Net Loss Per Share

6 Months Ended

Jun. 30, 2025

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:

Net loss	$	(198,147)	$	(319,771)	$	(419,824)	$	(499,275)
Denominator:
Weighted average common shares outstanding—basic and diluted	102,372,820		87,766,069		102,159,294		84,174,099
Net loss per share — basic and diluted	$	(1.94)	$	(3.64)	$	(4.11)	$	(5.93)

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 June 30,
	2025	2024
Options to purchase common shares	15,671,561	13,545,016
Warrants to purchase common shares	294,195	294,195
Restricted share units	1,397,184	263,672
Total	17,362,940	14,102,883