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On August 21–22, 2025 the FDA informed Biohaven that an advisory committee meeting for the troriluzole NDA would no longer be required and that a regulatory decision remains expected in 4Q2025. On August 15, 2025 Biohaven filed a prospectus supplement registering the resale of 3,588,688 shares issued under the Knopp Amendment, which revised royalty and milestone obligations and replaced variable royalties with a flat mid-single-digit royalty for BHV‑7000 and related programs.
Technical Analysis
ADX at 19.75 signals no dominant trend on the daily timeframe, implying price action may stay range-bound absent a follow-through catalyst; this tempers conviction despite bullish directional cues.
DI+ shows a dip & reversal; DI‑ shows decreasing. Those directional readings align and create a bullish directional bias for the coming weeks, increasing the probability of upside continuation from current levels.
MACD currently registers 0.41 with the MACD trend increasing and the MACD above its signal line (0.21), which constitutes a bullish momentum confirmation and supports a near-term positive price bias relative to short-term averages.
MRO reads -12.49 with a peak & reversal. The negative MRO indicates price sits below its model target, implying potential for upward reversion toward model value over the near term.
RSI at 52.43 with an increasing trend shows momentum modestly favors buyers without entering overbought territory, consistent with constructive but not overextended short-term conditions.
Price trades above short-term moving averages and EMAs: current close $17.36 exceeds the 12‑day EMA ($15.90), 26‑day EMA ($15.42), 20‑day average ($15.67) and 50‑day average ($15.05), signaling short-term bullishness. Price remains below the 200‑day average ($22.18), indicating the longer-term structural downtrend persists and could cap significant rallies. SuperTrend lower support sits near $14.84, providing a defined nearer-term downside reference.
Fundamental Analysis
Loss metrics remain material: EBIT at -$211,701,000, EBITDA at -$209,723,000, and net income at -$198,147,000 for the period ending 2025-06-30. Operating cash flow stands negative at -$195,683,000 and free cash flow at -$168,169,000, producing a free cash flow yield of -10.41%.
Liquidity provides a meaningful cushion: cash and short‑term investments total $404,980,000 and cash alone equals $165,797,000. The current ratio equals 3.82, a QoQ increase of 63.68% and a YoY rise of 16.69%; the current ratio sits slightly below the industry peer mean of 3.92881 but within the same scale. Net working capital measures $350,503,000.
Leverage remains elevated: total debt equals $291,563,000 with debt to assets at 52.97% and debt to equity at 216.64%, both above the industry peer mean levels, reflecting a capital structure concentrated toward debt funding. Interest coverage ratio reads -25.73, reflecting operating losses relative to interest expense.
R&D spending runs high at $184,367,000, consistent with a development-stage biotechnology profile and supporting multiple late‑stage and pipeline programs including troriluzole (SCA Phase 3/approval pathway), BHV‑7000, BHV‑7000‑linked Kv7 programs, and several degrader and TRAP programs.
Earnings and valuation metrics: actual EPS equaled -$1.63 versus an estimate of -$1.57, an EPS surprise of -3.82%. Price/book sits at 12.01, above the industry peer mean book multiple of 5.26277 and above the industry peer median of 6.29484. Forward PE remains negative at -12.22 and PEG metrics are negative, reflecting the company’s current unprofitable status and elevated multiples driven by intangibles and R&D investment.
WMDST values the stock as under-valued based on available cash resources, pipeline optionality, and modelled discounted cash prospects adjusted for clinical and regulatory risk; that valuation coexists with elevated leverage and persistent operating cash burn, which constrain upside absent regulatory success or additional financing.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-11 |
| NEXT REPORT DATE: | 2025-11-04 |
| CASH FLOW | Begin Period Cash Flow | $ 102.7 M |
| Operating Cash Flow | $ -195.68 M | |
| Capital Expenditures | $ -233.00 K | |
| Change In Working Capital | $ 18.6 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 66.3 M | |
| End Period Cash Flow | $ 169.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | $ 2.0 M | |
| Depreciation and Amortization | $ 2.0 M | |
| Research and Development | $ 184.4 M | |
| Total Operating Expenses | $ 211.7 M | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | $ -209.72 M | |
| EBIT | $ -211.70 M | |
| Operating Income | $ -211.70 M | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | $ -197.89 M | |
| Tax Provision | $ 261.0 K | |
| Tax Rate | 21.0 % | |
| Net Income | $ -198.15 M | |
