Biohaven Ltd. has released its financial results for the first quarter ending March 31, 2025. The company reported a net loss of $221.7 million, or $2.17 per share, a decline compared to a net loss of $179.5 million, or $2.20 per share, for the same period in 2024. The non-GAAP adjusted net loss for the quarter was $166.8 million, or $1.64 per share, compared to $144.6 million, or $1.77 per share, in the previous year. These adjusted figures exclude non-cash share-based compensation charges and losses from the change in fair value of derivatives. Biohaven ended the quarter with cash, cash equivalents, marketable securities, and restricted cash totaling approximately $518 million as of April 30, 2025. The company announced a non-dilutive capital agreement of up to $600 million with Oberland Capital Management LLC, receiving $250 million in gross proceeds at closing on April 30, 2025. This capital is expected to support the commercial launch planning for spinocerebellar ataxia $(SCA)$, clinical development activities, and ongoing business operations. Additionally, Biohaven completed a mid-cycle review meeting with the U.S. Food and Drug Administration for the new drug application of troriluzole for treating SCA, with the review process and timelines remaining on track. General and administrative expenses, including non-cash share-based compensation costs, increased to $34.0 million for the first quarter of 2025 from $27.3 million in the same period of 2024, primarily due to annual equity incentive awards.