Biohaven Narrows Third-Quarter 2026 Loss as R&D Expenses Fall

The Tip Desk · November 1, 2026 · 3 min read

Third-quarter 2026 R&D expenses fell to $101.9 million. The company entered an agreement for $400 million in cash consideration from SK Biopharmaceuticals, with $350 million payable upon closing, and received $80 million from Ono after quarter-end.

Biohaven Ltd. (BHVN), a clinical-stage biopharmaceutical company, reported a narrower third-quarter 2026 loss as research and development expenses fell to $101.9 million from $141.2 million a year earlier. The company also entered two licensing agreements: it received $80 million from Ono after quarter-end, while $350 million from SK Biopharmaceuticals remained subject to closing and another $20 million from Ono depended on achievement of a milestone. The FDA also accepted a resubmission for Vyglxia in spinocerebellar ataxia.

For the three months ended September 30, 2026, the company posted a net loss of $129.3 million, or $0.86 a share, compared with $173.4 million, or $1.64 a share, a year earlier. Non-GAAP adjusted net loss was $110.7 million, or $0.73 a share.

Research and development expenses fell to $101.9 million from $141.2 million, a $39.3 million decrease the company attributed to lower direct program and preclinical spend after a fourth-quarter 2025 reprioritization. General and administrative expenses declined to $24.6 million from $28.2 million. Other expense, net was $2.9 million.

Cash, cash equivalents, marketable securities and restricted cash totaled about $164.0 million as of September 30. On October 20, Biohaven received $80.0 million from Ono Pharmaceuticals and said it will receive an additional $350.0 million from SK Biopharmaceuticals upon closing of that license.

In August, the company entered an agreement to grant SK Biopharmaceuticals an exclusive global license for its Kv7 ion channel platform, including opakalim (BHV-7000), subject to closing. Terms provide $400 million in cash consideration — $350 million at closing and $50 million one year later — plus up to $150 million in development and regulatory milestones and tiered royalties. The Hart-Scott-Rodino waiting period expired October 28, 2026. Chairman and Chief Executive Officer Vlad Coric said the agreement provides $400 million in near-term, non-dilutive capital upon closing.

The same quarter, the FDA issued a partial clinical hold on September 4, 2026, pausing new enrollment of opakalim pending additional nonclinical studies on certain rodent metabolites. Dosing of more than 600 already randomized patients continues. The company said RISE 3 remains fully enrolled, with topline data still on track for the second half of 2026; RISE 2 new enrollment is paused. Opakalim has been dosed in more than 1,200 participants.

In October, Biohaven licensed its MoDE pan-IgG degrader portfolio, led by BHV-1300, to Ono Pharmaceutical for Japan, South Korea, Taiwan and ASEAN. Near-term payments total up to $100 million, including the $80 million upfront received and a $20 million payment conditional on achievement of a milestone anticipated within a year, plus royalties of approximately 20 percent on net sales in the licensed territory. Biohaven retains rights in the U.S., Europe and China.

BHV-1300 Phase 3 enrollment in Graves’ disease continued after a June 2026 start, with more than 50 U.S. and Canadian sites activated and additional openings planned in Japan, Australia, the UK and the EU. The company targeted initiation of a pivotal Phase 3 trial of BHV-1400 in IgA nephropathy for the second half of 2026.

The FDA accepted the Vyglxia (troriluzole) NDA resubmission in spinocerebellar ataxia, treating it as a complete response to the November 4, 2025 action letter and assigning a user-fee goal date in the first quarter of 2027. An advisory committee meeting is planned; the date is to be announced.

In oncology, BHV-1530 combination cohorts with Libtayo began enrolling in the third quarter under a clinical supply agreement with Regeneron. Phase 1 data were selected for an oral presentation at ENA 2026. The taldefgrobep alfa Phase 2 obesity study was amended to add a GLP-1 combination cohort, moving anticipated topline data from the monotherapy and combination portions to the second half of 2027.

Weighted-average shares outstanding were 151.0 million in the quarter. Shareholders’ equity was a deficit of $98.2 million at September 30.