Biohaven Ltd. reported a net loss of $198.1 million for the three months ended June 30, 2025, compared to a net loss of $319.8 million for the same period in 2024. On a non-GAAP basis, the adjusted net loss for the same period in 2025 was $166.4 million, a decrease from $308.6 million in 2024. The company's research and development expenses were $184.4 million, down from $314.8 million in the previous year, primarily due to a one-time non-cash expense in 2024 related to a milestone and royalty buyback. Biohaven's cash, cash equivalents, marketable securities, and restricted cash totaled approximately $408.2 million as of June 30, 2025. Recent business developments include the advancement of Biohaven's MoDE and TRAP degrader platforms in clinical development, with significant reductions in IgG and Gd-IgA1 reported in Phase 1 trials. The company is also preparing for the potential commercialization of VYGLXIA for spinocerebellar ataxia, with a PDUFA date set for the fourth quarter of 2025. Biohaven remains focused on advancing its clinical trials and preclinical research programs, with significant developmental milestone payments made for its BHV-8000 and BHV-1530 programs. The company is committed to transforming the treatment landscape for patients with serious and underserved diseases and aims to continue executing on its research and development goals throughout the remainder of the year.