NEW HAVEN, Conn., Feb. 25, 2020 /PRNewswire/ -- Biohaven
Pharmaceutical Holding Company Ltd. (NYSE: BHVN; the "Company"), a
biopharmaceutical company with a portfolio of innovative,
late-stage product candidates targeting neurological and
neuropsychiatric diseases, today reported financial results for the
fourth quarter and year ended December 31,
2019, and provided a review of recent accomplishments and
anticipated upcoming milestones.
"In 2019, we achieved significant progress across our entire
large, late-stage portfolio of product candidates, led by the
filing and acceptance of Biohaven's first new drug applications for
rimegepant, and positive results from our pivotal Phase 3 trial of
vazegepant," said Vlad Coric, M.D,
Chief Executive Officer of Biohaven. "The Biohaven team continues
to deliver on the R&D front with 2 additional pivotal trials
expected to read out over the next few months. Additionally, we are
eagerly preparing for a potential drug launch of rimegepant in the
coming days." Dr. Coric added, "We have completed hiring our
commercial leadership team, and have built a world class sales
organization that can fully realize the potential of our entire
pipeline—CGRP antagonism in migraine, glutamate modulation in
neuropsychiatric disorders and myeloperoxidase inhibition in rare
neurologic disorders."
Full Year and Recent Business Highlights
Calcitonin Gene-Related Peptide (CGRP) Antagonist Programs
– Milestones and Next Steps
Rimegepant Zydis® ODT PDUFA date set for
1Q2020 – In September 2019,
Biohaven provided an update on pipeline progress, which included an
update on the NDA filing acceptances and PDUFA date for rimegepant
Zydis® ODT and updates on other commercial launch
activities. The Company also provided an update on the mid-cycle
and in December 2019 provided an
update on the late-cycle communication received from the FDA
regarding the rimegepant NDA review. At the time of these
communications:
- No major safety concerns were identified; the Company does not
anticipate the need for a Risk Evaluation and Mitigation Strategy
(REMS).
- There were no plans for an Advisory Committee meeting.
- There were no specific issues requiring input from the
Company.
Announced positive topline results from Phase 2/3 trial
evaluating intranasal vazegepant for the acute treatment of
migraine – In December 2019, the
Company announced positive topline results from its randomized,
dose ranging, placebo controlled, pivotal Phase 2/3 clinical trial
evaluating the efficacy and tolerability of intranasal vazegepant
5, 10 and 20 mg versus placebo in 1,673 patients for the acute
treatment of migraine. Vazegepant 10 and 20 mg was statistically
superior to placebo on the co-primary endpoints of pain freedom and
freedom from most bothersome symptom (MBS, photophobia, phonophobia
or nausea) at 2 hours using a single dose. The benefits of
vazegepant were durable and sustained without rescue medication
through 48 hours (nominal p < 0.05), including: sustained pain
freedom 2 to 24 hours (5, 10 and 20 mg); sustained pain freedom 2
to 48 hours (5, 10 and 20 mg); sustained pain relief 2 to 24 hours
(5, 10 and 20 mg); and sustained pain relief 2 to 48 hours (5 and
10 mg).
Completed enrollment of pivotal Phase 3 trial of rimegepant
for the preventive treatment of migraine – In August 2019,
the Company announced that it completed enrollment in its pivotal
Phase 3 preventative treatment of migraine trial with rimegepant.
Given rimegepant's high affinity for the CGRP receptor and its
relatively long half-life, the Company believes that rimegepant may
possess unique "dual-therapy" action with a potential ability to
provide acute treatment of migraine attacks and preventive effects.
To the Company's knowledge, rimegepant is currently the only small
molecule CGRP antagonist being developed for both the acute and
preventive indications in the treatment of migraine. The Company
expects to report topline data in the first quarter of 2020.
Presented expanded data from long term clinical study
demonstrating clinically important benefits after oral treatment of
rimegepant on migraine-specific disability and quality of life at
the International Headache Conference – In September 2019,
the Company presented expanded data and post-hoc analyses from its
long term clinical study demonstrating clinically important
benefits of rimegepant on migraine-specific disability and quality
of life in late breaking oral and poster sessions at the
International Headache Conference in Dublin, Ireland.
