Biohaven Ltd. (BHVN) AI Stock Analysis

• Market Cap: $1.72B
• Dividend Yield: N/A
• Average Volume (3M): 2.97M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.45
• Revenue Growth: N/A
• EPS Growth: 18.76%
• Country: US
• Employees: 256
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -1.64
• Shares Outstanding: 145,188,490
• 10 Day Avg. Volume: 2,249,567
• 30 Day Avg. Volume: 2,973,402
• PEG Ratio: -0.06
• Price to Book (P/B): 8.05
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -5.81
• Enterprise Value/Market Cap: 0.80
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -1.25K
• Enterprise Value/Ebitda: -1.75
• 1Y Price Target: $16.73
• Price Target Upside: 41.42% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 14
• EPS Forecast (FY): -3.14
• Revenue Forecast (FY): $4.84M

• Rating: 48 Neutral
• Price Target: $12.00 ▲(1.44% Upside)

The score is primarily constrained by weak financial performance (no revenue, large ongoing losses and cash burn, and a deterioration to negative equity with higher debt). Technical indicators provide only modest support in the near term (neutral RSI and positive MACD, but still below longer-term moving averages). Valuation is also a headwind because the negative P/E reflects continued unprofitability and no dividend yield is available.

Positive Factors

Degrader platform & pipeline

Biohaven’s MoDE and TRAP degrader platforms represent a durable, differentiated R&D engine targeting clearance of disease proteins. A scalable platform that can generate multiple assets across autoimmune and renal indications supports long-term pipeline depth and partnership/licensing optionality.

Near-term pivotal trial starts

Initiating pivotal studies materially advances clinical programs from early development to registration-stage. Successful trials would structurally de-risk these assets, accelerate regulatory pathways, and shift the company toward potential approval and commercialization, altering its long-term business profile.

Capital raises bolstering runway

Recent sizeable equity raises materially extend financial runway and allow continued funding of pivotal trials and platform expansion. While dilutive, strong access to capital supports execution of multi-year development plans and reduces immediate financing risk for upcoming clinical catalysts.

Negative Factors

No reported revenue

Absence of commercial revenue means the business relies on financing and milestone/partnering events to fund operations. Persistent, large net losses undermine internal cash generation, limit reinvestment capacity, and increase execution risk for scaling to a commercially sustainable model.

Negative equity and higher leverage

Negative equity and a sharp increase in debt materially reduce financial flexibility and raise refinancing and covenant risks. Higher leverage can constrain strategic options, increase funding costs, and limit the company’s ability to pursue late‑stage trials or commercial investments without further external funding.

High cash burn and financing dependence

Sustained negative operating and free cash flow at scale requires ongoing external financing. This structural dependence increases dilution risk and may force prioritization or delays across programs, potentially slowing long-term value creation if new capital access tightens or terms worsen.

Biohaven Ltd. Business Overview & Revenue Model

Company Description

Biohaven Ltd. is a clinical-stage biopharmaceutical company. The Company focuses on development of therapies for neurological and immunoscience diseases that can change current treatment paradigms.

How the Company Makes Money

Biohaven Ltd. generates revenue primarily through the sale of its pharmaceutical products designed to treat neurological and neuropsychiatric diseases. The company's key revenue streams include sales from its approved drugs, particularly in the migraine treatment market. Biohaven may also earn income through licensing agreements, where it partners with other pharmaceutical companies to distribute its products in various regions. Additionally, the company could be involved in collaborative research and development agreements, which may provide milestone payments and royalties, contributing to its earnings.

Biohaven Ltd. Financial Statement Overview

Summary

Financials reflect a development-stage biotech with no revenue and very large losses. Net loss remains deeply negative (TTM -$780M) and cash burn is substantial (TTM operating cash flow and free cash flow both -$650M). Balance-sheet risk increased materially as stockholders’ equity turned negative in TTM (-$17M) and debt rose to $314M, even though TTM losses/burn improved versus 2024.

Income Statement

BHVN shows no reported revenue across the annual periods and in TTM (Trailing-Twelve-Months), while losses remain very large. Net loss widened materially from 2023 (-$408M) to 2024 (-$846M) and stayed deeply negative in TTM (Trailing-Twelve-Months) (-$780M), indicating heavy ongoing spend without an offsetting commercial base. The main positive is that TTM (Trailing-Twelve-Months) losses improved versus 2024, but overall profitability and operating leverage remain very weak.

Balance Sheet

The balance sheet weakened sharply in the most recent period: stockholders’ equity turned negative in TTM (Trailing-Twelve-Months) (-$17M) versus solid positive equity in 2024 ($423M). Debt increased significantly in TTM (Trailing-Twelve-Months) to $314M (from $36.6M in 2024), which raises financial risk and reduces flexibility. Total assets are still sizable ($409M TTM), but the negative equity position and rising leverage are key concerns despite historically low debt levels in 2022–2024.

