Here are 1-2 brief analogies for Biohaven (BHVN):

1. Vertex Pharmaceuticals, but specifically for neurological and psychiatric drug development.

2. A focused Biogen, dedicated to discovering new drugs for brain disorders.

• BHV-7000: A Kv7 agonist in late-stage clinical development for treating focal epilepsy and other neurological conditions.
• BHV-1300: An antibody targeting complement C5aR, advancing through clinical development for immune-mediated and neuroinflammatory diseases.
• BHV-8000: A preclinical small molecule TYK2/JAK1 inhibitor being developed for potential use in neuroinflammation and immunological disorders.

Biohaven Pharmaceutical Holding Company Ltd. (symbol: BHVN) is currently a clinical-stage biopharmaceutical company. Following the sale of its neuroscience and migraine commercial business (including Nurtec ODT) to Pfizer in 2022, the company no longer has commercialized products generating significant revenue from direct product sales.

Therefore, Biohaven (BHVN) does not currently have "major customers" in the traditional sense, as it does not primarily sell products to other companies (like wholesalers, pharmacies, or healthcare systems) or directly to individuals. Its current focus is on research, development, and clinical trials for its pipeline assets.

Revenue for the current Biohaven typically stems from collaborations, licensing agreements, and potential milestone payments from partners, rather than from the sale of commercial products to end customers or distributors.

Matthew Buten Chief Financial Officer
Mr. Buten brings more than 20 years of experience in healthcare investing and over 15 years as an advisor in investment banking. His expertise includes structuring deals for both small and large capitalization companies.

Irina A. Antonijevic, M.D., Ph.D. Director
Dr. Antonijevic is a seasoned drug developer with over 20 years of experience, focusing on neurologic and psychiatric disorders. She has worked across large and small pharmaceutical and biotech organizations, bringing novel drugs from discovery through preclinical development into clinical trials. Her previous roles include Chief Medical Officer at EveryONE Medicines and VP-Translational Medicine & Development at Wave Life Sciences USA, Inc.

Robert Croop Chief Development Officer, Neurology
Dr. Croop has over 25 years of clinical drug development experience, specifically in a wide range of neuroscience programs. He is board-certified in Neurology by the American Board of Psychiatry and Neurology. Before joining Biohaven, he held positions at DuPont Merck Clinical Research and Development and Bristol-Myers Squibb, where he led groups responsible for early-phase clinical trials. Dr. Croop's career includes successful marketing authorization applications for three New Chemical Entities.

Cliff Bechtold, M.S. President & General Manager, Biohaven Ireland, Chief Compliance Officer
Prior to Biohaven, Mr. Bechtold served as the Development Lead for Genetically Defined Diseases at Bristol-Myers Squibb Company (BMS). He possesses extensive experience in all stages of program advancement, from discovery to launch, across diverse disease areas including virology, oncology, immunology, cardiovascular, and neuroscience.

The key risks to Biohaven's business are primarily centered on its drug development pipeline, financial stability, and legal challenges.

1. Regulatory Hurdles and Pipeline Failures: Biohaven, as a development-stage biopharmaceutical company, faces significant risks related to the successful development and regulatory approval of its drug candidates. The company has experienced setbacks, including the U.S. Food and Drug Administration (FDA) rejecting or delaying approval for key drug candidates such as troriluzole (VYGLXIA) for spinocerebellar ataxia (SCA), citing concerns over study design and evidence. Additionally, BHV-7000, another significant pipeline asset, failed a pivotal trial for bipolar disorder. These regulatory obstacles and clinical trial failures directly impact the company's ability to bring products to market, generate revenue, and have led to significant declines in stock price and investor confidence.
2. Financial Instability and Rapid Cash Burn: Biohaven currently has no product revenue and has incurred recurring net losses since its inception, with a rapidly growing accumulated deficit. The company's financial position is characterized by a rapid cash burn rate, indicating that its current cash reserves may be insufficient to fund ongoing research and development efforts and operations for an extended period. This financial instability may necessitate future financing, which could result in the dilution of existing shareholders' stakes.
3. Securities Fraud Lawsuits and Eroding Investor Trust: Biohaven is facing class-action lawsuits alleging that the company made misleading statements to investors regarding the regulatory prospects and efficacy of its drug pipeline, specifically troriluzole and BHV-7000. These legal challenges raise questions about management's transparency and the reliability of communications with investors, which has contributed to a loss of investor confidence and significant stock price declines. The lawsuits could also lead to substantial financial exposure and regulatory investigations.

