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Biohaven (BHVN) investor relations material
Biohaven Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary11 Aug, 2025
Executive summary
Report covers the quarter ended June 30, 2025, with continued focus on R&D in immunology, neuroscience, and oncology, advancing multiple clinical and preclinical programs including ADCs, Kv7, and MODE/TRAP platforms.
NDA for troriluzole (VYGLXIA) in SCA accepted by FDA with priority review; PDUFA date in 4Q2025 and commercial launch possible in late 2025.
Completed FDA inspections for VYGLXIA NDA with no findings.
Oncology pipeline progressed with early clinical activity for Trop2 ADC BHV-1510 and first patient dosed with FGFR3-directed ADC BHV-1530.
Initiated pivotal Phase 2/3 study in Parkinson's disease with brain-penetrant TYK2/JAK1 inhibitor BHV-8000.
Financial highlights
Net loss for Q2 2025 was $198.1M ($1.94/share), improved from $319.8M ($3.64/share) in Q2 2024, mainly due to a prior year one-time non-cash expense.
R&D expenses for Q2 2025 were $184.4M, with $13.1M in non-cash share-based compensation.
Cash, cash equivalents, marketable securities, and restricted cash totaled $408.2M as of June 30, 2025.
G&A expenses rose to $27.3M from $19.0M year-over-year, driven by higher share-based compensation and legal costs.
Net cash used in operating activities for the first half of 2025 was $333.1M.
Outlook and guidance
Preparing for potential commercial launch of VYGLXIA for SCA pending FDA approval in 4Q2025.
Multiple registrational studies planned or ongoing for MODE and TRAP degraders, Kv7 activator, and ADC platforms through 2025-2026.
Pivotal topline results for major depressive disorder (BHV-7000) expected in 2H 2025; focal epilepsy topline in 1H 2026.
Cash, equivalents, and marketable securities expected to fund operations for at least one year from issuance.
Additional capital may be required for future growth, acquisitions, or if product launches are delayed.
BHV-1510 combo: What's the clinical significance?
Why was the troriluzole OCD program ended?
BHV-1300: How does dosing flexibility benefit patients?
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Q3 202510 Nov, 2025
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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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