Biohaven is a clinical-stage biopharmaceutical company with no approved products and no commercial revenue. Spun off from its former parent in October 2022, Biohaven is developing a pipeline across immunology, neuroscience, and oncology using several proprietary drug development platforms. The company has narrowed its near-term focus to three late-stage programs. In immunology, BHV-1300 is a bispecific molecule designed to selectively bind and route pathogenic IgG antibodies to the liver for destruction, targeting autoimmune diseases like Graves' disease and rheumatoid arthritis, with a pivotal trial planned for 2026. A related asset, BHV-1400, takes the same approach to selectively eliminate Gd-IgA1, the driver of IgA nephropathy, also targeting a 2026 pivotal trial. In epilepsy, opakalim is a Kv7 potassium channel activator in two Phase 2/3 pivotal trials for focal epilepsy, with topline data expected in 2026. In obesity and neuromuscular disease, taldefgrobep is an anti-myostatin adnectin licensed from Bristol Myers Squibb, being studied for body recomposition in obesity and in spinal muscular atrophy. Biohaven funds operations through equity and debt financing and generates no revenue. The company's value creation model depends on advancing drug candidates to regulatory approval, with potential monetization through direct commercialization, licensing, or partnerships. Key near-term catalysts are pivotal trial readouts for opakalim, BHV-1300, and taldefgrobep, all expected in 2026.