0001935979-24-000085 | 10-Q | XBRL Viewer

License, Acquisitions and Other Agreements

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License, Acquisitions and Other Agreements

The Company has entered into various licensing, developmental and acquisition agreements which provide the Company with rights to certain know-how, technology and patent rights. The agreements generally include upfront fees, milestone payments upon achievement of certain developmental, regulatory and commercial and sales milestones, as well as sales-

based royalties, with percentages that vary by agreement.

License and Other Agreements

As of September 30, 2024, the Company has potential future developmental, regulatory and commercial milestone payments under its license and other agreements of up to approximately $140,650, $641,975, and $2,150,450, respectively. See below for a detailed discussion of these agreements. The Company has not recorded these potential contingent consideration payments as liabilities in the accompanying condensed consolidated balance sheet as none of the future events which would trigger a milestone payment were considered probable of occurring at September 30, 2024.

Yale Agreements

In September 2013, the Company entered into an exclusive license agreement (the "Yale Agreement") with Yale University to obtain a license to certain patent rights for the commercial development, manufacture, distribution, use and sale of products and processes resulting from the development of those patent rights, related to the use of riluzole in treating various neurological conditions, such as general anxiety disorder, post-traumatic stress disorder and depression.

The Yale Agreement was amended and restated in May 2019. As of September 30, 2024, under the amended Yale Agreement, the Company has remaining contingent regulatory approval milestone payments of up to $2,000 and annual royalty payments of a low single-digit percentage based on net sales of riluzole-based products from the licensed patents or from products based on troriluzole. Under the amended and restated agreement, the royalty rates are reduced as compared to the original agreement. In addition, under the amended and restated agreement, the Company may develop products based on riluzole or troriluzole. The amended and restated agreement retains a minimum annual royalty of up to $1,000 per year, beginning after the first sale of product under the agreement. If the Company grants any sublicense rights under the Yale Agreement, it must pay Yale University a low single-digit percentage of sublicense income that it receives.

For the three and nine months ended September 30, 2024 and 2023, the Company did not record any material milestone or royalty payments under the Yale Agreement.

In January 2021, the Company entered into a worldwide, exclusive license agreement with Yale University for the development and commercialization of a novel Molecular Degrader of Extracellular Protein ("MoDE") platform (the "Yale MoDE Agreement"). The platform pertains to the clearance of disease-causing protein and other biomolecules by targeting them for lysosomal degradation using multi-functional molecules. The Yale MoDE Agreement includes an obligation to pay a minimum annual royalty of up to $1,000 per year, and low single digit royalties on the net sales of licensed products. If the Company grants any sublicense rights under the Yale MoDE Agreement, it must pay Yale University a low single-digit percentage of sublicense income that it receives. As of September 30, 2024, under the Yale MoDE Agreement, the Company has remaining contingent development and commercial milestone payments of up to $650 and $2,950, respectively. The Yale MoDE Agreement terminates on the later of twenty years from the effective date, twenty years from the filing date of the first investigational new drug application for a licensed product or the last to expire of a licensed patent.

The Company did not record any material milestone or royalty payments under the Yale MoDE Agreement for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company recorded research and development expense of $150 related to the achievement of a developmental milestone under the Yale MoDE Agreement. For the three and nine months ended September 30, 2023, the Company did not record any material milestone or royalty payments under the Yale MoDE Agreement.

ALS Biopharma Agreement

In August 2015, the Company entered into an agreement (the "ALS Biopharma Agreement") with ALS Biopharma and Fox Chase Chemical Diversity Center Inc. ("FCCDC"), pursuant to which ALS Biopharma and FCCDC assigned the Company their worldwide patent rights to a family of over 300 prodrugs of glutamate modulating agents, including troriluzole, as well as other innovative technologies. Under the ALS Biopharma Agreement, the Company is obligated to use commercially reasonable efforts to commercialize and develop markets for the patent products. As of September 30, 2024, under the ALS Biopharma Agreement, the Company has remaining contingent regulatory approval milestone payments of up to $4,000, as well as royalty payments of a low single-digit percentage based on net sales of products licensed

under the ALS Biopharma Agreement, payable on a quarterly basis.

The ALS Biopharma Agreement terminates on a country-by-country basis as the last patent rights expire in each such country. If the Company abandons its development, research, licensing or sale of all products covered by one or more claims of any patent or patent application assigned under the ALS Biopharma Agreement, or if the Company ceases operations, it has agreed to reassign the applicable patent rights back to ALS Biopharma.

For the three and nine months ended September 30, 2024 and 2023, the Company did not record any material milestone or royalty payments under the ALS Biopharma Agreement.

Taldefgrobep Alfa License Agreement

In February 2022, following the transfer of intellectual property, the Company announced that it entered into a worldwide license agreement with BMS for the development and commercialization rights to taldefgrobep alfa (also known as BMS-986089), a novel, Phase 3-ready anti-myostatin adnectin (the "Taldefgrobep Alfa License Agreement").

As of September 30, 2024, under the Taldefgrobep Alfa License Agreement, the Company has remaining contingent regulatory approval milestone payments of up to $200,000, as well as tiered, sales-based royalty percentages from the high teens to the low twenties. There were no upfront or contingent payments to BMS related to the Taldefgrobep Alfa License Agreement.

For the three and nine months ended September 30, 2024 and 2023, the Company did not record any material milestone or royalty payments under the Taldefgrobep Alfa License Agreement.

Agreement with Hangzhou Highlightll Pharmaceutical Co. Ltd.

In March 2023, the Company and Hangzhou Highlightll Pharmaceutical Co. Ltd. ("Highlightll") entered into an exclusive, worldwide (excluding People’s Republic of China and its territories and possessions) license agreement (the "Highlightll Agreement") pursuant to which Biohaven obtained the right to research, develop, manufacture and commercialize Highlightll’s brain penetrant dual TYK2/JAK1 inhibitor program. In connection with the Highlightll Agreement, the Company was obligated to pay Highlightll a cash payment of $10,000 and 721,136 common shares (collectively, "the Highlightll Upfront Payments"), upon the completion of certain post-closing activities. In

December 2023, the Company entered into a second amendment to the Highlightll Agreement, which granted the Company an exclusive option and right of first refusal to any Selective TYK2 Inhibitor being developed by or on behalf of Highlightll or its affiliates and provided for the payment of the Highlightll Upfront Payments. As a result, the Company made a $10,000 cash payment and issued 721,136 shares, valued at $21,814 to Highlightll during the fourth quarter of 2023, which was recorded as R&D expense during the fourth quarter of 2023.

As of September 30, 2024, under the Highlightll Agreement, the Company has remaining contingent development, regulatory approval, and commercial milestone payments of up to $75,000, $37,500, and $837,500, respectively. Additionally, the Company has agreed to make tiered royalty payments as a percentage of net sales starting at mid single digits and peaking at low teens digits. During the royalty term, if the Company offers to include China clinical sites in its Phase 3 study sufficient for submission to Chinese National Medical Products Administration and Highlightll, at its sole discretion, agrees, then Highlightll will pay royalties in the low tens digits to the Company on China sales upon approval.

The Highlightll Agreement terminates on a country-by-country basis upon expiration of the royalty term and can also be terminated if certain events occur, e.g., material breach or insolvency.

For the three and nine months ended September 30, 2024 and 2023, the Company did not record any material milestone or royalty payments related to the Highlightll Agreement.

Other Agreements

In addition to the agreements detailed above, the Company has entered into various other license agreements and development programs. The Company records milestones and other payments, including funding for research arrangements, which become due under these agreements to research and development expense in the condensed consolidated statements of operations and comprehensive loss. Amounts recorded for the period were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Milestone payments	$	—	$	1,250	$	1,875	$	1,250

For the three and nine months ended September 30, 2024 and 2023, the Company did not make any upfront payments under these agreements.

Acquisitions

Kv7 Platform Acquisition

In April 2022, the Company closed the acquisition from Knopp of Channel Biosciences, LLC (“Channel”), a wholly owned subsidiary of Knopp owning the assets of Knopp’s Kv7 channel targeting platform (the “Kv7 Platform Acquisition”), pursuant to the Purchase Agreement, dated February 24, 2022.

Under the Purchase Agreement, the Company agreed to make success-based payments based on developmental and regulatory milestones through approvals in the United States, Europe, the Middle East and Asia ("EMEA") and Japan for the lead asset, BHV-7000 (formerly known as KB-3061), developmental and regulatory milestones for the Kv7 pipeline development in other indications and additional country approvals, and commercial sales-based milestones of BHV-7000. Additionally, the Company agreed to make scaled royalty payments in cash for BHV-7000 and the pipeline programs, with percentages starting at high single digits and peaking at low teens for BHV-7000 and starting at mid-single digits and peaking at low tens digits for the pipeline programs.

In May 2024, the Company entered into the Knopp Amendment under which the parties thereto agreed to replace the scaled high single digit to low teens royalty payment obligations with a flat royalty payment in the mid-single digits for BHV-7000 and the pipeline programs. The parties also agreed to reduce the success-based payments payable under the Purchase Agreement. The Company retains the ability to pay these contingent milestone payments in cash or in the Company's common shares at Biohaven's election, subject to the same increases if the Company elects to pay in the Company's common shares. As of September 30, 2024, under the Purchase Agreement, as amended, the Company had remaining success-based payments comprised of (i) to up to $185,000 based on regulatory approvals in the United States and EMEA for BHV-7000 and (ii) up to an additional $60,000 based on regulatory approval in the United States for the other Kv7 pipeline programs.

In consideration of the revisions to the success-based payment and royalty payment obligations, the Company agreed to issue to Knopp 1,872,874 Company common shares, valued at approximately $75,000, through a private placement within 60 days of the date of

execution of the Knopp Amendment (the “2024 Additional Consideration”) and additional Company common shares with an approximate value of $75,000 within 60 days of the first anniversary of execution of the Knopp Amendment (the “2025 Additional Consideration”). The Company has also given Knopp the option to request a one-time cash true-up payment from the Company in December 2024 in the event that Knopp continues to hold the Company's common shares representing the 2024 Additional Consideration and the value of such shares has declined (the "2024 Knopp True-Up"), and a one-time cash true-up payment from the Company in December 2025 in the event that Knopp continues to hold the Company's common shares representing the 2025 Additional Consideration and the value of such shares has declined (the "2025 Knopp True-Up"), in each case, subject to certain conditions.

The Company concluded that the agreement to issue the 2024 Additional Consideration at a future date represented a fixed forward contract under ASC 815 and classified the commitment as a forward contract liability on its condensed consolidated balance sheet on the execution date of the Knopp Amendment. The Company initially measured the forward contract associated with the 2024 Additional Consideration at a fair value of $75,220, which was recorded as R&D expense during the three months ended June 30, 2024 in its condensed consolidated statements of operations and comprehensive loss. In May 2024, the Company issued the 2024 Additional Consideration at an approximate value of $65,981. The Company recognized no gains or losses related to the 2024 Additional Consideration for the three months ended September 30, 2024 and gains of $9,239 for the nine months ended September 30, 2024 in other income, net in its condensed consolidated statement of operations and comprehensive loss. The gain on settlement of the 2024 Additional Consideration was due to the decline in fair value of the 2024 Additional Consideration from the execution date to the issuance date due to a decline in Biohaven's share price. Refer to Note 4, "Fair Value of Financial Assets and Liabilities" and Note 6, "Shareholders' Equity" for further discussion.

The 2024 Additional Consideration True-up represents a net cash settled written put option measured at fair value on a recurring basis. The Company has concluded that the 2024 Additional Consideration True-up represents a net cash settled written put option on the Company’s shares and is a freestanding derivative liability under ASC 815. Accordingly, the Company classified the 2024 Additional Consideration True-up as a current derivative liability on its condensed consolidated balance sheet. The Company

initially recorded the 2024 Additional Consideration True-up at a fair value of $15,540, which was recorded as R&D expense during the three months ended June 30, 2024 in its condensed consolidated statements of operations and comprehensive loss. The Company subsequently remeasures the fair value of the derivative liability and recognizes any gains or losses through other income, net in its condensed consolidated statement of operations and comprehensive loss. The Company recognized gains related to the 2024 Additional Consideration True-Up of $16,130 and $15,540 for the three and nine months ended September 30, 2024, respectively, in other income, net in its condensed consolidated statement of operations and comprehensive loss. Refer to Note 4, "Fair Value of Financial Assets and Liabilities" for further discussion.

The Company has concluded that the agreement to issue the 2025 Additional Consideration at a future date represents a forward contract settleable in a variable number of shares under ASC 480, and classified the commitment as a current forward contract liability on its condensed consolidated balance sheet. The Company initially measured the 2025 Additional Consideration at a fair value of $63,940, which was recorded as R&D expense during the three months ended June 30, 2024 in its condensed consolidated statements of operations and comprehensive loss. The Company subsequently remeasures the fair value of the forward contract liability and recognizes any gains or losses through other income, net in its condensed consolidated statement of operations and comprehensive loss. The Company recognized expense of $3,940 and $5,090 for the three and nine months ended September 30, 2024, respectively, related to the 2025 Additional Consideration. Refer to Note 4, "Fair Value of Financial Assets and Liabilities" for further discussion.

