Biohaven Ltd. · NYSE:BHVN
Biohaven — J.P. Morgan Healthcare Conference 2026
87 slides from Biohaven's conference presentation, Jan 12, 2026
Slide 1: Corporate Presentation January 2026
© 2026 Biohaven, Ltd. All rights reserved. Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Corporate Presentation January 2026 CAMERON Living with Graves’ Dis
Slide 2: Forward-Looking Statement
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Forward-Looking Statement This presentation includes forward-looking statements within the meaning of the Priv
Slide 3: Innovating Tomorrow's Medicines Today
Innovating Tomorrow’s Medicines Today PODIUM
Slide 4: Created a durable engine, built to scale, for near-term catalysts and long-term value
Created a durable engine, built to scale, for near-term catalysts and long-term value Diversified platforms delivering multiple innovative therapies because DAYS MATTER DEGRADERS Selectively removing what harms while preserving what heals ION CHANNEL A modern Kv7 activator that offers efficacy witho
Slide 5: Targeting the Root Cause of Autoimmune Disease
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Targeting the Root Cause of Autoimmune Disease DEGRADERS: MoDE AND TRAP
Slide 6: Our Novel Degrader Platform
OUR NOVEL DEGRADER PLATFORM Biohaven Corporate Presentation6 January 12, 2026 MoDE Target a class of proteins implicated in pathogenesis of disease TRAP Remove specific disease-causing proteins and leave the rest of immune system intact Revolutionary Yale-licensed technology to remove disease-causin
Slide 7: MoDE and TRAP Degraders: Pioneering the First and Only Extracellular Degraders in the Clinic
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYMoDE and TRAP Degraders: Pioneering the First and Only Extracellular Degraders in the Clinic January 12, 2026 B
Slide 8: Innovation in Protein Degradation: Harnessing Hepatic ASGPR
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Innovation in Protein Degradation: Harnessing Hepatic ASGPR for Efficient and Safe Removal of Circulating Path
Slide 9: BHV-1400 TRAP IgA Nephropathy
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1400 Gd-IgA1 IgA Nephropathy (IgAN) DEGRADERS: BHV-1400 TRAP PODIUM
Slide 10: Potential of BHV-1400 in IgAN Recognized by Nephrology Community
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY The future? IgA Degradation https://ir.biohaven.com/news-releases/news-release-details/biohaven-highlights-inn
Slide 11: BHV-1400 Directly Targets the Disease-Driver of IgA Nephropathy
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1400 Directly Targets the Disease-Driver of IgA Nephropathy January 12, 2026 Biohaven Corporate Presentati
Slide 12: Updated KDIGO Guidelines: Treat Earlier and Target Pathogenic Gd-IgA1
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Updated KDIGO Guidelines: Treat Earlier and Target Pathogenic Gd-IgA1 January 12, 2026 Biohaven Corporate Pres
Slide 13: BHV-1400 Across the Spectrum
BHV-1400 Across the Spectrum ADVANCING A THERAPY FOR ALL STAGES OF DISEASE ADVANCEDEARLY PODIUM
Slide 14: BHV-1400 Early Disease Clinical Experience
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1400 Early Disease Clinical Experience: Complete Resolution of Hematuria Within Weeks of Dosing January 12,
Slide 15: BHV-1400 Phase 1: Surpasses B-cell Directed Competition
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1400 Phase 1: Surpasses B-cell Directed Competition in Speed, Depth and Selectivity January 12, 2026 Biohav
Slide 16: BHV-1400 Advanced Disease Patient: Rapid Improvement in Proteinuria and eGFR
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1400 Advanced Disease Patient: Rapid Improvement in Proteinuria and Increase in eGFR Within Weeks of Dosing
Slide 17: BHV-1400 Single Patient Data: Rapid Improvement in Proteinuria
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 0% -10% -20% -30% -40% -50% -60% 10% BHV-1400 Single Patient Data: Rapid and Significant Improvement in Protei
