Biohaven .(US:BHVN)2024-05-09 20:14Financial Performance - Biohaven reported a net loss of $179.5 million, or $2.20 per share, for Q1 2024, compared to a net loss of $70.5 million, or $1.03 per share, for the same period in 2023[11]. - Total operating expenses for Q1 2024 were $183,240,000, a significant increase of 135% compared to $77,782,000 in Q1 2023[17]. - Net loss for Q1 2024 was $179,504,000, compared to a net loss of $70,492,000 in Q1 2023, representing an increase of 154%[17]. - Basic and diluted net loss per share for Q1 2024 was $(2.20), compared to $(1.03) in Q1 2023, reflecting a 113% increase in loss per share[17]. - Non-GAAP adjusted net loss for Q1 2024 was $144,627,000, compared to $66,727,000 in Q1 2023, indicating a 116% increase[26]. - Non-GAAP adjusted net loss per share for Q1 2024 was $(1.77), compared to $(0.98) in Q1 2023, reflecting an increase of 80.6%[26]. Cash and Assets - As of March 31, 2024, cash, cash equivalents, marketable securities, and restricted cash totaled approximately $287.6 million, excluding net proceeds of approximately $247.8 million from a public offering completed on April 22, 2024[7]. - Cash and cash equivalents decreased to $182,705,000 as of March 31, 2024, down from $248,402,000 at the end of 2023[23]. - Total assets decreased to $418,532,000 as of March 31, 2024, compared to $513,212,000 at the end of 2023, a decline of 18.5%[23]. - Total liabilities increased to $117,085,000 as of March 31, 2024, up from $85,237,000 at the end of 2023, marking a rise of 37.4%[23]. Research and Development - Research and Development (R&D) expenses for Q1 2024 were $156.0 million, a significant increase of $92.5 million compared to $63.5 million in Q1 2023, primarily due to increased spending on clinical trials and preclinical research[8]. - Research and development expenses rose to $155,972,000 in Q1 2024, up 145% from $63,461,000 in the same period last year[17]. - The company initiated Phase 2 and 3 programs for BHV-7000 in epilepsy, major depressive disorder (MDD), and bipolar disorder, with ongoing late-stage pivotal trials for taldefgrobep alfa in SMA and troriluzole in obsessive-compulsive disorder (OCD)[2]. - Preliminary data from the ongoing single ascending dose study of BHV-1300 indicated safety and target engagement, with no serious adverse events reported[3]. - The company plans to accelerate development across additional autoantibody-mediated targets based on initial findings from the BHV-1300 study[4]. - Upcoming milestones include the initiation of multiple Phase 2 studies in obesity and acute migraine, as well as the advancement of the BHV-8000 TYK2/JAK1 inhibitor to Phase 2 in the second half of 2024[6]. Offerings and Designations - Biohaven completed a public offering of 6,451,220 common shares at a price of $41.00 per share, raising approximately $247.8 million in net proceeds[4]. - The FDA granted rare pediatric disease designation for taldefgrobep alfa, which may provide a priority review voucher if approved for spinal muscular atrophy (SMA)[4].