Biohaven (BHVN) Cash Flow: Operating & Free Cash Flow

Biohaven Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Biohaven Ltd. (BHVN) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2017
Operating Activities
Net Income	-738.82	-846.42	-408.17	-570.28	-213.80	-118.67	-528.81	-127.19
Depreciation & Amortization	9.92	7.86	6.91	1.39	1.39	0.07	0.00	0.00
Stock Based Compensation	112.36	71.96	28.79	193.56	65.64	29.50	54.97	13.24
Change in Working Capital	1.36	16.81	24.61	-28.60	1.66	8.98	3.32	3.98
Change in Accounts Payable	-6.39	0.71	4.87	5.93	1.03	0.22	3.32	3.98
Change in Other Working Capital	3.53	8.04	27.18	-41.34	0.64	8.76	0.00	-3.98
Other Operating Activities	168.27	64.81	16.13	106.25	-0.74	4.16	93.18	15.16
Net Cash from Operating Activities	-609.44	-582.45	-331.73	-297.69	-145.84	-75.96	-377.33	-94.82
Investing Activities
Capital Expenditures	-0.72	-4.05	-3.05	-6.07	-0.94	-2.70	-2.53	-0.54
Acquisitions	0.00	0.39	0.00	-35.00	1.88	0.00	0.00	0.00
Purchases of Investments	-266.88	-0.72	-194.12	-263.72	0.00	0.00	0.00	-6.63
Sales/Maturities of Investments	570.00	504.36	327.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities	-1.85	0.39	0.00	0.00	0.00	0.00	-1.25	0.13
Net Cash from Investing Activities	300.56	-244.97	129.83	-304.79	0.94	-2.70	-3.78	-7.04
Financing Activities
Debt Repayment	250.00	0.00	0.00	449.13	0.00	0.00	0.00	0.00
Common Stock Issued	191.01	677.67	247.92	284.26	0.00	0.00	0.00	0.00
Other Financing Activities	-1.89	0.11	-36.01	483.34	138.45	152.24	434.59	209.76
Net Cash from Financing Activities	439.12	677.77	211.91	767.60	138.45	152.24	434.59	209.76
Summary
Effect of Forex Changes on Cash	0.00	0.08	-0.50	0.43	0.00	0.00	0.00	0.00
Net Change in Cash	130.24	-149.58	9.52	165.55	-6.45	73.59	53.48	107.90
Cash at Beginning of Period	102.54	252.12	242.60	77.06	83.51	9.92	264.25	23.57
Cash at End of Period	232.78	102.54	252.12	242.60	77.06	83.51	317.73	131.47
Free Cash Flow	-610.15	-586.50	-334.77	-303.76	-146.78	-78.65	-379.87	-95.36
Supplemental Disclosures
Interest Paid	-	0.13	-	-	0.11	-	-	-
Income Taxes Paid	-	-10.44	-33.30	38.17	16.59	2.76	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Biohaven Cash Flow

What is Biohaven's free cash flow?

Biohaven had negative free cash flow of $610.15M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$609.44M minus $715.00K of capital expenditures.

How much does Biohaven spend on capital expenditures?

Biohaven spent $715.00K on capital expenditures in fiscal 2025, compared with $4.05M a year earlier.

Does Biohaven pay dividends or buy back shares?

Biohaven's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition