Biohaven Q2 FY26 net loss narrows 30.7% to $137.31 million; R&D expenses fall 45.34% to $100.81 million

Biohaven posted a GAAP net loss of $137.31 million, or $0.91 a share, narrowing from $198.15 million, or $1.94 a year earlier.

R&D expense fell 45.34% to $100.81 million, attributed to lower direct program and preclinical spend following a 4Q 2025 reprioritization.

Pipeline milestones include a Phase 3 start for BHV-1300 in Graves’ disease; opakalim Phase 2/3 RISE3 topline data remains on track for 2H 2026.

Other expense swung to $12.02 million from other income of $13.82 million on higher non-cash fair-value losses tied to notes payable.

Cash, cash equivalents, marketable securities and restricted cash totaled about $270.5 million at June 30, 2026.