Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals

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Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
NEUROINNOVATION                  ®

                                                                                            We Demand More for Patients.

                                                                                      Investor Presentation
                                                                                      February 2022
                                                        Ellie, living with migraine

© 2022 Biohaven Pharmaceuticals. All rights reserved.                                 NYSE:BHVN
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
Disclaimer
This presentation contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, including: statements
about Biohaven Pharmaceutical Holding Company Ltd. (The ”Company”) and our plans relating to the commercialization and sales of NURTEC® ODT, the
potential approval and commercialization of other product candidates, the effect of the ongoing COVID-19 pandemic on the Company, the expected timing,
commencement and outcomes of the Company's planned and ongoing clinical trials for our rimegepant (BHV-3000), zavegepant (BHV-3500), BHV-2100,
troriluzole, BHV-5500, verdiperstat, BHV-1100 and BHV-1200 development programs, the timing of the availability of data from our clinical trials, the timing
of our planned regulatory filings, the timing of and our ability to obtain and maintain regulatory approvals for our product candidates, the clinical potential
utility of our product candidates, alone and as compared to other existing or potential treatment options, and the potential advancement of our early phase
programs including ARM™, MATE™, MoDE™, TRPM3, TDP-43 and UC1MT. These statements involve substantial known and unknown risks,
uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from the
information expressed or implied by these forward-looking statements and from the Company's current expectations. We may not actually achieve the
plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
The forward-looking statements in this presentation represent our views as of the date of this presentation. Subsequent events and developments may
cause our views to change. However, the Company does not undertake any obligation to update any forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by law. You should, therefore, not rely on these forward-looking statements as representing
our views as of any date subsequent to the date of this presentation. Additional important factors to be considered in connection with forward-looking
statements are described in the "Risk Factors" section of Biohaven's Annual Report on Form 10-K for the year ended December 31, 2020, filed with the
Securities and Exchange Commission on March 1, 2021, and Biohaven's subsequent filings with the Securities and Exchange Commission.
This presentation also contains market data and other statistical information that are based on independent industry publications, reports by market
research firms or published independent sources. Some market data and statistical information are also based on the Company's good faith estimates,
which are derived from management's knowledge of its industry and such independent sources referred to above. While the Company is not aware of any
misstatements regarding the market and industry data presented herein, such data involve risks and uncertainties and are subject to change based on
various factors.
Safety information and the full prescribing information for Nurtec ODT can be found at Nurtec.com.

February 2022                                                    BIOHAVEN INVESTOR PRESENTATION                                                             2
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
NEURO
INNOVATION                ®

Combining exceptional drug
development expertise with
an entrepreneurial attitude
to uncover a new and better
way to treat neurological and
neuropsychiatric diseases

We Demand
More for Patients.
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
Ellie
Actual Nurtec® ODT Patient
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
$1.2+     TOTAL
                                   UPFRONT &

                         BILLION
                                   MILESTONE
                                   VALUE

Bringing Dual Therapy
Innovation to Patients
Around the Globe
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
Strategic Platforms and Deep Pipeline
                                                                                                                              Filing for Approval
                                   PRECLINICAL                   PHASE 1                        PHASE 2          PHASE 3                 MARKETED
                                   NURTEC ODT | MIGRAINE ACUTE

                                   NURTEC ODT | MIGRAINE PREVENTION

                                   NURTEC ODT | MIGRAINE EXPANSION STUDIES                                                                          PHASE 4 STUDIES

                                   NURTEC ODT | CHILD ADOLESCENT MIGRAINE
                  Rimegepant
                                   BHV-3000 | PAIN ADJACENCIES (TRIGEMINAL NEURALGIA, SINUSITIS, TMJ)
  CGRP                             BHV-3000 | NON-MIGRAINE INDICATIONS (PSORIASIS, UNDISCLOSED)

                                   BHV-3500 | MIGRAINE ACUTE (NASAL)

                                   BHV-3500 | MIGRAINE PREVENTION (ORAL)
                  Zavegepant
                                   BHV-3500 | ACUTE TREATMENT OF LUNG INFLAMMATION/COVID-19

                                   BHV-3500 | ASTHMA

                                   BHV-4157-206 | SPINOCEREBELLAR ATAXIA (SCA)
  GLUTAMATE       Troriluzole
                                   BHV-4157 | OBSESSIVE-COMPULSIVE DISORDER (OCD)

  MPO             Verdiperstat     BHV-3241 | AMYOTROPHIC LATERAL SCLEROSIS (ALS)

                          ARM™     BHV-1100                              MULTIPLE MYELOMA

                          MATE™    BHV-1200                              COVID-19

                          TRPM3    BHV-2100                              NEUROPATHIC PAIN
  BIOHAVEN LABS           MoDE™    BHV-TBD                               MULTI MODALITY DEGRADERS FOR NEUROIMMUNE DISORDERS

