Biohaven reported a Q1 2025 net loss of $221.7 million, or $2.17 per share, driven by increased R&D spending and higher non-cash share-based compensation. Non-GAAP adjusted net loss was $166.8 million, or $1.64 per share. The company strengthened its balance sheet with a $250 million non-dilutive financing from Oberland Capital, supporting development and commercialization plans. Troriluzole for spinocerebellar ataxia remains on track with an FDA decision expected in Q3 2025. Multiple Phase 1 and 3 clinical milestones across neurology, immunology, and oncology are expected throughout 2025. Cash and investments totaled $518 million as of April 2025.