Biohaven reports Q2 EPS ($1.25), consensus ($1.21)

Cash, cash equivalents and marketable securities as of June 30 was $349M, including $13.9M of restricted cash, and excluding $40.4M of cash payable to Biohaven Pharmaceutical, compared to $467.9M, including $2.5M of restricted cash, and excluding $35.2M of cash payable to the former parent, as of December 31, 2022. Vlad Coric, chairman and CEO of Biohaven, commented, “In less than a year since our spin-off, the Biohaven team has driven strong and consistent progress across multiple drug development platforms. We were excited to recently report positive interim data from the ongoing EEG biomarker study of our lead Kv7 activator, BHV-7000. As expected, BHV-7000 demonstrated CNS activity consistent with what has been reported in EEG studies with other Kv7 channel activators in development that are clinically effective in treating epilepsy and with other approved anti-seizure medications. Importantly, BHV-7000 demonstrates CNS target engagement but is not associated with the typical CNS adverse events associated with other ASMs, like somnolence and fatigue. We look forward to completing the higher dose groups in this EEG study and initiating Phase 2/3 studies with our once daily, extended-release oral formulation later this year.”