Free cash flow remains deeply negative, with quarterly outflows consistently exceeding $100 million and a 2026Q1 cash balance of $273.1 million that highlights a narrowing liquidity runway.
| Cash from Operations | -594.23M | -609.44M | -582.45M | -331.73M | -297.69M | -145.84M | -75.96M | -377.33M |
| Operating CF Margin % | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 29.46% | -4.63% | -75.58% | -11.43% | -104.12% | -92% | 79.87% | - |
| Net Income | -647.68M | -738.82M | -846.42M | -408.17M | -570.28M | -213.8M | -118.67M | -528.8M |
| Depreciation & Amortization | 10.04M | 9.92M | 7.86M | 6.91M | 1.39M | 1.39M | 72K | 0 |
| Stock-Based Compensation | 87.58M | 112.36M | 71.96M | 28.79M | 193.56M | 65.64M | 29.5M | 54.97M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 3.17M | 5.74M | 167.34M | 16.13M | 106.25M | -740K | 4.16M | 93.18M |
| Working Capital Changes | -47.35M | 1.36M | 16.81M | 24.61M | -28.6M | 1.66M | 8.98M | 3.32M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -7.7M | -6.39M | 710K | 4.87M | 5.93M | 1.02M | 222K | 3.32M |
| Cash from Investing | 150.89M | 300.56M | -244.97M | 129.83M | -304.79M | 944K | -2.7M | -3.78M |
| Capital Expenditures | -254K | -715K | -4.05M | -3.05M | -41.07M | -938K | -2.7M | -2.53M |
| CapEx % of Revenue | - | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 391K | 0 | 0 | 1.88M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -1.85M | -1.85M | 0 | 0 | 0 | 0 | 0 | -1.25M |
| Cash from Financing | 617.76M | 439.12M | 677.77M | 211.91M | 767.6M | 138.45M | 152.24M | 434.59M |
| Debt Issued (Net) | 250M | 250M | 0 | 0 | 449.13M | 0 | 0 | 0 |
| Equity Issued (Net) | 367.84M | 189.31M | 675.52M | 243.22M | 283.8M | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -72K | -194K | 2.26M | -31.32M | 34.66M | 138.45M | 152.24M | 434.59M |
| Net Change in Cash | 174.42M | 130.24M | -149.58M | 9.52M | 165.55M | -6.45M | 73.59M | 53.48M |
| Free Cash Flow | -594.49M | -610.15M | -586.5M | -334.77M | -338.76M | -146.78M | -78.65M | -379.87M |
| FCF Margin % | - | - | - | - | - | - | - | - |
| FCF Growth % | 8.4% | -4.03% | -75.19% | 1.18% | -130.8% | -86.61% | 79.29% | - |
| FCF per Share | -4.03 | -5.67 | -6.43 | -4.70 | -7.57 | -4.10 | -2.20 | -7.83 |
| FCF Conversion (FCF/Net Income) | 0.92x | 0.82x | 0.69x | 0.81x | 0.52x | 0.68x | 0.64x | 0.71x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 107K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 38.16M | 16.59M | 2.76M | 0 |
Clinical trial execution dilution
According to quarterly financial data, Biohaven consistently reports operating cash outflows that track closely with net losses, with the OCF/NI ratio fluctuating between 0.52 and 1.15, suggesting that the company lacks the non-cash accrual cushion typically seen in established commercial-stage pharmaceutical entities during their development phases.
The tight correlation between net income and operating cash flow indicates that the company's losses are primarily driven by actual cash-based R&D expenditures rather than accounting adjustments. Investors should monitor this relationship, as the absence of significant non-cash expenses suggests that any future improvement in cash flow must come from either milestone payments or a reduction in clinical trial intensity.
As reported in recent filings, Biohaven's free cash flow remains deeply negative, with quarterly outflows consistently exceeding $100 million, a trend that underscores the company's reliance on external financing to sustain its aggressive, multi-program clinical development strategy without any offsetting commercial revenue streams to mitigate the burn.
The trajectory of free cash flow reflects a high-stakes operational model where capital is deployed rapidly to advance the Kv7 and MoDE platforms. This persistent burn rate warrants further investigation into the company's remaining cash runway, as the lack of FCF generation leaves little margin for error in clinical trial timelines.
Based on reported figures, working capital changes have been erratic, swinging from a $25.6 million source of cash in 2024Q1 to a $53.1 million use of cash in 2026Q1, which suggests that the timing of clinical trial payments and vendor settlements creates significant quarterly noise in cash flow.
These fluctuations appear to be driven by the timing of milestone payments to CROs and other research partners rather than underlying operational efficiency. Analysts should interpret these swings as temporary timing differences rather than structural improvements in the company's ability to manage its short-term liabilities.
As indicated by the cash flow statements, stock-based compensation has become a more prominent feature of the company's capital structure, reaching $53.1 million in 2025Q1, which effectively obscures the true magnitude of the cash-based operational burn required to retain specialized talent in a competitive biotechnology labor market.
While stock-based compensation is a non-cash expense, it represents a significant dilution risk that is not fully captured in the operating cash flow figures. Investors should consider the impact of this equity-based compensation on future share counts, as it serves as a primary mechanism for preserving cash while incentivizing the research team.
Quick answers to the most common questions about buying BHVN stock.
Biohaven Ltd. (BHVN) generated $-609.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Biohaven Ltd. (BHVN) reported negative free cash flow of $610.2M in 2025, indicating capital requirements exceeded cash from operations.
Biohaven Ltd. (BHVN) spent $0.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.