Biohaven Ltd. is a clinical-stage biopharmaceutical company. The Company focuses on development of therapies for neurological and immunoscience diseases that can change current treatment paradigms.
2-Year Price History
Quarterly Financials & Projections
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Est | 2027-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2027-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2027-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2027-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q4 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q3 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q2 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Est | 2026-Q1 | 0.0 | 0.0 | -- | 0.0 | -- | 0.0 | -0.0 | 347.8 | -- | -- | -- | -- | -- |
| Act | 2026-Q1 | 0.0 | -128.1 | -130.4 | -130.5 | -149.9 | -149.9 | -0.0 | 347.8 | 280.3 | 147.6 | -122.5% | -- | -- |
| Act | 2025-Q4 | 0.0 | -142.7 | -142.7 | -145.6 | -130.7 | -130.7 | -0.0 | 319.1 | 278.9 | 120.2 | -164.0% | -- | -- |
| Act | 2025-Q3 | 0.0 | -172.1 | -169.4 | -173.4 | -145.7 | -145.7 | -0.0 | 260.2 | 314.2 | 105.8 | -215.7% | -- | -- |
| Act | 2025-Q2 | 0.0 | -209.7 | -211.7 | -198.2 | -167.9 | -168.2 | -0.2 | 405.0 | 291.6 | 102.4 | -242.2% | -- | -- |
| Act | 2025-Q1 | 0.0 | -219.3 | -221.6 | -221.7 | -165.1 | -165.6 | -0.5 | 322.8 | 35.5 | 101.9 | -400.4% | -- | -- |
| Act | 2024-Q4 | 0.0 | -187.5 | -189.9 | -186.8 | -170.7 | -170.8 | -0.1 | 486.0 | 36.6 | 101.1 | -193.9% | -- | -- |
| Act | 2024-Q3 | 0.0 | -176.2 | -178.2 | -160.3 | -141.3 | -141.9 | -0.6 | 378.8 | 29.0 | 94.4 | -253.9% | -- | -- |
| Act | 2024-Q2 | 0.0 | -331.8 | -333.8 | -319.8 | -167.8 | -170.8 | -3.0 | 437.0 | 29.7 | 87.8 | -377.0% | -- | -- |
| Act | 2024-Q1 | 0.0 | -181.8 | -183.2 | -179.5 | -102.6 | -103.1 | -0.4 | 283.4 | 30.5 | 81.6 | -265.2% | -- | -- |
| Act | 2023-Q4 | 0.0 | -151.8 | -153.7 | -144.8 | -114.9 | -115.4 | -0.5 | 381.8 | 30.9 | 79.9 | -149.1% | -- | -- |
| Act | 2023-Q3 | 0.0 | -109.0 | -110.6 | -102.6 | -94.8 | -96.1 | -1.3 | 240.6 | 31.6 | 68.3 | -155.7% | -- | -- |
| Act | 2023-Q2 | 0.0 | -92.2 | -94.0 | -90.4 | -44.4 | -45.0 | -0.6 | 335.1 | 29.1 | 68.3 | -100.1% | -- | -- |
| Act | 2023-Q1 | 0.0 | -76.1 | -77.8 | -70.5 | -77.6 | -78.4 | -0.7 | 388.0 | 29.8 | 68.2 | -66.5% | -- | -- |
| Act | 2022-Q4 | 0.0 | -213.1 | -213.4 | -201.1 | -75.4 | -75.7 | -0.3 | 465.3 | 33.6 | 60.9 | -145.9% | -- | -- |
| Act | 2022-Q3 | 0.0 | -67.3 | -67.6 | -68.9 | -95.6 | -100.1 | -4.5 | 50.7 | 5.2 | 39.4 | -336.4% | -- | -- |