The Company has concluded that the 2025 Additional Consideration True-up represents a net cash settled written put option on the Company’s shares and is a freestanding derivative liability under ASC 815. Accordingly, the Company classified the 2025 Additional Consideration True-up as a non-current derivative liability on its condensed consolidated balance sheet. The Company initially recorded the 2025 Additional Consideration True-up at a fair value of $13,810, which was recorded as R&D expense during the three months ended June 30, 2024. The Company subsequently remeasures the fair value of the derivative liability and recognizes any gains or losses through other income, net in its condensed consolidated statement of operations and comprehensive loss. The Company recognized expense of $140 and a gain of $1,490 for the three and nine months ended September 30, 2024,

related to the 2025 Additional Consideration True-up. Refer to Note 4, "Fair Value of Financial Assets and Liabilities" for further discussion.

As further consideration for the revisions to the success-based payment and royalty payment obligations in the Knopp Amendment, the Company issued to Knopp a warrant (the “Warrant”) to purchase 294,195 Company common shares at a purchase price per share of $67.98, subject to certain specified development milestones and the Company achieving a specified market capitalization. Refer to Note 6, "Shareholders' Equity" for further discussion.

The Company has not recorded any of the remaining contingent consideration payments to Knopp as a liability in the accompanying condensed consolidated balance sheet as none of the future events which would trigger a milestone payment were considered probable of occurring at September 30, 2024.

Pyramid Acquisition

In January 2024, the Company acquired Pyramid Biosciences, Inc. (“Pyramid”), pursuant to an Agreement and Plan of Merger, dated January 7, 2024 ("the Pyramid Agreement"). In consideration for the Pyramid acquisition, Biohaven made an upfront payment of 255,794 Company common shares, valued at approximately $10,894.

The Company accounted for this purchase as an asset acquisition as substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable asset, IPR&D. The IPR&D asset has no alternative future use and relates primarily to BHV-1510. There was no material value assigned to any other assets or liabilities acquired in the acquisition. As such, the upfront payment discussed above was recorded as a charge to R&D expense in the accompanying condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2024.

As of September 30, 2024, under the Pyramid Agreement, the Company has remaining success-based payments comprised of (i) up to $5,000 based on developmental and regulatory milestones for the lead asset, BHV-1510 (formerly known as PBI-410), (ii) up to an additional $30,000 based on developmental and regulatory milestones for a second asset (formerly known as PBI-200) and (iii) up to $40,000 for commercial sales-based milestones of BHV-1510. Contingent developmental and regulatory milestone payments may be paid in cash or Biohaven common shares at the

election of Biohaven and commercial sales-based milestones are to be made in cash.

The Company has not recorded any of the remaining contingent consideration payments as a liability in the accompanying condensed consolidated balance sheet as none of the future events which would trigger a milestone payment were considered probable of occurring at September 30, 2024.

During the first quarter of 2024, the Company recorded $5,689 of R&D expense in the condensed consolidated statement of operations and comprehensive loss for a developmental milestone which became due under the Pyramid Agreement, to be paid in 98,129 common shares of the Company. See Note 6, "Shareholders' Equity" for discussion of common shares issued to as part of the Pyramid Agreement.

Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

Financial assets measured at fair value on a recurring basis on the condensed consolidated balance sheets at September 30, 2024 and December 31, 2023 and financial liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at September 30, 2024 were as follows:


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
September 30, 2024
Assets:
Cash and cash equivalents	Money market funds	$	65,497	$	—	$	—	$	65,497


Marketable securities	U.S. treasury bills	15,828		278,598		—		294,426



Other non-current assets	Money market funds	2,548		—		—		2,548
Total assets		$	83,873	$	278,598	$	—	$	362,471

Liabilities:
Forward contract liability	Forward contract, current	$	—	$	—	$	69,030	$	69,030

Derivative liability, non-current	Written put option, non-current	—		—		12,320		12,320

Total liabilities		$	—	$	—	$	81,350	$	81,350

December 31, 2023
Assets:
Cash and cash equivalents	Money market funds	$	59,199	$	—	$	—	$	59,199
Cash and cash equivalents	U.S. treasury bills	—		27,901		—		27,901
Cash and cash equivalents	U.S. corporate bonds	—		6,001		—		6,001
Marketable securities	U.S. treasury bills	9,874		76,160		—		86,034
Marketable securities	U.S. corporate bonds	—		40,210		—		40,210
Marketable securities	Foreign corporate bonds	—		7,173		—		7,173
Other non-current assets	Money market funds	1,900		—		—		1,900
Total assets		$	70,973	$	157,445	$	—	$	228,418

Schedule of aggregate fair value of liability determined by Level 3 inputs

The following table provides a roll forward of the fair value of the Company's forward contract and derivative liabilities related to the Knopp Amendment for which fair value is determined by Level 3 inputs from inception on May 1, 2024 to September 30, 2024:


	Carrying Value
Fair value at May 1, 2024	$	93,290
Change in fair value of forward contract and derivative liabilities in other income, net	(11,940)
Fair value at September 30, 2024	$	81,350

Schedule of fair value measurement inputs and valuation techniques

A summary of the unobservable inputs (Level 3 inputs) used in measuring the Company’s forward contract and derivative liability related to the Knopp Amendment as of September 30, 2024 and May 1, 2024 are as follows, presented on a weighted-average basis based on relative fair value:


	As of September 30, 2024		As of May 1, 2024

Time to payment and potential payment (years)	0.74		1.08
Volatility (annual)	65.0	%	80.0	%
Discount rate	12.7	%	14.8	%

Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net loss	$ (160,304)	$ (102,574)	$ (659,579)	$ (263,412)
Denominator:
Weighted average common shares outstanding—basic (in shares)	94,372,159	68,320,125	87,936,923	68,258,757
Weighted average common shares outstanding—diluted (in shares)	94,372,159	68,320,125	87,936,923	68,258,757
Net loss per share - basic (in dollars per share)	$ (1.70)	$ (1.50)	$ (7.50)	$ (3.86)
Net loss per share - diluted (in dollars per share)	$ (1.70)	$ (1.50)	$ (7.50)	$ (3.86)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

License Agreements - Hangzhou Highlightll Pharmaceutical Agreement (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2023
License and other agreements
Development milestone payment to be paid	$ 140,650,000			$ 140,650,000
Milestone payment to be paid upon regulatory achievement	641,975,000			641,975,000
Commercial milestone payment to be paid	2,150,450,000			2,150,450,000
Research and development	157,607,000		$ 95,517,000	628,398,000	$ 238,468,000
Highlightll Pharmaceutical Co, Ltd.
License and other agreements
Research and development	0		$ 0	0	$ 0
Highlightll Pharmaceutical Co, Ltd. \| Collaborative arrangement
License and other agreements
Issuance of common shares, net of offering costs		$ 21,814,000
Development milestone payment to be paid	75,000,000			75,000,000
Milestone payment to be paid upon regulatory achievement	37,500,000			37,500,000
Commercial milestone payment to be paid	$ 837,500,000			$ 837,500,000
Highlightll Pharmaceutical Co, Ltd. \| License agreement \| Collaborative arrangement
License and other agreements
Payment obligation for license agreement						$ 10,000,000
Obligation for issuance of common shares as payment for assets (in shares)						721,136

Nature of the Business and Basis of Presentation	9 Months Ended
Nature of the Business and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Biohaven Ltd. (“we,” “us," "our," "Biohaven" or the “Company”) was incorporated in Tortola, British Virgin Islands in May 2022. Biohaven is a biopharmaceutical company focused on the discovery, development and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. The Company is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple, proprietary drug development platforms. Biohaven's extensive clinical and preclinical programs include Kv7 ion channel modulation for epilepsy and mood disorders; extracellular protein degradation for immunological diseases; Transient Receptor Potential Melastatin 3 ("TRPM3") antagonism for migraine and neuropathic pain; Tyrosine Kinase 2/Janus Kinase 1 ("TYK2/JAK1") inhibition for neuroinflammatory disorders; glutamate modulation for obsessive compulsive disorder ("OCD") and spinocerebellar ataxia ("SCA"); myostatin inhibition for neuromuscular and metabolic diseases, including spinal muscular atrophy ("SMA") and obesity; and antibody recruiting bispecific molecules ("ARMs") and antibody drug conjugates ("ADCs") for cancer. The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts may require additional capital, additional personnel and infrastructure, and further regulatory and other capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Separation from Biohaven Pharmaceutical Holding Company Ltd. On October 3, 2022, Biohaven Pharmaceutical Holding Company Ltd. (the “Former Parent”) completed the distribution (the “Distribution”) to holders of its common shares of all of the outstanding common shares of Biohaven Ltd. and the spin-off of Biohaven Ltd. from the Former Parent (the “Spin-Off”) described in Biohaven’s Information Statement attached as Exhibit 99.1 to Biohaven’s Registration Statement on Form 10, as amended (Reg. No. 001-41477). Collectively, we refer to the Distribution and Spin-Off throughout this Quarterly Report on Form 10-Q as the "Separation." As a result of the Separation, Biohaven Ltd. became an independent, publicly traded company as of October 3, 2022, and commenced regular way trading under the symbol “BHVN”’ on the New York Stock Exchange (the "NYSE") on October 4, 2022. Where we describe historical business activities in this report, we do so as if the Former Parent’s activities related to such assets and liabilities had been performed by the Company. Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. The accompanying condensed consolidated financial statements include the accounts of Biohaven Ltd. and our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Going Concern In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. Through November 12, 2024, the Company has funded its operations primarily with funding from the Former Parent, proceeds from the sale of its common shares, and the cash contribution received from the Former Parent at the Separation. The Company has incurred recurring losses since its inception and expects to continue to generate operating losses for the foreseeable future. As of the date of issuance of these condensed consolidated financial statements, the Company expects its existing cash, cash equivalents, and marketable securities will be sufficient to fund operating and financial commitments, and other cash requirements for at least one year after the issuance date of these financial statements. To execute its business plans, the Company will require funding to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales or royalties, if ever, it expects to finance its operations through the sale of public or private equity, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain financing on acceptable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s shareholders. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Unaudited Interim Condensed Consolidated Financial Information	Unaudited Interim Condensed Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the year ending December 31, 2024, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023
Reclassifications	Reclassifications Certain items in the prior period’s condensed consolidated financial statements have been reclassified to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and valuation of forward contract and derivative liabilities. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash Restricted cash included in other current assets in the condensed consolidated balance sheets consists primarily of employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares. Restricted cash included in other non-current assets in the condensed consolidated balance sheets represents collateral held by banks for a letter of credit ("LOC") issued in connection with the leased office space in Yardley, Pennsylvania and LOCs issued in connection with the leased office and lab spaces in Cambridge, Massachusetts and Pittsburgh, Pennsylvania. See Note 11, ‘‘Commitments and Contingencies’’ for additional information on the real estate leases.
Forward Contracts and Derivative Liabilities	Forward Contracts and Derivative Liabilities The Company evaluates certain of its financial and business development transactions to determine the accounting classification of equity linked instruments issued in those transactions. The Company first assesses whether a freestanding equity linked instrument meets liability classification in accordance with ASC 480-10 Distinguishing Liabilities from Equity and ASC 815-40 Derivatives and Hedging - Contracts in Entity's Own Equity. Under ASC 480-10 an instrument is considered liability classified if the instrument is mandatorily redeemable, obligate the issuer to settle an instrument or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If an instrument does not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require net cash settlement are liabilities recorded at fair value. If the instrument does not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the instrument is indexed to its common stock and whether the instrument is classified as equity under ASC 815-40 or other applicable GAAP. Equity linked instruments that are accounted for in accordance with ASC 815-40 are reported as liabilities on the condensed consolidated balance sheets at fair value. Any change in fair value, as determined at each measurement period, is recorded as a component of other income, net on the condensed consolidated statements of operations and comprehensive loss. Changes in fair value are reported on the condensed consolidated statements of cash flows as change in fair value of forward contract and derivative liabilities. The Company accounted for certain consideration agreed to in connection with the amendment, dated as of May 1, 2024 (the "Knopp Amendment"), to the Membership Interest Purchase Agreement, dated as of February 24, 2022 (the "Purchase Agreement") entered into with Knopp Biosciences, LLC ("Knopp") as derivative liabilities under ASC 815 (see Notes 4, "Fair Value of Financial Assets and Liabilities" and 10, "License, Acquisitions and Other Agreements")
Warrants	Warrants The Company evaluates warrants issued as either equity instruments, liabilities or derivative liabilities in accordance with ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480") and/or ASC Topic 815, Derivatives and Hedging ("ASC 815"), depending on the specific terms of the warrant agreement. The Company assessed the warrants issued to Knopp in May 2024 (the "Knopp Warrants") and concluded that they met the criteria for equity classification under ASC 480 and ASC 815. Accordingly, the Knopp Warrants were recorded within additional paid-in capital on the condensed consolidated balance sheet at the time of issuance and are not subject to remeasurement. See Note 6, Shareholders' Equity for further detail on the Knopp Warrants.
Fair Value Measurements	Fair Value Measurements Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: •Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. •Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The carrying values of other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities. The Company has accounted for certain consideration agreed to in connection with the Knopp Amendment as forward contract liabilities, which are recorded on the condensed consolidated balance sheets at fair value. Any changes in fair value, as determined each measurement period, are recorded as a component of other income, net on the condensed consolidated statements of operations and comprehensive loss. The fair value of the forward contract liabilities is determined based on significant inputs not observable in the market, and therefore represents a Level 3 measurement within the fair value hierarchy. The valuations are based on a Monte Carlo simulation of the Company's share price, which requires judgement and assumption on the volatility of Biohaven's share price, discounted to present value using a risk-free rate plus Biohaven specific credit risk since payable in a variable number of shares. (see Notes 4, "Fair Value of Financial Assets and Liabilities" and 10, "License, Acquisitions and Other Agreements").
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU No. 2023-07 apply to public entities, including those with a single reportable segment, and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its consolidated financial statements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact ASU No. 2023-09 will have on its consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. This ASU is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	13,667,870	9,740,921
Options to purchase common shares
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	13,094,018	9,740,921
Warrants to purchase common shares
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	294,195	0
Restricted share units
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	279,657	0

