Biohaven, Ltd.: 2026 R&D Day Roadmap: we expect no major (thesis-altering) disclosures

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Biohaven, Ltd.: 2026 R&D Day Roadmap: we expect no major (thesis-altering) disclosures

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Biohaven, Ltd.

2026 R&D Day Roadmap: we expect no

major (thesis-altering) disclosures

Maintain Rating: NEUTRAL | PO: 12.00 USD | Price: 9.48 USD

R&D day: data disclosures likely low-impact, immaterial 22 May 2026

Here, we preview Biohaven’s R&D Day (5/27; New Haven) – bottom line, we don’t expect Equity

any stock-moving updates, which we define as data that would derisk key clinical stage

Dina Ramadane

programs. The event will likely cover corporate strategy and early-stage novel program Research Analyst

datasets based on last year’s (full day) event. We look to possible updates on 1) BofAS +1 646 556 0492

opportunities for partnerships & non-dilutive capital; 2) degrader (‘1300, ‘1400) platform dina.ramadane@bofa.com

– any incremental patient-level data from Ph1/2 studies to help proof-of-‘differentiation’ Jason M. Gerberry

profile; 3) opakalim (kv7) data – additional open label data confirming prior data-cut of ResearchBofAS Analyst

seizure reduction data or initial data from Ph1 target engagement study. We maintain +1 646 743 0180

our Neutral rating on our view that shares might remain range-bound given low visibility jason.gerberry@bofa.com

on high-risk catalysts amidst a financing overhang. ChiResearchM. FongAnalyst

BofAS

chi.fong@bofa.comSources of capital remain key topic

BHVN exited 1Q with ~$348m in cash (net cash position inclusive of notes payable Melanie Fong

Research Analyst

~$106m). Management has noted that current cash reserves support operations for at BofAS

least one year, making upcoming kv7-FOS and t-alfa obesity data key events. In the past, melanie.fong@bofa.com

mgmt has expressed a willingness to partner certain assets to extend cash runway.