Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Biohaven Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Research and development
98.5
181
437
373
796
635
General and administrative
16
37.4
131
62.8
89.2
110
Operating expenses
115
219
568
Operating income
-115
-219
-568
-436
-885
-745
Interest income
3.24
17.9
21.5
14.7
Other non-operating income
-4.16
6.47
-1.91
26.5
39.4
8
Pre-tax income
-119
-212
-570
-410
-846
-737
Income tax
0
1.37
0.44
-1.38
0.74
1.44
Net income
-119
-214
-570
-408
-846
-739
EBITDA
-114
-218
-567
-429
-877
-735
EPS, basic
-3.01
-5.43
-12.75
-5.73
-9.28
-6.86
EPS, diluted
-3.01
-5.43
-12.75
-5.73
-9.28
-6.86
Shares, basic (weighted)
39.4
39.4
44.7
71.2
91.2
108
Shares, diluted (weighted)
39.4
39.4
44.7
71.2
91.2
108
Balance sheet
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
82.5
76.1
205
248
99.1
230
Short-term investments
0
260
133
387
89.2
Other current assets
2.12
19.3
12.1
3.11
2.17
Total current assets
94.8
587
442
538
368
Property, plant and equipment
13
17.5
17.2
17.3
16
Lease right-of-use assets
5.22
34.9
31.4
36.4
45.1
Goodwill
1.39
1.39
1.39
1.39
1.39
Intangible assets
18.4
18.4
18.4
18.4
18.4
Other non-current assets
14.4
37.5
33.8
39.5
47.4
Total assets
142
662
513
615
451
Accounts payable
4.78
10.7
15.6
18
11.6
Accrued liabilities
37.2
44.1
39.8
51.5
104
Total current liabilities
41.9
90
55.4
154
116
Long-term debt
0
239
Lease liabilities
2.8
30.6
27.6
32.8
40
Other non-current liabilities
2.64
2.41
2.25
4.66
4.58
Total liabilities
47.4
123
85.2
192
399
Paid-in capital
0
13.9
39.8
112
194
Retained earnings
0
-91.1
-499
-1,346
-2,085
Other comprehensive income
0
0.28
-0.07
0.08
8.35
Shareholders' equity
16.8
34.7
539
428
423
52.1
Total equity
16.8
34.7
539
428
423
52.1
Total liabilities and equity
142
662
513
615
451
Shares outstanding
0
68.2
81.1
101
133
Cash flow statement
FY2020
FY2022
FY2022
FY2023
FY2024
FY2025
Net income
-119
-214
-570
-408
-846
-739
Depreciation and amortization
0.07
1.39
1.39
6.91
7.86
9.92
Stock-based compensation
29.5
65.6
194
28.8
72
112
Deferred income tax
0
0
0
0
0
0
Change in payables
0.22
1.03
5.93
4.87
0.71
-6.39
Cash from operations
-76
-146
-298
-332
-582
-609
Capital expenditures
-1.1
-0.94
-6.07
-3.05
-4.05
-0.72
Purchases of investments
0
0
-260
-194
-746
-267
Sales and maturities of investments
0
0
322
504
570
Cash from investing
-2.7
0.94
-305
130
-245
301
Stock issued
0
0
284
243
666
189
Cash from financing
152
138
768
212
678
439
Exchange rate effect
0
0
0.43
-0.5
0.08
-0
Net change in cash
73.6
-6.45
166
9.52
-150
130
Free cash flow
-77.1
-147
-304
-335
-587
-610
Interest paid
0
0.11
0
0
0.13
0.22
Income taxes paid
2.76
16.6
38.2
-33.3
-10.4
0.13
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $12.99 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-4,802.0%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-158.3%
Net income / average total assets.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
-87.7%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-54.1%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
25.4%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
-26.6%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-12.0%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
18.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
34.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
22.3%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
4.73x
Current assets / current liabilities.
Quick ratio
4.28x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.28x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$3.40
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$3.39
Cash from operations / diluted weighted shares.
Book value per share
$0.08
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
161x
Market cap / shareholders' equity. Only when equity is positive.
FCF yield
-26.1%
Free cash flow / market cap.
Earnings yield
-29.9%
Net income / market cap (the inverse of P/E).
Was Biohaven Ltd. profitable in fiscal 2025?
No. It reported a net loss of $738.8M.
How much free cash flow did Biohaven Ltd. generate in fiscal 2025?
Cash from operations of $609.4M minus capital expenditures of $715.0K left free cash flow of -$610.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.