Slide 18: BHV-1400 Highlights Rapid Proteinuria Reduction vs Competitor
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 0% -10% -20% -30% -40% -50% -60% 10% BHV-1400 Single Patient Data: Highlights Rapid Proteinuria Reduction Wher
Slide 19: BHV-1400 Maintains Healthy Immunoglobulins
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY WARNINGS AND PRECAUTIONS Immunosuppression and Increased Risk of Infections VOYXACT suppresses the immune syst
Slide 20: First Clinical Experience With BHV-1400 Shows Paradigm Shifting Potential
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY LOWER ED Gd-IgA1 LOWER ED PROTEINURIA LOWER ED HEMATURIA STAB I L I ZED o r IM PR OVED eGFR M AI NTAI NED HEAL
Slide 21: BHV-1400: Selective Removal of Gd-IgA1 Without Immunosuppression
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Gd-IgA1 TRAP Degrader BHV-1400 SELECTIVELY DEGRADES Gd-IgA1 Targeting the pathogenesis of disease without immu
Slide 22: IgAN Represents a Multi-$B US Opportunity
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY $20B+1,5 Potential US market size IgAN Represents a Multi-$B US Opportunity January 12, 2026 Biohaven Corporat
Slide 23: BHV-1400: A Singular Asset
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1400: A Singular Asset Combining a First-in-Class Mechanism, Compelling Human Data and a Clear Commercial P
Slide 24: BHV-1300 MoDE Graves' Disease
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1300 IgG antibody Graves’ Disease DEGRADERS: BHV-1300 MoDE PODIUM
Slide 25: BHV-1300: Potential to Transform Care Across Multiple IgG Mediated Diseases
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1300: Potential to Transform Care Across Multiple IgG Mediated Diseases January 12, 2026 Biohaven Corporate
Slide 26: Biohaven IgG Degrader Targets the Root Cause of a Broad Autoimmune Disease
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBiohaven IgG Degrader Targets the Root Cause of a Broad Autoimmune Disease to Treat and Prevent Multi-Organ Com
Slide 27: BHV-1300 MoDE Sets New Benchmark for IgG Reduction
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Immunovant Data Showing Depth of IgG Lowering Matters in Graves’ and Positioned it in the Lead Among Competito
Slide 28: The Devastating Consequences of Graves' Disease
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Graves’ disease high morbidity and mortality despite antithyroid drug (ATD) treatment remains a public health
Slide 29: BHV-1300: First Graves' Patient Dosed
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY After 4 Weeks of Treatment… T3 T4 TSI AAb TRAb AAb HORMONES Undetectable Normalized BHV-1300: First Graves’ Pa
Slide 30: Graves' Disease Pivotal Trial
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Graves’ Disease Pivotal Trial January 12, 2026 Biohaven Corporate Presentation30 26 weeks Biohaven IgG Degrade
Slide 31: Graves' Disease: Significant Patient Opportunity
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY January 12, 2026 Biohaven Corporate Presentation31 Graves’ Disease: Significant Patient Opportunity DEGRADERS
Slide 32: Revolutionizing Epilepsy Treatment With a Modern Kv7 Activator
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY OPAKALIM Kv7 ACTIVATOR ION CHANNEL Revolutionizing Epilepsy Treatment With a Modern Kv7 Activator ION CHANNEL:
Slide 33: Kv7 Activation Is a Clinically Validated Mechanism of Action
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYKv7 Activation Is a Clinically Validated Mechanism of Action for the Treatment of Epilepsy January 12, 2026 Bio
Slide 34: High Unmet Need for Novel Antiseizure Medicines
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYHigh Unmet Need for Novel, Well-tolerated and Effective Antiseizure Medicines January 12, 2026 Biohaven Corpora
Slide 35: High Unmet Need for Novel Antiseizure Medicines (continued)
