Biohaven Prepares Mid-2026 Pivotal IgAN, Graves' Trials with $351.8M Cash
Biohaven ended Q1 2026 with $351.8 million in cash and equivalents and cut R&D spend by $83.8 million year-over-year to $103.8 million. The company plans mid-2026 starts for pivotal IgAN and Graves' disease trials, with epilepsy topline data and obesity study results expected in the second half of the year.
1. Q1 Financial Results
Biohaven reported R&D expenses of $103.8 million for Q1 2026, down from $187.6 million a year earlier following strategic reprioritization. Cash, cash equivalents, marketable securities and restricted cash totaled approximately $351.8 million as of March 31, 2026.
2. Pipeline Advances
Key late-stage programs include opakalim for epilepsy, with pivotal topline data expected in 2H 2026, and taldefgrobep alfa in obesity, with Phase 2 enrollment complete and results due in 2H 2026. Pivotal trials for BHV-1400 in IgA nephropathy and BHV-1300 in Graves' disease are slated to start mid-year, alongside ongoing studies of BHV-8000 in early Parkinson’s, BHV-1510 in endometrial cancer, and dose escalation of BHV-1530 without dose-limiting toxicities.
3. Cash Position and Outlook
With a strong cash balance of $351.8 million, Biohaven is positioned to fund multiple value-driving catalysts in 2026. Investors will watch for pivotal trial initiations, epilepsy and obesity topline readouts, and updates at the annual R&D Day on May 27.