BHVN Biohaven Ltd. Common Shares
NYSE · Biotechnology · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 10, 2026
$12.87
· of 52w range
· above low
· to high
$7.4852w low
$18.5752w high
Market Cap (MRQ)
$1.94B
P/E
-1.9
EPS
$-6.86
your badges
52W Range
$7–$19
Analyst Rating
BUY
Price Target
$21
P/E
-1.9
ROE
-310.8%
Net Profit Margin
·
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BHVN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$12.87
Market Cap (MRQ)
$1.94B
P/E
-1.9
EPS
$-6.86
ROE
-310.8%
52W Range
$7–$19
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10-Year Performance Revenue, net income, margins and EPS trends
EPS$-6.862020-12-31 → 2025-12-31
Free Cash Flow$-610M2022-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | BHVN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -1.95Y avg ≈-3.6 | ≈-3.6 | · | · | |
| P/B (MRQ) | 159.05Y avg ≈11.9 | ≈11.9 | 4.3 | Overvalued | |
| Price / FCF (TTM) | -3.85Y avg ≈-5.6 | ≈-5.6 | · | · | |
| Price / Cash Flow (TTM) | -3.85Y avg ≈-5.6 | ≈-5.6 | · | · | |
| Price / Tangible Book (MRQ) | -314.65Y avg ≈16.5 | ≈16.5 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | BHVN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA | -138.5%5Y avg ≈-125.0% | ≈-125.0% | -36.1% | Weak | |
| ROE | -310.8%5Y avg ≈-199.1% | ≈-199.1% | -60.0% | Weak | |
| ROIC | -1434.2%5Y avg ≈-462.6% | ≈-462.6% | -62.7% | Weak |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | BHVN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 4.75Y avg ≈5.3 | ≈5.3 | 5.5 | Low liquidity | |
| Quick Ratio | 2.85Y avg ≈4.5 | ≈4.5 | 4.5 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-4.8%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 10, 2026 | $-0.91 | $-0.75 | -21.7% |
| March 31, 2026 | $-0.88 | $-0.84 | -4.2% | |
| Dec. 31, 2025 | $-1.21 | $-1.32 | 8.0% | |
| Sept. 30, 2025 | $-1.64 | $-1.93 | 15.0% | |
| June 30, 2025 | $-1.94 | $-1.93 | -0.55% | |
| March 31, 2025 | $-2.17 | $-1.73 | -25.5% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| R&D Expense | $635M | $796M | $373M | $437M | $181M | |
| SG&A Expense | $110M | $89M | $63M | $131M | $37M | |
| Operating Expenses | $745M | $885M | $436M | $568M | $219M | |
| Operating Income | $-745M | $-885M | $-436M | $-568M | $-219M | |
| Other Non-op | $8M | $39M | $26M | $-2M | $1M | |
| Pretax Income | $-737M | $-846M | $-410M | $-570M | $-212M | |
| Income Tax | $1M | $735.0K | $-1M | $438.0K | $1M | |
| Net Income | $-739M | $-846M | $-408M | $-570M | $-214M | |
| EPS (Basic) | $-6.86 | $-9.28 | $-5.73 | $-12.75 | $-5.43 | |
| EPS (Diluted) | $-6.86 | $-9.28 | $-5.73 | $-12.75 | $-5.43 | |
| Shares (Basic) | 107,624,885 | 91,234,337 | 71,200,527 | 44,741,316 | 39,375,944 | |
| Shares (Diluted) | 107,624,885 | 91,234,337 | 71,200,527 | 44,741,316 | 39,375,944 | |
| EBITDA | $-735M | $-877M | $-429M | $-567M | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $230M | $99M | $248M | $205M | $76M | |
| Short-term Investments | $89M | $387M | $133M | $260M | $0 | |
| Prepaid Expense | $47M | $49M | $35M | $21M | $7M | |
| Other Current Assets | $2M | $3M | $12M | $19M | $2M | |
| Current Assets | $368M | $538M | $442M | $587M | $95M | |
| PP&E (Net) | $16M | $17M | $17M | $18M | $13M | |
| Accum. Depreciation | $16M | $12M | $8M | $5M | $3M | |