- Acute treatment of migraine with rimegepant, an oral CGRP
receptor antagonist, decreased disability by approximately 41% as
measured by the Migraine Disability Assessment (MIDAS)
questionnaire.
- Rimegepant treatment also demonstrated clinically significant
improvements in daily functioning and health-related quality of
life as measured by the Migraine-Specific Quality of Life Scale
(MSQoL).
- Rimegepant dosed up to once daily for the acute treatment of
migraine reduced lost productivity time by approximately 50% over
the one-year treatment period.
Published Phase 3 data in leading medical journals and
presented expanded data at the AHS Annual Scientific
Meeting – In July 2019, the Company presented sixteen
scientific presentations (oral and poster) at the American Headache
Society (AHS) Annual Scientific Meeting highlighting new efficacy
and safety data for rimegepant; notably, Biohaven presented the
following data:
- Interim results from the long-term, open-label safety study of
rimegepant 75 mg in over 1,780 patients with a combined exposure of
over 105,000 doses were presented for the first time at a
scientific meeting.
- A pooled analysis of results from the three rimegepant Phase 3
trials looked at the efficacy of rimegepant in patients taking
concurrent preventive medication and found rimegepant to be more
effective than placebo for the acute treatment of migraine.
- A pooled analysis of results from the three rimegepant Phase 3
trials looked at the efficacy of rimegepant in patients with high
migraine attack frequency (at least four attacks per month), a
patient population that has previously been shown to be more
difficult to treat, and found rimegepant was an effective acute
treatment of migraine.
- The first clinical report evaluating the efficacy and safety of
rimegepant for the acute treatment of migraine for breakthrough
attacks in two patients concurrently receiving erenumab, a CGRP
receptor binding monoclonal antibody, for preventive treatment of
migraine was presented for the first time in a scientific
meeting.
Announced expanded safety and preliminary preventive efficacy
data from ongoing long-term safety study and presented case reports
of using rimegepant to successfully treat breakthrough migraine
attacks in patients taking preventive CGRP-targeting monoclonal
antibodies – In May 2019, the Company announced expanded
safety & efficacy data from an ongoing long-term safety study
with rimegepant at the American Academy of Neurology Annual
Meeting.
- The Company reported that rimegepant was well tolerated with
long-term dosing up to one year in patients with migraine. At that
point in time, 105,192 doses of rimegepant 75 mg were administered
up to once daily to over 1,780 patients with migraine. Interim
hepatic data were reviewed by an external independent panel of
liver experts who concluded that there was no liver safety signal
and compared to placebo arms of other migraine treatments, there
was a very low incidence of overall elevations of liver laboratory
abnormalities (1% incidence of serum ALT or AST > 3x the upper
limit of normal (ULN) through the data analysis cut-off date).
For the first time, the Company also reported Study 201 safety
& preliminary efficacy data from the 286 cohort of patients
with a history of 4 to 14 moderate to severe migraine attacks per
month, treated with rimegepant 75 mg every other day for up to 12
consecutive weeks. During the on-treatment period, no
rimegepant-treated patients (N=281) experienced ALT or AST levels
>3x the ULN. There were also no rimegepant-treated patients who
experienced alkaline phosphatase or bilirubin >2x the ULN. With
regard to efficacy, 48.4% of subjects in the scheduled dosing
cohort experienced a ≥50% reduction in the frequency of monthly
migraine days with moderate-to-severe pain intensity during the
third month of treatment.
- The Company also presented the first clinical reports
suggesting that oral rimegepant has the potential to be safe and
consistently effective for the treatment of breakthrough migraine
attacks in patients taking injectable CGRP-targeting monoclonal
antibody preventive therapy.
