Key Highlights

  • Net loss was $129.3 million, or $0.86 per share, compared with $173.4 million, or $1.64 per share, a year earlier.
  • Research and development expenses declined to $101.9 million from $141.2 million.
  • Cash and cash equivalents were $95.8 million and marketable securities were $65.4 million at September 30, 2026.
  • Ono paid an $80.0 million upfront payment in October 2026 for rights to the MoDE IgG degrader portfolio in Asia.
  • The Kv7 license with SKBP carries a $400.0 million upfront fee, with $350.0 million payable at closing.

A smaller loss following a portfolio reset

Biohaven (NYSE:BHVN), a biopharmaceutical company developing treatments in immunology, obesity, neuroscience and oncology, reported its third quarter 2026 results in a quarterly filing covering the period ended September 30, 2026. The company has no product sales to report.

The net loss narrowed to $129.3 million, or $0.86 per share, from $173.4 million, or $1.64, a year earlier. That is an improvement of about 25% on a calculated basis. Per share figures also reflect a larger share count, with 151.0 million weighted shares against 105.8 million.

Where the savings came from

Research and development expenses came to $101.9 million, versus $141.2 million, a decline of about 28% on a calculated basis. Management linked the reduction to lower direct program and preclinical spending after the strategic reprioritization carried out in the fourth quarter of 2025, which concentrated resources on three late-stage programs.

Spending on the Kv7 programs was $19.3 million, down from $29.7 million, and troriluzole spending fell to $1.3 million from $10.8 million. General and administrative expenses were $24.6 million, compared with $28.2 million. For the nine months, the net loss totaled $397.1 million against $593.3 million.

Two licensing deals reshape the cash outlook

In August 2026, Biohaven agreed to license its Kv7 ion channel platform, led by opakalim, to SKBP. The agreement includes a $400.0 million upfront fee, split between $350.0 million at closing and $50.0 million one year later, plus up to $150.0 million in milestones and tiered royalties. The antitrust Waiting Period expired on October 28, 2026, while other closing conditions remain open.

In October 2026, Biohaven granted Ono Pharmaceutical rights to its MoDE pan IgG degrader portfolio, led by BHV-1300, in Japan, South Korea, Taiwan and Southeast Asia. Ono paid $80.0 million upfront, owes another $20.0 million on a milestone, and will pay royalties of approximately 20%. Taken together, the two upfront amounts total $480.0 million on a calculated basis.

Balance sheet leaves little cushion before the cash arrives

Cash and cash equivalents stood at $95.8 million on September 30, 2026, down from $230.0 million at year end, with marketable securities of $65.4 million. Nine-month cash used in operations was $341.9 million, against $478.8 million, and the company raised $183.0 million through financing.

Notes payable were $264.3 million and total shareholders' Deficit was $98.2 million. The company noted that a Going Concern qualification in its audited 2026 financial statements could place it in breach of a reporting covenant under its $250.0 million note agreement.

Troriluzole and what to watch next

On October 22, 2026, the company said the FDA accepted its resubmitted application for troriluzole in spinocerebellar ataxia, with a user fee goal date in the first quarter of 2027 and an advisory committee meeting planned. The drug remains investigational.

Investors will track the SKBP closing, the timing of the advisory committee and the pace of spending as the BHV-1300 Phase 3 trial moves forward.