Detailed financial statements for Biohaven Ltd. (BHVN): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Biohaven Ltd., a biopharmaceutical company, focuses on the discovery, development, and commercialization of treatments for immunology, neuroscience, and oncology therapeutic areas worldwide. It develops BHV-1300, which is in Phase 2 clinical trial to treat Graves' disease and rheumatoid arthritis; BHV-1400 that is in Phase 2 clinical trial for treating IgA nephropathy; BHV-1600, which is in Phase 1 clinical trial for the treatment of peripartum cardiomyopathy; BHV-8000 that i...
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
Balance sheet quality for BHVN: current ratio of 3.2, net cash position of $34.5M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $4.1M |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | -$4.1M |
| Research & Development | $344.7M | $98.5M | $181.5M | $437.1M | $373.3M | $795.9M | $635.1M |
| Selling, General & Admin | $134.4M | $16.0M | $37.4M | $130.9M | $62.8M | $89.2M | $106.2M |
| Operating Expenses | $479.1M | $114.5M | $218.9M | $567.9M | $436.1M | $885.1M | $741.2M |
| Operating Income | -$479.1M | -$114.5M | -$218.9M | -$567.9M | -$436.1M | -$885.1M | -$745.4M |
| EBITDA | -$479.1M | -$114.4M | -$211.0M | -$568.5M | -$402.6M | -$837.8M | -$727.5M |
| Interest Expense | -$12.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$528.4M | -$118.7M | -$212.4M | -$569.8M | -$409.6M | -$845.7M | -$737.4M |
| Income Tax | $419000 | 0 | $1.4M | $438000 | -$1.4M | $735000 | $1.4M |
| Net Income | -$528.8M | -$118.7M | -$213.8M | -$570.3M | -$408.2M | -$846.4M | -$738.8M |
| EPS | $-10.91 | $-3.31 | $-5.97 | $-12.75 | $-5.73 | $-9.28 | $-6.86 |
| EPS (Diluted) | $-10.91 | $-3.31 | $-5.97 | $-12.75 | $-5.73 | $-9.28 | $-6.86 |
| Shares Outstanding (Diluted) | $48.5M | $35.8M | $35.8M | $44.7M | $71.2M | $91.2M | $107.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$1.1M | -$960000 | 0 | 0 |
| Operating Income | -$169.4M | -$142.7M | -$130.4M | -$124.9M |
| EBITDA | -$172.1M | -$142.6M | -$127.9M | -$132.3M |
| Net Income | -$173.4M | -$145.6M | -$130.5M | -$137.3M |
| EPS | $-1.64 | $-1.21 | $-0.88 | $-0.91 |
| EPS (Diluted) | $-1.64 | $-1.21 | $-0.88 | $-0.91 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $131.5M | $264.2M | $316.7M | $82.5M | $76.1M | $204.9M | $248.4M | $99.1M | $230.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $260.5M | $133.4M | $386.9M | $89.2M |
| Receivables | 0 | 0 | 0 | 0 | $9.9M | $46.1M | $13.3M | $2.6M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $136.7M | $272.3M | $328.3M | $89.8M | $94.8M | $587.0M | $442.4M | $538.5M | $368.3M |
| Property, Plant & Equipment | $2.3M | $6.2M | $8.2M | $13.6M | $18.2M | $52.4M | $48.6M | $53.7M | $16.0M |
| Goodwill | 0 | 0 | 0 | 0 | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Intangible Assets | 0 | 0 | 0 | 0 | $18.4M | $18.4M | $18.4M | $18.4M | $18.4M |
| Total Assets | $146.9M | $290.0M | $344.3M | $111.5M | $142.1M | $661.8M | $513.2M | $615.1M | $451.4M |
| Accounts Payable | $4.7M | $10.8M | $14.1M | $2.8M | $4.8M | $10.7M | $15.6M | $18.0M | $11.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $9.4M | $19.5M | $66.2M | $29.9M | $41.9M | $90.0M | $55.4M | $154.2M | $115.9M |