Marketable Securities - Contractual Maturities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Net Amortized Cost
Less than one year	$ 294,211	$ 167,316
Fair Value
Less than one year	$ 294,426	$ 167,319

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ (59)	$ (3,287)	$ 687	$ (171)
Effective income tax rate (percent)	0.00%	(3.10%)	0.10%	(0.10%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Relationship with the Former Parent Upon the effectiveness of the Separation on October 3, 2022, the Former Parent ceased to be a related party of the Company. On October 3, 2022, the Company entered into agreements with the Former Parent in connection with the Separation, including a Transition Services Agreement. For a full discussion of agreements entered into with the Former Parent, refer to Note 14, "Related Party Transactions" to the consolidated financial statements included in the 2023 Form 10-K. The Company did not record any material income for transition services provided to the Former Parent during the three and nine months ended September 30, 2024. For the three and nine months ended September 30, 2023, the Company recorded $1,233 and $6,753, respectively, in other income reflecting transition services provided to the Former Parent. Related Party Agreements License Agreement with Yale University On September 30, 2013, the Company entered into the Yale Agreement with Yale University (see Note 10). The Company’s Chief Executive Officer is one of the inventors of the patents that the Company has licensed from Yale University and, as such, is entitled to a specified share of the glutamate product-related royalty revenues that may be received by Yale University under the Yale Agreement. In January 2021, the Company entered into the Yale MoDE Agreement with Yale University (see Note 10 for details). Under the license agreement, the Company acquired exclusive, worldwide rights to Yale University's intellectual property directed to its MoDE platform. Under the Yale MoDE Agreement, the Company entered into the Yale MoDE SRA (see Note 10 for details), which included funding of up to $4,000 over the life of the agreement. In May 2023, the Company entered into an additional sponsored research agreement with Yale University (the "2023 Yale SRA"), which includes funding of up to $612 over the life of the agreement. For the three and nine months ended September 30, 2024, the Company recorded $422 and $1,449, respectively, in R&D expense, including certain administrative expenses, related to the Yale MoDE Agreement, the Yale Agreement, and the 2023 Yale SRA (collectively, the "Yale Agreements"). For the three and nine months ended September 30, 2023, the Company recorded $614 and $2,313, respectively, in research and development expense, including certain administrative expenses, related to the Yale Agreements. As of September 30, 2024, the Company did not owe any amounts to Yale University.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Fair Value of Financial Assets and Liabilities - Roll Forward of Aggregate Fair Value Determined by Level 3 Inputs (Details) - Level 3 - Forward Contract and Derivative Liabilities $ in Thousands	5 Months Ended
	Sep. 30, 2024 USD ($)
Roll forward of aggregate fair value determined by Level 3 inputs
Balance at beginning of period	$ 93,290
Change in fair value of forward contract and derivative liabilities in other income, net	(11,940)
Balance at end of period	$ 81,350

Related Party Transactions (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
Related Party Transactions (Details) - USD ($)	May 31, 2023	Jan. 31, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Related Party Transactions
Revenue from former parent			$ 0	$ 1,233,000	$ 0	$ 6,753,000
Research and development			157,607,000	95,517,000	628,398,000	238,468,000
Yale University \| Related Party
Related Party Transactions
Research and development			422,000	614,000	1,449,000	2,313,000
Due to related party			0		0
Yale University \| Yale MoDE Agreement
Related Party Transactions
Amount of funding		$ 4,000,000
Research and development			$ 0	$ 0	$ 150,000	$ 0
Yale University \| 2023 Yale SRA
Related Party Transactions
Amount of funding	$ 612,000

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

Basic and diluted net loss per share attributable to common shareholders of Biohaven was calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:

Net loss	$	(160,304)	$	(102,574)	$	(659,579)	$	(263,412)
Denominator:
Weighted average common shares outstanding—basic and diluted	94,372,159		68,320,125		87,936,923		68,258,757
Net loss per share — basic and diluted	$	(1.70)	$	(1.50)	$	(7.50)	$	(3.86)

The Company's potential dilutive securities include share options which have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders of the Company is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	As of September 30,
	2024	2023
Options to purchase common shares	13,094,018	9,740,921
Warrants to purchase common shares	294,195	—
Restricted share units	279,657	—
Total	13,667,870	9,740,921

Non-Cash Share-Based Compensation - Restricted Share Units and Performance Share Units (Details) - RSUs	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of shares
Unvested, beginning (in shares) \| shares	0
Granted (in shares) \| shares	381,011
Forfeited (in shares) \| shares	(6,045)
Vested (in shares) \| shares	(95,309)
Unvested, ending (in shares) \| shares	279,657
Weighted Average Grant Date Fair Value
Unvested, beginning (in dollars per share) \| $ / shares	$ 0
Granted (in dollars per share) \| $ / shares	41.88
Forfeited (in dollars per share) \| $ / shares	41.93
Vested (in dollars per share) \| $ / shares	41.88
Unvested, ending (in dollars per share) \| $ / shares	$ 41.87

License, Acquisitions and Other Agreements (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of milestone payments

Amounts recorded for the period were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Milestone payments	$	—	$	1,250	$	1,875	$	1,250

Accumulated Other Comprehensive (Loss) Income (Tables)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Schedule of activity in accumulated other comprehensive income (loss)

Shareholders’ equity included the following activity in accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2024:


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Net unrealized investment gains (losses):
Beginning of period balance	$	(3)	$	3


Other comprehensive income(1)	218		212
End of period balance	215		215

Foreign currency translation adjustments:
Beginning of period balance	(75)		(68)
Other comprehensive loss(1)	—		(7)

End of period balance	(75)		(75)

Total beginning of period accumulated other comprehensive loss	(78)		(65)
Total other comprehensive income	218		205
Total end of period accumulated other comprehensive income	$	140	$	140

(1) There was no tax on other comprehensive income (loss) and no amounts reclassified from accumulated other comprehensive (loss) income during the period.

Shareholders’ equity included the following activity in accumulated other comprehensive income for the three and nine months ended September 30, 2023:


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023

Net unrealized investment gains (losses):
Beginning of period balance	$	(262)	$	(145)
Other comprehensive income before reclassifications(1)	178		22
Amounts reclassified from accumulated other comprehensive income(1)(2)	—		39
Other comprehensive income(1)	178		61
End of period balance	(84)		(84)

Foreign currency translation adjustments:
Beginning of period balance	282		429
Other comprehensive loss(1)	(40)		(187)

End of period balance	242		242

Total beginning of period accumulated other comprehensive income	20		284
Total other comprehensive income (loss)	138		(126)
Total end of period accumulated other comprehensive income	$	158	$	158

(1) There was no tax on other comprehensive income (loss) and immaterial tax on amounts reclassified from accumulated other comprehensive income (loss) during the period.

(2) Amounts reclassified from accumulated other comprehensive income (loss) for specifically identified debt securities are included in other income, net on the condensed consolidated statement of operations and comprehensive loss.

Fair Value of Financial Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Assets and Liabilities

The preparation of the Company’s condensed consolidated financial statements in accordance with GAAP requires certain assets and liabilities to be reflected at their fair value and others to be reflected on another basis, such as an adjusted historical cost basis. In this note, the Company provides details on the fair value of financial assets and liabilities and how it determines those fair values.

Financial Instruments Measured at Fair Value on the Condensed Consolidated Balance Sheets

Certain assets of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.


		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
September 30, 2024
Assets:
Cash and cash equivalents	Money market funds	$	65,497	$	—	$	—	$	65,497


Marketable securities	U.S. treasury bills	15,828		278,598		—		294,426



Other non-current assets	Money market funds	2,548		—		—		2,548
Total assets		$	83,873	$	278,598	$	—	$	362,471

Liabilities:
Forward contract liability	Forward contract, current	$	—	$	—	$	69,030	$	69,030

Derivative liability, non-current	Written put option, non-current	—		—		12,320		12,320

Total liabilities		$	—	$	—	$	81,350	$	81,350

December 31, 2023
Assets:
Cash and cash equivalents	Money market funds	$	59,199	$	—	$	—	$	59,199
Cash and cash equivalents	U.S. treasury bills	—		27,901		—		27,901
Cash and cash equivalents	U.S. corporate bonds	—		6,001		—		6,001
Marketable securities	U.S. treasury bills	9,874		76,160		—		86,034
Marketable securities	U.S. corporate bonds	—		40,210		—		40,210
Marketable securities	Foreign corporate bonds	—		7,173		—		7,173
Other non-current assets	Money market funds	1,900		—		—		1,900
Total assets		$	70,973	$	157,445	$	—	$	228,418

The Company had no financial liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at December 31, 2023.

There were no securities transferred into or out of Level 3 during the three and nine months ended September 30, 2024 or 2023.

The following is a description, including valuation methodology, of the financial assets measured at fair value on a recurring basis:

Cash Equivalents

Cash equivalents consisted of cash invested in short-term money market funds and debt securities with an original maturity of 90 days or less at the date of purchase. The carrying value of cash equivalents approximates fair value as maturities are less than three months. When quoted prices are available in an active market, cash equivalents are classified in Level 1 of the fair value hierarchy. Fair values of cash equivalent instruments that do not trade on a regular basis in active markets are classified as Level 2.

Marketable Securities and Other Non-Current Assets

Quoted prices for identical assets in active markets are considered Level 1 and consist of on-the-run U.S. Treasuries and money market funds. The fair values of the Company’s Level 2 debt securities are obtained from quoted market prices of debt securities with similar characteristics, quoted prices from identical assets in inactive markets, or discounted cash flows to estimate fair value.

Forward Contract and Derivative Liabilities

In connection with the Knopp Amendment, Knopp had the option to request a one-time cash true-up payment from the Company in December 2024, as defined in the agreement (the "2024 Knopp True-up"). As of September 30, 2024, the Company determined the fair value of its liability for the 2024 Knopp True-Up to be $0. Also in connection with the Knopp Amendment, the Company agreed to issue to Knopp additional common shares of the Company with an approximate value of $75,000 within 60 days of the first anniversary of execution of the Knopp Amendment (the “2025 Additional Consideration”). In addition, Knopp has the option to request a one-time cash true-up payment from the Company in December 2025, as defined in the agreement (the "2025 Knopp True-up"). See Note 10, "License, Acquisitions and Other Agreements," for further details.