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Q U A L I T Y O F L I F E 4 50% of PWE report lower QoL A D H E R E N C E 2 UP TO 60% of PWE report non-adhere
Slide 36: Opakalim Overcomes the Challenges of Approved Epilepsy Therapies
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Opakalim Overcomes the Challenges of Approved Epilepsy Therapies January 12, 2026 Biohaven Corporate Presentat
Slide 37: Two Ongoing Studies in Focal Epilepsy With Opakalim
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Study Design: Randomized, double-blind, placebo-controlled trials Population: Subjects 18–75 years of age with
Slide 38: Efficacy Signals Observed in Focal Epilepsy Open-Label Data
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY RISE 3: Opakalim 50 or 75 mg vs pbo RISE 2: Opakalim 25 or 50 mg vs pbo Double-blind Phase 8-Weeks OLE Phase E
Slide 39: Antiseizure Efficacy Correlates With Opakalim Concentration
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 % R e d u c ti o n i n S e iz u re F re q u e n c y F ro m O b s e
Slide 40: Excellent Tolerability Observed in Focal Epilepsy Open-Label Data
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Excellent Tolerability Observed in Focal Epilepsy Open-Label Data January 12, 2026 Biohaven Corporate Presenta
Slide 41: Opakalim Offers Potential Best-in-Clinic Kv7-Activator Profile
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Opakalim Offers Potential Best-in-Clinic Kv7-Activator Profile January 12, 2026 Biohaven Corporate Presentatio
Slide 42: Opakalim Represents a Potential Paradigm-Shift for Patients With Epilepsy
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYOpakalim Represents a Potential Paradigm-Shift for Patients With Epilepsy Based on its Exceptional Tolerability
Slide 43: Efficacy Signal Demonstrated in Child With Refractory KCNQ2-DEE
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Daily seizures at baseline despite treatment with 3 ASMs including a 1st generation Kv7 activator Multiple pri
Slide 44: Opakalim Consistently Demonstrates Exceptional Tolerability
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYOpakalim Consistently Demonstrates Exceptional Tolerability Across All Stages of Development January 12, 2026 B
Slide 45: Opakalim Consistently Demonstrates Potential for Efficacy
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYOpakalim Consistently Demonstrates Potential for Efficacy in Epilepsy Across All Stages of Development January
Slide 46: Revolutionizing Epilepsy Treatment With Opakalim
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYRevolutionizing Epilepsy Treatment With Opakalim, a Modern Kv7 Activator January 12, 2026 Biohaven Corporate Pr
Slide 47: Taldefgrobep: Targeting High-Quality Weight Loss
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY TALDEFGROBEP / MYOSTATIN COMPLEX Targeting High-Quality Weight Loss MYOSTATIN ACTIVIN INHIBITOR: TALDEFGROBEP
Slide 48: Targeting High-Quality Weight Loss With Myostatin Activin Mechanism
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY MYOSTATIN ACTIVIN MOA FOR HEALTHY WEIGHT LOSS Targeting myostatin, activin A and activin E/ALK7 signaling SAFE
Slide 49: Unmet Needs Remain in Obesity Management Despite New Therapies
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Unmet Needs Remain in Obesity Management Despite New Therapies January 12, 2026 Biohaven Corporate Presentatio
Slide 50: Clinical Data Has Validated Myostatin Activin Inhibitor Class
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYClinical Data Has Validated Myostatin Activin Inhibitor Class Uncovering Optimal Profile for Efficacy and Safet
Slide 51: Myostatin Activin Pathway Inhibition Demonstrates Benefits: BELIEVE Trial
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYMyostatin Activin Pathway Inhibition Demonstrates Benefits in Total Body Weight, Fat and Muscle BELIEVE: 1-Year
Slide 52: Taldefgrobep Avoids GI- and Muscle-Related AEs
