Biohaven Ltd. · NYSE:BHVN
Biohaven — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
45 slides from Biohaven's conference presentation, Jan 12, 2026
Slide 1: 44th Annual J.P. Morgan Healthcare Conference
44th Annual J.P. Morgan Healthcare Conference CAMERON January 12, 2026 Living with Graves’ Disease Vlad Coric, M.D. Chairman and Chief Executive Officer © 2026 Biohaven, Ltd. All rights reserved.
Slide 2: Forward-Looking Statement
Forward-Looking Statement This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Biohaven Ltd. (the “Company”) and our planned and ongoing trials (including those for our taldefgrobep alfa, opakalim
Slide 3: Innovating Tomorrow's Medicines Today
Innovating Tomorrow’s Medicines Today
Slide 4: Our Novel Degrader Platform
OUR NOVEL DEGRADER PLATFORM Targeting the Root Cause of Autoimmune Disease MoDE TRAP Target a class of proteins Remove specific disease-causing implicated in pathogenesis proteins and leave the rest of of disease immune system intact KEY Revolutionary Yale-licensed technology to remove disease-causi
Slide 5: MoDE and TRAP Degraders: Pioneering the First and Only Extracellular Degraders in the Clinic
MoDE and TRAP Degraders: Pioneering the First and Only Extracellular Degraders in the Clinic DEGRADERS HIGHLY SELECTIVE TARGETING OF DISEASE-DRIVING PROTEINS Validated in the clinic: Safe and well-tolerated PATIENT FRIENDLY ADMINISTRATION Easy-to-use autoinjector; rapid, selective, tunable for patie
Slide 6: IgA Nephropathy (IgAN)
Gd-IgA1 DEGRADERS: BHV-1400 TRAP BHV-1400 IgA Nephropathy (IgAN)
Slide 7: Potential of BHV-1400 in IgAN Recognized by Nephrology Community
Potential of BHV-1400 in IgAN Recognized by Nephrology Community DEGRADERS The future? IgA Degradation https://ir.biohaven.com/news-releases/news-release-details/biohaven-highlights-innovation-and-advancement-across-mode-and KEY BHV-1400 highlighted in opening plenary state-of-the-art lecture, “Yes,
Slide 8: BHV-1400 Directly Targets the Disease-Driver of IgA Nephropathy
BHV-1400 Directly Targets the Disease-Driver of IgA Nephropathy DEGRADERS Gd-IgA1 forms in excess, binds to antibodies forming 1 immune complexes, deposits in the kidney and 2 TRAP degrader BHV-1400 selectively binds Gd-IgA1 and its complexes and redirects these causes inflammation and fibrosis, ult
Slide 9: Updated KDIGO Guidelines: Treat Earlier and Target Pathogenic Gd-IgA1
Updated KDIGO Guidelines: Treat Earlier and Target Pathogenic Gd-IgA1 DEGRADERS IgAN Treatment Is Now Defined by Targeting of New KDIGO 2025 Guidance BHV-1400 Gd-IgA1 First-line intervention now targets Designed to selectively remove pathogenic Gd-IgA1 for disease pathogenic Gd-IgA1, the root modifi
Slide 10: BHV-1400 Across the Spectrum
BHV-1400 ADVANCING A THERAPY FOR ALL STAGES OF DISEASE Across the Spectrum EARLY ADVANCED
Slide 11: BHV-1400 Early Disease Clinical Experience: Complete Resolution of Hematuria
BHV-1400 Early Disease Clinical Experience: Complete Resolution of Hematuria Within Weeks of Dosing DEGRADERS 3 3+ CASE REPORT: Initial IgAN 2 Patient Dosed • Young female patient Hematuria • Normal eGFR • Chronic hematuria 1 1+ • Active lifestyle • Significant fatigue • Comorbid diabetes Resolved R
Slide 12: BHV-1400 Phase 1: Surpasses B-cell Directed Competition
BHV-1400 Phase 1: Surpasses B-cell Directed Competition in Speed, Depth and Selectivity DEGRADERS BHV-1400: Single dose SC SINGLE B-cell targeting therapies: MULTIPLE 48 hours DOSE DOSE Multiple dose, 9-12 months2 63.3% lowering of Gd-IgA11 Povetacicept* Atacicept** Sibeprenlimab*** 80 mg SC Q4W 150