| Goodwill | $1M | $1M | $1M | $1M | $1M | |
| Intangibles | $18M | $18M | $18M | $18M | $18M | |
| Other Non-current Assets | $47M | $40M | $34M | $38M | $14M | |
| Total Assets | $451M | $615M | $513M | $662M | $142M | |
| Accounts Payable | $12M | $18M | $16M | $11M | $5M | |
| Accrued Liabilities | $104M | $51M | $40M | $44M | $37M | |
| Current Liabilities | $116M | $154M | $55M | $90M | $42M | |
| Capital Leases | $40M | $33M | $28M | $31M | $3M | |
| Other Non-current Liabilities | $5M | $5M | $2M | $2M | $3M | |
| Total Liabilities | $399M | $192M | $85M | $123M | $47M | |
| Common Stock | $1.93B | $1.66B | $888M | $616M | $0 | |
| Paid-in Capital | $194M | $112M | $40M | $14M | $0 | |
| Retained Earnings | $-2.08B | $-1.35B | $-499M | $-91M | $0 | |
| AOCI | $8M | $79.0K | $-65.0K | $284.0K | $0 | |
| Stockholders' Equity | $52M | $423M | $428M | $539M | $35M | |
| Liabilities + Equity | $451M | $615M | $513M | $662M | $142M | |
| Shares Outstanding | 132,775,113 | 101,221,989 | 81,115,723 | 68,190,479 | 0 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| D&A | $10M | $8M | $7M | $1M | $1M | |
| Stock-based Comp | $112M | $72M | $29M | $194M | $66M | |
| Deferred Tax | $0 | $0 | $0 | $0 | $0 | |
| Other Non-cash | $7M | $184M | $41M | $78M | · | |
| Operating Cash Flow | $-609M | $-582M | $-332M | $-298M | $-146M | |
| CapEx | $715.0K | $4M | $3M | $6M | $938.0K | |
| Investing Cash Flow | $301M | $-245M | $130M | $-305M | $944.0K | |
| Stock Issued | $189M | $666M | $243M | $284M | $0 | |
| Net Stock Activity | $189M | $666M | $243M | $284M | · | |
| Financing Cash Flow | $439M | $678M | $212M | $768M | $138M | |
| Net Change in Cash | $130M | $-150M | $10M | $166M | $-6M | |
| Taxes Paid | $133.0K | $-10M | $-33M | $38M | $17M | |
| Free Cash Flow | $-610M | $-587M | $-335M | $-304M | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| ROA | -138.5% | -150.0% | -69.5% | -141.9% | · | |
| ROE | -310.8% | -198.8% | -84.4% | -202.3% | · | |
| ROIC | -1434.2% | -209.2% | -101.5% | -105.5% | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.5 | 8.0 | 6.5 | · | |
| Quick Ratio | 2.8 | 3.2 | 6.9 | 5.2 | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Book Value / Share | $0.39 | $4.18 | $5.28 | $7.90 | · | |
| Cash Flow / Share | $-5.66 | $-6.38 | $-4.66 | $-6.65 | · | |
| Cash / Share | $1.73 | $0.98 | $3.06 | $3.00 | · | |
| EPS (TTM) | $-6.86 | $-9.28 | $-5.73 | $-12.75 | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
| Net Income TTM | $-739M | $-846M | $-408M | $-570M | · | |
| Market Cap | $1.50B | $3.78B | $3.47B | $946M | · | |
| P/E | -1.6 | -4.0 | -7.5 | -1.1 | · | |
| P/B | 28.8 | 8.9 | 8.1 | 1.8 | · | |
| P / Tangible Book | 46.4 | 9.4 | 8.5 | 1.8 | · | |
| P / Cash Flow | -2.5 | -6.5 | -10.5 | -3.2 | · | |
| P / FCF | -2.5 | -6.4 | -10.4 | -3.1 | · | |
| Earnings Yield | -60.8% | -24.9% | -13.4% | -91.9% | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| R&D Expense | $101M | $104M | $122M | $141M | $184M | $188M | $167M | $158M | $315M | $156M | $135M | $96M | $79M | $63M | $53M | $177M | |
| SG&A Expense | $24M | $27M | $21M | $28M | $27M | $34M | $22M | $21M | $19M | $27M | $19M | $15M | $15M | $14M | $15M | $20M | |
| Operating Expenses | $125M | $130M | $143M | $169M | $212M | $222M | $190M | $178M | $334M | $183M | $154M | $111M | $94M | $78M | $68M | $197M | |