	Carrying Value
Fair value at May 1, 2024	$	93,290
Change in fair value of forward contract and derivative liabilities in other income, net	(11,940)
Fair value at September 30, 2024	$	81,350

The fair value of the forward contract and remaining derivative liability recognized in connection with the Knopp Amendment were determined based on significant inputs not observable in the market, and therefore represents a Level 3 measurement within the fair value hierarchy. The valuation is based on a Monte Carlo simulation of Biohaven's share price, which requires judgement and assumption on the volatility of Biohaven's share price, discounted to present value using a risk-free rate plus Biohaven specific credit risk since payable in a variable number of shares for the 2025 Additional Consideration or potentially cash for the 2025 Knopp True-up. A summary of the unobservable inputs (Level 3 inputs) used in measuring the Company’s forward contract and derivative liability related to the Knopp Amendment as of September 30, 2024 and May 1, 2024 are as follows, presented on a weighted-average basis based on relative fair value:


	As of September 30, 2024		As of May 1, 2024

Time to payment and potential payment (years)	0.74		1.08
Volatility (annual)	65.0	%	80.0	%
Discount rate	12.7	%	14.8	%

Our expectations of the volatility of Biohaven's share price at the reporting date could be materially different than our actual future volatility, and if so, would mean the estimated fair value could be significantly higher or lower than the fair value determined. The Company expects the fair value of the forward contract to be approximately $75,000 on the first anniversary of the Knopp Amendment. An increase in the derivative liability related to the 2025 Knopp True-up between the reporting date and settlement date of the derivative would have a material adverse effect on the Company's financial performance.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Balance Sheet Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 1,000	$ 857	$ 2,918	$ 2,421

License, Acquisitions and Other Agreements - Other Agreements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
License and other agreements
Development milestone payment to be paid	$ 140,650		$ 140,650
Regulatory milestone paymnet to be paid	641,975		641,975
Commercial milestone payment to be paid	2,150,450		2,150,450
Other Agreements
License and other agreements
Milestone payments	$ 0	$ 1,250	$ 1,875	$ 1,250

Marketable Securities - Debt Securities Available-for-Sale in Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 investment	Dec. 31, 2023 USD ($) investment
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Number of Securities, unrealized loss position less than 12 months \| investment	0	7
Fair Value, unrealized loss position less than 12 months		$ 36,710
Unrealized Losses, unrealized loss position less than 12 months		$ (31)
U.S. corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Number of Securities, unrealized loss position less than 12 months \| investment		6
Fair Value, unrealized loss position less than 12 months		$ 29,537
Unrealized Losses, unrealized loss position less than 12 months		$ (24)
Foreign corporate bonds
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Number of Securities, unrealized loss position less than 12 months \| investment		1
Fair Value, unrealized loss position less than 12 months		$ 7,173
Unrealized Losses, unrealized loss position less than 12 months		$ (7)

Fair Value of Financial Assets and Liabilities - Valuation Assumptions (Details) - Level 3 - Forward Contract and Derivative Liabilities	Sep. 30, 2024	May 01, 2024
Time to payment and potential payment (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Forward contract and derivative liability, measurement input	0.74	1.08
Volatility (annual)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Forward contract and derivative liability, measurement input	0.650	0.800
Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Forward contract and derivative liability, measurement input	0.127	0.148

Non-Cash Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of non-cash share-based compensation expense

Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expenses	$	7,164	$	2,184	$	35,526	$	6,882
General and administrative expenses	4,996		2,272		23,743		6,034
Total non-cash share-based compensation expense	$	12,160	$	4,456	$	59,269	$	12,916

Schedule of stock option activity

The following table is a summary of the Company's share option activity for the nine months ended September 30, 2024:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(in years)
Outstanding as of December 31, 2023	11,379,429	$	11.48
Granted	2,503,161	$	42.04
Exercised	(684,124)	$	9.49
Forfeited	(104,448)	$	20.53
Outstanding as of September 30, 2024	13,094,018	$	17.36	8.44	$	427,203
Options exercisable as of September 30, 2024	5,192,055	$	13.72	8.30	$	188,273
Vested and expected to vest as of September 30, 2024	13,094,018	$	17.36	8.44	$	427,203

Schedule of RSU activity

The following table is a summary of the RSU activity for the nine months ended September 30, 2024:


	Number of shares	Weighted Average Grant Date Fair Value
Unvested as of December 31, 2023	—	$	—
Granted	381,011	$	41.88
Forfeited	(6,045)	$	41.93
Vested	(95,309)	$	41.88
Unvested as of September 30, 2024	279,657	$	41.87

Accumulated Other Comprehensive (Loss) Income

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Accumulated Other Comprehensive (Loss) Income

Shareholders’ equity included the following activity in accumulated other comprehensive (loss) income for the three and nine months ended September 30, 2024:


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024

Net unrealized investment gains (losses):
Beginning of period balance	$	(3)	$	3


Other comprehensive income(1)	218		212
End of period balance	215		215

Foreign currency translation adjustments:
Beginning of period balance	(75)		(68)
Other comprehensive loss(1)	—		(7)

End of period balance	(75)		(75)

Total beginning of period accumulated other comprehensive loss	(78)		(65)
Total other comprehensive income	218		205
Total end of period accumulated other comprehensive income	$	140	$	140

(1) There was no tax on other comprehensive income (loss) and no amounts reclassified from accumulated other comprehensive (loss) income during the period.

Shareholders’ equity included the following activity in accumulated other comprehensive income for the three and nine months ended September 30, 2023:


	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023

Net unrealized investment gains (losses):
Beginning of period balance	$	(262)	$	(145)
Other comprehensive income before reclassifications(1)	178		22
Amounts reclassified from accumulated other comprehensive income(1)(2)	—		39
Other comprehensive income(1)	178		61
End of period balance	(84)		(84)

Foreign currency translation adjustments:
Beginning of period balance	282		429
Other comprehensive loss(1)	(40)		(187)

End of period balance	242		242

Total beginning of period accumulated other comprehensive income	20		284
Total other comprehensive income (loss)	138		(126)
Total end of period accumulated other comprehensive income	$	158	$	158

(1) There was no tax on other comprehensive income (loss) and immaterial tax on amounts reclassified from accumulated other comprehensive income (loss) during the period.

Income Taxes (Tables)

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Schedule of income tax provision and effective tax rate

The following table provides a comparative summary of the Company's income tax provision and effective income tax rate for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax (benefit) provision	$	(59)		$	(3,287)		$	687		$	(171)
Effective income tax rate	—		%	(3.1)		%	0.1		%	(0.1)		%

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Oct. 02, 2024	Apr. 22, 2024	Jan. 07, 2024	May 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2024	Aug. 31, 2024	May 01, 2024	Oct. 31, 2023
Purchase Agreement, Knopp Amendment
Nature of business [Line Items]
Common stock issued (shares)				1,872,874
Issuance of common shares, net of offering costs				$ 65,981
Pyramid Biosciences, Inc.
Nature of business [Line Items]
Upfront payment of common shares, shares (in shares)			255,794,000
Upfront payment of common shares, value			$ 10,894
Upfront payment of common shares, shares issued (in shares)									253,838,000
Research and development							$ 5,689
Common shares issuable (in shares)							98,129
Common shares issued (in shares)								97,387
Common Shares
Nature of business [Line Items]
Common stock issued (shares)					2,154,857	8,544,951
Issuance of common shares, net of offering costs					$ 76,361	$ 317,720
Number of shares sold in transaction (in shares)		6,451,220
Issuance price per share (in dollars per share)		$ 41.00
Proceeds from sale of stock		$ 247,830
Equity Distribution Agreement aggregate amount					$ 300,000			$ 300,000	$ 300,000	$ 300,000	$ 450,000		$ 150,000
Common Shares \| Subsequent event
Nature of business [Line Items]
Number of shares sold in transaction (in shares)	6,052,631
Issuance price per share (in dollars per share)	$ 47.50
Proceeds from sale of stock	$ 269,935
Purchase Agreement, Knopp Amendment
Nature of business [Line Items]
Number of securities called by warrants (shares)												294,195
Exercise price of warrants (in dollars per share)												$ 67.98
Warrants, fair value disclosure												$ 3,340
Equity Distribution Agreement \| Common Shares
Nature of business [Line Items]
Common stock issued (shares)										4,248,588
Proceeds from sale of stock										$ 146,250

License, Acquisitions and Other Agreements - Taldefgrobep Alfa License Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
License and other agreements
Milestone payment to be paid upon regulatory achievement	$ 641,975,000		$ 641,975,000
Research and development	157,607,000	$ 95,517,000	628,398,000	$ 238,468,000
BMS
License and other agreements
Research and development	0	$ 0	0	$ 0
BMS \| Taldefgrobep Alfa License Agreement
License and other agreements
Milestone payment to be paid upon regulatory achievement	$ 200,000,000		$ 200,000,000

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of reconciliation of total cash, cash equivalents and restricted cash

The following represents a reconciliation of cash and cash equivalents in the condensed consolidated balance sheets to total cash, cash equivalents and restricted cash as of September 30, 2024 and September 30, 2023, respectively, in the condensed consolidated statements of cash flows:


	As of September 30, 2024		As of September 30, 2023
Cash and cash equivalents	$	84,390	$	111,697
Restricted cash held on behalf of Former Parent	—		28
Restricted cash (included in other current assets)	582		11,890
Restricted cash (included in other non-current assets)	3,047		2,375
Total cash, cash equivalents and restricted cash at the end of the period in the condensed consolidated statement of cash flows	$	88,019	$	125,990

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock issued (share)	0	0
Preferred stock outstanding (share)	0	0
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, authorized (shares)	200,000,000	200,000,000
Common shares, issued (shares)	94,899,193	81,115,723
Common shares, outstanding (shares)	94,899,193	81,115,723

Non-Cash Share-Based Compensation - Non-Cash Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation
Total non-cash share-based compensation expense	$ 12,160	$ 4,456	$ 59,269	$ 12,916
Research and development expenses
Share-Based Compensation
Total non-cash share-based compensation expense	7,164	2,184	35,526	6,882
General and administrative expenses
Share-Based Compensation
Total non-cash share-based compensation expense	$ 4,996	$ 2,272	$ 23,743	$ 6,034

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating expenses:
Research and development	$ 157,607	$ 95,517	$ 628,398	$ 238,468
General and administrative	20,561	15,030	66,782	43,872
Total operating expenses	178,168	110,547	695,180	282,340
Loss from operations	(178,168)	(110,547)	(695,180)	(282,340)
Other income, net	17,805	4,686	36,288	18,757
Loss before (benefit) provision for income taxes	(160,363)	(105,861)	(658,892)	(263,583)
(Benefit) provision for income taxes	(59)	(3,287)	687	(171)
Net loss	$ (160,304)	$ (102,574)	$ (659,579)	$ (263,412)
Net loss per share — basic (in dollars per share)	$ (1.70)	$ (1.50)	$ (7.50)	$ (3.86)
Net loss per share — diluted (in dollars per share)	$ (1.70)	$ (1.50)	$ (7.50)	$ (3.86)
Weighted average common shares outstanding—basic (in shares)	94,372,159	68,320,125	87,936,923	68,258,757
Weighted average common shares outstanding—diluted (in shares)	94,372,159	68,320,125	87,936,923	68,258,757
Net loss	$ (160,304)	$ (102,574)	$ (659,579)	$ (263,412)
Other comprehensive income (loss), net of tax	218	138	205	(126)
Comprehensive loss	$ (160,086)	$ (102,436)	$ (659,374)	$ (263,538)

Shareholders' Equity - Changes in Shareholders' Deficit (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended		12 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (160,304)				$ (102,574)			$ (659,579)	$ (263,412)
Other comprehensive (loss) income	218				138			205	(126)
Total Shareholders' Equity
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	383,740	$ 301,447	$ 427,975	$ 290,006	387,255	$ 472,258	$ 538,771	427,975	538,771	$ 290,006
Net loss	(160,304)	(319,771)	(179,504)		(102,574)	(90,346)	(70,492)
Issuance of common shares, net of offering costs	76,361	317,720
Issuance of common shares as payment for assets	18	446	10,347
Issuance of common shares as payment under license and other agreements	9	65,981	5,637
Issuance of common shares under 2022 Equity Incentive Plan	3,804		2,156		731		332
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan		2,317				794
Issuance of warrant as payment under license agreement		3,340
Non-cash share-based compensation expense	12,160	12,232	34,877		4,456	4,695	3,765
Other comprehensive (loss) income	218	28	(41)		138	(146)	(118)
Ending balance	$ 316,006	$ 383,740	$ 301,447	$ 427,975	$ 290,006	$ 387,255	$ 472,258	$ 316,006	$ 290,006	$ 316,006
Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	92,346,332	81,807,221	81,115,723	68,364,143	68,316,953	68,212,479	68,190,479	81,115,723	68,190,479	68,364,143
Beginning balance	$ 1,298,553	$ 910,964	$ 887,528	$ 618,761	$ 617,510	$ 616,246	$ 615,742	$ 887,528	$ 615,742	$ 618,761
Issuance of common shares, net of offering costs (in shares)	2,154,857	8,544,951
Issuance of common shares, net of offering costs	$ 76,361	$ 317,720
Issuance of common shares as payment for assets (in shares)	428	10,452	242,958
Issuance of common shares as payment for assets	$ 18	$ 446	$ 10,347
Issuance of common shares as payment under license and other agreements (in shares)	154	1,872,874	97,233
Issuance of common shares as payment under license and other agreements	$ 9	$ 65,981	$ 5,637
Issuance of common shares under equity incentive plan (shares)	397,422		351,307		47,190		22,000
Issuance of common shares under 2022 Equity Incentive Plan	$ 6,758		$ 7,452		$ 1,251		$ 504
Issuance of common shares under equity incentive plan and employee share purchase plan (in shares)		110,834				104,474
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan		$ 3,442				$ 1,264
Ending balance (in shares)	94,899,193	92,346,332	81,807,221	81,115,723	68,364,143	68,316,953	68,212,479	94,899,193	68,364,143	94,899,193
Ending balance	$ 1,381,699	$ 1,298,553	$ 910,964	$ 887,528	$ 618,761	$ 617,510	$ 616,246	$ 1,381,699	$ 618,761	$ 1,381,699
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	83,832	69,385	39,804	25,623	21,687	17,462	13,869	39,804	13,869	25,623
Issuance of common shares under 2022 Equity Incentive Plan	(2,954)		(5,296)		(520)		(172)
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan		(1,125)				(470)
Issuance of warrant as payment under license agreement		3,340
Non-cash share-based compensation expense	12,160	12,232	34,877		4,456	4,695	3,765
Ending balance	93,038	83,832	69,385	39,804	25,623	21,687	17,462	93,038	25,623	93,038
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(998,567)	(678,796)	(499,292)	(354,536)	(251,962)	(161,616)	(91,124)	(499,292)	(91,124)	(354,536)
Net loss	(160,304)	(319,771)	(179,504)		(102,574)	(90,346)	(70,492)
Ending balance	(1,158,871)	(998,567)	(678,796)	(499,292)	(354,536)	(251,962)	(161,616)	(1,158,871)	(354,536)	(1,158,871)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(78)	(106)	(65)	158	20	166	284	(65)	284	158
Other comprehensive (loss) income	218	28	(41)		138	(146)	(118)
Ending balance	$ 140	$ (78)	$ (106)	$ (65)	$ 158	$ 20	$ 166	$ 140	$ 158	$ 140