Launched the "Demand More" migraine disease awareness
campaign at the 2019 American Headache Society Annual Scientific
Meeting – In July 2019, the
Company announced the launch of the "Demand More" campaign based on
research that suggests patients are not getting the relief they
want and need from their current acute treatments. In surveys of
patients with migraine, 56 percent of patients reported they still
experienced migraine pain two hours post-treatment, and 54 percent
of patients taking existing acute treatments reported inadequate
pain relief at 24 hours. Approximately 48 percent of patients
weren't satisfied with their ability to function after taking their
current acute treatment. Approximately 67 percent of patients
reported they delayed or avoided acute medications due to concerns
about side effects. More information about the campaign can be
found at: www.realrelieffrommigraine.com.
Announced Acceptance of IND Filing for Rimegepant in
China – In January 2019, the Company, together with its
wholly-owned Asia-Pacific
subsidiary company BioShin, announced that the National Medical
Products Administration (NMPA) had accepted its IND application for
rimegepant, Biohaven's lead oral CGRP receptor antagonist product
candidate, for the treatment of migraine. Rimegepant is the first
small molecule, orally administered, CGRP receptor antagonist
potentially being developed for both the acute and preventive
treatment of migraine in China. Biohaven's wholly-owned
Asia-Pacific subsidiary, BioShin,
is developing and potentially commercializing Biohaven's late-stage
product portfolio in China.
Glutamate Modulation Platform - Milestones and Next
Steps
Verdiperstat receives may proceed letter from FDA for
ALS – In January 2020,
Biohaven announced that the FDA has notified its collaborators at
the Sean M. Healey & AMG Center for Amyotrophic Lateral
Sclerosis (ALS) at Massachusetts
General Hospital (MGH) that they may proceed with clinical
investigation of verdiperstat, Biohaven's novel myeloperoxidase
(MPO) inhibitor, in ALS. This will be the second potentially
registrational trial of verdiperstat in neurodegenerative
disorders. Biohaven has already initiated a separate trial of
verdiperstat in multiple system atrophy.
In September 2019, the Company
announced that verdiperstat was selected as an investigational
therapy in the first ALS platform trial, a program designed by the
Sean M. Healey & AMG Center for ALS at MGH to help accelerate a
path to new and effective ALS treatments. An independent advisory
council selected verdiperstat for inclusion in the platform based
on a thorough scientific and clinical review.
Successful completion of pre-planned futility analysis in
mild-to-moderate Alzheimer's disease – In December 2019, the Company announced completion
of a pre-planned futility analysis for the T2 Protect AD Study, an
ongoing Phase 2/3 clinical trial of troriluzole in Alzheimer's
disease led by the Alzheimer's Disease Cooperative Study (ADCS) at
the University of California San Diego
School of Medicine. In order to pass the interim futility analysis,
troriluzole had to demonstrate numerically greater benefit over
placebo on at least one of the two pre-specified criteria at 26
weeks: either (i) cognitive function as measured by the ADAS-cog or
(ii) hippocampal volume as assessed by magnetic resonance imaging.
Biohaven announced that based upon the interim futility and safety
analysis performed by the independent DMSB that the study would
continue. The Company had previously reported completion of
enrollment in the study, which includes over 700 patients, in
November 2019. The Company
anticipates reporting topline data from this trial around the end
of 2020.
Troriluzole misses primary endpoint in GAD study –
In February 2020, the Company
reported negative topline results in its pivotal Phase 3 clinical
trial assessing troriluzole in Generalized Anxiety Disorder (GAD).
The eight-week trial randomized 402 adult patients equally at more
than 45 centers in the United
States. In this trial, troriluzole monotherapy at 100mg
twice daily did not differentiate from placebo on the primary
endpoint of the mean change from baseline on the Hamilton Anxiety
Rating Scale (HAM-A) after eight weeks of treatment. The Company
will not continue development of troriluzole as a monotherapy in
GAD but continues to evaluate troriluzole in strategic indications
where smaller trials have shown glutamate modulation may have an
impact.
Commenced Enrollment in Phase 3 Clinical Trial of troriluzole
in SCA – In March 2019, the
Company announced enrollment commencement in a Phase 3 clinical
trial assessing the efficacy and safety of troriluzole in SCA. The
trial will randomize approximately 230 patients across two
treatment arms, 200 mg of troriluzole versus placebo, and
enrollment completion is anticipated in the second quarter of 2020.
