Monitor the pace of ATM sales through quarterly disclosures; each tranche sold will pressure the stock. The overhang of up to 24% dilution may cap upside until the facility is fully utilized or the company announces a positive catalyst. Consider short-term bearish bias.
Price Chart
Executive Summary
Biohaven filed a prospectus supplement to sell up to $350 million of common shares in an at-the-market offering through J.P. Morgan, replacing a prior $300 million facility of which $181.3 million had been sold. The proceeds will be used for business development and general corporate purposes, following a Q1 2026 net loss of $130.5 million. The offering represents up to ~24% dilution at current prices and signals ongoing cash needs for a pre-commercial biotech.
Key Facts
- Up to $350 million in common shares to be sold via ATM facility with J.P. Morgan
- Aggregate offering price up to $350M; shares sold at market prices (last close $9.63)
- Sales agent commission up to 3.00% of gross proceeds
- Immediate dilution of $7.20 per share for new investors at assumed price of $9.63
- Q1 2026 net loss of $130.5M ($0.88/share), cash position $351.8M as of March 31, 2026
- 150,506,490 shares outstanding as of March 31, 2026; up to ~36.3M new shares if fully sold
Financial Impact
Up to $350 million in new equity, representing ~24% dilution of outstanding shares at current price
Risk Factors
- Substantial dilution to existing shareholders
- Continued operating losses with no near-term product revenue
- Overhang from potential ATM sales may depress stock price
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 424B5 Filing (Primary) | 0001628280-26-029924 |
| Exhibit: exfilingfees.htm | 0001628280-26-029924 |
| Document: 0001628280-26-029924-index-headers.html | 0001628280-26-029924 |
| Document: 0001628280-26-029924-index.html | 0001628280-26-029924 |
| Document: 0001628280-26-029924.txt | 0001628280-26-029924 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $14.69 | awaiting T+5 | — | $13.88 (−5.51%) |
Oct 15, 2026 10d ago | 8-K | $10.78 $13.88 | ▲ +28.76% | ▲ +29.19% | $13.88 (+28.76%) |
Sep 9, 2026 6w ago | 8-K | $12.79 $13.89 | ▼ −8.60% | ▼ −9.10% | $13.88 (−8.52%) |
Aug 26, 2026 8w ago | 8-K | $16.95 $15.69 | ▼ −7.43% | ▼ −7.31% | $13.88 (−18.11%) |
Aug 10, 2026 10w ago | 8-K | $14.49 $13.57 | ▼ −6.35% | ▼ −5.95% | $13.88 (−4.21%) |
Jul 9, 2026 15w ago | 8-K | $15.55 $14.17 | ▼ −8.87% | ▼ −8.31% | $13.88 (−10.74%) |
May 27, 2026 21w ago | 8-K | $10.24 $11.40 | ▲ +11.33% | ▲ +11.01% | $13.88 (+35.55%) |
May 4, 2026 24w ago | 424B5 | $9.71 $9.20 | ▲ +5.25% | ▲ +7.24% | $13.88 (−42.95%) |
May 4, 2026 24w ago | S-3ASR | $9.71 $9.20 | ▼ −5.25% | ▼ −7.24% | $13.88 (+42.95%) |
May 4, 2026 24w ago | 8-K | $9.71 $9.20 | ▼ −5.25% | ▼ −7.24% | $13.88 (+42.95%) |
US Market Status
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