Biohaven (BHVN) Q3 2026 earnings summary

Executive summary

• Strategic reprioritization focused investment on Kv7, MODE/TRAP degraders and myostatin programs; Q3 operating expenses and net loss declined YoY.

• Ono and SKBP out-licenses provide upfront payments and potential milestones and royalties, subject to contractual conditions and closing.

Financial highlights

• Q3 2026 operating expenses were $126.4M vs. $169.4M YoY; GAAP net loss was $129.3M vs. $173.4M, and EPS was $(0.86) vs. $(1.64).

• Q3 adjusted net loss was $110.7M, or $0.73/share, vs. $155.9M, or $1.47/share, in Q3 2025.

• 9M 2026 operating expenses were $381.7M vs. $602.6M; GAAP net loss was $397.1M vs. $593.3M, and EPS was $(2.65) vs. $(5.74).

• Q3 R&D expense was $101.9M vs. $141.2M and G&A was $24.6M vs. $28.2M, reflecting lower program, preclinical and employee costs.

• No product sales revenue had been generated; an $80M Ono upfront was received in October.

Outlook and guidance

• FDA accepted the troriluzole SCA NDA resubmission; the 1Q27 user-fee goal date is targeted, and an advisory committee meeting is planned, with its date forthcoming.

• Opakalim RISE 3 topline results remain on track for 2H 2026; taldefgrobep alfa obesity topline data are expected in 2H 2027, including a GLP-1 combination cohort.

• BHV-1400 pivotal IgAN trial initiation was targeted for 2H 2026; BHV-1300 Phase 3 Graves’ disease enrollment continues.

• Cash, cash equivalents, marketable securities and out-license upfront payments were expected to fund operating and financial commitments for at least one year after financial-statement issuance.