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 84,390	$ 248,402	$ 111,697
Restricted cash held on behalf of Former Parent	0		28
Restricted cash (included in other current assets)	582		11,890
Restricted cash (included in other non-current assets)	3,047		2,375
Total cash, cash equivalents and restricted cash at the end of the period in the condensed consolidated statement of cash flows	$ 88,019	$ 252,120	$ 125,990	$ 242,604

Commitments and Contingencies - Narrative (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Commitments and Contingencies - Narrative (Details)	Jan. 01, 2021 USD ($) shares	Aug. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2024 term
Liability For Sale of Future Royalties [Line Items]
Research and development			$ 157,607,000	$ 95,517,000	$ 628,398,000	$ 238,468,000
Pittsburgh Centre Avenue Lease Agreement
Liability For Sale of Future Royalties [Line Items]
Lease agreement, term (in months)							122 months
Option to extend, term \| term							1
Extension term (in months)							60 months
Pittsburgh Centre Avenue Lease Agreement \| Minimum
Liability For Sale of Future Royalties [Line Items]
Annual commitments			1,859,000		1,859,000
Pittsburgh Centre Avenue Lease Agreement \| Maximum
Liability For Sale of Future Royalties [Line Items]
Annual commitments			$ 2,373,000		2,373,000
Moda Pharmaceuticals LLC
Liability For Sale of Future Royalties [Line Items]
Research and development				$ 0	850,000	$ 0
Moda Pharmaceuticals LLC \| Moda Agreement
Liability For Sale of Future Royalties [Line Items]
Development, regulatory and commercial milestone payments	$ 111,783,000	$ 48,200,000
Initial term of agreement (in years)	4 years
Moda Pharmaceuticals LLC \| License agreement \| Moda Agreement
Liability For Sale of Future Royalties [Line Items]
Payment for license agreement	$ 2,700,000
Issuance of common shares as payment for assets (in shares) \| shares	37,836
Issuance of common shares as payment for assets	$ 3,243,000
Research and Development Arrangement
Liability For Sale of Future Royalties [Line Items]
Research commitments					$ 0

Marketable Securities - Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net investment income
Debt securities (including realized losses)	$ 3,843	$ 2,280	$ 8,912	$ 7,914
Other investments	1,850	1,551	6,252	4,278
Gross investment income (including realized losses)	5,693	3,831	15,164	12,192
Investment expenses	(45)	(65)	(115)	(203)
Net investment income	$ 5,648	$ 3,766	$ 15,049	$ 11,989

Non-Cash Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation
Requisite service period of award (in years)		3 years
Total unrecognized compensation cost	$ 78,570	$ 78,570
Weighted average period for recognition of compensation cost		2 years 1 month 17 days
Granted (in dollars per share)		$ 30.60	$ 18.01
Unvested options expected to vest (in shares)	7,901,963	7,901,963
Options to purchase common shares
Share-Based Compensation
Share-based award term (in years)		10 years
RSUs
Share-Based Compensation
Total unrecognized compensation cost	$ 8,989	$ 8,989
Weighted average period for recognition of compensation cost		2 years 3 months 21 days
Fair value of RSUs vested	$ 221	$ 3,991
Common shares received (in shares)	1	1

COVER - shares	9 Months Ended
COVER - shares	Sep. 30, 2024	Nov. 08, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-41477
Entity Registrant Name	Biohaven Ltd.
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	c/o Biohaven Pharmaceuticals, Inc.
Entity Address, Address Line Two	215 Church Street
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06510
City Area Code	203
Local Phone Number	404-0410
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	BHVN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		101,122,246
Entity Central Index Key	0001935979
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date	--12-31

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Agreements The Company leases certain office and laboratory space. Other than the Pittsburgh Centre Avenue Lease described below, there have been no material changes to the lease obligations from those disclosed in Note 11, "Commitments and Contingencies" to the consolidated financial statements included in the 2023 Form 10-K. Pittsburgh Centre Avenue Lease Agreement In March 2024, the Company entered into a lease agreement in Pittsburgh, Pennsylvania for lab space (the "Pittsburgh Centre Avenue Lease"), which will be used to support the research and development of the Company's ion channel platform and replace the Company's current operating lease in Pittsburgh. The lease is expected to commence in mid 2025 after substantial completion of building improvements, and has a term of 122 months, with an option to extend for one additional period of 60 months. The Company expects to record the Pittsburgh Centre Avenue Lease as an operating lease. The Company has annual commitments relating to the Pittsburgh Centre Avenue Lease ranging from $1,859 to $2,373, excluding any additional tenant improvement allowance that would increase the base rent. Research Commitments The Company has agreements with several contract manufacturing organizations ("CMOs") and contract research organizations ("CROs") to provide products and services in connection with the Company’s preclinical studies and clinical trials. As of September 30, 2024, the Company had no remaining maximum research commitments in excess of one year. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company’s amended and restated memorandum and articles of association also provide for indemnification of directors and officers in specific circumstances. To date, the Company has not incurred any material costs as a result of such indemnification provisions. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of September 30, 2024 or December 31, 2023. License, Acquisition and Other Agreements The Company has entered into licensing, developmental and acquisition agreements with various parties under which it is obligated to make contingent and non-contingent payments (see Note 10, "License, Acquisitions and Other Agreements"). Other Agreements Moda Agreement On January 1, 2021, the Company entered into a consulting services agreement (the "Moda Agreement") with Moda Pharmaceuticals LLC ("Moda") to further the scientific advancement of technology, drug discovery platforms (including the technology licensed under the Yale MoDE Agreement), product candidates and related intellectual property owned or controlled by the Company. Under the Moda Agreement, the Company paid Moda an upfront cash payment of $2,700 and 37,836 shares of the Former Parent valued at approximately $3,243. In addition, Moda will be eligible to receive additional development, regulatory, and commercial milestone payments of up to $111,783. The Moda Agreement has a term of four years and may be terminated earlier by the Company or Moda under certain circumstances including, for example, the Company's discontinuation of research on the MoDE platform or default. In August 2023, the Company entered into an amendment to the Moda Agreement with Moda. Under the amendment, Moda will be eligible to receive development, regulatory, and commercial milestone payments of up to $48,200, in addition to the milestones noted above. The Company did not record any material milestone payments related to the Moda Agreement for the three months ended September 30, 2024. For the nine months ended September 30, 2024, the Company recorded research and development expense of $850 related to developmental milestones under the Moda Agreement. For the three and nine months ended September 30, 2023, the Company did not record any material milestone payments related to the Moda Agreement. Legal Proceedings From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of September 30, 2024, there were no matters which would have a material impact on the Company’s financial results.

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of reconciliation of available-for-sale debt securities from amortized cost to fair value

The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at September 30, 2024 and December 31, 2023 were as follows:


	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2024
Debt securities



U.S. treasury bills	$	294,211	$	—	$	294,211	$	215	$	—	$	294,426



December 31, 2023
Debt securities
U.S. corporate bonds	$	46,228	$	—	$	46,228	$	7	$	(24)	$	46,211
Foreign corporate bonds	7,180		—		7,180		—		(7)		7,173

U.S. treasury bills	113,908		—		113,908		27		—		113,935

Total	$	167,316	$	—	$	167,316	$	34	$	(31)	$	167,319

The fair value of debt securities available-for-sale by classification in the condensed consolidated balance sheets was as follows:


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	—	$	33,902
Marketable securities	294,426		133,417
Total	$	294,426	$	167,319

Schedule of available-for-sale debt securities by contractual maturity

The net amortized cost and fair value of debt securities available-for-sale at September 30, 2024 and December 31, 2023 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called or prepaid, or the Company intends to sell a security prior to maturity.


	September 30, 2024				December 31, 2023
	Net Amortized Cost		Fair Value		Net Amortized Cost		Fair Value
Due to mature:
Less than one year	$	294,211	$	294,426	$	167,316	$	167,319

Summary of debt securities available-for-sale in an unrealized loss position, aggregated by the length of time

Summarized below are the debt securities available-for-sale the Company held at December 31, 2023 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:


	Less than 12 months
	Number of Securities	Fair Value		Unrealized Losses








December 31, 2023
Debt securities
U.S. corporate bonds	6	$	29,537	$	(24)
Foreign corporate bonds	1	7,173		(7)



Total	7	$	36,710	$	(31)

Schedule of net investment income

Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Debt securities (including realized losses)	$	3,843	$	2,280	$	8,912	$	7,914
Other investments	1,850		1,551		6,252		4,278
Gross investment income (including realized losses)	5,693		3,831		15,164		12,192
Investment expenses	(45)		(65)		(115)		(203)
Net investment income	$	5,648	$	3,766	$	15,049	$	11,989

Schedule of proceeds from sale of available-for-sale debt securities and related gross realized capital gains and losses

The proceeds from the sale of available-for-sale debt securities and the related gross realized capital losses for the nine months ended September 30, 2024 and 2023 were as follows:


	Nine Months Ended September 30,
		2024		2023
Proceeds from sales		$	—	$	4,920

Gross realized capital losses		$	—	$	39

License, Acquisitions and Other Agreements (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Milestone payment to be paid upon development achievement	$ 140,650
Milestone payment to be paid upon regulatory achievement	641,975
Milestone payment to be paid upon commercial achievement	$ 2,150,450

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Our significant accounting policies are described in Note 2, "Summary of Significant Accounting Policies" to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the "2023 Form 10-K"). Updates to our accounting policies are discussed below in this Note 2.

Unaudited Interim Condensed Consolidated Financial Information

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2024, the results of its operations for the three and nine months ended September 30, 2024 and 2023, and its cash flows for the nine months ended September 30, 2024 and 2023. The results for the three and nine months ended September 30, 2024 are not necessarily

indicative of results to be expected for the year ending December 31, 2024, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.

Reclassifications

Certain items in the prior period’s condensed consolidated financial statements have been reclassified to conform to the current year presentation.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and valuation of forward contract and derivative liabilities. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Restricted Cash

Restricted cash included in other current assets in the condensed consolidated balance sheets consists primarily of employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares.

Restricted cash included in other non-current assets in the condensed consolidated balance sheets represents collateral held by banks for a letter of credit ("LOC") issued in connection with the leased office space in Yardley, Pennsylvania and LOCs issued in connection with the leased office and lab spaces in Cambridge, Massachusetts and Pittsburgh, Pennsylvania. See Note 11, ‘‘Commitments and Contingencies’’ for additional information on the real estate leases.


	As of September 30, 2024		As of September 30, 2023
Cash and cash equivalents	$	84,390	$	111,697
Restricted cash held on behalf of Former Parent	—		28
Restricted cash (included in other current assets)	582		11,890
Restricted cash (included in other non-current assets)	3,047		2,375
Total cash, cash equivalents and restricted cash at the end of the period in the condensed consolidated statement of cash flows	$	88,019	$	125,990

Forward Contracts and Derivative Liabilities

The Company evaluates certain of its financial and business development transactions to determine the accounting classification of equity linked instruments issued in those transactions. The Company first assesses whether a freestanding equity linked instrument meets liability classification in accordance with ASC 480-10 Distinguishing Liabilities from Equity and ASC 815-40 Derivatives and Hedging - Contracts in Entity's Own Equity. Under ASC 480-10 an instrument is considered liability classified if the instrument is mandatorily redeemable, obligate the issuer to settle an instrument or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares.

If an instrument does not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require net cash settlement are liabilities recorded at fair value. If the instrument does not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the instrument is indexed to its common stock and whether the instrument is classified as equity under ASC 815-40 or other applicable GAAP.

Equity linked instruments that are accounted for in accordance with ASC 815-40 are reported as liabilities on the condensed consolidated balance sheets at fair

value. Any change in fair value, as determined at each measurement period, is recorded as a component of other income, net on the condensed consolidated statements of operations and comprehensive loss. Changes in fair value are reported on the condensed consolidated statements of cash flows as change in fair value of forward contract and derivative liabilities.

The Company accounted for certain consideration agreed to in connection with the amendment, dated as of May 1, 2024 (the "Knopp Amendment"), to the Membership Interest Purchase Agreement, dated as of February 24, 2022 (the "Purchase Agreement") entered into with Knopp Biosciences, LLC ("Knopp") as derivative liabilities under ASC 815 (see Notes 4, "Fair Value of Financial Assets and Liabilities" and 10, "License, Acquisitions and Other Agreements").

Warrants

The Company evaluates warrants issued as either equity instruments, liabilities or derivative liabilities in accordance with ASC Topic 480, Distinguishing Liabilities from Equity ("ASC 480") and/or ASC Topic 815, Derivatives and Hedging ("ASC 815"), depending on the specific terms of the warrant agreement.

The Company assessed the warrants issued to Knopp in May 2024 (the "Knopp Warrants") and concluded that they met the criteria for equity classification under ASC 480 and ASC 815. Accordingly, the Knopp Warrants were recorded within additional paid-in capital on the condensed consolidated balance sheet at the time of issuance and are not subject to remeasurement. See Note 6, Shareholders' Equity for further detail on the Knopp Warrants.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of other current assets, accounts payable, and accrued expenses approximate their fair values due to the short-term nature of these assets and liabilities.

The Company has accounted for certain consideration agreed to in connection with the Knopp Amendment as forward contract liabilities, which are recorded on the condensed consolidated balance sheets at fair value. Any changes in fair value, as determined each measurement period, are recorded as a component of other income, net on the condensed consolidated statements of operations and comprehensive loss. The fair value of the forward contract liabilities is determined based on significant inputs not observable in the market, and therefore represents a Level 3 measurement within the fair value hierarchy. The valuations are based on a Monte Carlo simulation of the Company's share price, which requires judgement and assumption on the volatility of Biohaven's share price, discounted to present value using a risk-free rate plus Biohaven specific credit risk since payable in a variable number of shares. (see Notes 4, "Fair Value of Financial Assets and Liabilities" and 10, "License, Acquisitions and Other Agreements").

Recently Issued Accounting Pronouncements

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to

Reportable Segment Disclosures, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU No. 2023-07 apply to public entities, including those with a single reportable segment, and are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its consolidated financial statements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disaggregated by jurisdiction. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. The Company is currently evaluating the impact ASU No. 2023-09 will have on its consolidated financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to the financial statements, of specified information about certain costs and expenses. This ASU is effective for public entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements.

Accumulated Other Comprehensive (Loss) Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI [Roll Forward]
Beginning of period balance			$ 427,975,000
End of period balance	$ 316,006,000		316,006,000
Accumulated other comprehensive income
AOCI [Roll Forward]
Beginning of period balance	(78,000)	$ 20,000	(65,000)	$ 284,000
Total other comprehensive income (loss)	218,000	138,000	205,000	(126,000)
End of period balance	140,000	158,000	140,000	158,000
Tax on other comprehensive income (loss)	0	0	0	0
Net unrealized investment gains (losses):
AOCI [Roll Forward]
Beginning of period balance	(3,000)	(262,000)	3,000	(145,000)
Other comprehensive income before reclassifications		178,000		22,000
Amounts reclassified from accumulated other comprehensive income		0		39,000
Total other comprehensive income (loss)	218,000	178,000	212,000	61,000
End of period balance	215,000	(84,000)	215,000	(84,000)
Foreign currency translation adjustments:
AOCI [Roll Forward]
Beginning of period balance	(75,000)	282,000	(68,000)	429,000
Other comprehensive income before reclassifications		(40,000)		(187,000)
Total other comprehensive income (loss)	0		(7,000)
End of period balance	$ (75,000)	$ 242,000	$ (75,000)	$ 242,000

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

License, Acquisitions and Other Agreements - Yale University Agreement (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2021	May 31, 2019	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
License and other agreements
Milestone payment to be paid upon regulatory achievement			$ 641,975,000		$ 641,975,000
Research and development			157,607,000	$ 95,517,000	628,398,000	$ 238,468,000
Development milestone payment to be paid			140,650,000		140,650,000
Commercial milestone payment to be paid			2,150,450,000		2,150,450,000
Yale University \| Yale Arrangement
License and other agreements
Milestone payment to be paid upon regulatory achievement			2,000,000		2,000,000
Minimum annual royalty payment to be paid upon sale of product		$ 1,000,000
Research and development			0	0	0	0
Yale University \| Yale MoDE Agreement
License and other agreements
Minimum annual royalty payment to be paid upon sale of product	$ 1,000,000
Research and development			0	$ 0	150,000	$ 0
Development milestone payment to be paid			650,000		650,000
Commercial milestone payment to be paid			$ 2,950,000		$ 2,950,000
Initial term of agreement (in years)	20 years

Balance Sheet Components - Other Non-current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses
Operating lease right-of-use assets	$ 28,909	$ 31,385
Other	3,048	2,400
Other non-current assets	$ 31,957	$ 33,785

Marketable Securities - Narrative (Details) - investment	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investments in continuous unrealized loss position for more than twelve months	0	0

Marketable Securities - Amortized Cost and Fair Value of Debt Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value to Amortized Cost
Amortized Cost		$ 167,316
Allowance for Credit Losses		0
Net Amortized Cost		167,316
Gross Unrealized Gains		34
Gross Unrealized Losses		(31)
Fair Value	$ 294,426	167,319
Cash and cash equivalents
Fair Value to Amortized Cost
Fair Value	0	33,902
Marketable securities
Fair Value to Amortized Cost
Fair Value	294,426	133,417
U.S. treasury bills
Fair Value to Amortized Cost
Amortized Cost	294,211	113,908
Allowance for Credit Losses	0	0
Net Amortized Cost	294,211	113,908
Gross Unrealized Gains	215	27
Gross Unrealized Losses	0	0
Fair Value	$ 294,426	113,935
U.S. corporate bonds
Fair Value to Amortized Cost
Amortized Cost		46,228
Allowance for Credit Losses		0
Net Amortized Cost		46,228
Gross Unrealized Gains		7
Gross Unrealized Losses		(24)
Fair Value		46,211
Foreign corporate bonds
Fair Value to Amortized Cost
Amortized Cost		7,180
Allowance for Credit Losses		0
Net Amortized Cost		7,180
Gross Unrealized Gains		0
Gross Unrealized Losses		(7)
Fair Value		$ 7,173

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 84,390	$ 248,402
Marketable securities	294,426	133,417
Prepaid expenses	55,168	35,242
Income tax receivable	5,318	13,252
Other current assets	1,198	12,133
Total current assets	440,500	442,446
Property and equipment, net	18,276	17,191
Intangible assets	18,400	18,400
Goodwill	1,390	1,390
Other non-current assets	31,957	33,785
Total assets	510,523	513,212
Current liabilities:
Accounts payable	19,744	15,577
Accrued expenses and other current liabilities	63,520	39,846
Forward contract liability	69,030	0
Total current liabilities	152,294	55,423
Non-current operating lease liabilities	25,312	27,569
Derivative liability, non-current	12,320	0
Other non-current liabilities	4,591	2,245
Total liabilities	194,517	85,237
Commitments and contingencies (Note 11)
Shareholders' Equity:
Preferred shares, no par value; 10,000,000 shares authorized, no shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common shares, no par value; 200,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 94,899,193 and 81,115,723 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	1,381,699	887,528
Additional paid-in capital	93,038	39,804
Accumulated deficit	(1,158,871)	(499,292)
Accumulated other comprehensive income (loss)	140	(65)
Total shareholders' equity	316,006	427,975
Total liabilities and shareholders' equity	$ 510,523	$ 513,212

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Accumulated depreciation	$ (11,201)	$ (8,283)
Property and equipment, net	18,276	17,191
Building and land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	14,078	11,728
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	824	802
Computer hardware and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	875	875
Office and lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	11,362	9,961
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,793	1,550
Depreciable Property, Plant and Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	28,932	24,916
Property and equipment, net	17,731	16,633
Equipment not yet in service
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 544	$ 558

Marketable Securities - Proceeds and Realized Gains and Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales	$ 0	$ 0	$ 0	$ 4,920,000
Gross realized capital losses	$ 0	$ 0	$ 0	$ 39,000

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Expense and Other Current Liabilities
Accrued employee compensation and benefits	$ 15,881	$ 837
Accrued clinical trial costs	35,454	29,501
Operating lease liabilities - current portion	3,676	3,308
Other accrued expenses and other current liabilities	8,509	6,200
Accrued expenses and other current liabilities	$ 63,520	$ 39,846

Non-Cash Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Non-Cash Share-Based Compensation

Non-Cash Share-based Compensation Expense

The Company measures non-cash share-based compensation at the grant date based on the fair value of the award and recognizes non-cash shared-based compensation as expense over the requisite service period of the award (generally three years) using the straight-line method. Non-cash share-based compensation expense, consisting of expense for share options, restricted share units ("RSUs"), performance share options, and the Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Research and development expenses	$	7,164	$	2,184	$	35,526	$	6,882
General and administrative expenses	4,996		2,272		23,743		6,034
Total non-cash share-based compensation expense	$	12,160	$	4,456	$	59,269	$	12,916

Share Options

All share option grants are awarded at fair value on the date of grant. The fair value of share options is estimated using the Black-Scholes option pricing model. Stock options generally expire 10 years after the grant date.

The aggregate intrinsic value of share options is calculated as the difference between the exercise price of the share options and the fair value of the Company's common shares for those share options that had exercise prices lower than the fair value of the Company's common shares at September 30, 2024.

As of September 30, 2024, total unrecognized compensation cost related to the unvested share options was $78,570, which is expected to be recognized over a weighted average period of 2.13 years, which does not consider the impact of a change in control. The weighted average grant date fair value per share of share options granted under the Company's share option plan during the nine months ended September 30, 2024 and 2023 was $30.60 and $18.01, respectively. The Company

expects approximately 7,901,963 of the unvested stock options to vest over the requisite service period.

The following table is a summary of the Company's share option activity for the nine months ended September 30, 2024:


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
				(in years)
Outstanding as of December 31, 2023	11,379,429	$	11.48
Granted	2,503,161	$	42.04
Exercised	(684,124)	$	9.49
Forfeited	(104,448)	$	20.53
Outstanding as of September 30, 2024	13,094,018	$	17.36	8.44	$	427,203
Options exercisable as of September 30, 2024	5,192,055	$	13.72	8.30	$	188,273
Vested and expected to vest as of September 30, 2024	13,094,018	$	17.36	8.44	$	427,203

Restricted Share Units

The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. The employee can elect to receive the one common share net of taxes or pay for taxes separately and receive the entire share. Compensation cost is recorded based on the market price of the Company’s common shares on the grant date and is recognized on a straight-line basis over the requisite service period.

As of September 30, 2024, there was $8,989 of total unrecognized compensation cost related to Company RSUs that are expected to vest. These costs are expected to be recognized over a weighted-average period of 2.31 years, which does not consider the impact of a change in control. The total fair value of RSUs vested during the three and nine months ended September 30, 2024 was $221 and $3,991.

The following table is a summary of the RSU activity for the nine months ended September 30, 2024:

Non-Cash Share-Based Compensation - Stock Options (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of Shares
Outstanding at beginning of period (in shares) \| shares	11,379,429
Granted (in shares) \| shares	2,503,161
Exercised (in shares) \| shares	(684,124)
Forfeited (in shares) \| shares	(104,448)
Outstanding at end of period (in shares) \| shares	13,094,018
Options exercisable (in shares) \| shares	5,192,055
Options vested and expected to vest (in shares) \| shares	13,094,018
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 11.48
Granted (in dollars per share) \| $ / shares	42.04
Exercised (in dollars per share) \| $ / shares	9.49
Forfeited (in dollars per share) \| $ / shares	20.53
Outstanding at end of period (in dollars per share) \| $ / shares	17.36
Options exercisable (in dollars per share) \| $ / shares	13.72
Options vested and expected to vest (in dollars per share) \| $ / shares	$ 17.36
Weighted Average Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term of options outstanding (in years)	8 years 5 months 8 days
Weighted average remaining contractual term of options exercisable (in years)	8 years 3 months 18 days
Weighted average remaining contractual term of options vested and expected to vest (in years)	8 years 5 months 8 days
Aggregate intrinsic value of options outstanding \| $	$ 427,203
Aggregate intrinsic value of options exercisable \| $	188,273
Aggregate intrinsic value of options vested and expected to vest \| $	$ 427,203

License, Acquisitions and Other Agreements - ALS Biopharma Agreement (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2015 prodrug claim	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
License and other agreements
Milestone payment to be paid upon regulatory achievement		$ 641,975,000		$ 641,975,000
Research and development		157,607,000	$ 95,517,000	628,398,000	$ 238,468,000
ALS Biopharma Agreement \| Collaborative arrangement
License and other agreements
Number of prodrugs of glutamate modulating agents \| prodrug	300
Milestone payment to be paid upon regulatory achievement		4,000,000		4,000,000
Number of claims \| claim	1
Research and development		$ 0	$ 0	$ 0	$ 0

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of changes in shareholders' equity (deficit)

Changes in shareholders’ equity for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:


	Common Shares
	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Balances as of December 31, 2023	81,115,723	$	887,528	$	39,804	$	(499,292)	$	(65)	$	427,975






