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Jun 30, 2025
Biohaven Q2 2025 Earnings Report
Reported Q2 2025 results with zero revenue, a narrower net loss compared to last year, and strong liquidity position.
Key Takeaways
Biohaven posted a Q2 2025 net loss of $198.147M (−$1.94 EPS) on no revenue, with R&D and G&A expenses totaling $211.7M. Non-GAAP adjusted net loss was $166.365M (−$1.63 EPS). The company ended the quarter with $165.8M in cash and equivalents, and $408.2M in combined cash, marketable securities, and restricted cash, while progressing multiple late-stage clinical programs.
Net loss was $198.147M versus $319.771M in Q2 2024, EPS was −$1.94.
Non-GAAP adjusted net loss was $166.365M (−$1.63 per share).
R&D expenses were $184.367M; G&A expenses were $27.334M for the quarter.
Liquidity stood at $408.2M in cash, marketable securities, and restricted cash.
Forward Guidance
Management expects multiple near-term catalysts, including the VYGLXIA NDA Priority Review with a 4Q 2025 PDUFA date, continued advancement of MoDE/TRAP degrader programs, oncology ADC initiatives, and a pivotal Phase 2/3 Parkinson’s study with BHV-8000.
Positive Outlook
- VYGLXIA SCA NDA under Priority Review with 4Q 2025 PDUFA.
- Initiated pivotal Phase 2/3 Parkinson’s study with BHV-8000.
- Early oncology data for BHV-1510 plus cemiplimab showed tumor reductions.
- Began first-in-human dosing with BHV-1530 FGFR3-directed ADC.
- Strong liquidity with $408.2M in cash, marketable securities, and restricted cash.
Challenges Ahead
- No product revenue; continued operating losses.
- Notes payable increased to $257.07M, raising leverage.
- OCD program with troriluzole ended after no efficacy signal.
- Share count increased YoY, diluting EPS base.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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