Bullish indicating open at $55-$60, IPO prices at $37
Investing.com -- Biohaven reported research and development expenses of $184.4 million for the second quarter, exceeding the average analyst estimate of $173.9 million according to Bloomberg Consensus.
The R&D expenses decreased by 41% compared to the same period last year. Meanwhile, selling, general and administrative expenses came in at $27.3 million, representing a 44% increase year-over-year but below the estimated $28.1 million.
The company posted a net loss of $198.1 million, which was 38% lower than the previous year but slightly higher than the expected loss of $197.2 million. Loss per share was $1.94, compared to a loss of $3.64 per share in the same quarter last year, and above the estimated loss of $1.91 per share.
On an adjusted basis, Biohaven reported a net loss of $166.4 million, which was 46% lower year-over-year and better than the estimated loss of $188.4 million.
The adjusted loss per share was $1.63, an improvement from the $3.50 loss per share in the previous year and better than the expected loss of $1.80 per share.
Cash and cash equivalents stood at $165.8 million, down 31% from the previous year and below the analyst estimate of $247.8 million.
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