| Act | 2022-Q2 | 0.0 | -196.7 | -197.1 | -203.3 | -67.9 | -103.9 | -36.0 | 23.2 | 5.5 | 35.8 | <-999% | -- | -- |
| Act | 2022-Q1 | 0.0 | -89.5 | -89.8 | -97.0 | -58.8 | -59.1 | -0.3 | 76.1 | 634.1 | 35.8 | -54.0% | -- | -- |
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 13.88 | — | — | -567 | — | — | n/m | — |
| 2023 | 42.80 | — | — | -429 | n/m | n/m | n/m | — |
| 2024 | 37.35 | — | — | -877 | n/m | n/m | n/m | — |
| 2025 | 11.29 | — | — | -744 | n/m | n/m | n/m | — |
| TTM | 11.01 | — | — | -653 | 0.0× | 0.0× | 0.0× | — |
| 2026E | 11.01 | — | — | 0 | — | — | — | — |
| 2027E | 11.01 | — | — | 0 | — | — | — | — |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
AI Analysis
LLM Evaluations
Biohaven is a high-risk pre-revenue biotech that has suffered multiple pipeline failures (opakalim MDD/BD, taldefgrobep SMA, troriluzole CRL) and now pins its future on novel degrader technology (BHV-1300, BHV-1400). While early clinical signals for BHV-1300 in Graves' disease are genuinely exciting, the investment case is severely impaired by: (1) toxic Oberland debt that captures up to 80% of future net sales and can trigger insolvency on a going-concern opinion, (2) relentless dilution (~19% annually) with share count doubling from 60M to 120M+ in three years, (3) 6-month cash runway requiring continual capital raises, (4) $4B+ in contingent milestone obligations, and (5) 24.5% short interest reflecting broad skepticism. At $10.46/share with ~$1.1B market cap and zero revenue, the stock prices in near-perfect execution on remaining programs while the Oberland structure ensures equity holders capture only residual value. This is a binary outcome where the 'house' has structural priority over common equity.
Valuation & Metrics
Market Stats
TTM Financial Snapshot
DCF Fair Value Estimate
Forward Outlook & Risk
Short Interest
Options
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $5.00 | $4.20/$5.30 | 7 | --/$2.20 | 2 |
| $6.00 | $3.30/$4.40 | 65 | --/$0.75 | 6 |
| $7.50 | $1.90/$2.95 | 84 | $0.35/$1.45 | 170 |
| $9.00 | $0.45/$3.40 | 84 | $0.45/$1.40 | 101 |
| $10.00 | $0.05/$1.25 | 239 | $1.35/$1.85 | 493 |
| $11.00 | --/$1.00 | 135 | $1.20/$2.40 | 126 |
| $12.50 | --/$0.60 | 1,606 | $2.90/$4.50 | 34 |
| $14.00 | --/$0.80 | 309 | $3.40/$5.90 | 4 |
Forward Projections & Estimates
Employees
Cash Runway
Institutional Ownership
Headline & net flow
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 37.8% of float, sold 6.2%. 5 filers moved >1% of shares (5 buying, 0 selling).
