Biohaven Ltd. (BHVN) Balance Sheet
BHVN balance sheet, 2025
December 31, 2025 · U.S. dollars$451.4M assets = $399.4M liabilities + $52.1M equity
Both columns are drawn to the same scale: what BHVN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BHVN financial health
Descriptive bands, not a rating. Fiscal 2025.
BHVN balance sheet trends, 2017–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $146.9M2017 | $451.4M2025 | +15.1%/yr | |
| Total liabilities | $14.9M2017 | $399.4M2025 | +50.8%/yr | |
| Shareholders’ equity | $132.0M2017 | $52.1M2025 | −11.0%/yr | |
| Cash & short-term investments | $131.5M2017 | $319.1M2025 | +11.7%/yr | |
| Total debt | $117.5M2018 | $284.6M2025 | +13.5%/yr | |
| Net cash (debt) | $146.7M2018 | $34.5M2025 | −$112.2M | |
| Working capital | $127.2M2017 | $252.4M2025 | +$125.2M | |
| Book value per share | $3.652017 | $0.482025 | −22.3%/yr | |
| Current ratio | 14.492017 | 3.182025 | −11.32 | |
| Debt / equity | 0.782018 | 5.472025 | +4.69 | |
| Shares outstanding | 36.1M2017 | 107.6M2025 | +14.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BHVN assets
BHVN liabilities and equity
BHVN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BHVN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Cash & short-term investments | $319.1M | $486.0M | $381.8M | $465.3M | $76.1M | $82.5M | $316.7M | $264.2M | $131.5M |
| Cash & equivalents | $230.0M | $99.1M | $248.4M | $204.9M | $76.1M | $82.5M | $316.7M | $264.2M | $131.5M |
| Short-term investments | $89.2M | $386.9M | $133.4M | $260.5M | $192.6M | $223.2M | — | — | — |
| Receivables | $0 | $2.6M | $13.3M | $46.1M | $9.9M | $120.1M | $0 | $0 | $0 |
| Inventory | $0 | $0 | −$396,000 | $56.2M | $6.7M | $39.6M | $0 | $0 | $0 |
| Other current assets | $49.2M | $49.9M | $47.8M | $19.3M | $2.1M | $0 | $11.6M | $8.1M | $5.2M |
| Total current assets | $368.3M | $538.5M | $442.4M | $587.0M | $94.8M | $89.8M | $328.3M | $272.3M | $136.7M |
| Property, plant & equipment (net) | $16.0M | $53.7M | $48.6M | $52.4M | $18.2M | $13.6M | $8.2M | $6.2M | $2.3M |
| Goodwill & intangible assets | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $39.1M | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $6.0M | $7.2M | $0 | $0 | $0 |
| Other non-current assets | $47.4M | $3.1M | $2.4M | $2.6M | $3.2M | $0 | $7.8M | $11.4M | $7.9M |
| Total assets | $451.4M | $615.1M | $513.2M | $661.8M | $142.1M | $111.5M | $344.3M | $290.0M | $146.9M |
| Liabilities | |||||||||
| Accounts payable | $11.6M | $18.0M | $15.6M | $10.7M | $4.8M | $2.8M | $14.1M | $10.8M | $4.7M |
| Short-term debt | $5.8M | $3.8M | $3.3M | $3.0M | $439,000 | $675,000 | — | — | — |
| Deferred revenue | — | — | — | −$38.2M | −$439,000 | −$675,000 | — | — | — |
| Total current liabilities | $115.9M | $154.2M | $55.4M | $90.0M | $41.9M | $29.9M | $66.2M | $19.5M | $9.4M |
| Long-term debt | $238.9M | $0 | $0 | $0 | $626.7M | $0 | $0 | $0 | $0 |
| Lease obligations | $45.7M | $36.6M | $30.9M | $30.6M | $2.8M | — | — | — | — |
| Other long-term liabilities | $44.5M | $37.4M | $29.8M | $33.0M | $0 | $4.8M | $285.5M | $119.6M | $5.5M |
| Total liabilities | $399.4M | $191.7M | $85.2M | $123.0M | $47.4M | $34.7M | $351.7M | $139.1M | $14.9M |
| Shareholders' equity | |||||||||
| Common stock & paid-in capital | $1.93B | $1.66B | $887.5M | $615.7M | $1.68B | $1.25B | $881.4M | $554.4M | $311.1M |
| Retained earnings (deficit) | −$2.08B | −$1.35B | −$499.3M | −$91.1M | −$2.59B | −$1.74B | −$972.4M | −$443.6M | −$202.6M |
| Accumulated other comprehensive income | $8.3M | $79,000 | −$65,000 | $284,000 | −$73,000 | $314,000 | — | — | — |
