157 (Troriluzole) and $4,489,000 for BHV-2000 (Taldefgrobep Alfa)[203] - The company initiated a strategic reprioritization of clinical development programs, focusing on Kv7 ion channel modulation, MoDE, and TRAP for key therapeutic areas[209] Shareholder Equity and Common Shares - The Company has issued common shares under various agreements, resulting in an increase in common shares from 101,221,989 as of December 31, 2024, to 105,803,655 as of September 30, 2025[95] - The company issued 8,544,951 common shares, raising approximately $317,720 net of offering costs during the period[98] - The Company issued 1,872,874 common shares valued at approximately $75,000 as part of the 2024 Additional Consideration under the Knopp Amendment[161] Debt and Financing - The Company issued secured notes in the principal amount of $250,000 in April 2025, with a potential second tranche of up to $150,000 contingent on FDA approval for the drug troriluzole[41] - The Company entered into a Note Purchase Agreement on April 28, 2025, with an initial tranche of senior secured notes amounting to $250,000 and a potential second tranche of up to $150,000, contingent on FDA approval for troriluzole[82] - The Company has granted a security interest in its cash, equity interests, and specific assets related to troriluzole to secure obligations under the Note Purchase Agreement[88] Compensation and Expenses - Non-cash share-based compensation expense for the three months ended September 30, 2025, was $21,535,000, compared to $12,160,000 for the same period in 2024, representing an increase of 77.1%[118] - For the nine months ended September 30, 2025, total non-cash share-based compensation expense was $95,409,000, up from $59,269,000 in 2024, indicating a year-over-year increase of 60.9%[118] - The total unrecognized compensation cost related to unvested share-based awards as of September 30, 2025, was $118,851,000, expected to be recognized over a weighted average period of 1.32 years[118] Future Milestones and Payments - As of September 30, 2025, the Company had potential future milestone payments under its license and other agreements of up to approximately $155,538,000 for developmental, $701,975,000 for regulatory, and $3,185,450,000 for commercial milestones[132] - The Company had remaining contingent development, regulatory approval, and commercial milestone payments under the Highlightll Agreement of up to $60,000, $37,500, and $837,500, respectively[150] Company Background - Biohaven Pharmaceutical Holding Company Ltd. completed the spin-off of Biohaven Ltd. on October 3, 2022[210] - Biohaven became an independent, publicly traded company as of October 3, 2022[210] - Biohaven commenced trading under the symbol "BHVN" on the New York Stock Exchange on October 4, 2022[210]