Ownership composition
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| Knoll Capital Management, LLC | $19.7M | $15.62 | +$0 | +$12.7M | -6.3% | $180M |
Trading behavior
▸ Compare to holder-profile behavior (across all their stocks)
Biggest decreases this quarter
Top-5 holders · 100.0%
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
Analyst Coverage
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2026 Q3 | 1M | 0M | -104M | $-0.70 | $-0.80 – $-0.58 | 6 |
| 2026 Q4 | 1M | 0M | -97M | $-0.66 | $-0.66 – $-0.66 | 4 |
| 2027 Q1 | 1M | 0M | -97M | $-0.66 | $-0.66 – $-0.66 | 2 |
| 2027 Q2 | 1M | 0M | -96M | $-0.65 | $-0.65 – $-0.65 | 2 |
| 2027 Q3 | 8M | 0M | -95M | $-0.64 | $-0.64 – $-0.64 | 2 |
| 2027 Q4 | 12M | 0M | -93M | $-0.63 | $-0.63 – $-0.63 | 2 |
| 2028 Q1 | 0M | 0M | -120M | $-0.81 | $-0.81 – $-0.81 | 3 |
| 2028 Q2 | 3M | 0M | -118M | $-0.80 | $-0.80 – $-0.80 | 3 |
| 2028 Q3 | 7M | 0M | -116M | $-0.79 | $-0.79 – $-0.79 | 3 |
| 2028 Q4 | 15M | 0M | -113M | $-0.76 | $-0.76 – $-0.76 | 3 |
Corporate
Executive Compensation (2023-2025)
Insider Trading (last 12mo)
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2025-11-17 | BUY | Clark George C. | officer: VP, Chief Accounting Officer | 17,000 | $8.52 | $145K | $170K |
| 2025-11-13 | BUY | Bailey Gregory | director | 400,000 | $7.50 | $3.00M | $15.15M |
| 2025-11-13 | BUY | CHILDS JOHN W | director | 3,333,333 | $7.50 | $25.00M | $42.40M |
| 2025-11-13 | BUY | Coric Vlad | director, officer: Chief Executive Officer | 666,666 | $7.50 | $5.00M | $8.96M |
Order Flow (FINRA, ~3w lag)
Revenue Breakdown
Revenue Segments
| Product | $193.9M | NEW |
Filing Risk Analysis
Filing Risk Scores
Biohaven Ltd.: A High-Burn Dilution Machine Tethered to Toxic Debt Covenants
Counter-Thesis
Counter-Thesis & Recent News
In Q1 2026, Biohaven reported breakthrough 'first-in-patient' data for its MoDE degrader BHV-1300, showing complete suppression of disease-causing antibodies and normalization of thyroid hormones in Graves' disease patients within weeks. Additionally, its BHV-1400 TRAP degrader demonstrated selective lowering of galactose-deficient IgA1 by up to 81%, improving kidney function in IgA nephropathy (IgAN) patients. The company successfully raised $179M in early 2026 and announced a major restructuring to reduce direct R&D spend by 60%, focusing resources on three pivotal programs (BHV-1300, BHV-1400, and opakalim). (Sources: PRNewswire, Investing.com)
The short thesis is driven by a string of high-profile clinical and regulatory setbacks: opakalim (BHV-7000) failed its Phase 2 primary endpoints in both Major Depressive Disorder and Bipolar Disorder in late 2025, and taldefgrobep alfa missed its primary endpoint in Spinal Muscular Atrophy. Furthermore, the FDA issued a Complete Response Letter (CRL) for troriluzole in spinocerebellar ataxia, significantly delaying a key potential revenue stream and forcing the company into a cash-preservation pivot. (Sources: Reuters, Stock Titan)
Significant shareholder dilution remains a primary concern, with 17.2 million new shares issued in early 2026 to shore up the balance sheet. Despite the recent capital raise, the company remains pre-revenue with a history of high cash burn and negative free cash flow. Short interest remains elevated at approximately 23.78% of the float, and the stock's price-to-book ratio of 27.2x is roughly ten times the industry average, suggesting the market is pricing in near-perfect execution for the remaining pipeline. (Sources: MarketBeat, Simply Wall St)
Biohaven faces intense competition in the autoimmune and immunology space from established monoclonal antibody FcRn-targeting therapies. While Biohaven's small-molecule degraders (BHV-1300) aim to differentiate via subcutaneous self-administration and 'tunable' dosing, they must still prove superior long-term safety and efficacy against deep-pocketed incumbents. In the epilepsy space, opakalim faces a crowded market of existing anti-seizure medications and emerging Ion Channel modulators. (Sources: Biohaven, Seeking Alpha)
Physician and patient sentiment for the 'degrader' platform has been bolstered by rapid clinical responses; specifically, the 'normalization' of thyroid hormones in Graves' patients is viewed as a significant differentiator from existing treatments that merely manage symptoms. Analyst sentiment has also turned notably more bullish recently, with RBC Capital upgrading the stock to 'Outperform' and Goldman Sachs initiating coverage with a 'Buy' rating, citing the potential for BHV-1400 to serve as a central value driver. (Sources: Investing.com, Nasdaq)