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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Biohaven (BHVN) investor relations material
Biohaven Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Focused on immunology, neuroscience, and oncology, with reprioritization to three key clinical programs: Kv7 ion channel modulation, MODE/TRAP protein degraders, and myostatin-activin pathway agents, including opakalim, BHV-1300, and BHV-1400.
Advanced late-stage clinical programs in epilepsy, depression, autoimmune disease, obesity, and cancer, with several Phase 1–3 trials ongoing or planned.
Initiated strategic cost optimization, prioritizing high-value programs and reducing annual direct R&D spend by approximately 60%.
Restructured business priorities, pausing or halting non-priority programs to optimize resource allocation.
No product revenue to date; operations funded by equity and debt, including a $250M note issuance in April 2025.
Financial highlights
Net loss of $173.4M for Q3 2025 ($1.64 per share), compared to $160.3M in Q3 2024; net loss of $593.3M for the nine months ended September 30, 2025.
R&D expenses were $141.2M in Q3 2025 (down $16.4M YoY), and $513.1M for the nine months (down $115.3M YoY, mainly due to a one-time $171.9M expense in 2024 for a milestone/royalty buyback).
G&A expenses increased to $28.2M in Q3 2025 (up $7.7M YoY), and $89.5M for the nine months (up $22.7M YoY), driven by higher share-based compensation and legal costs.
Cash, cash equivalents, marketable securities, and restricted cash totaled $263.8M as of September 30, 2025.
Non-GAAP adjusted net loss for Q3 2025 was $155.9M ($1.47 per share), compared to $164.1M ($1.74 per share) in Q3 2024.
Outlook and guidance
Cash, equivalents, marketable securities, and equity commitments expected to fund operations for at least one year from issuance.
Additional capital will be required to execute business plans and pursue growth; future funding may come from equity, debt, or strategic transactions.
Top-line results from Phase 2 study of opakalim in major depressive disorder expected in Q4 2025.
Initial top-line results from two Phase 2/3 studies in focal epilepsy anticipated in 1H 2026.
Phase 2 clinical trial for taldefgrobep alfa in obesity to begin in Q4 2025.
Projected net R&D spend after optimization
Discuss SCA appeal process viability
Cash runway considering new debt and R&D cuts
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Q4 202527 Feb, 2026
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Biohaven Pharmaceutical Holding Company Ltd., a biopharmaceutical company, develops products candidates targeting neurological and neuropsychiatric diseases, and rare disorders in the United States. The company's product candidates are either in various stages of clinical trials or pre-clinical trials.
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