| Net Income From Continuing Operations | $ -198.15 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.57 | |
| EPS Actual | $ -1.63 | |
| EPS Difference | $ -0.06 | |
| EPS Surprise | -3.822 % | |
| Forward EPS | $ -1.58 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 550.4 M | |
| Intangible Assets | $ 19.8 M | |
| Net Tangible Assets | $ 114.8 M | |
| Total Current Assets | $ 474.8 M | |
| Cash and Short-Term Investments | $ 405.0 M | |
| Cash | $ 165.8 M | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | $ 3.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 19.6 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 124.3 M | |
| Net Debt | $ 91.3 M | |
| Total Debt | $ 291.6 M | |
| Total Liabilities | $ 415.8 M | |
| EQUITY | ||
| Total Equity | $ 134.6 M | |
| Retained Earnings | $ -1.77 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 1.32 | |
| Shares Outstanding | 105.782 M | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | $ 1.6 B |
| Enterprise Value | $ 1.5 B | |
| Enterprise Multiple | -7.165 | |
| Enterprise Multiple QoQ | -34.317 % | |
| Enterprise Multiple YoY | -21.832 % | |
| Enterprise Multiple IPRWA | high: 47.216 median: 14.143 mean: 5.44 BHVN: -7.165 low: -68.907 |
|
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 4.09 | |
| Asset To Liability | 1.324 | |
| Debt To Capital | 0.684 | |
| Debt To Assets | 0.53 | |
| Debt To Assets QoQ | 584.557 % | |
| Debt To Assets YoY | 8598.03 % | |
| Debt To Assets IPRWA | high: 0.995 BHVN: 0.53 mean: 0.186 median: 0.062 low: 0.0 |
|
| Debt To Equity | 2.166 | |
| Debt To Equity QoQ | 1483.011 % | |
| Debt To Equity YoY | 23320.0 % | |
| Debt To Equity IPRWA | BHVN: 2.166 high: 1.577 mean: 0.243 median: 0.059 low: -1.039 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 12.008 | |
| Price To Book QoQ | 16.282 % | |
| Price To Book YoY | 32.604 % | |
| Price To Book IPRWA | high: 16.592 BHVN: 12.008 median: 6.295 mean: 5.263 low: -10.064 |
|
| Price To Earnings (P/E) | -8.399 | |
| Price To Earnings QoQ | -30.552 % | |
| Price To Earnings YoY | -18.751 % | |
| Price To Earnings IPRWA | high: 44.732 BHVN: -8.399 mean: -11.237 median: -13.692 low: -73.374 |
|
| PE/G Ratio | -0.459 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | -12.219 | |
| Forward PE/G | -0.668 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | -0.118 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 391.7 M | |
| Net Invested Capital | $ 391.7 M | |
| Invested Capital | $ 391.7 M | |
| Net Tangible Assets | $ 114.8 M | |
| Net Working Capital | $ 350.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 3.257 | |
| Current Ratio | 3.819 | |
| Current Ratio QoQ | 63.678 % | |
| Current Ratio YoY | 16.689 % | |
| Current Ratio IPRWA | high: 25.128 mean: 3.929 BHVN: 3.819 median: 2.52 low: 0.021 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -1.39 | |
| Cost Of Debt | 3.975 % | |
| Interest Coverage Ratio | -25.726 | |
| Interest Coverage Ratio QoQ | -4.45 % | |
| Interest Coverage Ratio YoY | -36.573 % | |
| Interest Coverage Ratio IPRWA | high: 940.414 mean: 44.621 median: 2.742 BHVN: -25.726 low: -1580.294 |
|
| Operating Cash Flow Ratio | -1.574 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 19.93 % | |
| Revenue Growth | — | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | — | |
| Revenue Growth IPRWA | — | |
| Earnings Growth | 18.293 % | |
| Earnings Growth QoQ | 5.758 % | |
| Earnings Growth YoY | -72.053 % | |
| Earnings Growth IPRWA | high: 155.0 % BHVN: 18.293 % median: 11.33 % mean: 2.361 % low: -181.25 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -168.17 M | |
| Free Cash Flow Yield | -10.406 % | |
| Free Cash Flow Yield QoQ | 68.409 % | |
| Free Cash Flow Yield YoY | 111.762 % | |
| Free Cash Flow Yield IPRWA | high: 36.371 % median: 0.516 % mean: -0.324 % BHVN: -10.406 % low: -74.318 % |
|
| Free Cash Growth | 1.561 % | |
| Free Cash Growth QoQ | -151.214 % | |
| Free Cash Growth YoY | -97.622 % | |
| Free Cash Growth IPRWA | high: 157.51 % median: 13.562 % mean: 3.843 % BHVN: 1.561 % low: -183.577 % |
|
| Free Cash To Net Income | 0.849 | |
| Cash Flow Margin | — | |
| Cash Flow To Earnings | 0.988 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | -39.262 % | |
| Return On Assets QoQ | -4.886 % | |
| Return On Assets YoY | -38.537 % | |
| Return On Assets IPRWA | high: 36.544 % median: 1.616 % mean: -1.344 % BHVN: -39.262 % low: -68.545 % |
|
| Return On Capital Employed (ROCE) | -49.684 % | |
| Return On Equity (ROE) | -1.472 | |
| Return On Equity QoQ | 72.343 % | |
| Return On Equity YoY | 76.678 % | |
| Return On Equity IPRWA | high: 1.117 median: 0.04 mean: 0.01 BHVN: -1.472 low: -1.572 |
|
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | -42.702 % | |
| Return On Invested Capital QoQ | -36.692 % | |
| Return On Invested Capital YoY | -170.187 % | |
| Return On Invested Capital IPRWA | high: 53.785 % median: 3.175 % mean: 1.56 % BHVN: -42.702 % low: -71.959 % |
|