Losses at New Haven’s Biohaven Pharmaceuticals increased in the third quarter of this year compared to a year ago, as it continued to pour more money into R&D, but the company still has plenty of cash on hand, the firm reported this week.
For the quarter ended Sept. 30, Biohaven reported a net loss of $42.9 million, or $1.19 per share, compared to $28.2 million, or $2.16 per share, for the same period a year ago.
Research and development expenses were $35 million, compared to $27 million for the third quarter of 2016. General and administrative expenses were $4.6 million, compared to $900,000 for the same period a year ago.
Cash as of Sept. 30 was $175.8 million, compared to $23.6 million on Dec. 31, 2016, before the company’s initial public offering in May, the company said.
The R&D expenses include a $5 million payment to Bristol-Myers Squibb for achievement of a development milestone, Biohaven said. The company has a licensing agreement with the pharmaceutical giant for Biohaven’s potential migraine drug, rimegepant.
“We continue to execute rapidly on clinical programs across both of our major technology platforms as we build a world-class organization and make very efficient use of our funds,” CEO Dr. Vlad Coric said in a statement.
In a separate announcement Thursday, Biohaven said it has completed enrollment in the first of two Phase 3 clinical trials to evaluate the safety and efficacy of rimegepant for migraines. It expects to report data early next year.
Natalie Missakian can be reached at news@newhavenbiz.com