Based on findings from the previous Phase 2b/3 clinical trial, Biohaven enriched the trial
with specific genotypes, extended the treatment period of the trial
to one year, implemented the use of a modified SARA scale and
increased the dose of troriluzole from 140 to 200 mg.
The Company also announced results from a post-hoc analysis of
patients enrolled in the short-term randomization and long-term
extension phase of Study BHV4157-201, an initial Phase 2b/3 randomized controlled trial of troriluzole
in patients with SCA, compared to patients selected from a natural
history cohort of SCA patients who were matched on multiple
eligibility criteria. Based on analysis of covariance (ANCOVA)
least square mean changes after one year were -0.34 points
(representing numerical improvement with a 95% confidence interval
of -0.94 to 0.26) for 81 troriluzole-treated patients versus +1.07
points (representing numerical decline with a 95% confidence
interval of 0.56 to 1.58) for 112 natural history cohort patients
(increasing score indicates worsening disease status). The LS Mean
difference between cohorts was -1.41 points (95% confidence
interval of -2.22 to -0.60) suggesting therapeutic benefits of
troriluzole (p=0.0007). Patients in Study BHV4157-201 were treated
with 140 mg of troriluzole administered daily for one year.
Myeloperoxidase Inhibition Platform - Milestones and Next
Steps
Enrolled first patient in phase 3 clinical trial of
verdiperstat for the treatment of multiple system
atrophy – In July 2019, the
Company announced that it enrolled the first patient in a Phase 3
clinical trial to evaluate the efficacy and safety of verdiperstat
in subjects with MSA. The study will enroll subjects with MSA
diagnosed using consensus clinical criteria and include both
subtypes of MSA, MSA-Parkinsonism (MSA-P) and MSA-Cerebellar
(MSA-C). Researchers will evaluate the efficacy of verdiperstat,
compared to placebo, as measured by a change from baseline in a
modified version of the Unified MSA Rating Scale (UMSARS) at Week
48.
In February 2019, the Company
announced receipt of orphan drug designation from the FDA for
verdiperstat. Verdiperstat completed Phase 1 clinical trials at
doses up to 900mg twice a day and preliminary results from a Phase
2a trial in patients with MSA showed numerical improvements on the
change from baseline Unified MSA Rating Scale. The Company had
received notification from the FDA in January 2019 that it may proceed with its
clinical investigation of verdiperstat. The FDA "May Proceed"
Letter was received following Biohaven's reactivation of the IND
application initially filed by AstraZeneca prior to licensing the
compound to Biohaven.
Financing Activities & Corporate Updates
Raised Gross Proceeds of Approximately $287.5 million in secondary offering – In
January 2020, Biohaven closed an
underwritten public offering of 4,830,917 common shares at a price
to the public of $51.75 per share and
in February 2020, the underwriter
exercised its option and purchased an additional 724,637 shares;
gross proceeds from the offering were approximately $287.5 million, adding to cash as
of December 31, 2019, of $316.7 million, excluding
$1.0 million of restricted cash. The
Company previously raised gross proceeds of approximately
$322.6 million in a separate public
offering that closed in June and July 2019.
Appointment of Michael T.
Heffernan as Member of the Board of Directors – In
January 2020, Biohaven announced
appointment of Michael T. Heffernan
as a director to fill the vacancy created by the resignation of
Robert Repella. Mr. Heffernan has
also been appointed as a member and the chair of the Compensation
Committee of the Board and a member of the Nominating and
Governance Committee of the Board. Mr. Heffernan is a
seasoned biopharmaceutical leader with over 25 years of commercial
experience and most recently served as Founder and CEO of Collegium
(Nasdaq: COLL), and remains Chairman of its Board of Directors. Mr.