                          TDP-43   BHV-TBD                               NEURODEGENERATIVE DISEASES

                          UC1MT    BHV-TBD                               INFLAMMATORY AND AUTOIMMUNE DISEASES

February 2022                                            BIOHAVEN INVESTOR PRESENTATION                                                                               7
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
R I M E G E PA N T | Z AV E G E PA N T

CGRP Platform Franchise
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
CGRP

Unparalleled CGRP Receptor Antagonist Franchise

                                                 Zavegepant                      Next-GEN CGRPs

                  RAPID DISSOLVING      INTRANASAL                  ORAL            MULTIPLE
                                                                                  FORMULATIONS

                                                                                      5
                                                                                     ADVANCED
                                                                                     MOLECULES

                      APPROVED           NDA Filing         Phase 3 Prevention
                    ACUTE FEB 2020        1H2022             Started 1Q2021
                  PREVENTION MAY 2021

February 2022                               BIOHAVEN INVESTOR PRESENTATION                        9
Investor Presentation - NEUROINNOVATION We Demand More for Patients - Biohaven Pharmaceuticals
CGRP

Nurtec® ODT 2021 Achievements

      $190M
   Preliminary Net                                                                                                                                                                                             >1,375,000
    Sales 4Q2021                                                                                                                                                                                                      TRxs of
                                                                                                                                                                                                                    Nurtec® ODT
            40%                                                                                                                                                                                                       to Date
    Sequential Growth
        Over 3Q

                                                         $462M                                                                                                        55%
                                                                                                                                                                 New to
                                                       2021 Net Sales
                                                                                                                                                             Brand Rx Share

1. 1/6/2022 Biohaven Press Release — NURTEC® ODT achieved net product revenue of $190 million for the fourth quarter of 2021. Preliminary net product revenue for NURTEC ODT in 2021 totaled approximately $462 million, with over 1,370,000
prescriptions filled since initial product launch in March 2020. 2. New to Brand Rx numbers 3/13/20 – 12/24/21, IQVIA NPA-MD, accessed 1/3/22

February 2022                                                                                        BIOHAVEN INVESTOR PRESENTATION                                                                                                            10
CGRP

Strong and Steady Growth

                                                                                                                                       $526M                                       $190M
                                                                                                                                          Launch to date
                                                                                                                                      net product revenue1

                                                                                                                                                                           $136M

                                                                                                                                                                    $93M

                                                                                                                                                             $44M
                                                                                                                                                     $35M
                                                                                                                                  $10M
                                                                                                                                              $18M
                                                                                                                                   2Q20       3Q20   4Q20    1Q21   2Q21    3Q21    4Q21

1. 1/6/2022 Biohaven Press Release — NURTEC® ODT achieved net product revenue of $190 million for the fourth
quarter of 2021. Preliminary net product revenue for NURTEC ODT in 2021 totaled approximately $462 million, resulting
in launch to date net product revenue of $526 million with over 1,370,000 prescriptions filled since initial product launch in
March 2020.

February 2022                                                                                                BIOHAVEN INVESTOR PRESENTATION                                            11
CGRP

One Simple 75 mg Dosage Strength
to Treat and Prevent Migraine Attacks1,2
                  For the acute treatment of migraine and the preventive treatment of episodic migraine in adults

                                          Finally, the first and only medication proven1,2:

                                                           FAST                                                                               LASTS
                                     •    One rapid dissolving tablet that works quickly to                                      •    Treats or prevents for up to 48 hours at a time
                                          resolve pain and return many patients back to                                               for many patients1,3,7
                                          normal activities in 1 hour1–4                                                         •    Reduction in mean monthly migraine days
                                     •    Demonstrated preventive effect within 1 week                                                (MMDs) for many patients through 12 weeks
                                          for many patients5                                                                          of treatment1,2,6

                         Ellie
                                                                         So you can can        TREAT                                      PREVENT
                         Actual Nurtec® ODT Patient

                                                        Help put the power of migraine control in your patient’s hands
                                                 ‡Exploratory analysis. Subjects had ≥ 1 day of efficacy data in the observation period and in the first week of the double-blind treatment period.5
                                                 Back to normal activities = Return to normal function

                   1. Nurtec ODT. Package insert. Biohaven Pharmaceuticals Inc. 2. Croop R, Lipton RB, Kudrow D, et al. Oral rimegepant for preventive treatment of migraine: a phase 2/3, randomised, double-blind,
                   placebo-controlled trial. Lancet. 2020;397(10268): 51-60. doi:10.1016/S0140-6736(20)32544-7. 3. Croop R, Goadsby PJ, Stock DA, et al. Efficacy, safety, and tolerability of rimegepant orally
                   disintegrating tablet for the acute treatment of migraine: a randomised, phase 3, double-blind, placebo-controlled trial. Lancet. 2019;394(10200):737-745. doi: 10.1016/S0140-6736(19)31606-X. 4.
                   Data on File. RIM108. Biohaven Pharmaceuticals Inc. 5. