Biohaven’s Phase I Data for Lead Protein Degrader Falls Short of Investor Expectations ###

###
1. Biohaven's BHV-1300 Phase I Study Results: The study showed a reduction in Immunoglobulin G (IgG) levels by 30% and 37% in the third and fourth cohorts, respectively, within 96 hours. This fell short of the 60% reduction expected by investors.
2. Comparison to Other Treatments: BHV-1300's results were compared to Immunovant's IMVT-1402, which demonstrated a 45% reduction in IgG in a single ascending dose study and 63% in multiple ascending doses.
3. Safety Profile: Despite the initial setback, the safety profile of BHV-1300 appears promising, with no significant adverse changes in liver enzyme levels.
4. Future Development: Biohaven plans to administer two additional cohorts, which are expected to achieve IgG lowering exceeding 70% using doses suitable for subcutaneous administration.
5. Market Impact: Biohaven's shares plummeted 15.6% to $32.02 following the release of the Phase I data.