| Operating Income | $-125M | $-130M | $-143M | $-169M | $-212M | $-222M | $-190M | $-178M | $-334M | $-183M | $-154M | $-111M | $-94M | $-78M | $-68M | $-197M | |
| Other Non-op | $-12M | $168.0K | $-2M | $-4M | $14M | $493.0K | $3M | $18M | $14M | $4M | $8M | $5M | $6M | $8M | $0 | $-67.0K | |
| Pretax Income | $-137M | $-130M | $-145M | $-173M | $-198M | $-221M | $-187M | $-160M | $-320M | $-179M | $-146M | $-106M | $-88M | $-70M | $-68M | $-197M | |
| Income Tax | $391.0K | $272.0K | $351.0K | $221.0K | $261.0K | $609.0K | $48.0K | $-59.0K | $177.0K | $569.0K | $-1M | $-3M | $2M | $939.0K | $1M | $6M | |
| Net Income | $-137M | $-131M | $-146M | $-173M | $-198M | $-222M | $-187M | $-160M | $-320M | $-180M | $-145M | $-103M | $-90M | $-70M | $-69M | $-203M | |
| EPS (Basic) | $-0.91 | $-0.88 | $-1.11 | $-1.64 | $-1.94 | $-2.17 | $-1.74 | $-1.70 | $-3.64 | $-2.20 | $-1.88 | $-1.50 | $-1.32 | $-1.03 | $-1.75 | $-5.16 | |
| EPS (Diluted) | $-0.91 | $-0.88 | $-1.11 | $-1.64 | $-1.94 | $-2.17 | $-1.74 | $-1.70 | $-3.64 | $-2.20 | $-1.88 | $-1.50 | $-1.32 | $-1.03 | $-1.75 | $-5.16 | |
| Shares (Basic) | 150,636,620 | 147,615,197 | · | 105,815,038 | 102,372,820 | 101,943,396 | · | 94,372,159 | 87,766,069 | 81,601,826 | · | 68,320,125 | 68,248,023 | 68,206,879 | 39,375,944 | 39,375,944 | |
| Shares (Diluted) | 150,636,620 | 147,615,197 | · | 105,815,038 | 102,372,820 | 101,943,396 | · | 94,372,159 | 87,766,069 | 81,601,826 | · | 68,320,125 | 68,248,023 | 68,206,879 | 39,375,944 | 39,375,944 | |
| EBITDA | $-125M | $-128M | · | $-169M | $-212M | $-219M | · | $-178M | $-334M | $-182M | · | $-111M | $-94M | $-76M | $-68M | · |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $238M | $273M | $230M | $185M | $166M | $98M | $99M | $84M | $239M | $183M | $248M | $112M | $148M | $125M | $51M | · | |
| Short-term Investments | $30M | $75M | $89M | $75M | $239M | $224M | $387M | $294M | $198M | $101M | · | $129M | $188M | $263M | · | · | |
| Prepaid Expense | $27M | $35M | $47M | $55M | $61M | $56M | $49M | $55M | $60M | $46M | · | $34M | $28M | $26M | $18M | · | |
| Other Current Assets | $2M | $3M | $2M | $8M | $8M | $4M | $3M | $1M | $7M | $11M | · | $23M | $22M | $25M | $12M | · | |
| Current Assets | $297M | $386M | $368M | $324M | $475M | $383M | $538M | $440M | $511M | $349M | · | $311M | $434M | $544M | $81M | · | |
| PP&E (Net) | $15M | $15M | $16M | $18M | $19M | $18M | $17M | $18M | $19M | $17M | · | $18M | $17M | $17M | $17M | · | |
| Accum. Depreciation | $17M | $17M | $16M | $15M | $14M | $13M | $12M | $11M | $10M | $9M | · | $7M | $6M | $6M | $5M | · | |
| Goodwill | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $1M | $1M | $1M | $1M | · | |
| Intangibles | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | $18M | · | $18M | $18M | $18M | $18M | · | |
| Other Non-current Assets | $39M | $46M | $47M | $48M | $37M | $39M | $40M | $32M | $33M | $33M | · | $35M | $36M | $37M | $18M | · | |
| Total Assets | $371M | $466M | $451M | $409M | $550M | $459M | $615M | $511M | $583M | $419M | · | $383M | $507M | $619M | $136M | · | |
| Accounts Payable | $12M | $10M | $12M | $17M | $20M | $19M | $18M | $20M | $17M | $36M | · | $10M | $12M | $14M | $5M | · | |
| Accrued Liabilities | $51M | $42M | $104M | $74M | $79M | $57M | $51M | $64M | $58M | $50M | · | $53M | $35M | $38M | $24M | · | |
