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Shareholders' Equity | 9 Months Ended
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Sep. 30, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | Shareholders' Equity Changes in shareholders’ equity for the three and nine months ended September 30, 2024 and September 30, 2023 were as follows:
|  | Common Shares |  |  |  |  |  |  |  |  |  |
|  | Shares |  | Amount |  |  |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Loss |  | Total Shareholders' Equity
Balances as of December 31, 2023 |  | 81,115,723 |  |  | $ | 887,528 |  |  |  |  | $ | 39,804 |  |  | $ | (499,292) |  |  | $ | (65) |  |  | $ | 427,975 |
Net loss |  | — |  |  | — |  |  |  |  | — |  |  | (179,504) |  |  | — |  |  | (179,504) |
Issuance of common shares as payment for acquisition of IPR&D asset |  | 242,958 |  |  | 10,347 |  |  |  |  | — |  |  | — |  |  | — |  |  | 10,347 |
Issuance of common shares as payment under license and other agreements |  | 97,233 |  |  | 5,637 |  |  |  |  | — |  |  | — |  |  | — |  |  | 5,637 |
Issuance of common shares under 2022 Equity Incentive Plan |  | 351,307 |  |  | 7,452 |  |  |  |  | (5,296) |  |  | — |  |  | — |  |  | 2,156 |
Non-cash share-based compensation expense |  | — |  |  | — |  |  |  |  | 34,877 |  |  | — |  |  | — |  |  | 34,877 |
Other comprehensive loss |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (41) |  |  | (41) |
Balances as of March 31, 2024 |  | 81,807,221 |  |  | 910,964 |  |  |  |  | 69,385 |  |  | (678,796) |  |  | (106) |  |  | 301,447 |
Net loss |  | — |  |  | — |  |  |  |  | — |  |  | (319,771) |  |  | — |  |  | (319,771) |
Issuance of common shares, net of offering costs |  | 8,544,951 |  |  | 317,720 |  |  |  |  | — |  |  | — |  |  | — |  |  | 317,720 |
Issuance of common shares as payment for acquisition of IPR&D asset |  | 10,452 |  |  | 446 |  |  |  |  | — |  |  | — |  |  | — |  |  | 446 |
Issuance of common shares as payment under license and other agreements |  | 1,872,874 |  |  | 65,981 |  |  |  |  | — |  |  | — |  |  | — |  |  | 65,981 |
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan |  | 110,834 |  |  | 3,442 |  |  |  |  | (1,125) |  |  | — |  |  | — |  |  | 2,317 |
Issuance of warrant as payment under license agreement |  | — |  |  | — |  |  |  |  | 3,340 |  |  | — |  |  | — |  |  | 3,340 |
Non-cash share-based compensation expense |  | — |  |  | — |  |  |  |  | 12,232 |  |  | — |  |  | — |  |  | 12,232 |
Other comprehensive income |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 28 |  |  | 28 |
Balances as of June 30, 2024 |  | 92,346,332 |  |  | 1,298,553 |  |  |  |  | 83,832 |  |  | (998,567) |  |  | (78) |  |  | 383,740 |
Net loss |  | — |  |  | — |  |  |  |  | — |  |  | (160,304) |  |  | — |  |  | (160,304) |
Issuance of common shares, net of offering costs |  | 2,154,857 |  |  | 76,361 |  |  |  |  | — |  |  | — |  |  | — |  |  | 76,361 |
Issuance of common shares as payment for acquisition of IPR&D asset |  | 428 |  |  | 18 |  |  |  |  | — |  |  | — |  |  | — |  |  | 18 |
Issuance of common shares under 2022 Equity Incentive Plan |  | 397,422 |  |  | 6,758 |  |  |  |  | (2,954) |  |  | — |  |  | — |  |  | 3,804 |
Issuance of common shares as payment under license and other agreements |  | 154 |  |  | 9 |  |  |  |  | — |  |  | — |  |  | — |  |  | 9 |
Non-cash share-based compensation expense |  | — |  |  | — |  |  |  |  | 12,160 |  |  | — |  |  | — |  |  | 12,160 |
Other comprehensive income |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 218 |  |  | 218 |
Balance as of September 30, 2024 |  | 94,899,193 |  |  | $ | 1,381,699 |  |  |  |  | $ | 93,038 |  |  | $ | (1,158,871) |  |  | $ | 140 |  |  | $ | 316,006 |
|  | Common Shares |  |  |  |  |  |  |  |  |  |
|  | Shares |  | Amount |  |  |  | Additional Paid-in Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive Income |  | Total Shareholders' Equity
Balances as of December 31, 2022 |  | 68,190,479 |  |  | $ | 615,742 |  |  |  |  | $ | 13,869 |  |  | $ | (91,124) |  |  | $ | 284 |  |  | $ | 538,771 |
Net loss |  | — |  |  | — |  |  |  |  | — |  |  | (70,492) |  |  | — |  |  | (70,492) |
Issuance of common shares under 2022 Equity Incentive Plan |  | 22,000 |  |  | 504 |  |  |  |  | (172) |  |  | — |  |  | — |  |  | 332 |
Non-cash share-based compensation expense |  | — |  |  | — |  |  |  |  | 3,765 |  |  | — |  |  | — |  |  | 3,765 |
Other comprehensive loss |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (118) |  |  | (118) |
Balances as of March 31, 2023 |  | 68,212,479 |  |  | 616,246 |  |  |  |  | 17,462 |  |  | (161,616) |  |  | 166 |  |  | 472,258 |
Net loss |  | — |  |  | — |  |  |  |  | — |  |  | (90,346) |  |  | — |  |  | (90,346) |
Issuance of common shares under 2022 Equity Incentive Plan and 2022 Employee Share Purchase Plan |  | 104,474 |  |  | 1,264 |  |  |  |  | (470) |  |  | — |  |  | — |  |  | 794 |
Non-cash share-based compensation expense |  | — |  |  | — |  |  |  |  | 4,695 |  |  | — |  |  | — |  |  | 4,695 |