Net loss	—	—		—		(179,504)		—		(179,504)
Issuance of common shares as payment for acquisition of IPR&D asset	242,958	10,347		—		—		—		10,347
Issuance of common shares as payment under license and other agreements	97,233	5,637		—		—		—		5,637
Issuance of common shares under 2022 Equity Incentive Plan	351,307	7,452		(5,296)		—		—		2,156
Non-cash share-based compensation expense	—	—		34,877		—		—		34,877
Other comprehensive loss	—	—		—		—		(41)		(41)
Balances as of March 31, 2024	81,807,221	910,964		69,385		(678,796)		(106)		301,447
Net loss	—	—		—		(319,771)		—		(319,771)
Issuance of common shares, net of offering costs	8,544,951	317,720		—		—		—		317,720
Issuance of common shares as payment for acquisition of IPR&D asset	10,452	446		—		—		—		446
Issuance of common shares as payment under license and other agreements	1,872,874	65,981		—		—		—		65,981
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan	110,834	3,442		(1,125)		—		—		2,317
Issuance of warrant as payment under license agreement	—	—		3,340		—		—		3,340
Non-cash share-based compensation expense	—	—		12,232		—		—		12,232
Other comprehensive income	—	—		—		—		28		28
Balances as of June 30, 2024	92,346,332	1,298,553		83,832		(998,567)		(78)		383,740
Net loss	—	—		—		(160,304)		—		(160,304)
Issuance of common shares, net of offering costs	2,154,857	76,361		—		—		—		76,361
Issuance of common shares as payment for acquisition of IPR&D asset	428	18		—		—		—		18
Issuance of common shares under 2022 Equity Incentive Plan	397,422	6,758		(2,954)		—		—		3,804
Issuance of common shares as payment under license and other agreements	154	9		—		—		—		9
Non-cash share-based compensation expense	—	—		12,160		—		—		12,160

Other comprehensive income	—	—		—		—		218		218
Balance as of September 30, 2024	94,899,193	$	1,381,699	$	93,038	$	(1,158,871)	$	140	$	316,006


	Common Shares
	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Shareholders' Equity
Balances as of December 31, 2022	68,190,479	$	615,742	$	13,869	$	(91,124)	$	284	$	538,771
Net loss	—	—		—		(70,492)		—		(70,492)
Issuance of common shares under 2022 Equity Incentive Plan	22,000	504		(172)		—		—		332
Non-cash share-based compensation expense	—	—		3,765		—		—		3,765
Other comprehensive loss	—	—		—		—		(118)		(118)





Balances as of March 31, 2023	68,212,479	616,246		17,462		(161,616)		166		472,258
Net loss	—	—		—		(90,346)		—		(90,346)
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan	104,474	1,264		(470)		—		—		794
Non-cash share-based compensation expense	—	—		4,695		—		—		4,695
Other comprehensive loss	—	—		—		—		(146)		(146)
Balance as of June 30, 2023	68,316,953	617,510		21,687		(251,962)		20		387,255
Net loss	—	—		—		(102,574)		—		(102,574)
Issuance of common shares under 2022 Equity Incentive Plan	47,190	1,251		(520)		—		—		731
Non-cash share-based compensation expense	—	—		4,456		—		—		4,456
Other comprehensive income	—	—		—		—		138		138
Balance as of September 30, 2023	68,364,143	$	618,761	$	25,623	$	(354,536)	$	158	$	290,006

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Liabilities:
Derivative liability, non-current	$ 12,320	$ 0
Recurring
Assets:
Total assets	362,471	228,418
Liabilities:
Forward contract liability	69,030
Total liabilities	81,350
Recurring \| Put Option
Liabilities:
Derivative liability, non-current	12,320
Recurring \| Money market funds
Assets:
Cash and cash equivalents	65,497	59,199
Other non-current assets	2,548	1,900
Recurring \| U.S. treasury bills
Assets:
Cash and cash equivalents		27,901
Marketable securities	294,426	86,034
Recurring \| U.S. corporate bonds
Assets:
Cash and cash equivalents		6,001
Marketable securities		40,210
Recurring \| Foreign corporate bonds
Assets:
Marketable securities		7,173
Recurring \| Level 1
Assets:
Total assets	83,873	70,973
Liabilities:
Forward contract liability	0
Total liabilities	0
Recurring \| Level 1 \| Put Option
Liabilities:
Derivative liability, non-current	0
Recurring \| Level 1 \| Money market funds
Assets:
Cash and cash equivalents	65,497	59,199
Other non-current assets	2,548	1,900
Recurring \| Level 1 \| U.S. treasury bills
Assets:
Cash and cash equivalents		0
Marketable securities	15,828	9,874
Recurring \| Level 1 \| U.S. corporate bonds
Assets:
Cash and cash equivalents		0
Marketable securities		0
Recurring \| Level 1 \| Foreign corporate bonds
Assets:
Marketable securities		0
Recurring \| Level 2
Assets:
Total assets	278,598	157,445
Liabilities:
Forward contract liability	0
Total liabilities	0
Recurring \| Level 2 \| Put Option
Liabilities:
Derivative liability, non-current	0
Recurring \| Level 2 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Other non-current assets	0	0
Recurring \| Level 2 \| U.S. treasury bills
Assets:
Cash and cash equivalents		27,901
Marketable securities	278,598	76,160
Recurring \| Level 2 \| U.S. corporate bonds
Assets:
Cash and cash equivalents		6,001
Marketable securities		40,210
Recurring \| Level 2 \| Foreign corporate bonds
Assets:
Marketable securities		7,173
Recurring \| Level 3
Assets:
Total assets	0	0
Liabilities:
Forward contract liability	69,030
Total liabilities	81,350
Recurring \| Level 3 \| Put Option
Liabilities:
Derivative liability, non-current	12,320
Recurring \| Level 3 \| Money market funds
Assets:
Cash and cash equivalents	0	0
Other non-current assets	0	0
Recurring \| Level 3 \| U.S. treasury bills
Assets:
Cash and cash equivalents		0
Marketable securities	$ 0	0
Recurring \| Level 3 \| U.S. corporate bonds
Assets:
Cash and cash equivalents		0
Marketable securities		0
Recurring \| Level 3 \| Foreign corporate bonds
Assets:
Marketable securities		$ 0

Fair Value of Financial Assets and Liabilities - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2024	May 03, 2024	May 01, 2024
2024 Additional Consideration True-up
Fair Value, Assets and Liabilities
Fair value	$ 0
2024 Additional Consideration True-up \| Level 3
Fair Value, Assets and Liabilities
Fair value		$ 15,540,000
Forward Contract Liability, 2025 Addtional Consideration
Fair Value, Assets and Liabilities
Common shares issuable, value	$ 75,000,000
Fair value first anniversary of execution period	60 days
Forward Contract Liability, 2025 Addtional Consideration \| Level 3
Fair Value, Assets and Liabilities
Fair value			$ 63,940,000
Forward Contract and Derivative Liabilities
Fair Value, Assets and Liabilities
Issuance of common shares, net of offering costs	$ 75,000,000
Forward Contract and Derivative Liabilities \| Level 3
Fair Value, Assets and Liabilities
Fair value	$ 81,350,000		$ 93,290,000

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Marketable Securities

9 Months Ended

Sep. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities


	Amortized Cost		Allowance for Credit Losses		Net Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
September 30, 2024
Debt securities



U.S. treasury bills	$	294,211	$	—	$	294,211	$	215	$	—	$	294,426



December 31, 2023
Debt securities
U.S. corporate bonds	$	46,228	$	—	$	46,228	$	7	$	(24)	$	46,211
Foreign corporate bonds	7,180		—		7,180		—		(7)		7,173

U.S. treasury bills	113,908		—		113,908		27		—		113,935

Total	$	167,316	$	—	$	167,316	$	34	$	(31)	$	167,319

The fair value of debt securities available-for-sale by classification in the condensed consolidated balance sheets was as follows:


	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	—	$	33,902
Marketable securities	294,426		133,417
Total	$	294,426	$	167,319


	September 30, 2024				December 31, 2023
	Net Amortized Cost		Fair Value		Net Amortized Cost		Fair Value
Due to mature:
Less than one year	$	294,211	$	294,426	$	167,316	$	167,319

The Company did not hold any debt securities available-for-sale that were in an unrealized loss position at September 30, 2024. Summarized below are the debt securities available-for-sale the Company held at December 31, 2023 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position:


	Less than 12 months
	Number of Securities	Fair Value		Unrealized Losses








December 31, 2023
Debt securities
U.S. corporate bonds	6	$	29,537	$	(24)
Foreign corporate bonds	1	7,173		(7)



Total	7	$	36,710	$	(31)

The Company did not have any investments in a continuous unrealized loss position for more than twelve months as of September 30, 2024 or December 31, 2023.

The Company reviewed its securities and concluded that they are performing assets, considering factors such as the credit quality of the investment security based on research performed by external rating agencies and the prospects of realizing the carrying value of the security based on the investment’s current prospects for recovery. As of September 30, 2024, the Company did not intend to sell its securities and did not believe it was more likely than not that it would be required to sell its securities prior to the anticipated recovery of their amortized cost basis.

Net Investment Income

Gross investment income includes income from debt securities available-for-sale, money-market funds, cash and restricted cash. Net investment income included in other income, net in the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Debt securities (including realized losses)	$	3,843	$	2,280	$	8,912	$	7,914
Other investments	1,850		1,551		6,252		4,278
Gross investment income (including realized losses)	5,693		3,831		15,164		12,192
Investment expenses	(45)		(65)		(115)		(203)
Net investment income	$	5,648	$	3,766	$	15,049	$	11,989

We utilize the specific identification method in computing realized gains and losses. There were no proceeds from the sale of available-for-sale debt securities or related gross realized capital gains or losses for the three months ended September 30, 2024 and 2023. The proceeds from the sale of available-for-sale debt securities and the related gross realized capital losses for the nine months ended September 30, 2024 and 2023 were as follows:


	Nine Months Ended September 30,
		2024		2023
Proceeds from sales		$	—	$	4,920

Gross realized capital losses		$	—	$	39

License, Acquisitions and Other Agreements - Acquisitions (Details) - USD ($)				1 Months Ended	3 Months Ended		9 Months Ended
	May 03, 2024	May 01, 2024	Jan. 07, 2024	May 31, 2024	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
License and other agreements
Success-based milestone payments, based on regulatory approval					$ 185,000,000		$ 185,000,000
Additional regulatory milestone payments					60,000,000		60,000,000
Forward contract liability					69,030,000		69,030,000	$ 0
Purchase Agreement, Knopp Amendment
License and other agreements
Common stock issued (shares)				1,872,874
Issuance of common shares, net of offering costs				$ 65,981,000
Purchase Agreement, Knopp Amendment
License and other agreements
Number of securities called by warrants (shares)		294,195
Exercise price of warrants (in dollars per share)		$ 67.98
Purchase Agreement, Knopp Amendment
License and other agreements
Issuance of common shares, net of offering costs		$ 75,000,000
Fair value first anniversary of execution period		60 days
Purchase Agreement, Knopp Amendment, 2025 Additional Consideration
License and other agreements
Fair value first anniversary of execution period	60 days
Common shares issuable, value	$ 75,000,000
Forward contract, current
License and other agreements
Forward contract liability	75,220,000
Derivative Liability, 2024 Additional Consideration \| Level 3
License and other agreements
Change in fair value of forward contract and derivative liabilities in other income, net					0		9,239,000
2024 Additional Consideration True-up
License and other agreements
Fair value					0		0
2024 Additional Consideration True-up \| Level 3
License and other agreements
Fair value	15,540,000
Change in fair value of forward contract and derivative liabilities in other income, net					16,130,000		$ 15,540,000
Forward Contract Liability, 2025 Addtional Consideration
License and other agreements
Fair value first anniversary of execution period							60 days
Common shares issuable, value							$ 75,000,000
Forward Contract Liability, 2025 Addtional Consideration \| Level 3
License and other agreements
Fair value		$ 63,940,000
Change in fair value of forward contract and derivative liabilities in other income, net					(3,940,000)		(5,090,000)
2025 Additional Consideration True-up \| Level 3
License and other agreements
Fair value	$ 13,810,000
Change in fair value of forward contract and derivative liabilities in other income, net					(140,000)		1,490,000
Pyramid Biosciences, Inc.
License and other agreements
Upfront payment of common shares, shares (in shares)			255,794,000
Upfront payment of common shares, value			$ 10,894,000
Research and development						$ 5,689,000
Common shares issuable (in shares)						98,129
Pyramid Biosciences, Inc. \| Developmental And Regulatory Milestones, First Asset \| Lead Asset
License and other agreements
Success-based payments					5,000,000		5,000,000
Pyramid Biosciences, Inc. \| Developmental And Regulatory Milestones, Second Asset \| Second Asset
License and other agreements
Success-based payments					30,000,000		30,000,000
Pyramid Biosciences, Inc. \| Commercial Sales-Based Milestones
License and other agreements
Success-based payments					$ 40,000,000		$ 40,000,000

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of property and equipment, net

Property and equipment, net consisted of the following:


