Biohaven (BHVN)

Executive Summary

Biohaven is a clinical-stage biopharmaceutical company focused on neurological, neuropsychiatric, immunological, and oncological diseases. Following the strategic divestiture of its migraine franchise to Pfizer in 2022, the company rebuilt a diversified pipeline leveraging proprietary platforms: glutamate modulation (troriluzole), Kv7 channel activation (BHV-7000), and myostatin inhibition (preclinical). Lead program troriluzole targets obsessive-compulsive disorder (Phase 3 completed, data expected) and spinocerebellar ataxia (Phase 2/3 completed, long-term follow-up ongoing). BHV-7000, a Kv7 activator, is in Phase 2/3 trials for focal and generalized epilepsy and Phase 2 for major depressive disorder. Earlier-stage assets include BHV-1400 for IgA nephropathy (Phase 1) and BHV-1530 for solid tumors (Phase 1). Key near-term catalysts include BHV-7000 focal epilepsy data, troriluzole OCD results, and potential regulatory milestones.

Upcoming Catalysts (preview)

• Q2 2026BHV-7000 Phase 2/3 Focal Epilepsy Top-line Data60% success
• Q3 2026Troriluzole Phase 3 Obsessive-Compulsive Disorder Data50% success
• Q4 2026BHV-7000 Phase 2 Major Depressive Disorder Interim Data40% success