--- title: "Biohaven (BHVN) stock news, pipeline, cash and catalysts" url: "https://aibio.space/companies/biohaven/" publisher: "aibio.space (Biotech Investor Relations News)" summary: "Biohaven news for investors: Biohaven is a New Haven, Conn. clinical-stage biopharma company developing antibody-degrading drugs for autoimmune disease, the…" --- Desk view · Opinion · Updated Oct 22, 2026 ## Biohaven licensed two programs in six weeks. Now the FDA sets the pace Biohaven is using partnerships to fund a long pipeline, and two big deals in six weeks show buyers exist. Its near-term value turns on the FDA, which is re-reviewing troriluzole and has paused new enrollment in the opakalim program. The balance sheet improves much more only if the SK deal closes. Read the full desk view aibio.space Investor Rank · Opinion **3** /10 Negative view Partner deals bring cash, but the troriluzole re-review, the opakalim enrollment pause and tight cash mean a regulatory setback could hit both prospects and financing. - **Technology**: 1/2 - **Odds**: 0/2 - **Balance sheet**: 1/2 - **Risk**: 0/2 - **Momentum**: 1/2 Opinion only. The Investor Rank is aibio.space's opinion of the company's business position, drawn from the public sources on this page. It is not a recommendation to buy, sell or hold any security and it is not investment advice. It does not consider the share price, valuation or your circumstances, and it can change at any time. Payments from companies never affect it. [How the rank works](https://aibio.space/disclosures/#rank). - **Technology**: **Early but promising.** The degraders showed deep antibody lowering in small phase 1b studies, and BHV-1300 is now in phase 3. - **Odds**: **Open on two fronts.** The FDA is re-reviewing troriluzole with an advisory panel, and opakalim has a late-stage readout plus an enrollment pause. - **Balance sheet**: **Tight but supported by deals.** Cash was $270.5 million at June 30, with $350 million from SK due at closing and $80 million from Ono. No closing was disclosed in SEC filings through Oct. 22. - **Main risk**: **Regulatory setbacks stacking up.** A second FDA rejection or a bad opakalim readout would hit both revenue prospects and financing. - **Watch next**: **Opakalim topline and the advisory panel.** BHV7000-303 reads out in 2H 2026, and the troriluzole goal date is in Q1 2027. ## Top news on Biohaven ## Dates **2H 2026** Topline results from opakalim study BHV7000-303 in focal epilepsy [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000077/bhvn-20260904.htm) **2H 2026** Start of BHV-1400 phase 3 in IgA nephropathy; taldefgrobep alfa obesity phase 2 topline [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000067/a2026q2bhvnearningsprex991.htm) **Pending antitrust clearance** Closing of SK Biopharmaceuticals license ($350 million at closing) [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000072/bhvn-20260826.htm) **Date to be announced** FDA advisory committee meeting on troriluzole in spinocerebellar ataxia [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000083/bhvn-20261022.htm) **First quarter of 2027** FDA user fee goal date for troriluzole [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000083/bhvn-20261022.htm) ## The money About $270.5 million in cash, cash equivalents, marketable securities and restricted cash at June 30, 2026. The 10-Q says funds should last at least one year after issuance. Not yet confirmed as received: $350 million from SK Biopharmaceuticals at closing (no closing disclosed in SEC filings through Oct. 22) and $80 million from Ono (the 8-K says upon closing; the press release says at execution). [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000067/a2026q2bhvnearningsprex991.htm) ## Risks on the record - The FDA issued a partial clinical-hold letter on Sept. 4, 2026 pausing new enrollment in the opakalim program while Biohaven provides nonclinical data on a rodent metabolite. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000077/bhvn-20260904.htm) - Biohaven's first secured notes carry $250 million in principal; a going concern statement in its audited 2026 financials would breach a reporting covenant unless the purchasers waive it. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000066/bhvn-20260630.htm) - A securities class action alleges misstatements about the outlook for troriluzole in SCA and opakalim in bipolar disorder; Biohaven says the claims are without merit and has moved to dismiss. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000066/bhvn-20260630.htm) ## Questions investors ask ### What is aibio.space's Investor Rank for Biohaven? 3 out of 10, our negative view. Partner deals bring cash, but the troriluzole re-review, the opakalim enrollment pause and tight cash mean a regulatory setback could hit both prospects and financing. This is opinion only, not a recommendation to buy, sell or hold, and it does not consider the share price or valuation. [Source](https://aibio.space/disclosures/#rank) ### What is the FDA doing with Biohaven's troriluzole application? The FDA accepted Biohaven's resubmission for troriluzole in spinocerebellar ataxia as a complete response to its November 4, 2025 action letter and set a user fee goal date in the first quarter of 2027. An advisory committee meeting is planned. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000083/bhvn-20261022.htm) ### Why did the FDA pause enrollment in the opakalim program? On September 4, 2026 the FDA issued a partial clinical-hold letter pausing new patient enrollment in the opakalim (BHV-7000) program while Biohaven provides nonclinical data on a metabolite seen in rodents. Dosing continues for patients already randomized, and topline data from BHV7000-303 remain on track for the second half of 2026. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000077/bhvn-20260904.htm) ### How much is Biohaven getting from its SK Biopharmaceuticals deal? SK will pay $400 million in upfront cash, $350 million at closing and $50 million one year after closing, plus up to $150 million in milestones and tiered royalties. Closing depends on antitrust review. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000072/bhvn-20260826.htm) ### Who is Biohaven's CEO? Vlad Coric, M.D., is Biohaven's chairman and chief executive officer. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000080/exhibit991-onopressrelease.htm) ### What is BHV-1300? BHV-1300 is Biohaven's small-molecule IgG degrader, in phase 3 for Graves' disease. In October 2026 Biohaven licensed it to Ono for Japan, South Korea, Taiwan and ASEAN for up to $100 million in near-term payments. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000080/exhibit991-onopressrelease.htm) ### What is Biohaven's market cap? We do not publish live share prices. In its annual report, Biohaven Ltd. put the market value of shares held by non-affiliates (public float) at $1.04 billion as of Jun 30, 2025. Source ### Is Biohaven a smaller reporting company? SEC records list Biohaven Ltd.'s filer category as: Large accelerated filer. Source ### Where is Biohaven headquartered? SEC records list its business address as 215 CHURCH STREET, NEW HAVEN, CT, 06510. Source ### When does Biohaven's fiscal year end? Biohaven Ltd.'s fiscal year ends on December 31, per SEC records. Source ### What did Biohaven last file with the SEC? Its most recent filing in our record is an 8-K filed 2026-10-22. All of its filings are on SEC EDGAR. [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000083/bhvn-20261022.htm) ### What was Biohaven called before? SEC records list these former names: Biohaven Research Ltd.. Source ### What industry is Biohaven in? Its SEC industry code (SIC 2834) is Pharmaceutical Preparations. Source ## Legal and investor matters Checked against Biohaven filings and press releases. Allegations are allegations; nothing here is a finding of fault. Reviewed Oct 25, 2026. 1. 2026-10-08 Other Biohaven licenses MoDE IgG degrader portfolio to Ono for Japan, South Korea, Taiwan and ASEAN Biohaven disclosed that on 2026-10-08 it entered a collaboration and license agreement with Ono Pharmaceutical granting exclusive rights to its MoDE pan IgG degrader portfolio, led by BHV-1300, in Japan, South Korea, Taiwan and the ASEAN countries. Ono is to pay an $80 million upfront payment at closing and another $20 million upon a milestone achievement, which is subject to Ono receiving specified stability test results and electing to continue the program, plus royalties of approximately 20 percent on net sales. Biohaven retains rights outside that territory, including in the United States, Europe and China. [Biohaven 8-K filed 2026-10-15](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000080/bhvn-20261008.htm) 2. 