Slide 13: BHV-1400 Advanced Disease Patient: Rapid Improvement in Proteinuria and eGFR
BHV-1400 Advanced Disease Patient: Rapid Improvement in Proteinuria and Increase in eGFR Within Weeks of Dosing DEGRADERS Proteinuria Reduction eGFR Increase Over 45 Days Over 45 Days 0 45 CASE REPORT: 51.2% reduction 24% increase in Advanced IgAN -10 within weeks eGFR within weeks Patient Dosed % c
Slide 14: BHV-1400 Single Patient Data: Rapid and Significant Improvement in Proteinuria
BHV-1400 Single Patient Data: Rapid and Significant Improvement in Proteinuria DEGRADERS Percent Change From Baseline in UPCR 10% 0% 64% -10% -20% atacicept OLE atacicept, ORIGIN3 atrasentan reduction of -30% nefecon proteinuria -40% mezagitamab povetacicept within weeks -50% sibeprenlimab zigakibar
Slide 15: BHV-1400 Single Patient Data: Rapid Proteinuria Reduction Where Competitor Requires Months
BHV-1400 Single Patient Data: Highlights Rapid Proteinuria Reduction Where Competitor Requires Months DEGRADERS Percent Change From Baseline in UPCR 10% 0% atacicept, ORIGIN3 64% -10% -20% atrasentan nefecon reduction of -30% mezagitamab proteinuria -40% povetacicept sibeprenlimab within weeks -50%
Slide 16: BHV-1400 TRAP Degrader Maintains Healthy Immunoglobulins
BHV-1400 TRAP Degrader Maintains Healthy Immunoglobulins 1,2 While Competitors Show Long-term Immunosuppression DEGRADERS BHV-1400 Single Dose SC3 Atacicept 150 mg2,5 VOYXACT SC 2,4 20% 20% 20% 10% 10% 10% 0% -10% STABLE 0% -10% 64% DROP 0% -10% 69% DROP -20% FROM -20% FROM -20% FROM -30% -30% -30%
Slide 17: First Clinical Experience With BHV-1400 Shows Paradigm Shifting Potential
First Clinical Experience With BHV-1400 Shows Paradigm Shifting Potential DEGRADERS IgG IgE IgA IgD IgM LOWER ED M AI N TAI N E D Gd-IgA1 HEALTHY IMMUNOGLOBULINS LOWER ED LOWER ED S TAB I L I Z E D EARLY HEMATURIA PROTEINURIA o r IM PR OVED ADVANCED DISEASE DISEASE eGFR 17 January 12, 2026 J.P. Morg
Slide 18: IgAN Represents a Multi-$B US Opportunity
IgAN Represents a Multi-$B US Opportunity DEGRADERS IgAN US population 112K–199K US IgAN patients2 IgAN patients with proteinuria ≥0.5g/day for which KDIGO guidelines 3 85K–151K patients4 $20B+ 1,5 recommend treatment with DMTs that reduce pathogenic Gd-IgA1 eligible for BHV-1400 Potential US market
Slide 19: Graves' Disease
IgG antibody DEGRADERS: BHV-1300 BHV-1300 MoDE Graves’ Disease
Slide 20: Biohaven IgG Degrader Targets the Root Cause of a Broad Autoimmune Disease
Biohaven IgG Degrader Targets the Root Cause of a Broad Autoimmune Disease to Treat and Prevent Multi-Organ Complications DEGRADERS 1 PRODUCTION 3 INTERVENTION TSHR IgG1 IgG1, IgG2, IgG4 autoantibodies THYROID Biohaven MoDE redirects disease- causing target to liver for removal 2 TSHR autoantibodies
Slide 21: BHV-1300 MoDE Sets New Benchmark for IgG Reduction
BHV-1300 MoDE, a Class of its Own, Sets New Benchmark for IgG Reduction Versus Leading Therapies DEGRADERS Subcutaneous BHV-1300 achieved Immunovant Data Showing Depth of IgG Lowering Matters in mean % IgG reductions >80% with Graves’ and Positioned it in the Lead Among Competitors Until…. maximal l
Slide 22: BHV-1300: First Graves' Patient Dosed
BHV-1300: First Graves’ Patient Dosed — Pathogenic Antibody Levels Undetectable and Thyroid Hormones Normalized Within First Month DEGRADERS After 4 Weeks of CASE REPORT: Treatment… Initial Graves’ Patient Dosed TSI TRAb AAb Undetectable • Middle-aged female AAb • Newly diagnosed with Graves' diseas