| Current Liabilities | $63M | $52M | $116M | $113M | $124M | $164M | $154M | $152M | $156M | $87M | · | $62M | $88M | $114M | $28M | · | |
| Capital Leases | $33M | $38M | $40M | $40M | $30M | $31M | $33M | $25M | $26M | $27M | · | $28M | $29M | $30M | $4M | · | |
| Other Non-current Liabilities | $3M | $5M | $5M | $5M | $5M | $5M | $5M | $5M | $4M | $3M | · | $2M | $3M | $2M | $7M | · | |
| Total Liabilities | $359M | $337M | $399M | $426M | $416M | $199M | $192M | $195M | $199M | $117M | · | $93M | $119M | $146M | $35M | · | |
| Common Stock | $2.14B | $2.13B | $1.93B | $1.74B | $1.74B | $1.69B | $1.66B | $1.38B | $1.30B | $911M | · | $619M | $618M | $616M | · | · | |
| Paid-in Capital | $220M | $203M | $194M | $178M | $157M | $137M | $112M | $93M | $84M | $69M | · | $26M | $22M | $17M | · | · | |
| Retained Earnings | $-2.35B | $-2.22B | $-2.08B | $-1.94B | $-1.77B | $-1.57B | $-1.35B | $-1.16B | $-999M | $-679M | · | $-355M | $-252M | $-162M | · | · | |
| AOCI | $5M | $8M | $8M | $36.0K | $-3.0K | $73.0K | $79.0K | $140.0K | $-78.0K | $-106.0K | · | $158.0K | $20.0K | $166.0K | · | · | |
| Stockholders' Equity | $12M | $130M | $52M | $-17M | $135M | $259M | $423M | $316M | $384M | $301M | $428M | $290M | $387M | $472M | $100M | · | |
| Liabilities + Equity | $371M | $466M | $451M | $409M | $550M | $459M | $615M | $511M | $583M | $419M | · | $383M | $507M | $619M | $136M | · | |
| Shares Outstanding | 151,017,531 | 150,506,490 | 132,775,113 | 105,803,655 | 105,782,447 | 102,104,024 | 101,221,989 | 94,899,193 | 92,346,332 | 81,807,221 | · | 68,364,143 | 68,316,953 | 68,212,479 | 100 | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $2M | $2M | $3M | $3M | $2M | $2M | $2M | $2M | $2M | $1M | $2M | $2M | $2M | $2M | $377.0K | $415.0K | |
| Stock-based Comp | $19M | $28M | $17M | $22M | $21M | $53M | $13M | $12M | $12M | $35M | $16M | $4M | $5M | $4M | $17M | $21M | |
| Other Non-cash | · | $-50M | · | · | · | $1M | · | · | · | $41M | · | · | · | $-13M | · | · | |
| Operating Cash Flow | $-85M | $-150M | $-131M | $-146M | $-168M | $-165M | $-171M | $-141M | $-168M | $-103M | $-115M | $-95M | $-44M | $-78M | $-96M | $-68M | |
| CapEx | $454.0K | $0 | $8.0K | $13.0K | $233.0K | $461.0K | $49.0K | $611.0K | $3M | $440.0K | $470.0K | $1M | $595.0K | $735.0K | $5M | $1M | |
| Investing Cash Flow | $45M | $15M | $-14M | $165M | $-16M | $165M | $-88M | $-93M | $-98M | $34M | $-4M | $59M | $76M | $-1M | $-5M | $-36M | |
| Stock Issued | $0 | $179M | $189M | $0 | $0 | $0 | $271M | $76M | · | · | $243M | $0 | · | · | · | · | |
| Net Stock Activity | · | $179M | · | · | · | · | · | · | · | · | · | · | · | · | · | · | |
| Financing Cash Flow | $4M | $179M | $189M | $122.0K | $250M | $369.0K | $273M | $80M | $321M | $3M | $245M | $-40M | $-20M | $27M | $128M | $87M | |
| Net Change in Cash | $-36M | $44M | $44M | $19M | $66M | $147.0K | $15M | $-154M | $55M | $-65M | $126M | $-76M | $11M | $-52M | $27M | $-17M | |
| Free Cash Flow | · | $-150M | · | · | · | $-166M | · | · | · | $-103M | · | · | · | $-78M | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROA | -29.8% | -28.2% | · | -37.7% | -35.0% | -50.5% | · | -35.9% | -58.7% | -34.6% | · | -39.6% | -35.7% | -22.8% | -101.5% | · | |