| Minority interest | — | — | — | $0 | −$3.6M | — | — | — | — |
| Total shareholders' equity | $52.1M | $423.4M | $428.0M | $538.8M | $94.7M | $76.8M | −$7.4M | $150.9M | $132.0M |
| Key figures | |||||||||
| Total debt | $284.6M | $36.6M | $30.9M | $33.6M | $627.2M | $267.5M | — | $117.5M | — |
| Net cash (debt) | $34.5M | $449.4M | $350.9M | $431.7M | −$551.1M | −$185.0M | — | $146.7M | — |
| Working capital | $252.4M | $384.2M | $387.0M | $496.9M | $52.9M | $59.9M | $262.1M | $252.8M | $127.2M |
| Tangible book value | $32.3M | $403.6M | $408.2M | $519.0M | $74.9M | $37.7M | −$7.4M | $150.9M | $132.0M |
| Book value per share | $0.48 | $4.64 | $6.01 | $12.04 | $2.40 | $1.95 | −$0.15 | $3.11 | $3.65 |
| Shares outstanding | 107.6M | 91.2M | 71.2M | 44.7M | 39.4M | 39.4M | 48.5M | 48.5M | 36.1M |
| Current ratio | 3.18 | 3.49 | 7.98 | 6.52 | 2.26 | 3.00 | 4.96 | 13.94 | 14.49 |
| Quick ratio | 2.75 | 3.17 | 7.13 | 5.68 | 2.05 | 6.78 | 4.79 | 13.53 | 13.94 |
| Debt / equity | 5.47 | 0.09 | 0.07 | 0.06 | 6.62 | 3.48 | — | 0.78 | — |
| Equity / assets | 11.5% | 68.8% | 83.4% | 81.4% | 66.7% | 68.9% | −2.2% | 52.0% | 89.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $267.9M | $347.8M | $319.1M | $260.2M | $405.0M | $322.7M | $486.0M | $378.8M | $436.9M | $283.4M | $381.8M | $240.6M |
| Cash & equivalents | $238.0M | $273.1M | $230.0M | $184.8M | $165.8M | $98.4M | $99.1M | $84.4M | $239.1M | $182.7M | $248.4M | $111.7M |
| Short-term investments | $29.8M | $74.7M | $89.2M | $75.4M | $239.2M | $224.3M | $386.9M | $294.4M | $197.8M | $100.7M | $133.4M | $128.9M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $2.6M | $5.3M | $7.5M | $8.4M | $13.3M | $14.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$5.3M | $0 | $0 | $0 | $34.0M |
| Other current assets | $28.7M | $37.8M | $49.2M | $63.4M | $69.8M | $60.0M | $49.9M | $61.7M | $66.8M | $56.9M | $47.4M | $21.1M |
| Total current assets | $296.6M | $385.6M | $368.3M | $323.6M | $474.8M | $382.8M | $538.5M | $440.5M | $511.3M | $348.7M | $442.4M | $310.6M |
| Property, plant & equipment (net) | $15.1M | $15.3M | $61.0M | $62.7M | $52.8M | $53.2M | $53.7M | $47.2M | $48.6M | $47.6M | $48.6M | $49.9M |
| Goodwill & intangible assets | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.8M | $19.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $39.3M | $45.7M | $2.3M | $3.0M | $3.0M | $3.2M | $3.1M | $3.0M | $3.0M | $2.4M | $2.4M | $2.4M |
| Total assets | $370.7M | $466.4M | $451.4M | $409.1M | $550.4M | $458.9M | $615.1M | $510.5M | $582.6M | $418.5M | $513.2M | $382.7M |
| Liabilities | ||||||||||||
| Accounts payable | $12.1M | $10.4M | $11.6M | $17.5M | $19.6M | $19.1M | $18.0M | $19.7M | $17.3M | $36.4M | $15.6M | $9.5M |
| Short-term debt | $4.7M | $5.9M | $5.8M | $5.5M | $4.7M | $4.7M | $3.8M | $3.7M | $3.5M | $3.4M | $3.3M | $3.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$3.3M |
| Total current liabilities | $62.7M | $52.1M | $115.9M | $113.0M | $124.3M | $164.0M | $154.2M | $152.3M | $156.2M | $86.6M | $55.4M | $62.2M |
| Long-term debt | $259.5M | $241.9M | $238.9M | $268.3M | $257.1M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $37.6M | $44.3M | $45.7M | $45.9M | $34.5M | $35.5M | $36.6M | $29.0M | $29.7M | $30.5M | $30.9M | $31.6M |
| Other long-term liabilities | $36.4M | $42.9M | $44.5M | $45.0M | $34.4M | $35.4M | $37.4M | $42.2M | $42.7M | $30.5M | $29.8M | $30.6M |