Slide 23: Graves' Disease Pivotal Trial
Graves’ Disease Pivotal Trial DEGRADERS Graves’ Disease Study Schematic DATA READOUT Placebo Screening Biohaven IgG Degrader 26 weeks Normal TSH, T3, T4 (26 Weeks) off ATD Study Design: Randomized, double-blind, placebo-controlled trial KEY STUDY Population: Male and female adults with Graves’ disea
Slide 24: Graves' Disease: Significant Patient Opportunity
Graves’ Disease: Significant Patient Opportunity DEGRADERS US prevalence1 2,700,000 US Graves’ patients Diagnosed Graves’ disease2 1,350,000 $15B+ Potential US Treated Graves’ disease3 1,000,000 market size5 Managed on ATD3 + ATD refractory or failed4 750,000–850,000 1. 1% adult population; NIDDK, A
Slide 25: Revolutionizing Epilepsy Treatment With a Modern Kv7 Activator
OPAKALIM Kv7 ACTIVATOR ION CHANNEL: OPAKALIM ION CHANNEL SELECTIVE Kv7 ACTIVATOR Revolutionizing Epilepsy Treatment With a Modern Kv7 Activator
Slide 26: Opakalim Overcomes the Challenges of Approved Epilepsy Therapies
Opakalim Overcomes the Challenges of Approved Epilepsy Therapies Kv7 APPROVED THERAPIES OPAKALIM Burdensome Easy-to-use ✕ • Dosing multiple times per day • Months long titration schedules • Once-daily tablet • No need to titrate Poor CNS tolerability ✕ • High rates of CNS AEs • Somnolence, dizziness
Slide 27: Efficacy Signals Observed in Focal Epilepsy Open-Label Data
Efficacy Signals Observed in Focal Epilepsy Open-Label Data Kv7 Double-blind Phase OLE Phase 8-Weeks RISE 2: Opakalim 25 or 50 mg vs pbo Opakalim 50 mg Observation Phase (OP) RISE 3: Opakalim 50 or 75 mg vs pbo Opakalim 75 mg SEIZURE FREQUENCY SEIZURE FREQUENCY VS Pretreatment Baseline in OP On Trea
Slide 28: Antiseizure Efficacy Correlates With Opakalim Concentration
Antiseizure Efficacy Correlates With Opakalim Concentration in Focal Epilepsy Open-Label Data Kv7 0 -10 % Reduction in Seizure Frequency -20 From Observation Phase -30 -40 -50 -60 -70 -80 -90 -100 Opakalim Plasma Concentrations Preliminary exposure-response analysis for pooled participants in focal
Slide 29: Opakalim Offers Potential Best-in-Clinic Kv7-Activator Profile
Opakalim Offers Potential Best-in-Clinic Kv7-Activator Profile Kv7 Lower rates of CNS AEs Antiseizure response rates with opakalim compared to azetukalner in ongoing OLE studies* between opakalim and azetukalner in ongoing OLE studies* AE Azetukalner1 Opakalim2 Dizziness 25% 2% Headache 19% 5% Somno
Slide 30: Targeting High-Quality Weight Loss
TALDEFGROBEP / MYOSTATIN COMPLEX MYOSTATIN ACTIVIN INHIBITOR: TALDEFGROBEP ALFA Targeting High-Quality Weight Loss
Slide 31: Targeting High-Quality Weight Loss With Myostatin Activin Mechanism
Targeting High-Quality Weight Loss With Myostatin Activin Mechanism TALDEFGROBEP Taldefgrobep directly targets fat, builds muscle and increases bone density while avoiding intolerable adverse effects MYOSTATIN ACTIVIN MOA FOR HEALTHY WEIGHT LOSS Targeting myostatin, activin A and activin E/ALK7 sign
Slide 32: Myostatin Activin Pathway Inhibition Demonstrates Benefits in Weight, Fat and Muscle
Myostatin Activin Pathway Inhibition Demonstrates Benefits in Total Body Weight, Fat and Muscle TALDEFGROBEP BELIEVE: 1-Year Trial of Bimagrumab in Adults Living with Overweight or Obesity Bimagrumab Semaglutide Combination Placebo (30 mg iv) (2.4 mg sc) (bima + sema) EFFICACY Exceeds 5% differentia
