Biohaven Ltd.

AI-generated fair value estimate for this company.

Method: Risk-adjusted NPV (rNPV) of the sole material remaining pipeline asset plus net cash: taldefgrobep alfa (obesity/muscle-preservation, Phase 2 topline due 2H2026) assumed peak sales $800M with a 3.0x peak-sales-to-launch-NPV multiple = $2.4B launch-date value, x 12% probability of success = $288M, discounted 5 years to launch at 12% = $163M, plus ~$50M nominal option value for residual early pipeline, plus net debt of -$29.2M (cash & securities $267.8M vs total debt $297.0M as of 6/30/26), all divided by 151.04M shares outstanding.

Reasoning: Biohaven Ltd (BHVN) today is the spun-off remainder company after Pfizer acquired the original Nurtec ODT business in 2022; it is pre-revenue and has since suffered an FDA CRL rejection of troriluzole (Nov 2025) and two failed BHV-7000 trials, leaving only the early-stage taldefgrobep obesity program as a real value driver, so a standard revenue DCF is inapplicable and a risk-adjusted pipeline NPV plus net cash is the only defensible method.