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Shareholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders' Equity
Changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024 were as follows:
Common Shares
SharesAmountAdditional Paid-in CapitalAccumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Total Shareholders' Equity
Balances as of December 31, 2024101,221,989 $1,656,702 $112,369 $(1,345,714)$79 $423,436 
Net loss— — — (221,677)— (221,677)
Obligation to issue common shares as payment under license and other agreements
222,119 8,554 (8,554)— — — 
Issuance of common shares as payment under license and other agreements
132,700 4,844 — — — 4,844 
Issuance of common shares under 2022 Equity Incentive Plan527,216 19,246 (19,410)— — (164)
Non-cash share-based compensation expense— — 53,062 — — 53,062 
Other comprehensive loss— — — — (6)(6)
Balances as of March 31, 2025102,104,024 $1,689,346 $137,467 $(1,567,391)$73 $259,495 
Net loss— — — (198,147)— (198,147)
Issuance of common shares as payment under license and other agreements3,588,688 51,426 — — — 51,426 
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan89,735 2,337 (1,260)— — 1,077 
Non-cash share-based compensation expense— — 20,812 — — 20,812 
Other comprehensive loss— — — — (76)(76)
Balances as of June 30, 2025105,782,447 $1,743,109 $157,019 $(1,765,538)$(3)$134,587 
Common Shares
SharesAmountAdditional Paid-in CapitalAccumulated Deficit
Accumulated Other Comprehensive Income (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 IPR&D asset
242,958 10,347 — — — 10,347 
Issuance of common shares as payment for 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 costs8,544,951 317,720 — — — 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 Plan110,834 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 
Balance as of June 30, 2024
92,346,332 $1,298,553 $83,832 $(998,567)$(78)$383,740 
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 Knopp Agreement. As partial consideration, the Company issued 1,872,874 Company common shares to Knopp, valued at approximately $65,981. 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, valued at approximately $3,340.
In June 2025, as remaining consideration, the Company issued 3,588,688 Company common shares to Knopp, valued at approximately $51,426.
Merus Agreement
In January 2025, the Company entered into a research, co-development and collaboration agreement (the "Merus Agreement") with Merus N.V. ("Merus") to co-develop three novel dual-targeting ADCs, leveraging Merus’ Biclonics® technology platform, and Biohaven's next-generation ADC conjugation and payload platform technologies. As consideration under the Merus Agreement, the Company paid an upfront payment of 132,700 common shares valued at approximately $4,844 as of the effective date, which were issued in February 2025. The upfront payment was recognized as R&D expense in the first quarter of 2025.
FGFR3 Agreement
In December 2024, the Company, GeneQuantum Healthcare (Suzhou) Co. Ltd. ("GeneQuantum") and Aimed Bio, Inc. ("Aimed Bio") entered into a development and license agreement (the "FGFR3 Agreement") pursuant to which Biohaven obtained the exclusive rights to develop and commercialize GeneQuantum's and Aimed Bio's joint research fibroblast growth factor receptor 3 ("FGFR3") ADC program. As consideration under the FGFR3 Agreement, the Company paid an upfront payment of 222,119 common shares valued at approximately $8,554 as of the effective date, which were issued in January 2025. The upfront payment was recognized as R&D expense in the fourth quarter of 2024 and the obligation to issue common shares was recorded to additional paid-in capital on the consolidated balance sheet.

April 2024 Public Offering
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 used the net proceeds received from the offering for general corporate purposes.
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. As of June 30, 2025, 253,838 of these common shares had been issued by the Company.
During the three months ended March 31, 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 June 30, 2025, 97,387 of these common shares had been issued by the Company. Refer to Note 11, "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 (the "Equity Distribution Agreement") contemplating the offer and sale of 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 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.
In August 2024, the Company entered into an amendment to the Equity Distribution Agreement contemplating the offer and sale of 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. Sales of the Company's common shares, if any, will be made in sales deemed to be “at-the-market offerings”. The net proceeds from any at-the-market offerings of Company common shares are to be used for general corporate purposes.
As of June 30, 2025, the Company has 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 June 30, 2025, additional common shares having an aggregate offering price of up to $300,000 remain available to be issued.