Heffernan has been an advisor, investor and board member in a
number of biopharmaceutical and healthcare services companies. His
recent board memberships include: TyRx (sold to Medtronic),
PreCision Dermatology (sold to Valeant), Ocata Therapeutics (sold
to Astellas), and Veloxis (Sold to Asahi Kasei). He is also
currently Chairman of the Board of Carisma Therapeutics and of
Indalo Therapeutics and is a member of the board of Akebia
Therapeutics (AKBA) and Trevi Therapeutics (TRVI).
Appointed William "BJ" Jones as Chief Commercial Officer,
Migraine and Common Diseases – In April 2019, Biohaven announced the appointment of
BJ Jones as Chief Commercial Officer, Migraine and Common Diseases.
Mr. Jones oversees the commercial development of the Company's CGRP
receptor antagonist platform portfolio and glutamate portfolio in
AD, OCD, and GAD.
Secured Priority Review Voucher to Expedite Regulatory Review
of Rimegepant Zydis ODT NDA – In March 2019, the Company announced the purchase of
a FDA priority review voucher (PRV) to use with the NDA submission
for rimegepant Zydis® ODT. The PRV entitles the holder to designate
an NDA for priority review and provides for an expedited 6-month
review.
Announced $125.0 million
transaction with Royalty Pharma – The purchase of the PRV,
and additional funding for general corporate uses, was funded by a
sale of $125.0 million preferred
shares to Royalty Pharma (RPI). Pursuant to the Company's
agreement with RPI, Biohaven has the option to issue additional
preferred shares to RPI for an aggregate amount of $75.0 million.
Upcoming Milestones:
Biohaven is progressing its
product candidates through clinical and preclinical programs in a
number of common and rare disorders. The Company expects to
reach significant pipeline milestones with its CGRP receptor
antagonists, glutamate modulators and myeloperoxidase inhibitors in
2020.
The Company expects to:
- Continue to advance the rimegepant Zydis® ODT (orally
dissolving tablet) program towards commercialization for the acute
treatment of migraine; PDUFA date set for first quarter of
2020.
- Report Phase 3 topline data for rimegepant in preventive
treatment of migraine in the first quarter of 2020.
- Report Phase 2/3 topline data for troriluzole in OCD in the
second quarter of 2020.
- Report Phase 2/3 topline data from ongoing trial evaluating
troriluzole in Alzheimer's disease around the end of 2020.
- Complete enrollment in Phase 3 trial of troriluzole in
Spinocerebellar Ataxia in the second quarter of 2020.
- Continue enrolling patients in Phase 2 proof of concept trial
evaluating the safety and efficacy of rimegepant in patients with
treatment refractory trigeminal neuralgia.
- Continue enrolling patients in Phase 3 clinical trial for the
treatment of MSA, a rare, rapidly progressive and fatal
neuroinflammatory disease with no cure or effective
treatments.
- Conduct ongoing non-clinical studies defined under the
scientific research agreement with University
of Connecticut to support the advancement of UC1MT, a
therapeutic antibody targeting extracellular metallothionein.
Financial Results for the Year Ended December 31, 2019
Cash Position: Cash as of December 31, 2019,
was $316.7 million, excluding $1.0
million of restricted cash, compared to $264.2
million as of December 31, 2018. In addition, the Company
received $282.8 million in net
proceeds in the first quarter 2020 from our public offering of
common shares.
Research and Development (R&D) Expenses: R&D
expenses including one-time regulatory and license fees were
$344.7 million for the year ended
December 31, 2019 compared to
$190.0 million for the year ended
December 31, 2018. The increase of
$154.7 million was primarily due
to:
- one-time $105.0 million payment
for a priority review voucher to expedite the FDA review of the
Zydis ODT formulation of rimegepant in the second quarter of
2019;
- filing fees of $7.6 million
related to our rimegepant NDA submissions to the FDA in the second
quarter of 2019;
- expense for development milestone paid in the fourth quarter of
2019 to BMS of $7.5 million for
rimegepant NDA submissions in the second quarter of
2019;
- increases in costs for the rimegepant commercial drug supply
and product validation batches of $12.7
million in 2019;
- increases in direct costs of $24.6
million for our troriluzole program, which include increases
for our GAD, OCD, and Alzheimer's Disease trials;
- increases in direct costs of $33.6
million for our vazegepant program, including expenses for
development milestones payable to BMS of $10.0 million in 2019;
- increase of $6.2 million for our
preclinical research programs mainly due to a $5.6 million non-cash research and development
expense due to the issuance of common shares in the second quarter
of 2019 relating to the collaborative discovery program with FCCDC;
and
- increases in personnel costs of $25.8
million resulting from an increase of $17.9 million in non-cash share-based
compensation in 2019 as a result of additional share-based
compensation awards and hiring additional research and
development personnel.
