Biohaven Ltd., a biopharmaceutical company based in New Haven, reported a third-quarter loss on Monday while announcing cost-cutting measures that did not include staff reductions.
Biohaven Ltd. is the company that remained after the original Biohaven sold its migraine therapeutic assets to pharmaceutical giant Pfizer Inc. in 2022, in a deal valued at $13 billion.
The company reported a net loss for the three months ended Sept. 30 of $173.4 million, or $1.64 per share, compared to $160.3 million, or $1.70 per share, for the same period last year.
It also said its cash, cash equivalents, marketable securities and restricted cash as of Sept. 30 totaled about $263.8 million.
While announcing its latest loss, Biohaven said it also has started cutting costs and focusing its spending on three drug programs that are furthest along in development. Those include:
Opakalim, a drug that activates certain brain ion channels that is now being tested to treat focal epilepsy and depression.
TRAP and MoDE degraders, treatments designed to remove harmful proteins, that are being developed for IgA nephropathy (BHV-1400), a kidney disease, and Graves’ disease (BHV-1300), an autoimmune thyroid disorder; and
Taldefgrobep alfa, a drug that blocks muscle growth-related pathways and is being studied to treat obesity and spinal muscular atrophy.
The company said it is restructuring its business priorities and “optimizing” its allocation of resources, which “may result in either pause, delay or halting of non-priority programs.”
In response to a question from Hartford Business Journal, the company replied that it “has made no job cuts or layoffs.” The company has about 300 employees.
The company said it expects to reduce its annual spending on research and development by about 60%, excluding the cost of compensation for personnel.
For the third quarter, its R&D expenses, including non-cash share-based compensation costs, were $141.2 million for the three months ended Sept. 30, compared to $157.6 million for the same period last year.
Dr. Vlad Coric, chairman and chief executive officer of Biohaven Ltd., said his company “remains energized and focused on our mission to advance innovative medicines to patients who are waiting every day for new treatments.”