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYTaldefgrobep Avoids GI- and Muscle-Related AEs Commonly Reported in Bimagrumab Clinical Trials January 12, 2026
Slide 53: Taldefgrobep Has Direct Effects on Muscle and Fat
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYTaldefgrobep Has Direct Effects on Muscle and Fat — Optimizing Quality of Weight Loss January 12, 2026 Biohaven
Slide 54: Taldefgrobep Reduces Fat Storage in Adipocytes
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Taldefgrobep Reduces Fat Storage in Adipocytes1 Taldefgrobep Inhibits ActRII / ALK7 Signaling to Reduce Fat St
Slide 55: Obese Mouse Model: Reductions in Fat Mass While Increasing Lean Mass
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Change in Total Body Weight, From Baseline at 8 Weeks Change in Fat Mass From Baseline at 8 Weeks Change in Le
Slide 56: Taldefgrobep Improves Body Composition in Non-Obese Adults
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYTaldefgrobep Improves Body Composition in Non-Obese Adults with Potential for Monthly Dosing in Obesity January
Slide 57: Taldefgrobep Monotherapy Dose-Ranging Study Initiated
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYTaldefgrobep Monotherapy Dose-Ranging (Q1W and Q4W) Study Initiated January 12, 2026 Biohaven Corporate Present
Slide 58: Taldefgrobep Offers a Novel Approach to Address the Needs for People Living With Obesity
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Fat mass loss comparable to GLP-1 therapies Total body weight loss meeting current regulatory standards Increa
Slide 59: Next-Generation ADC Technologies
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Next-Generation ADC Technologies: Built to Deliver Improved Efficacy, Safety and Scalability ONCOLOGY PODIUM
Slide 60: Developing Highly Differentiated Next-Generation ADCs
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Developing Highly Differentiated Next-Generation ADCs January 12, 2026 Biohaven Corporate Presentation60 ONCOL
Slide 61: Trop2 ADC BHV-1510
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Trop2 ADC BHV-1510 PODIUM
Slide 62: BHV-1510 + Cemiplimab Leads to Rapid, Deep and Durable Responses
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1510 + Cemiplimab Leads to Rapid, Deep and Durable Responses in Heavily Pretreated Patients, Majority With
Slide 63: Encouraging Early Clinical Activity of BHV-1510 + Cemiplimab
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYEncouraging Early Clinical Activity and High Response Rates of BHV-1510 + Cemiplimab • Compelling efficacy at 2
Slide 64: BHV-1510 Demonstrates a Favorable PK Profile
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1510 Demonstrates a Favorable PK Profile With Highly Stable ADC January 12, 2026 Biohaven Corporate Presen
Slide 65: First and Only Trop2 ADC in Clinic With Subcutaneous Delivery
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY First and Only Trop2 ADC in Clinic With Subcutaneous Delivery • Target PK profile achieved • Early data shows
Slide 66: FGFR3 ADC BHV-1530
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY FGFR3 ADC BHV-1530 PODIUM
Slide 67: Objective Responses in Patients Failing SOC Therapy
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYObjective Responses in Patients Failing SOC Therapy Including Targeted Therapy and Immunotherapy Case Study #1
Slide 68: FGFR3 Is a Promising Therapeutic Target for Urothelial Cancer
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYFGFR3 Is a Promising Therapeutic Target for Urothelial Cancer (UC) and Other Tumors With High Unmet Need Januar
Slide 69: BHV-1530: First-in-Class ADC With Proprietary TopoIx Payload
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-1530: First-in-Class ADC With Proprietary TopoIx Payload Synergistic With Anti-PD(L)1 • Compelling preclini
Slide 70: TRPM3: Targeting Pain at its Source