The increase in R&D expenses was partially offset by the
$50.0 million one-time upfront
payment to BMS in the year ended December
31, 2018.
General and Administrative (G&A)
Expenses: G&A expenses were $134.4 million for the year ended December 31, 2019, compared to $34.6 million for the year ended December 31, 2018. The increase of $99.8 million was primarily due to preparation
for rimegepant commercialization activities, including increases in
personnel-related costs, including non-cash share-based
compensation, due to the hiring of additional personnel, and
professional and consulting fees supporting the potential
commercial launch of rimegepant. Non-cash share-based compensation
expense was $28.7 million for the
year ended December 31, 2019, an
increase of $20.1 million as compared
to the same period in 2018.
Net Loss: The Company reported a net loss
attributable to common shareholders for the year ended December 31, 2019 of $528.8 million, or $10.91 per share, compared to $240.9
million, or $6.15 per share for the same period in
2018.
About Biohaven
Biohaven is a clinical-stage
biopharmaceutical company with a portfolio of innovative,
late-stage product candidates targeting neurological diseases,
including rare disorders. Biohaven has combined internal
development and research with intellectual property licensed from
companies and institutions including Bristol-Myers Squibb Company,
AstraZeneca AB, Yale University,
Catalent, Rutgers, and ALS Biopharma
LLC. Currently, Biohaven's lead development programs include
multiple compounds across its CGRP receptor antagonist, glutamate
modulation and myeloperoxidase inhibition platforms. More
information about Biohaven is available at
www.biohavenpharma.com.
Catalent is the leading global provider of advanced delivery
technologies and development solutions for drugs, biologics and
consumer health products. With over 85 years serving the industry,
Catalent has proven expertise in bringing more customer products to
market faster, enhancing product performance and ensuring reliable
clinical and commercial product supply. Zydis is a registered
trademark of Catalent. For more information, visit
www.catalent.com.
Forward-Looking Statements
This news release includes
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve substantial risks and uncertainties, including
statements that are based on the current expectations and
assumptions of the Company's management. All statements, other than
statements of historical facts, included in this press release
regarding the Company's business and product candidate plans and
objectives are forward-looking statements. Forward-looking
statements include those related to: the expected timing,
commencement and outcomes of the Company's planned and ongoing
clinical trials, the timing of planned interactions and filings
with the FDA, the timing and outcome of expected regulatory
filings, including the need for any REMS or Advisory
Committee meetings, the potential commercialization of the
Company's product candidates, the potential for the Company's
product candidates to be first in class or best in class therapies
and the effectiveness and safety of the Company's product
candidates. The use of certain words, including "believe",
"continue", "may", "on track", "expects" and "will" and similar
expressions, are intended to identify forward-looking statements.