2026-08-26 Other Biohaven subsidiary agrees to license Kv7 platform and opakalim to SK Biopharmaceuticals worldwide On 2026-08-26 a Biohaven subsidiary agreed to grant SK Biopharmaceuticals an exclusive worldwide license to its Kv7 ion channel platform, led by opakalim (BHV-7000). SK is to pay a $400 million upfront fee, of which $350 million is due at closing and $50 million a year later, and up to $150 million in milestones, plus royalties. Closing is subject to antitrust clearances and other conditions. [Biohaven 8-K filed 2026-08-26](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000072/bhvn-20260826.htm) 3. 2026-07-24 Litigation Jury returns verdict for Biohaven and Yale in Delaware trade secret case On 2026-07-24 a jury in the District of Delaware found for Biohaven and Yale University in their trade secret suit against Avilar Therapeutics and RA Capital Management, which was filed in March 2023. The suit concerns licensed technology behind Biohaven's extracellular protein degradation programs. The verdict remains subject to post-trial motions, final judgment and potential appeal, and Biohaven says it cannot predict what it may collect. U.S. District Court, District of Delaware · Status: pending [Biohaven 10-Q for the quarter ended 2026-06-30](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000066/bhvn-20260630.htm) 4. 2026-07-09 Governance Biohaven chief scientific officer moves to part-time chief innovation role On 2026-07-09 Biohaven and Chief Scientific Officer Bruce Car agreed that he will retire from that role effective 2026-07-13 and stay as a part-time Chief Innovation Officer, remaining an executive officer. His salary is reduced by 50 percent. David Pirman was promoted to Executive Vice President and Head of Discovery. The filing describes the change as mutually agreed. [Biohaven 8-K filed 2026-07-09](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000053/bhvn-20260709.htm) 5. 2026-05-04 Financing Biohaven amends at-the-market program to allow up to $350 million of share sales On 2026-05-04 Biohaven entered Amendment No. 2 to its Equity Distribution Agreement with J.P. Morgan Securities, allowing sales from time to time of up to $350.0 million of common shares. The shares are offered under a new shelf registration statement filed the same day. The original agreement is dated 2023-10-02 and Amendment No. 1 is dated 2024-08-16. [Biohaven 8-K filed 2026-05-05](https://www.sec.gov/Archives/edgar/data/1935979/000162828026030579/bhvn-20260504.htm) 6. 2026-03-16 Class action Amended complaint filed in Biohaven securities class action covering purchasers through 2026-01-05 A lawsuit alleging federal securities law violations was filed on 2025-07-14 in the District of Connecticut against Biohaven and certain officers. In an amended complaint filed 2026-03-16, plaintiffs allege, on behalf of a putative class of purchasers between 2023-03-24 and 2026-01-05, violations of Section 10(b) and Rule 10b-5, with Section 20(a) control-person claims against the individual defendants, based on alleged misstatements or omissions concerning troriluzole for spinocerebellar ataxia and opakalim for bipolar disorder. Biohaven says it believes the claims are without merit and that it filed a motion to dismiss on 2026-05-18. U.S. District Court, District of Connecticut · Status: pending [Biohaven 10-Q for the quarter ended 2026-06-30](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000066/bhvn-20260630.htm) 7. 2026-01-06 Financing Biohaven sells 12.5 million shares to Janus Henderson for $125 million On 2026-01-06 Biohaven agreed to issue and sell 12,500,000 common shares to Janus Henderson Investors at $10.00 per share, for expected gross proceeds of $125 million. The shares were issued as a block transaction under the company's at-the-market offering program registered on Form S-3 on 2023-10-02. [Biohaven 8-K filed 2026-01-07](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000002/bhvn-20260106.htm) 8. 2025-11-12 Financing Biohaven prices underwritten offering of 26.8 million shares at $7.50, about $200 million On 2025-11-12 Biohaven signed an underwriting agreement with J.P. Morgan Securities and Goldman Sachs for a registered public offering of up to 26,833,334 common shares at $7.50 each. The sale closed on 2025-11-13, including the underwriters' full option of 3,500,000 shares, for gross proceeds of approximately $200 million before discounts and expenses. [Biohaven 8-K filed 2025-11-13](https://www.sec.gov/Archives/edgar/data/1935979/000162828025052066/bhvn-20251113.htm) 9. 