Cash Flow

Cash burn remains substantial, with operating cash flow at -$650M in TTM (Trailing-Twelve-Months) and free cash flow at -$650M, reflecting continued high funding needs. Cash outflow worsened from 2023 to 2024 (free cash flow -$335M to -$587M) but improved in TTM (Trailing-Twelve-Months) versus 2024, suggesting some moderation in burn rate. A notable positive is that free cash flow and net income move closely together (free cash flow to net income ~1.0), indicating losses are not being masked by large non-cash add-backs—however, the absolute level of negative cash flow is still a major risk.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-1.10M	0.00	0.00	0.00	0.00	0.00
EBITDA	-788.63M	-877.26M	-429.14M	-566.55M	-217.51M	-114.43M
Net Income	-780.11M	-846.42M	-408.17M	-570.28M	-213.80M	-118.67M
Balance Sheet
Total Assets	409.12M	615.11M	513.21M	661.78M	142.06M	111.50M
Cash, Cash Equivalents and Short-Term Investments	260.22M	485.99M	381.82M	465.34M	76.06M	82.51M
Total Debt	314.18M	36.58M	30.88M	33.60M	3.24M	3.60M
Total Liabilities	426.28M	191.67M	85.24M	123.01M	47.37M	34.72M
Stockholders Equity	-17.16M	423.44M	427.98M	538.77M	34.69M	16.78M
Cash Flow
Free Cash Flow	-650.27M	-586.50M	-334.77M	-338.76M	-146.78M	-78.65M
Operating Cash Flow	-649.52M	-582.45M	-331.73M	-297.69M	-145.84M	-75.96M
Investing Cash Flow	226.62M	-244.97M	129.83M	-304.79M	944.00K	-2.70M
Financing Cash Flow	523.17M	677.77M	211.91M	767.60M	138.45M	152.24M

Biohaven Ltd. Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 11.83
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BHVN, the sentiment is Neutral. The current price of 11.83 is below the 20-day moving average (MA) of 11.90, above the 50-day MA of 10.92, and below the 200-day MA of 14.41, indicating a neutral trend. The MACD of 0.45 indicates Positive momentum. The RSI at 51.48 is Neutral, neither overbought nor oversold. The STOCH value of 39.03 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for BHVN.

Biohaven Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
AUPH	79 Outperform	$1.92B	25.90	20.65%	―	20.62%	―
VCEL	65 Neutral	$1.82B	149.42	4.52%	―	14.05%	241.86%
MNKD	64 Neutral	$1.77B	61.29	―	―	17.44%	24.15%
EWTX	55 Neutral	$2.98B	-17.85	-30.02%	―	―	-5.73%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BCRX	51 Neutral	$1.63B	-139.11	―	―	45.38%	92.85%
BHVN	48 Neutral	$1.72B	-1.56	-522.08%	―	―	18.76%

Biohaven Ltd. Corporate Events

Biohaven highlights degrader platforms in new investor presentation

On January 12, 2026, Biohaven Ltd. announced it would deliver an investor presentation outlining progress and plans across its diversified drug development platforms, highlighting its MoDE and TRAP extracellular degrader technologies that leverage hepatic ASGPR to selectively remove disease-causing proteins while preserving the broader immune system. The presentation emphasized upcoming pivotal trial starts in 2026 for BHV-1400 in IgA nephropathy and BHV-1300 in Graves’ disease, showcased BHV-1400’s recognition by the nephrology community and alignment with updated KDIGO 2025 guidelines that prioritize early, Gd-IgA1–targeted intervention, and positioned Biohaven’s degrader portfolio and broader pipeline as a scalable, patient-friendly engine designed to drive near-term clinical catalysts and long-term value for stakeholders in autoimmune and renal disease markets.

The most recent analyst rating on (BHVN) stock is a Sell with a $9.00 price target. To see the full list of analyst forecasts on Biohaven Ltd. stock, see the BHVN Stock Forecast page.

Biohaven Announces $125 Million Targeted Equity Financing

On January 6, 2026, Biohaven Ltd. agreed to issue and sell 12,500,000 common shares to Janus Henderson Investors at $10.00 per share in a block transaction under its existing at-the-market equity program. The deal is expected to provide Biohaven with $125 million in gross proceeds before expenses, bolstering its capital position through a sizable, targeted equity raise that underscores ongoing investor appetite for the company’s stock and supports its ability to fund operations and pipeline development.

The most recent analyst rating on (BHVN) stock is a Hold with a $11.50 price target. To see the full list of analyst forecasts on Biohaven Ltd. stock, see the BHVN Stock Forecast page.

Biohaven Ltd. Raises $200M in Public Offering

On November 12, 2025, Biohaven Ltd. entered into an underwriting agreement with J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC for a public offering of up to 26,833,334 common shares at $7.50 per share. The following day, the company successfully issued and sold the full amount, including additional shares, raising approximately $200 million in gross proceeds, which will impact its financial operations and market positioning.

The most recent analyst rating on (BHVN) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Biohaven Ltd. stock, see the BHVN Stock Forecast page.