Biohaven pivots to BHV-1300 in Graves' disease after troriluzole CRL and OCD failure, with a $795M Kv7 licensing deal buying time for a 2027 Phase 3 readout

Biohaven is a clinical-stage biotechnology company developing BHV-1300, a targeted therapy for Graves' disease that is not yet approved, with a Phase 3 trial expected to report results in 2027.

After a CRL in spinocerebellar ataxia and a failed OCD Phase 3, Biohaven's investable case now rests entirely on BHV-1300, a Graves' disease candidate in a 300-patient placebo-controlled Phase 3 with data expected in 2027. The thesis holds if BHV-1300 normalizes thyroid hormone without antithyroid drugs, a clean endpoint in a disease where FcRn inhibitors like Immunovant's batoclimab set a competitive bar. At roughly $118M quarterly burn against $270M cash, the company reaches mid-2027 at most, making the Phase 3 readout a financing-dependent binary.