| ROE | -187.1% | -67.1% | · | -116.1% | -76.5% | -79.0% | · | -52.9% | -83.0% | -46.4% | · | -52.6% | -46.7% | -29.8% | -137.4% | · | |
| ROIC | -1024.8% | -100.9% | · | 988.3% | -157.5% | -85.6% | · | -56.4% | -87.0% | -61.0% | · | -36.9% | -24.9% | -16.7% | -68.7% | · |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.7 | 7.4 | · | 2.9 | 3.8 | 2.3 | · | 2.9 | 3.3 | 4.0 | · | 5.0 | 4.9 | 4.8 | 2.8 | · | |
| Quick Ratio | 4.3 | 6.7 | · | 2.3 | 3.3 | 2.0 | · | 2.5 | 2.8 | 3.3 | · | 3.9 | 3.8 | 3.4 | 1.8 | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $0.08 | $0.86 | · | $-0.16 | $1.27 | $2.54 | · | $3.33 | $4.16 | $3.68 | · | $4.24 | $5.67 | $6.92 | $1002160.00 | · | |
| Cash Flow / Share | · | $-1.02 | · | · | · | $-1.62 | · | · | · | $-1.26 | · | · | · | $-1.14 | · | · | |
| Cash / Share | $1.58 | $1.81 | · | $1.75 | $1.57 | $0.96 | · | $0.89 | $2.59 | $2.23 | · | $1.63 | $2.16 | $1.83 | $506680.00 | · | |
| EPS (TTM) | $-4.54 | $-5.57 | · | $-7.49 | $-7.55 | $-9.25 | · | $-9.42 | $-9.22 | $-6.90 | · | $-7.23 | $-7.48 | $-11.32 | $-10.69 | $-10.32 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income TTM | $-587M | $-648M | · | $-780M | $-767M | $-889M | · | $-804M | $-747M | $-517M | · | $-465M | $-431M | $-544M | $-421M | $-407M | |
| Market Cap | $2.25B | $1.27B | · | $1.59B | $1.49B | $2.45B | · | $4.74B | $3.21B | $4.47B | · | $1.78B | $1.63B | $932M | $616 | · | |
| P/E | -3.3 | -1.5 | · | -2.0 | -1.9 | -2.6 | · | -5.3 | -3.8 | -7.9 | · | -3.6 | -3.2 | -1.2 | -0.6 | · | |
| P/B | 183.9 | 9.8 | · | -92.5 | 11.1 | 9.5 | · | 15.0 | 8.4 | 14.8 | · | 6.1 | 4.2 | 2.0 | 0.0 | · | |
| P / Tangible Book | · | 11.6 | · | · | 13.0 | 10.2 | · | 16.0 | 8.8 | 15.9 | · | 6.6 | 4.4 | 2.1 | 0.0 | · | |
| P / Cash Flow | · | -8.5 | · | · | · | -14.9 | · | · | · | -43.6 | · | · | · | -12.0 | · | · | |
| Earnings Yield | -30.5% | -65.8% | · | -49.9% | -53.5% | -38.5% | · | -18.9% | -26.6% | -12.6% | · | -27.8% | -31.3% | -82.9% | -173.6% | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Net Income | $-739M | $-846M | $-408M | $-570M | $-214M |
| Diluted EPS | $-6.86 | $-9.28 | $-5.73 | $-12.75 | $-5.43 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Current Ratio | 3.2 | 3.5 | 8.0 | 6.5 | · |
| Quick Ratio | 2.8 | 3.2 | 6.9 | 5.2 | · |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $-610M | $-587M | $-335M | $-304M | · |
Institutional owners (13F) 326 filers · $2.3B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
326
Value held
$2.3B
New positions
55
Exited positions
31
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 55 (+3 vs prior Q) | 31 (-6 vs prior Q) | 110 (-5 vs prior Q) | 84 (+14 vs prior Q) | -8.9M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $196,573,505 | 13,210,585 | 8.61% | Shares |
| MONTANOVA CAPITAL, LLC | $153,069,623 | 10,286,937 | 6.71% | Shares |
| JANUS HENDERSON GROUP PLC | $148,213,808 | 17,534,612 | 6.50% | Shares |
| STIFEL FINANCIAL CORP | $147,924,530 | 9,941,165 | 6.48% | Shares |
| Woodline Partners LP | $113,984,966 | 7,660,280 | 5.00% | Shares |
| STATE STREET CORP | $103,371,866 | 6,947,034 | 4.53% | Shares |
| INFINITUM ASSET MANAGEMENT, LLC | $93,000,000 | 6,250,000 | 4.08% | Shares |
| RP Management, LLC | $70,593,628 | 2,936,507 | 3.09% | Shares |
| D. E. Shaw & Co., Inc. | $62,350,102 | 4,190,195 | 2.73% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $61,761,159 | 4,150,616 | 2.71% | Shares |