| Long-term Debt | 0 | $117.5M | 0 | 0 | 0 | 0 | 0 | 0 | $238.9M |
| Total Liabilities | $14.9M | $139.1M | $351.7M | $34.7M | $47.4M | $123.0M | $85.2M | $191.7M | $399.4M |
| Retained Earnings | -$202.6M | -$443.6M | -$972.4M | 0 | 0 | -$91.1M | -$499.3M | -$1.35B | -$2.08B |
| Total Equity | $132.0M | $150.9M | -$7.4M | $16.8M | $34.7M | $538.8M | $428.0M | $423.4M | $52.1M |
| Total Debt | 0 | $117.5M | 0 | $3.6M | $2.8M | $33.6M | $30.9M | $36.6M | $284.6M |
| Net Debt | -$131.5M | -$146.7M | -$316.7M | -$78.9M | -$73.3M | -$431.7M | -$350.9M | -$449.4M | -$34.5M |
| Working Capital | $127.2M | $252.8M | $262.1M | $59.9M | $52.9M | $496.9M | $387.0M | $384.2M | $252.4M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $184.8M | $230.0M | $273.1M | $238.0M |
| Total Assets | $409.1M | $451.4M | $466.4M | $370.7M |
| Total Liabilities | $426.3M | $399.4M | $336.9M | $358.5M |
| Total Equity | -$17.2M | $52.1M | $129.5M | $12.2M |
| Total Debt | $314.2M | $284.6M | $286.2M | $297.0M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$127.2M | -$240.9M | -$528.8M | -$118.7M | -$213.8M | -$570.3M | -$408.2M | -$846.4M | -$738.8M |
| Depreciation & Amortization | 0 | 0 | 0 | $72000 | $1.4M | $1.4M | $6.9M | $7.9M | $9.9M |
| Stock-based Compensation | $13.2M | $16.9M | $55.0M | $29.5M | $65.6M | $193.6M | $28.8M | $72.0M | $112.4M |
| Change in Working Capital | $4.0M | $5.4M | $3.3M | $9.0M | $1.7M | -$28.6M | $24.6M | $16.8M | $1.4M |
| Operating Cash Flow | -$94.8M | -$197.1M | -$377.3M | -$76.0M | -$145.8M | -$297.7M | -$331.7M | -$582.5M | -$609.4M |
| Capital Expenditure | -$541000 | -$4.2M | -$2.5M | -$2.7M | -$938000 | -$41.1M | -$3.0M | -$4.0M | -$715000 |
| Acquisitions | 0 | 0 | 0 | 0 | $1.9M | 0 | 0 | $391000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$95.4M | -$201.3M | -$379.9M | -$78.7M | -$146.8M | -$338.8M | -$334.8M | -$586.5M | -$610.2M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$145.7M | -$130.7M | -$149.9M | -$85.1M |
| Capital Expenditure | -$13000 | -$8000 | 0 | -$454000 |
| Free Cash Flow | -$145.7M | -$130.7M | -$149.9M | -$85.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $21.5M | $17.0M | $28.3M | $19.2M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +77.6% | -80.2% | -166.7% | +28.4% | -107.4% | +12.7% |
| EPS Growth (YoY) | | +69.7% | -80.4% | -113.6% | +55.1% | -62.0% | +26.1% |
| Shares Change (YoY) | | -26.1% | +0.0% | +24.9% | +59.1% | +28.1% | +18.0% |
| FCF Growth (YoY) | | -111.1% | -88.7% | +79.3% | -86.6% | -130.8% | +1.2% | -75.2% | -4.0% |
| Effective Tax Rate | -0.1% | -0.0% | -0.6% | -0.1% | 0.3% | -0.1% | -0.2% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-7.83 | $-2.20 | $-4.10 | $-7.57 | $-4.70 | $-6.43 | $-5.67 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $48.5M | $35.8M | $35.8M | $44.7M | $71.2M | $91.2M | $107.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 24.30 |
| Current Ratio | 4.73 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | 0.00 | -0.67 | -2.21 | -1.22 | -1.09 | -7.47 | -4.02 | -1.65 |
| P/B | 0.00 | 0.00 | -47.68 | 15.58 | 7.54 | 1.15 | 7.12 | 8.05 | 23.33 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |