Biohaven Ltd
BHVNHealthcare|Biotechnology|USA
$15.55
-1.24 (-7.39%)
Tangible Book
$0.73
Financials
Financial Snapshot
Market Cap
$2.34B
Enterprise Value
$61.6M
Revenue (TTM)
$0.00
Net Income (TTM)
$-647.7M
Cash & Equivalents
—
Net Cash/Share
$0.07
Free Cash Flow (TTM)
$-594.5M
Operating CF (TTM)
$-594.2M
Debt/Equity
2.21
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$148.6M
Monthly Burn
$49.5M
Est. Runway
—
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $82.5M | $76.1M | $465.3M | $381.8M | $486.0M | $319.1M | $347.8M | |
| Operating Cash Flow | $-76.0M | $-145.8M | $-297.7M | $-331.7M | $-582.5M | $-609.4M | $-594.2M | |
| Free Cash Flow | $-78.7M | $-146.8M | $-338.8M | $-334.8M | $-586.5M | $-610.2M | $-594.5M | |
| Capital Expenditure | $-2.7M | $-938.0K | $-41.1M | $-3.0M | $-4.0M | $-715.0K | $-254.0K | |
| Financing Cash Flow | $152.2M | $138.4M | $767.6M | $211.9M | $677.8M | $439.1M | $617.8M |
R&D Spending
R&D (TTM)
$551.3M
R&D Intensity
—
R&D Growth YoY
-13.2%
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $98.5M | $181.5M | $437.1M | $373.3M | $795.9M | $635.1M | $551.3M | |
| R&D % of Revenue | — | — | — | — | — | — | — | |
| SG&A | $16.0M | $37.4M | $130.9M | $62.8M | $89.2M | $110.3M | $102.9M |
Income Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $98.5M | $181.5M | $437.1M | $373.3M | $795.9M | $635.1M | $551.3M | |
| SG&A | $16.0M | $37.4M | $130.9M | $62.8M | $89.2M | $110.3M | $102.9M | |
| Operating Income | $-114.5M | $-218.9M | $-567.9M | $-436.1M | $-885.1M | $-745.4M | $-654.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | $-118.7M | $-212.4M | $-569.8M | $-409.6M | $-845.7M | $-737.4M | $-646.6M | |
| Net Income | $-118.7M | $-213.8M | $-570.3M | $-408.2M | $-846.4M | $-738.8M | $-647.7M | |
| EPS (Diluted) | -3.31 | -5.97 | -12.75 | -5.73 | -9.28 | -6.86 | -5.67 | |
| EBITDA | $-114.4M | $-217.5M | $-566.5M | $-429.1M | $-877.3M | $-735.5M | $-644.2M | |
| Shares Out. (M) | 35.82 | 35.82 | 44.74 | 71.20 | 91.23 | 107.63 | 147.62 |
Balance Sheet
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $82.5M | $76.1M | $204.9M | $248.4M | $99.1M | $230.0M | $273.1M | |
| Marketable Securities | $0.00 | $0.00 | $260.5M | $133.4M | $386.9M | $89.2M | $74.7M | |
| Total Current Assets | $89.8M | $94.8M | $587.0M | $442.4M | $538.5M | $368.3M | $385.6M | |
| Total Assets | $111.5M | $142.1M | $661.8M | $513.2M | $615.1M | $451.4M | $466.4M | |
| Total Current Liabilities | $29.9M | $41.9M | $90.0M | $55.4M | $154.2M | $115.9M | $52.1M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $238.9M | $241.9M | |
| Total Liabilities | $34.7M | $47.4M | $123.0M | $85.2M | $191.7M | $399.4M | $336.9M | |
| Stockholders' Equity | $16.8M | $34.7M | $538.8M | $428.0M | $423.4M | $52.1M | $129.5M | |
| Retained Earnings | $0.00 | $0.00 | $-91.1M | $-499.3M | $-1.35B | $-2.08B | $-2.22B |
Cash Flow Statement
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-76.0M | $-145.8M | $-297.7M | $-331.7M | $-582.5M | $-609.4M | $-594.2M | |
| Capital Expenditure | $-2.7M | $-938.0K | $-41.1M | $-3.0M | $-4.0M | $-715.0K | $-254.0K | |
| Free Cash Flow | $-78.7M | $-146.8M | $-338.8M | $-334.8M | $-586.5M | $-610.2M | $-594.5M | |
| Investing Cash Flow | $-2.7M | $944.0K | $-304.8M | $129.8M | $-245.0M | $300.6M | $150.9M | |
| Financing Cash Flow | $152.2M | $138.4M | $767.6M | $211.9M | $677.8M | $439.1M | $617.8M | |
| Issuance of Stock | $0.00 | $0.00 | $283.8M | $243.2M | $666.2M | $189.2M | $368.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $250.0M | $0.00 | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $29.5M | $65.6M | $193.6M | $28.8M | $72.0M | $112.4M | $87.6M | |
| Net Change in Cash | $73.6M | $-6.4M | $165.5M | $9.5M | $-149.6M | $130.2M | $174.4M |
Dilution Tracker
Shares outstanding grew 312.1% over 5 years — significant dilution
Shares Outstanding
148M
5-Year Share Growth
+312.1%
Stock Issuance (TTM)
$368.1M
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 35.82 | 35.82 | 44.74 | 71.20 | 91.23 | 107.63 | 147.62 | |
| YoY Change % | — | 0.0% | 24.9% | 59.1% | 28.1% | 18.0% | 37.2% | |
| Stock Issuance | $0.00 | $0.00 | $283.8M | $243.2M | $666.2M | $189.2M | $368.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $29.5M | $65.6M | $193.6M | $28.8M | $72.0M | $112.4M | $87.6M |
Margins & Profitability
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 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% | - | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -707.2% | -830.7% | -198.9% | -84.4% | -198.8% | -310.8% | -579.8% | |
| ROA % | -106.4% | -168.6% | -141.9% | -69.5% | -150.0% | -138.5% | -138.6% | |
| R&D / Revenue | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.51
P/S—
Historical— / — / —
Industry Med.9.49
P/B18.08
Historical— / — / 18.08
Industry Med.2.93
EV/EBITDA-3.54
Historical-3.54 / — / —
Industry Med.13.02
EV/Revenue—
Historical— / — / —
Industry Med.8.59
P/FCF—
Historical— / — / —
Industry Med.27.13
Intrinsic Value Models
Tangible Book
$0.73
Net Current Assets
$0.320
Net-Net Working Capital
$0.07
| Metric | Trend | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 1.76 | 8.11 | 8.93 | 28.80 | 18.08 | |
| EV/EBITDA | 0.00 | 0.00 | -0.91 | -7.27 | -3.80 | -1.99 | -3.54 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
3
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $0.00M | $23.44M | $93.17M |
| Net Income | $-452.15M | $-421.47M | $-391.03M |
| EPS | -3.09 | -2.50 | -1.89 |
| Book Value per Share | -0.03 | -0.18 | -0.07 |
| Operating Cash Flow per Share | -2.40 | -1.59 | -1.65 |
| Operating CF | $-354.28M | $-234.71M | $-243.93M |