| VANGUARD GROUP INC | $49,630,230 | 4,395,946 | 2.18% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $49,460,273 | 3,323,190 | 2.17% | Shares |
| FMR LLC | $44,113,698 | 2,964,630 | 1.93% | Shares |
| Royalty Pharma Sub-Manager, LLC | $43,695,224 | 2,936,507 | 1.91% | Shares |
| Cormorant Asset Management, LP | $38,836,800 | 2,610,000 | 1.70% | Shares |
| GOLDMAN SACHS GROUP INC | $38,435,724 | 2,583,046 | 1.68% | Shares |
| UBS Group AG | $37,480,146 | 2,518,827 | 1.64% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $37,035,442 | 2,488,941 | 1.62% | Shares |
| Balyasny Asset Management L.P. | $27,970,442 | 1,879,734 | 1.23% | Shares |
| TCG Crossover Management, LLC | $26,485,686 | 1,779,952 | 1.16% | Shares |
| Nuveen, LLC | $25,955,690 | 1,744,334 | 1.14% | Shares |
| Rubric Capital Management LP | $25,615,816 | 1,721,493 | 1.12% | Shares |
| CITADEL ADVISORS LLC | $24,100,779 | 1,619,676 | 1.06% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $22,153,478 | 1,488,809 | 0.97% | Shares |
| BANK OF AMERICA CORP /DE/ | $21,990,229 | 1,477,838 | 0.96% | Shares |
| ARS Investment Partners, LLC | $20,447,873 | 1,374,185 | 0.90% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $18,219,399 | 1,224,422 | 0.80% | Shares |
| Capital Research Global Investors | $17,849,230 | 1,199,545 | 0.78% | Shares |
| NORTHERN TRUST CORP | $17,650,820 | 1,186,211 | 0.77% | Shares |
| MYDA Advisors LLC | $17,112,000 | 1,150,000 | 0.75% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $16,506,131 | 1,109,283 | 0.72% | Shares |
| STEMPOINT CAPITAL LP | $15,835,296 | 1,064,200 | 0.69% | Shares |
| Simplify Asset Management Inc. | $15,478,994 | 1,040,255 | 0.68% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $14,880,000 | 1,000,000 | 0.65% | Shares |
| Qube Research & Technologies Ltd | $13,480,313 | 905,935 | 0.59% | Shares |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | $13,134,933 | 882,724 | 0.58% | Shares |
| MORGAN STANLEY | $12,519,320 | 841,351 | 0.55% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $12,332,232 | 828,779 | 0.54% | Shares |
| Ikarian Capital, LLC | $11,132,933 | 748,181 | 0.49% | Shares |
| Erste Asset Management GmbH | $11,022,635 | 737,300 | 0.48% | Shares |
| 5AM Venture Management, LLC | $10,995,903 | 738,972 | 0.48% | Shares |
| Iron Triangle Partners LP | $10,819,613 | 958,336 | 0.47% | Shares |
| Integral Health Asset Management, LLC | $10,416,000 | 700,000 | 0.46% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $9,780,624 | 657,300 | 0.43% | Call option |
| MARSHALL WACE, LLP | $9,692,074 | 651,349 | 0.42% | Shares |
| Longaeva Partners L.P. | $8,926,557 | 599,903 | 0.39% | Shares |
| ORACLE INVESTMENT MANAGEMENT INC | $8,717,923 | 772,181 | 0.38% | Shares |
| Sarissa Capital Management LP | $8,664,803 | 582,312 | 0.38% | Shares |
| Pfizer Inc | $8,004,360 | 505,645 | 0.35% | Shares |
| Eversept Partners, LP | $7,675,164 | 515,804 | 0.34% | Shares |
Company insiders 13 insiders · 5 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Vlad Coric | Chief Executive Officer | Feb. 27, 2026 A | 1,803,968 | 2 | 0 | $4,999,996 |
| Matthew Buten | Chief Financial Officer | Feb. 27, 2026 A | 195,652 | 0 | 0 | $0 |
| Kimberly Gentile | SVP, Clinical Operations | Sept. 15, 2026 A | 99,557 | 0 | 0 | $0 |