	As of September 30, 2024		As of December 31, 2023
Building and land	$	14,078	$	11,728
Leasehold improvements	824		802
Computer hardware and software	875		875
Office and lab equipment	11,362		9,961
Furniture and fixtures	1,793		1,550
	$	28,932	$	24,916
Accumulated depreciation	(11,201)		(8,283)
	17,731		16,633
Equipment not yet in service	544		558
Property and equipment, net	$	18,276	$	17,191

Schedule of other noncurrent assets

Other non-current assets consisted of the following:


	As of September 30, 2024		As of December 31, 2023



Operating lease right-of-use assets	$	28,909	$	31,385
Other	3,048		2,400
Other non-current assets	$	31,957	$	33,785

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of September 30, 2024		As of December 31, 2023

Accrued employee compensation and benefits	$	15,881	$	837
Accrued clinical trial costs	35,454		29,501





Operating lease liabilities - current portion	3,676		3,308
Other accrued expenses and other current liabilities	8,509		6,200
Accrued expenses and other current liabilities	$	63,520	$	39,846

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (160,304)	$ (102,574)	$ (659,579)	$ (263,412)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

Basic and diluted net loss per share attributable to common shareholders of Biohaven was calculated as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:

Net loss	$	(160,304)	$	(102,574)	$	(659,579)	$	(263,412)
Denominator:
Weighted average common shares outstanding—basic and diluted	94,372,159		68,320,125		87,936,923		68,258,757
Net loss per share — basic and diluted	$	(1.70)	$	(1.50)	$	(7.50)	$	(3.86)

Schedule of potentially anti-dilutive securities excluded from calculation of diluted net loss per share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	As of September 30,
	2024	2023
Options to purchase common shares	13,094,018	9,740,921
Warrants to purchase common shares	294,195	—
Restricted share units	279,657	—
Total	13,667,870	9,740,921

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (659,579,000)	$ (263,412,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,394,000	5,018,000
Non-cash share-based compensation	59,269,000	12,916,000
Issuance of common shares as payment for acquisition of IPR&D asset	10,811,000	0
Issuance of common shares as payment under license and other agreements	71,627,000	0
Fair value of forward contract and derivative liabilities under license agreement	102,529,000	0
Change in fair value of forward contract and derivative liabilities	(21,179,000)	0
Issuance of warrant under license agreement	3,340,000	0
Other non-cash items, net	(6,749,000)	(4,696,000)
Changes in operating assets and liabilities, net of effects of acquisition:
Prepaid expenses and other current and non-current assets	(290,000)	28,428,000
Accounts payable	2,425,000	(1,188,000)
Accrued expenses and other current and non-current liabilities	20,691,000	6,090,000
Net cash used in operating activities	(411,711,000)	(216,844,000)
Cash flows from investing activities:
Proceeds from maturities of marketable securities	312,364,000	214,224,000
Proceeds from sales of marketable securities	0	4,920,000
Purchases of marketable securities	(466,053,000)	(82,822,000)
Purchases of property and equipment	(4,000,000)	(2,578,000)
Cash acquired from acquisition of IPR&D asset	391,000	0
Net cash (used in) provided by investing activities	(157,298,000)	133,744,000
Cash flows from financing activities:
Proceeds from issuance of common shares	394,881,000	0
Payment of issuance costs	(800,000)	0
Change in restricted cash due to Former Parent	0	(35,184,000)
Proceeds from equity incentive plan and employee share purchase plan	8,582,000	0
Other financing activities, net	2,258,000	1,857,000
Net cash provided by (used in) financing activities	404,921,000	(33,327,000)
Effects of exchange rates on cash, cash equivalents, and restricted cash	(13,000)	(187,000)
Net decrease in cash, cash equivalents, and restricted cash	(164,101,000)	(116,614,000)
Cash, cash equivalents, and restricted cash at beginning of period	252,120,000	242,604,000
Cash, cash equivalents, and restricted cash at end of period	$ 88,019,000	$ 125,990,000

Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of September 30, 2024		As of December 31, 2023
Building and land	$	14,078	$	11,728
Leasehold improvements	824		802
Computer hardware and software	875		875
Office and lab equipment	11,362		9,961
Furniture and fixtures	1,793		1,550
	$	28,932	$	24,916
Accumulated depreciation	(11,201)		(8,283)
	17,731		16,633
Equipment not yet in service	544		558
Property and equipment, net	$	18,276	$	17,191

Depreciation expense was $1,000 and $2,918 for the three and nine months ended September 30, 2024, respectively, and $857 and $2,421 for the three and nine months ended September 30, 2023, respectively.

Equipment not yet in service primarily consisted of lab equipment that had not been placed into service as of September 30, 2024 and December 31, 2023.

Other Non-current Assets

Other non-current assets consisted of the following:


	As of September 30, 2024		As of December 31, 2023



Operating lease right-of-use assets	$	28,909	$	31,385
Other	3,048		2,400
Other non-current assets	$	31,957	$	33,785

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of September 30, 2024		As of December 31, 2023

Accrued employee compensation and benefits	$	15,881	$	837
Accrued clinical trial costs	35,454		29,501





Operating lease liabilities - current portion	3,676		3,308
Other accrued expenses and other current liabilities	8,509		6,200
Accrued expenses and other current liabilities	$	63,520	$	39,846

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The following table provides a comparative summary of the Company's income tax provision and effective income tax rate for the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Income tax (benefit) provision	$	(59)		$	(3,287)		$	687		$	(171)
Effective income tax rate	—		%	(3.1)		%	0.1		%	(0.1)		%

The change in income tax provisions for the three months ended September 30, 2024 as compared to the same period in 2023 was primarily attributable to the Company adopting the guidance contained in a Notice of

Proposed Rule Making issued during the third quarter of 2023 by the United States Internal Revenue Service ("the Notice"). The Notice allows the Company to immediately deduct certain R&D expenditures which were incurred in the US and reimbursed by the Company’s foreign parent. Previously, these expenditures were required to be capitalized under the Tax Cuts and Jobs Act, which was effective for tax years beginning on or after January 1, 2022.

The change in income tax provisions for the nine months ended September 30, 2024 as compared to the same period in 2023 was primarily attributable to an increase in income in the US, partially offset by windfall tax deductions arising from non-cash share-based compensation.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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+ Details

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Shareholders' Equity

Changes in shareholders’ equity for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:


	Common Shares
	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Shareholders' Equity
Balances as of December 31, 2023	81,115,723	$	887,528	$	39,804	$	(499,292)	$	(65)	$	427,975






Net loss	—	—		—		(179,504)		—		(179,504)
Issuance of common shares as payment for acquisition of IPR&D asset	242,958	10,347		—		—		—		10,347
Issuance of common shares as payment under license and other agreements	97,233	5,637		—		—		—		5,637
Issuance of common shares under 2022 Equity Incentive Plan	351,307	7,452		(5,296)		—		—		2,156
Non-cash share-based compensation expense	—	—		34,877		—		—		34,877
Other comprehensive loss	—	—		—		—		(41)		(41)
Balances as of March 31, 2024	81,807,221	910,964		69,385		(678,796)		(106)		301,447
Net loss	—	—		—		(319,771)		—		(319,771)
Issuance of common shares, net of offering costs	8,544,951	317,720		—		—		—		317,720
Issuance of common shares as payment for acquisition of IPR&D asset	10,452	446		—		—		—		446
Issuance of common shares as payment under license and other agreements	1,872,874	65,981		—		—		—		65,981
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan	110,834	3,442		(1,125)		—		—		2,317
Issuance of warrant as payment under license agreement	—	—		3,340		—		—		3,340
Non-cash share-based compensation expense	—	—		12,232		—		—		12,232
Other comprehensive income	—	—		—		—		28		28
Balances as of June 30, 2024	92,346,332	1,298,553		83,832		(998,567)		(78)		383,740
Net loss	—	—		—		(160,304)		—		(160,304)
Issuance of common shares, net of offering costs	2,154,857	76,361		—		—		—		76,361
Issuance of common shares as payment for acquisition of IPR&D asset	428	18		—		—		—		18
Issuance of common shares under 2022 Equity Incentive Plan	397,422	6,758		(2,954)		—		—		3,804
Issuance of common shares as payment under license and other agreements	154	9		—		—		—		9
Non-cash share-based compensation expense	—	—		12,160		—		—		12,160

Other comprehensive income	—	—		—		—		218		218
Balance as of September 30, 2024	94,899,193	$	1,381,699	$	93,038	$	(1,158,871)	$	140	$	316,006


	Common Shares
	Shares	Amount		Additional Paid-in Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Shareholders' Equity
Balances as of December 31, 2022	68,190,479	$	615,742	$	13,869	$	(91,124)	$	284	$	538,771
Net loss	—	—		—		(70,492)		—		(70,492)
Issuance of common shares under 2022 Equity Incentive Plan	22,000	504		(172)		—		—		332
Non-cash share-based compensation expense	—	—		3,765		—		—		3,765
Other comprehensive loss	—	—		—		—		(118)		(118)





Balances as of March 31, 2023	68,212,479	616,246		17,462		(161,616)		166		472,258
Net loss	—	—		—		(90,346)		—		(90,346)
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan	104,474	1,264		(470)		—		—		794
Non-cash share-based compensation expense	—	—		4,695		—		—		4,695
Other comprehensive loss	—	—		—		—		(146)		(146)
Balance as of June 30, 2023	68,316,953	617,510		21,687		(251,962)		20		387,255
Net loss	—	—		—		(102,574)		—		(102,574)
Issuance of common shares under 2022 Equity Incentive Plan	47,190	1,251		(520)		—		—		731
Non-cash share-based compensation expense	—	—		4,456		—		—		4,456
Other comprehensive income	—	—		—		—		138		138
Balance as of September 30, 2023	68,364,143	$	618,761	$	25,623	$	(354,536)	$	158	$	290,006

Knopp Amendment

In May 2024, the Company entered into the Knopp Amendment under which the parties thereto agreed to revise the success-based payment and royalty payment obligations under the Membership Purchase Agreement. As consideration, the Company issued 1,872,874 Biohaven Shares to Knopp, valued at approximately $65,981 in May 2024.

As further consideration for the revisions to the success-based payment and royalty payment obligations in the Knopp Amendment, the Company issued to Knopp a warrant to purchase 294,195 of the Company's common shares with a purchase price of $67.98, subject to certain specified development milestones and the Company achieving a specified market capitalization.

The warrant was recorded at its initial fair value of $3,340 within additional paid-in capital on the condensed consolidated balance sheet during the second quarter of

2024 and is not subject to remeasurement. See Note 10 for further detail on the Knopp Amendment.

2024 Public Offerings

On April 22, 2024, the Company closed an underwritten public offering of 6,451,220 of its common shares, which included the exercise in full of the underwriters' option to purchase additional shares, at a price of $41.00 per share. The net proceeds raised in the offering, after deducting underwriting discounts and expenses of the offering payable by Biohaven, were approximately $247,830. The Company intends to use the net proceeds received from the offering for general corporate purposes.

On October 2, 2024, the Company closed an underwritten public offering of 6,052,631 of its common shares, which included the exercise in full of the underwriters' option to purchase additional shares, at a price of $47.50 per share. The net proceeds raised in the offering, after deducting underwriting discounts and expenses of the offering payable by Biohaven, were approximately $269,935. The Company intends to use the net proceeds received from the offering for general corporate purposes.

Pyramid Acquisition

In January 2024, the Company acquired Pyramid pursuant to the Pyramid Agreement. In consideration for the Pyramid acquisition, Biohaven made an upfront payment of 255,794 Company common shares, valued at approximately $10,894. As of September 30, 2024, 253,838 of these common shares have been issued by the Company.

During the first quarter of 2024, the Company recorded $5,689 of R&D expense in the condensed consolidated statement of operations and comprehensive loss for a developmental milestone which became due under the Pyramid Agreement, to be paid in 98,129 Company common shares. As of September 30, 2024, 97,387 of these common shares have been issued by the Company. Refer to Note 10, "License, Acquisitions and Other Agreements" for further discussion of the Pyramid acquisition.

Equity Distribution Agreement

In October 2023, the Company entered into an equity distribution agreement pursuant to which the Company may offer and sell common shares having an aggregate offering price of up to $150,000 from time to time through or to the sales agent, acting as its agent or principal (the "Equity Distribution Agreement"). Sales of the Company's common shares, if any, will be made in sales deemed to be “at-the-market offerings”. The sales agent is not required to sell any specific amount of securities but will act as the Company's sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between the sales agent and the Company. The Company currently plans to use the net proceeds from any at-the-market offerings of its common shares for general corporate purposes.

In August 2024, the Company entered into an amendment to the Equity Distribution Agreement pursuant to which the Company may offer and sell common shares having an aggregate offering price of up to $450,000 from time to time through or to the sales agent, acting as its agent or principal.

As of September 30, 2024, the Company sold and issued 4,248,588 common shares under the Equity Distribution Agreement, as amended, for total net proceeds of approximately $146,250. As of September 30, 2024, additional common shares having an aggregate offering price of up to $300,000 remain available to be issued.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details