March 9, 2018

Biohaven's losses increase in 4Q

Photo | Contributed
Photo | Contributed
Biohaven CEO Dr. Vlad Coric.

Biohaven Pharmaceutical Holding Company Ltd. reported a larger fourth-quarter loss as the company continued to pour money into R&D, the company said this week.

For the quarter ended Dec. 31, 2017, Biohaven reported a net loss of $27.1 million, or 75 cents a share, compared to $25.7 million, or $1.96 cents a share, for the same period in 2016.

R&D costs for the quarter were $22.7 million, up from $20.4 million in 2016, an increase the company attributed mostly to costs associated with clinical trials for its migraine drug, rimegepant.

For the year, the company reported a net loss of $139.2 million, or $5 a share, compared to $63.7 million, or $5.05 a share, for 2016.

The New Haven biotech said it still has plenty of cash on hand, however, following its initial public offering last May, which raised nearly $194 million.

Cash as of Dec. 31 2017 was $131.5 million, compared to $23.6 million in Dec. 2016, before the company went public, Biohaven said.

CEO Dr. Vlad Coric cited the IPO as one the company's big 2017 accomplishments, along with the advancement of multiple drug candidates and "particularly rapid" progress with its migraine treatment.

"We have started 2018 with the same strong momentum as we prepare for important data announcements, drive toward key FDA filings and continue to build our organization to support our expanded development pipeline and the eventual commercialization of approved products to help patients with severe neurological disorders," Coric said in a statement.

In addition to the migraine drug, the company is working on treatments for advanced cancers, obsessive-compulsive disorder and other brain diseases.

Natalie Missakian can be reached at

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