Biohaven Ltd.

Until such time as the Company can generate significant revenue from product sales or royalties, if ever, it expects to finance its operations through the sale of public or private equity, debt financings or other capital sources, including collaborations and licensing agreements with other companies or other strategic transactions.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

Marketable Securities The amortized cost, gross unrealized holding gains, gross unrealized holding losses and fair value of debt securities available-for-sale by type of security at September 30, 2026 and December 31, 2025 were as follows: Amortized Cost Allowance for Credit Losses Net Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2026 Debt securities U.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

treasury notes 50,407 50,407 ( 25 ) 50,382 Total $ 65,396 $ $ 65,396 $ $ ( 25 ) $ 65,371 December 31, 2025 Debt securities U.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

treasury bills 114,109 114,109 61 114,170 Total $ 114,109 $ $ 114,109 $ 61 $ $ 114,170 The fair values of debt securities available-for-sale by classification in the condensed consolidated balance sheets were as follows: September 30, 2026 December 31, 2025 Cash and cash equivalents $ $ 24,990 Marketable securities 65,371 89,180 Total $ 65,371 $ 114,170 9 Table of Contents BIOHAVEN LTD.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

Marketable Securities (Continued) The net amortized cost and fair value of debt securities available-for-sale at September 30, 2026 and December 31, 2025 are shown below by contractual maturity.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

September 30, 2026 December 31, 2025 Net Amortized Cost Fair Value Net Amortized Cost Fair Value Due to mature: Less than one year $ 65,396 $ 65,371 $ 114,109 $ 114,170 Summarized below are the debt securities available-for-sale the Company held at September 30, 2026 that were in an unrealized loss position, aggregated by the length of time the investments have been in that position: Less than 12 months Number of Securities Fair Value Unrealized Losses September 30, 2026 Debt securities U.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

(NYSE BHVN) (Biohaven or the Company), a global clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of life-changing therapies to treat a broad range of rare and common diseases, today reported financial results for the third quarter ended September 30, 2025, and provided a review of recent accomplishments and anticipated upcoming developments.

SEC original ↗Biohaven Ltd. — Earnings release (8-K exhibit)EX-99Nov 10, 2025

, Chairman and Chief Executive Officer of Biohaven, commented, Biohaven remains energized and focused on our mission to advance innovative medicines to patients who are waiting every day for new treatments.

SEC original ↗Biohaven Ltd. — Earnings release (8-K exhibit)EX-99Nov 10, 2025

Third Quarter 2025 and Recent Business Updates Initiated strategic cost optimization efforts across portfolio to focus forward-looking spend on three value-driving, late-stage clinical programs that will prioritize resources Opakalim, Kv7 ion channel activator, in pivotal studies for focal epilepsy and depression Lead TRAP and MoDE extracellular degraders for IgA nephropathy (BHV-1400) and Graves disease (BHV-1300) Taldefgrobep alfa, myostatin-activin pathway inhibitor, for obesity and spinal muscular atrophy.

SEC original ↗Biohaven Ltd. — Earnings release (8-K exhibit)EX-99Nov 10, 2025

Restructuring of business priorities and optimizing resource allocation may result in either pause, delay or halting of non-priority programs.

SEC original ↗Biohaven Ltd. — Earnings release (8-K exhibit)EX-99Nov 10, 2025

About Biohaven Biohaven is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology.

SEC original ↗Biohaven Ltd. — Earnings release (8-K exhibit)EX-99Nov 10, 2025

Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates and regarding reduction in annual direct R D spend, are not guarantees of future performance or results and involve substantial risks and uncertainties.

SEC original ↗Biohaven Ltd. — Earnings release (8-K exhibit)EX-99Nov 10, 2025

The Company is subject to risks and uncertainties common to companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

The terms of any financing may adversely affect the holdings or the rights of the Company s shareholders.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026

If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.

SEC original ↗Biohaven Ltd. — 10-Q Quarterly report10-QOct 29, 2026