Biohaven Ltd.
For the period ended Dec 31, 2025. Filed Mar 2, 2026.
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FY2025 · Filed Mar 2, 2026
BHVN$15.11-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
(Amounts in thousands)
| Year ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(738,822) | $(846,422) | $(408,168) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Non-cash share-based compensation | 112,361 | 71,963 | 28,787 |
| Acquisition of IPR&D asset | — | 10,811 | — |
| Depreciation and amortization | 9,922 | 7,855 | 6,912 |
| Issuance of common shares as payment for license agreement | 4,844 | 71,627 | 21,814 |
| Change in fair value of notes payable | (8,700) | — | — |
| Obligation to issue common shares as payment for license agreements and other arrangements | — | 8,554 | — |
| Fair value of forward contract and derivative liabilities under license agreement | — | 102,529 | — |
| Change in fair value of forward contract and derivative liabilities | 9,426 | (17,819) | — |
| Issuance of warrant under license agreement | — | 3,340 | — |
| Other non-cash items | 174 | (11,702) | (5,683) |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses, income tax receivable, and other current and non-current assets | 3,531 | 8,043 | 27,176 |
| Accounts payable | (6,386) | 710 | 4,874 |
| Accrued expenses and other current and non-current liabilities | 4,212 | 8,058 | (7,437) |
| Net cash used in operating activities | $(609,438) | $(582,453) | $(331,725) |
| Cash flows from investing activities: | |||
| Proceeds from maturities of marketable securities | 570,000 | 504,364 | 322,079 |
| Proceeds from sales of marketable securities | — | — | 4,920 |
| Purchases of marketable securities | (266,875) | (745,680) | (194,121) |
| Purchases of property and equipment | (715) | (4,049) | (3,048) |
| Cash acquired from acquisition of IPR&D asset | — | 391 | — |
| Other investing activities | (1,849) | — | — |
| Net cash provided by (used in) investing activities | $300,561 | $(244,974) | $129,830 |
| Cash flows from financing activities: | |||
| Change in restricted cash due to Former Parent | — | — | (35,212) |
| Proceeds from issuance of notes payable | 250,000 | — | — |
| Proceeds from issuance of common shares | 189,175 | 666,165 | 243,225 |
| Payments of issuance costs | (1,697) | (2,150) | (800) |
| Proceeds from issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan | 1,833 | 11,501 | 4,695 |
| Other financing activities | (194) | 2,258 | — |
| Net cash provided by financing activities | $439,117 | $677,774 | $211,908 |
| Effect of exchange rates on cash, cash equivalents and restricted cash | (3) | 75 | (497) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 130,237 | (149,578) | 9,516 |
| Cash, cash equivalents and restricted cash at beginning of period | 102,542 | 252,120 | 242,604 |
| Cash, cash equivalents and restricted cash at end of period | $232,779 | $102,542 | $252,120 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | $216 | $125 | $— |
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