| George C. Clark | VP, Chief Accounting Officer | Feb. 27, 2026 A | 66,978 | 1 | 0 | $144,840 |
| Bruce Car | Chief Scientific Officer | Feb. 27, 2026 A | 7,715 | 0 | 0 | $0 |
| Irina Antonijevic | Director | April 28, 2026 A | 2,535 | 0 | 0 | $0 |
| Kishan Mehta | Director | April 28, 2026 A | 17,342 | 0 | 0 | $0 |
| Michael Thomas Heffernan | Director | April 28, 2026 A | 15,178 | 0 | 0 | $0 |
| John W Childs | Director | April 28, 2026 A | 2,323,971 | 2 | 0 | $25,864,210 |
| Biohaven Pharmaceutical Holding Co Ltd. | 10% owner | Oct. 3, 2022 J | 0 | 0 | 0 | $0 |
| Gregory H. Bailey | · | April 28, 2026 A | 2,020,071 | 1 | 0 | $3,000,000 |
| Robert J Hugin | · | April 28, 2026 A | 12,959 | 0 | 0 | $0 |
| Julia P Gregory | · | April 28, 2026 A | 25,665 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 19 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| IBRN · iShares Trust | 1.68% | 9,836 SH | Sept. 11, 2026 | Daily |
| LABU · Direxion Shares ETF Trust | 0.35% | 128,814 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.13% | 255,530 SH | Oct. 2, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.13% | 120,245 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.12% | 143,177 SH | Aug. 19, 2026 | Daily |
| IBB · iShares Trust | 0.12% | 957,494 SH | Sept. 11, 2026 | Daily |
| IWO · iShares Trust | 0.11% | 1,252,927 SH | Sept. 11, 2026 | Daily |
| ESML · iShares Trust | 0.07% | 161,187 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.06% | 768,380 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.06% | 63,802 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.06% | 3,410,283 SH | Sept. 11, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.03% | 373,567 SH | Aug. 19, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.02% | 1,488,809 SH | Aug. 19, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 7,762 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.00% | 36,959 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.00% | 169,731 SH | Sept. 11, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 11,060 SH | Aug. 19, 2026 | Daily |
| ISCB · iShares Trust | · | 5,941 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 28,693 SH | Sept. 11, 2026 | Daily |
BHVN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 23 analysts
BUY
Median target
$20.00
+55.4%
7 30.4%
Strong Buy
11 47.8%
Buy
4 17.4%
Hold
1 4.3%
Sell
0 0.0%
Strong Sell
12-Month Price Target
15 analysts · 2026-10-01Mean target $21.27 +65.2%
Now
Current price $12.87
Low$10.00
Mean$21.27
High$42.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| BHVN | $1.50B | -1.6 | · | · | -310.8% | · |
| MLYS | $2.96B | -15.8 | · | · | -32.2% | · |
| BCRX | $1.66B | 6.4 | 94.1% | 30.2% | -97.6% | · |
| ZBIO | $1.98B | -4.3 | 100.0% | -3777.4% | -156.8% | · |
| VCEL | $1.82B | 112.5 | 16.4% | 6.0% | 5.0% | 74.4% |
| AGIO | $1.59B | -3.8 | 48.0% | -764.0% | -32.2% | · |
| VIR | $841M | -1.9 | -7.6% | -638.9% | -51.1% | · |
| PVLA | $1.30B | -28.2 | 65.3% | -1610.6% | -110.1% | · |
| ABSI | $529M | -4.2 | -38.2% | -4113.7% | -63.5% | · |
| SRPT | $2.26B | -3.0 | 15.6% | -32.5% | -57.1% | · |
| GENB | · | · | · | · | · | · |
Latest News Recent headlines mentioning this company
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Source: SEC 10-Q filed Aug 10, 2026