The most clear emerging threat for Biohaven (BHVN) is the advanced development of competing Kv7 potassium channel modulators for neurological disorders, specifically **Xenon Pharmaceuticals' XEN1101** for focal onset seizures. Both BHVN's lead pipeline asset, BHV-7000, and XEN1101 are Kv7 modulators targeting epilepsy and are currently in Phase 3 clinical trials. If XEN1101 demonstrates superior efficacy, a more favorable safety profile, or achieves market approval earlier than BHV-7000, it could significantly diminish the market opportunity and competitive positioning for Biohaven's key therapeutic candidate.

Here are the addressable markets for Biohaven's main products and services:

• Zavegepant (Zavzpret)
  • For acute migraine treatment, the zavegepant nasal spray is projected to reach annual sales of $206.8 million in the U.S. by 2030.
  • The global anti-migraine drugs market is estimated to reach $30.5 billion by 2033.
• Troriluzole
  • For Spinocerebellar Ataxia (SCA), the global market is projected to reach $706.72 million by 2033, with the U.S. accounting for 41.2% of the total. *Note: The FDA recently declined to approve troriluzole for SCA.*
• Taldefgrobep Alfa
  • For Spinal Muscular Atrophy (SMA), the global treatment market is projected to reach $8.4 billion by 2032. *Note: Taldefgrobep alfa did not meet the primary endpoint in its Phase 3 SMA study but showed potential in obesity.*
  • For obesity treatment, the global market is expected to be worth $38 billion by 2032.
• BHV-7000
  • For Major Depressive Disorder (MDD), the global treatment market is expected to reach $14.96 billion by 2032.
  • For Bipolar Disorder, the global market is expected to grow to $7 billion by 2033.

1. Launch and Commercialization of BHV-1300 for Graves' Disease: Biohaven's proprietary extracellular degrader platform, specifically BHV-1300, is a key driver. A pivotal trial for BHV-1300 in Graves' disease is slated for the second half of 2025, following promising Phase 1 data showing significant IgG reduction. Successful progression through clinical trials and regulatory approval could lead to market entry and revenue generation within the next 2-3 years.

2. Advancement of BHV-1400 for IgA Nephropathy (IgAN): Another promising asset from Biohaven's extracellular degrader platform is BHV-1400. This candidate for IgA nephropathy demonstrated an 81% reduction in pathogenic galactose-deficient IgA1 (Gd-IgA1) in Phase 1 trials. Pivotal trials are planned for 2026, indicating a potential launch and revenue contribution within the specified timeframe.

3. Regulatory Approval and Commercialization of BHV-7000 for Neurological Disorders: BHV-7000, a Kv7 channel activator, is being developed for neurological conditions such as epilepsy and bipolar disorder. Enrollment for a pivotal Phase 2/3 trial in bipolar disorder has been completed, and advancements in epilepsy are also noted. Positive outcomes and subsequent regulatory approvals for these indications could significantly contribute to Biohaven's revenue over the next 2-3 years.

4. Potential Approval of Taldefgrobep for Spinal Muscular Atrophy (SMA): Biohaven's myostatin inhibitor, taldefgrobep, is in late-stage development for Spinal Muscular Atrophy (SMA). Topline data from an ongoing fully enrolled Phase 3 study is expected in the second half of 2024. A successful outcome could lead to regulatory filings and market approval within the next 2-3 years, opening up a new revenue stream for the company.

Share Issuance

• Biohaven issued 1.87 million shares of BHVN in mid-2024 to Knopp Biosciences as part of an amended agreement for the Kv7 platform and BHV-7000, with another $75 million stock issuance planned for mid-2025.
• On October 1, 2024, Biohaven priced a public offering of 5,263,158 common shares at $47.50 per share, expecting gross proceeds of approximately $250 million, with an option for underwriters to purchase an additional 789,473 shares.
• As of June 30, 2025, the number of issued and outstanding common shares for Biohaven Ltd. was 105,782,447, an increase from 101,221,989 shares as of December 31, 2024.

Inbound Investments

• Upon its spin-off from Pfizer in October 2022, Biohaven Ltd. was capitalized with $275 million in cash.
• In April 2025, Biohaven entered into a Note Purchase Agreement with Oberland Capital for an investment of up to $600 million, with the first tranche of $250 million funded at closing on April 30, 2025.

Outbound Investments

• Biohaven acquired the Kv7 platform, including BHV-7000, from Knopp Biosciences for an upfront consideration of $93.7 million, consisting of cash and legacy Biohaven stock.
• In 2025, Biohaven made one-time developmental milestone payments of $15.0 million for its BHV-8000 program and $10.0 million for its BHV-1530 program.

Capital Expenditures

• For the last 12 months ending in 2025, Biohaven reported capital expenditures of -$1.35 million.
• Research and Development (R&D) expenses were $184.4 million for the three months ended June 30, 2025, primarily focused on advancing clinical trials and preclinical research programs.