2025-04-28 Financing Biohaven signs Note Purchase Agreement for senior secured notes up to $600 million On 2025-04-28 Biohaven and subsidiaries entered a Note Purchase Agreement under which purchasers agreed to buy senior secured notes: $250 million in an initial tranche and up to $150 million more after FDA approval of troriluzole, plus up to $200 million of optional additional notes for acquisitions. Purchasers are entitled to revenue payments, initially 6.25 percent of global net sales of troriluzole. [Biohaven 8-K filed 2025-04-28](https://www.sec.gov/Archives/edgar/data/1935979/000193597925000026/bhvn-20250428.htm) ## Pipeline | Program | Indication | Stage | |---|---|---| | Troriluzole (Vyglxia) | Spinocerebellar ataxia | NDA resubmission accepted Oct. 22, 2026; FDA goal date Q1 2027; advisory committee planned [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000083/bhvn-20261022.htm) | | Opakalim (BHV-7000, Kv7.2/7.3 activator) | Focal epilepsy | Phase 2/3; BHV7000-303 topline 2H 2026; new enrollment paused by FDA (letter dated Sept. 4, 2026); licensed to SK Biopharmaceuticals (Aug. 26); no closing disclosed in SEC filings through Oct. 22 [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000077/bhvn-20260904.htm) | | BHV-1300 (MoDE IgG degrader) | Graves' disease | Phase 3 (started June 2026, about 300 adults) [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000067/a2026q2bhvnearningsprex991.htm) | | BHV-1400 (TRAP Gd-IgA1 degrader) | IgA nephropathy | Phase 1b; phase 3 start planned 2H 2026 [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000067/a2026q2bhvnearningsprex991.htm) | | Taldefgrobep alfa | Obesity | Phase 2, enrollment complete; topline 2H 2026 [Source](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000067/a2026q2bhvnearningsprex991.htm) | ## Stock chart Price chart and quote supplied by TradingView, delayed as the exchange requires. 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[Open NYSE:BHVN on TradingView](https://www.tradingview.com/symbols/NYSE-BHVN/). ## SEC filings and registration - **SEC name**: Biohaven Ltd. - **CIK**: 1935979 - **Industry (SIC)**: Pharmaceutical Preparations (2834) - **US tickers**: BHVN (NYSE) - **State or country of incorporation**: D8 - **Fiscal year ends**: December 31 - **Filer category**: Large accelerated filer - **Business address**: 215 CHURCH STREET, NEW HAVEN, CT, 06510 - **Phone**: 203-404-0410 - **Shares outstanding**: 151,043,781 as of 2026-08-06 (10-Q filed 2026-08-10) - **Former names**: Biohaven Research Ltd. ### Recent filings (8-K and 6-K are the company's own announcements) - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000083/bhvn-20261022.htm) filed 2026-10-22 - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000080/bhvn-20261008.htm) filed 2026-10-15 - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000077/bhvn-20260904.htm) filed 2026-09-10 - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000072/bhvn-20260826.htm) filed 2026-08-26 - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000067/bhvn-20260810.htm) filed 2026-08-10 - [10-Q](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000066/bhvn-20260630.htm) filed 2026-08-10 - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000060/bhvn-20260803.htm) filed 2026-08-07 - [8-K](https://www.sec.gov/Archives/edgar/data/1935979/000193597926000053/bhvn-20260709.htm) filed 2026-07-09 Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001935979), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices. Who manages this page **This page is managed by aibio.space.** The company does not run, edit or pay for this page. News, desk views and Investor Ranks are written and managed independently by aibio.space under our editorial and analytical judgment. Opinion only, not investment advice. [How we work](https://aibio.space/disclosures/#paid) · [Terms](https://aibio.space/terms/#news) · [Request a correction](https://aibio.space/reputation/#update) --- Source page: https://aibio.space/companies/biohaven/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Biohaven (BHVN) stock news, pipeline, cash and catalysts", 2026-10-31, https://aibio.space/companies/biohaven/