Slide 33: Taldefgrobep Avoids GI- and Muscle-Related AEs Seen With Bimagrumab
Taldefgrobep Avoids GI- and Muscle-Related AEs Commonly Reported in Bimagrumab Clinical Trials TALDEFGROBEP Taldefgrobep Bimagrumab Bimagrumab SAD/MAD Pooled1 30 mg/kg2 10 mg/kg3 Q4W 15-180 mg Single Dose Study Multi-dose Study Muscle-/GI-Related AEs n=103 n=10 n=37 Acne 0% 30% 3% Muscle spasm 3% 30
Slide 34: Taldefgrobep Monotherapy Dose-Ranging (Q1W and Q4W)
Taldefgrobep Monotherapy Dose-Ranging (Q1W and Q4W) Study Initiated TALDEFGROBEP Randomization PRIMARY ANALYSIS (2:2:1:1) 24 Week DBT Period Taldefgrobep Q1W (n=50) 24-Week OLE 4 Weeks Taldefgrobep Q1W 8 Weeks Blinded PBO Q1W (n=25) Randomization Post-Dose (n~150) Follow Up Taldefgrobep Q4W (n=50) T
Slide 35: Next-Generation ADC Technologies
ONCOLOGY Next-Generation ADC Technologies: Built to Deliver Improved Efficacy, Safety and Scalability
Slide 36: BHV-1510 Trop2 ADC
biohaven’ BHV-1510 Trop2 ADC
Slide 37: BHV-1510 + Cemiplimab Leads to Rapid, Deep and Durable Responses
BHV-1510 + Cemiplimab Leads to Rapid, Deep and Durable Responses in Heavily Pretreated Patients, Majority With Prior Anti-PD(L)1 ONCOLOGY BHV-1510 + Cemiplimab*: BHV-1510 + Cemiplimab: Treatment Duration Percent Change in Target Lesions NSCLC NSCLC EC NSCLC NSCLC NSCLC NSCLC NSCLC NSCLC NSCLC NSCLC
Slide 38: Encouraging Early Clinical Activity and High Response Rates of BHV-1510 + Cemiplimab
Encouraging Early Clinical Activity and High Response Rates of BHV-1510 + Cemiplimab ONCOLOGY • Compelling efficacy at 2.5 mg/kg Q3W with BHV-1510 2.5 mg/kg + Cemiplimab Q3W: confirmed ORR 73% (8/11) Target Lesion Change from Baseline • NSCLC 60% (3/5) 40 • Endometrial cancer 100% (4/4) 20 Percent
Slide 39: BHV-1530 FGFR3 ADC
biohaven’ BHV-1530 FGFR3 ADC
Slide 40: FGFR3 Is a Promising Therapeutic Target for Urothelial Cancer
FGFR3 Is a Promising Therapeutic Target for Urothelial Cancer (UC) and Other Tumors With High Unmet Need ONCOLOGY FGFR3 Overexpression and Alteration (%) ~15% of HNSCC have FGFR3 mutations with in Urothelial Carcinoma overexpression noted in nearly half of oral and oropharyngeal cancers 51% 38% of l
Slide 41: BHV-1530: First-in-Class ADC With Proprietary TopoIx Payload
BHV-1530: First-in-Class ADC With Proprietary TopoIx Payload Synergistic With Anti-PD(L)1 ONCOLOGY • Compelling preclinical efficacy across FGFR3- BHV-1530 shows synergistic activity altered and FGFR3-overexpressing tumor in vivo with anti-PD-L1 combination models: Demonstrated as monotherapy and in
Slide 42: Next-Generation Pipeline
Next-Generation _ Pipeline... — » biohaven’ DAYS: M-SSeR
Slide 43: Financial Update
Financial Update CGRP $264M 3 Q3 2025 Cash on hand 145.1M 2 +$312M Capital raise4 since last Q 1. Cap reached if aggregate annual US net sales of rimegepant and zavegepant amount to $8.15B. Royalty payments would be in respect of years ended on or before 12/31/40. 2. As of November 13, 2025; include
Slide 44: Key Milestones Anticipated in 2026
Key Milestones Anticipated in 2026 1H 2026 2H 2026 Gd-IgA1 Degrader | BHV-1400 IgA Nephropathy Initiate Pivotal IgAN INFLAMMATION & Initiate Pivotal Graves’ IgG Degrader | BHV-1300 Common Disease (Graves’, RA) IMMUNOLOGY TYK2/JAK1 Inhibitor | Parkinson’s Disease Ongoing Phase 2/3 Trial BHV-8000 (bra
Slide 45: JENNIF PA I G E KIM
E MICHEL EMILY A VENIK R E JENNIF EMMA N LAURE ELLIE KIM D AV I D PA I G E
Biohaven — 44th Annual J.P. Morgan Healthcare Conference (January 2026) on 6ix