Other comprehensive loss |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (146) |  |  | (146) |
Balance as of June 30, 2023 |  | 68,316,953 |  |  | 617,510 |  |  |  |  | 21,687 |  |  | (251,962) |  |  | 20 |  |  | 387,255 |
Net loss |  | — |  |  | — |  |  |  |  | — |  |  | (102,574) |  |  | — |  |  | (102,574) |
Issuance of common shares under 2022 Equity Incentive Plan |  | 47,190 |  |  | 1,251 |  |  |  |  | (520) |  |  | — |  |  | — |  |  | 731 |
Non-cash share-based compensation expense |  | — |  |  | — |  |  |  |  | 4,456 |  |  | — |  |  | — |  |  | 4,456 |
Other comprehensive income |  | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 138 |  |  | 138 |
Balance as of September 30, 2023 |  | 68,364,143 |  |  | $ | 618,761 |  |  |  |  | $ | 25,623 |  |  | $ | (354,536) |  |  | $ | 158 |  |  | $ | 290,006 |
Knopp Amendment In May 2024, the Company entered into the Knopp Amendment under which the parties thereto agreed to revise the success-based payment and royalty payment obligations under the Membership Purchase Agreement. As consideration, the Company issued 1,872,874 Biohaven Shares to Knopp, valued at approximately $65,981 in May 2024. As further consideration for the revisions to the success-based payment and royalty payment obligations in the Knopp Amendment, the Company issued to Knopp a warrant to purchase 294,195 of the Company's common shares with a purchase price of $67.98, subject to certain specified development milestones and the Company achieving a specified market capitalization. The warrant was recorded at its initial fair value of $3,340 within additional paid-in capital on the condensed consolidated balance sheet during the second quarter of 2024 and is not subject to remeasurement. See Note 10 for further detail on the Knopp Amendment. 2024 Public Offerings On April 22, 2024, the Company closed an underwritten public offering of 6,451,220 of its common shares, which included the exercise in full of the underwriters' option to purchase additional shares, at a price of $41.00 per share. The net proceeds raised in the offering, after deducting underwriting discounts and expenses of the offering payable by Biohaven, were approximately $247,830. The Company intends to use the net proceeds received from the offering for general corporate purposes. On October 2, 2024, the Company closed an underwritten public offering of 6,052,631 of its common shares, which included the exercise in full of the underwriters' option to purchase additional shares, at a price of $47.50 per share. The net proceeds raised in the offering, after deducting underwriting discounts and expenses of the offering payable by Biohaven, were approximately $269,935. The Company intends to use the net proceeds received from the offering for general corporate purposes. Pyramid Acquisition In January 2024, the Company acquired Pyramid pursuant to the Pyramid Agreement. In consideration for the Pyramid acquisition, Biohaven made an upfront payment of 255,794 Company common shares, valued at approximately $10,894. As of September 30, 2024, 253,838 of these common shares have been issued by the Company. During the first quarter of 2024, the Company recorded $5,689 of R&D expense in the condensed consolidated statement of operations and comprehensive loss for a developmental milestone which became due under the Pyramid Agreement, to be paid in 98,129 Company common shares. As of September 30, 2024, 97,387 of these common shares have been issued by the Company. Refer to Note 10, "License, Acquisitions and Other Agreements" for further discussion of the Pyramid acquisition. Equity Distribution Agreement In October 2023, the Company entered into an equity distribution agreement pursuant to which the Company may offer and sell common shares having an aggregate offering price of up to $150,000 from time to time through or to the sales agent, acting as its agent or principal (the "Equity Distribution Agreement"). Sales of the Company's common shares, if any, will be made in sales deemed to be “at-the-market offerings”. The sales agent is not required to sell any specific amount of securities but will act as the Company's sales agent using commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between the sales agent and the Company. The Company currently plans to use the net proceeds from any at-the-market offerings of its common shares for general corporate purposes. In August 2024, the Company entered into an amendment to the Equity Distribution Agreement pursuant to which the Company may offer and sell common shares having an aggregate offering price of up to $450,000 from time to time through or to the sales agent, acting as its agent or principal. As of September 30, 2024, the Company sold and issued 4,248,588 common shares under the Equity Distribution Agreement, as amended, for total net proceeds of approximately $146,250. As of September 30, 2024, additional common shares having an aggregate offering price of up to $300,000 remain available to be issued.

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