Various important factors could cause actual results or events to
differ materially from those that may be expressed or implied by
our forward-looking statements. Additional important factors to be
considered in connection with forward-looking statements are
described in the "Risk Factors" section of the Company's Annual
Report on Form 10-K filed with the Securities and Exchange
Commission on February 28, 2019 and
the Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, filed with the
Securities and Exchange Commission on November 1, 2019. The forward-looking statements
are made as of this date and the Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
BIOHAVEN
PHARMACEUTICAL HOLDING COMPANY LTD.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|
(Amounts in
thousands, except share and per share amounts)
|
(Unaudited)
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
$
|
66,019
|
|
|
$
|
37,958
|
|
|
$
|
344,673
|
|
|
$
|
189,951
|
|
General and
administrative
|
|
68,970
|
|
|
10,108
|
|
|
134,449
|
|
|
34,603
|
|
Total operating
expenses
|
|
134,989
|
|
|
48,066
|
|
|
479,122
|
|
|
224,554
|
|
Loss from
operations
|
|
(134,989)
|
|
|
(48,066)
|
|
|
(479,122)
|
|
|
(224,554)
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
Non-cash interest
expense on mandatorily
redeemable preferred shares
|
|
(4,378)
|
|
|
—
|
|
|
(12,711)
|
|
|
—
|
|
Non-cash interest
expense on liability related to sale
of future royalties
|
|
(7,308)
|
|
|
(5,592)
|
|
|
(26,580)
|
|
|
(11,726)
|
|
Change in fair value of
warrant liability
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,182)
|
|
Change in fair value of
derivative liability
|
|
(895)
|
|
|
—
|
|
|
(3,875)
|
|
|
—
|
|
Loss from equity method
investment
|
|
(1,768)
|
|
|
(742)
|
|
|
(6,076)
|
|
|
(2,808)
|
|
Other
|
|
3
|
|
|
(156)
|
|
|
(22)
|
|
|
(185)
|
|
Total other expense,
net
|
|
(14,346)
|
|
|
(6,490)
|
|
|
(49,264)
|
|
|
(15,901)
|
|
Loss before provision
for income taxes
|
|
(149,335)
|
|
|
(54,556)
|
|
|
(528,386)
|
|
|
(240,455)
|
|
Provision for income
taxes
|
|
(71)
|
|
|
194
|
|
|
419
|
|
|
467
|
|
Net loss and
comprehensive loss
|
|
$
|
(149,264)
|
|
|
$
|
(54,750)
|
|
|
$
|
(528,805)
|
|
|
$
|
(240,922)
|
|
Net loss per share —
basic and diluted
|
|
$
|
(2.85)
|
|
|
$
|
(1.34)
|
|
|
$
|
(10.91)
|
|
|
$
|
(6.15)
|
|
Weighted average
common shares outstanding—basic
and diluted
|
|
52,285,999
|
|
|
40,938,709
|
|
|
48,489,890
|
|
|
39,188,458
|
|
BIOHAVEN
PHARMACEUTICAL HOLDING COMPANY LTD.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Amounts in
thousands)
|
(Unaudited)
|
|
|
|
December 31,
2019
|
|
December 31,
2018
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash
|
|
$
|
316,727
|
|
|
$
|
264,249
|
|
Prepaid expenses and
other current assets
|
|
11,554
|
|
|
8,090
|
|
Total current
assets
|
|
328,281
|
|
|
272,339
|
|
Property and
equipment, net
|
|
8,152
|
|
|
6,248
|
|
Equity method
investment
|
|
5,338
|
|
|
11,414
|
|
Other
assets
|
|
2,493
|
|
|
11
|
|
Total
assets
|
|
344,264
|
|
|
290,012
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
14,071
|
|
|
10,752
|
|
Accrued
expenses
|
|
52,102
|
|
|
8,782
|
|
Total current
liabilities
|
|
66,173
|
|
|
19,534
|
|
Liability related to
sale of future royalties, net
|
|
144,111
|
|
|
117,515
|
|
Mandatorily
redeemable preferred shares, net
|
|
103,646
|
|
|
—
|
|
Derivative
liability
|
|
37,690
|
|
|
—
|
|
Other long-term
liabilities
|
|
68
|
|
|
2,043
|
|
Total
liabilities
|
|
351,688
|
|
|
139,092
|
|
Total shareholders'
equity
|
|
(7,424)
|
|
|
150,920
|
|
Total liabilities and
shareholders' equity
|
|
$
|
344,264
|
|
|
$
|
290,012
|
|
|
|
|
|
|
For further information, contact Dr. Vlad Coric, Chief Executive Officer,
at Vlad.Coric@biohavenpharma.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/biohaven-pharmaceuticals-reports-fourth-quarter-and-full-year-2019-financial-results-and-recent-business-developments-301011193.html
SOURCE Biohaven Pharmaceutical Holding Company Ltd.