| Total liabilities | $358.5M | $336.9M | $399.4M | $426.3M | $415.8M | $199.5M | $191.7M | $194.5M | $198.9M | $117.1M | $85.2M | $92.7M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $2.14B | $2.13B | $1.93B | $1.74B | $1.74B | $1.69B | $1.66B | $1.38B | $1.30B | $911.0M | $887.5M | $618.8M |
| Retained earnings (deficit) | −$2.35B | −$2.22B | −$2.08B | −$1.94B | −$1.77B | −$1.57B | −$1.35B | −$1.16B | −$998.6M | −$678.8M | −$499.3M | −$354.5M |
| Accumulated other comprehensive income | $5.4M | $8.3M | $8.3M | $36,000 | −$3,000 | $73,000 | $79,000 | $140,000 | −$78,000 | −$106,000 | −$65,000 | $158,000 |
| Total shareholders' equity | $12.2M | $129.5M | $52.1M | −$17.2M | $134.6M | $259.5M | $423.4M | $316.0M | $383.7M | $301.4M | $428.0M | $290.0M |
| Key figures | ||||||||||||
| Total debt | $297.0M | $286.2M | $284.6M | $314.2M | $291.6M | $35.5M | $36.6M | $29.0M | $29.7M | $30.5M | $30.9M | $31.6M |
| Net cash (debt) | −$29.2M | $61.6M | $34.5M | −$54.0M | $113.4M | $287.2M | $449.4M | $349.8M | $407.2M | $252.9M | $350.9M | $209.0M |
| Working capital | $233.9M | $333.6M | $252.4M | $210.6M | $350.5M | $218.7M | $384.2M | $288.2M | $355.1M | $262.2M | $387.0M | $248.4M |
| Tangible book value | −$7.6M | $109.7M | $32.3M | −$37.0M | $114.8M | $239.7M | $403.6M | $296.2M | $363.9M | $281.7M | $408.2M | $270.1M |
| Book value per share | $0.08 | $0.88 | $0.43 | −$0.16 | $1.31 | $2.55 | $4.19 | $3.35 | $4.37 | $3.69 | $5.35 | $4.24 |
| Shares outstanding | 150.6M | 147.6M | 120.2M | 105.8M | 102.4M | 101.9M | 101.1M | 94.4M | 87.8M | 81.6M | 79.9M | 68.3M |
| Current ratio | 4.73 | 7.41 | 3.18 | 2.86 | 3.82 | 2.33 | 3.49 | 2.89 | 3.27 | 4.03 | 7.98 | 4.99 |
| Quick ratio | 4.28 | 6.68 | 2.75 | 2.30 | 3.26 | 1.97 | 3.17 | 2.52 | 2.85 | 3.37 | 7.13 | 4.11 |
| Debt / equity | 24.30 | 2.21 | 5.47 | — | 2.17 | 0.14 | 0.09 | 0.09 | 0.08 | 0.10 | 0.07 | 0.11 |
| Equity / assets | 3.3% | 27.8% | 11.5% | −4.2% | 24.5% | 56.5% | 68.8% | 61.9% | 65.9% | 72.0% | 83.4% | 75.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.
BHVN financial position
At the end of fiscal 2025 (December 31, 2025), Biohaven had total assets of $451.4 million (down 26.6% from a year earlier), total liabilities of $399.4 million and shareholders' equity of $52.1 million. It held $319.1 million in cash and short-term investments against $284.6 million of debt, a net cash position of $34.5 million. Its current ratio was 3.18. In the latest quarter (ended June 30, 2026) total assets were $370.7 million and equity $12.2 million.
Related: BHVN income statement, BHVN cash flow statement, BHVN key metrics. See the BHVN stock overview for the latest quote and news.
BHVN balance sheet FAQ
What are Biohaven's total assets?
Biohaven reported total assets of $451.4 million at the end of fiscal 2025 (December 31, 2025), compared with $615.1 million a year earlier.
How much debt does Biohaven have?
Biohaven had $284.6 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 5.47.
How much cash does Biohaven have?
Biohaven held $319.1 million in cash and short-term investments at the end of fiscal 2025; with $284.6 million of debt that is net cash of $34.5 million.
What is Biohaven's book value?
Biohaven's shareholders' equity (book value) was $52.1 million at the end of fiscal 2025, or $0.48 per share.
What is Biohaven's current ratio?
Biohaven had current assets of $368.3 million and current liabilities of $115.9 million, a current ratio of 3.18 (it can cover its short-term obligations).
How much goodwill does Biohaven have?
Biohaven carried $19.8 million of goodwill and intangible assets, 4.4% of total assets, at the end of fiscal 2025.