Biohaven Ltd. (NYSE: BHVN) is a clinical-stage biopharmaceutical company that focuses on developing treatments for a range of diseases, particularly in the fields of neuroscience, immunology, and oncology. The company has reported a notable deterioration in its financial condition. During the first quarter of 2025, Biohaven registered a net loss of $221.7 million, or $2.17 per share, compared to a net loss of $179.5 million, or $2.20 per share, during the same period the previous year. This reflects a rise in losses on a per-share basis.

Total operating expenses for the first quarter were $221.6 million, a 21% increase from $183.2 million in the first quarter of 2024. Research and development (R&D) expenses amounted to $187.6 million, up from $156.0 million year-over-year, attributed largely to rising non-cash share-based compensation costs and increased spending on clinical trials. General and administrative (G&A) expenses rose to $34.0 million from $27.3 million, primarily driven by higher legal costs.

Biohaven’s cash, cash equivalents, marketable securities, and restricted cash totaled approximately $518 million as of April 30, 2025. This figure includes $250 million received under a capital agreement with Oberland Capital Management LLC, which could provide up to $600 million in funding to support the company’s commercial launch planning and ongoing business operations.

The firm completed the mid-cycle FDA review for its new drug application of troriluzole, aimed at treating spinocerebellar ataxia, and has a PDUFA date expected in the third quarter of 2025. Additionally, Biohaven presented 13 abstracts at the American Academy of Neurology Annual Meeting in April 2025, highlighting ongoing research in various therapeutic areas related to neurological and immunological diseases.

Adjusted net loss for the first quarter stood at $166.8 million, or $1.64 per share, as compared to an adjusted net loss of $144.6 million, or $1.77 per share, in the first quarter of 2024. Non-cash share-based compensation expenses reached $53.1 million in the first quarter of 2025, significantly higher than the $34.9 million reported in the previous year.

Overall, Biohaven’s financial results for the first quarter of 2025 indicate a noteworthy decline, with increasing operating expenses and net losses. The company’s financial position, while bolstered by recent capital inflows, is under pressure from rising expenses amid ongoing development initiatives.