Biohaven, Ltd.: Our kv7-epilepsy POS unaltered post-data; 2H26 data remains key de-risking catalyst

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Biohaven, Ltd.: Our kv7-epilepsy POS unaltered post-data; 2H26 data remains key de-risking catalyst

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Biohaven, Ltd.

Our kv7-epilepsy POS unaltered post-data;

2H26 data remains key de-risking catalyst

Maintain Rating: NEUTRAL | PO: 12.00 USD | Price: 9.45 USD

Kv7 data positive but derisking value (to Ph2/3) limited 26 May 2026

Following incremental data from lead epilepsy drug (kv7; opakalim) presented by Equity

Biohaven (BHVN) this morning, we make no changes to our PO or epilepsy forecasts.

Dina Ramadane

While the update provided encouraging evidence of anti-epileptic efficacy at low CNS AE Research Analyst

rates, the data were limiting from a derisking value perspective: (1) open-label nature & BofAS +1 646 556 0492

small sample size; (2) lack of formal statistical testing. Looking ahead, we continue to dina.ramadane@bofa.com

view Ph2/3 topline in 2H26, assessing pbo-adjusted reduction in 28-day average seizure Jason M. Gerberry

frequency over 8 weeks, as key catalyst, and that the bar has been set high for a follow- Research Analyst BofAS

on kv7 (our view on Xenon’s azetukalner here). We maintain our Neutral recommendation +1 646 743 0180

on our view that risk/reward is balanced with potential upside from 2H26 catalysts jason.gerberry@bofa.com

counterbalanced by financing overhang. ChiResearchM. FongAnalyst

BofAS

FOS OLE update mirrors prior data-cut chi.fong@bofa.com

BHVN highlighted data from an ongoing OLE in refractory focal onset patients (rollover RichardResearchWagnerAnalyst >>

from Rise studies). It’s unclear whether there are any additional patients or longer MLI (UK)

richard.wagneriii@bofa.com

duration vs prior data-cut (Jan) but we highlight maintenance of responder rate (>50%