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY TRPM3 Targeting Pain at its Source ION CHANNEL: BHV-2100 TRPM3 ANTAGONIST
Slide 71: BHV-2100: First-in-Clinic TRPM3 Antagonist for Pain
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-2100: Phase 2 First-in-Clinic TRPM3 Antagonist for Pain January 12, 2026 Biohaven Corporate Presentation71
Slide 72: UK Biobank Analysis Provides Human Genetic Validation for TRPM3
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY UK Biobank Analysis Provides Human Genetic Validation for TRPM3 OR: Odds Ratio. p value claculated using the B
Slide 73: BHV-2100: Peripheral TRPM3 Antagonism Reverses Pain in Multiple Models
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 3 4 5 6 7 8 9 10 11 * ** *** 2 h1 hPredosing (day 7) Pretreatment (day 6) M e c h a n ic a l th re s h o ld (
Slide 74: Ideal Pharmacokinetic Profile for Acute and Chronic Pain
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Ideal Pharmacokinetic Profile for Acute and Chronic Pain January 12, 2026 Biohaven Corporate Presentation74 EC
Slide 75: BHV-2100: Safety and Tolerability
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY >500 clinical trial participants dosed January 12, 2026 Biohaven Corporate Presentation75 BHV-2100: Safety and
Slide 76: BHV-2100: Laser-Induced Pain PoC Study
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Improvements in Self-Reported VAS Pain Score BHV-2100: Academic Laser-Induced Pain PoC Study Demonstrates Anti
Slide 77: BHV-8000: Stop Neuroinflammation
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-8000 Leveraging Validated Immune Targets To Stop Neuroinflammation I&I: BHV-8000 BRAIN-PENETRANT TYK2/JAK1
Slide 78: Brain-Penetrant TYK2/JAK1 Inhibitor To Treat Parkinson's Disease
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Brain-Penetrant TYK2/JAK1 Inhibitor To Treat Parkinson’s Disease January 12, 202678 TYK2/JAK1 BHV-8000 address
Slide 79: Widespread Immune Dysregulation Is a Hallmark of PD
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Widespread Immune Dysregulation Is a Hallmark of PD January 12, 202679 1. Sulzer. Nature. 2017. 2. Wissemann.
Slide 80: BHV-8000 Reduces Glial Activation in Mouse Model of Parkinson's
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-8000 Reduces Glial Activation, Increases Neuronal Survival, and Improves Function in AAV-⍺-syn Mouse Model
Slide 81: BHV-8000 Demonstrates Target Engagement and Brain Penetration in Phase 1
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORYBHV-8000 Demonstrates Target Engagement, Robust Brain Penetration and a Promising Safety Profile in Phase 1 Stu
Slide 82: BHV-8000: Phase 2/3 Study in Early Parkinson's Disease Ongoing
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY MDS-UPDRS, Movement Disorder Society – nified Parkinson’s Disease Rating Scale; CGI-S, Clinician Global Impres
Slide 83: Pipeline
ARIA, Amyloid-related imaging abnormalit ies; AAb, Autoantibody. January 2026 PRECLINICAL PHASE 1 PHASE 1B/PHASE 2 PHASE 3 MARKET INFLAMMATION & IMMUNOLOGY IgG Degrader BHV-1300 Common Disease (Graves’, RA) BHV-1310 Rare Disease (Myasthenia Gravis) BHV-1320 Immune-Mediated Disease Gd-IgA1 Degrader B
Slide 84: Next-Generation Pipeline
PODIUM Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Next-Generation Pipeline…
Slide 85: Financial Update
January 12, 2026 Biohaven Corporate Presentation85 CGRP 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; includes 26.8M shares issued in November 2025
Slide 86: Key Milestones Anticipated in 2026
Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERS TYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONIST KV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 1H 2026 2H 2026 INFLAMMATION & IMMUNOLOGY Gd-IgA1 Degrader | BHV-1400 IgA Nephropathy IgG Degrader | BHV-1300
Slide 87: PODIUM P A I G E D A V I D K I M
PODIUM P A I G E D A V I D K I M J E N N I F E R L A U R E NE M M A V E N I K A E M I L Y M I C H E L E E L L I E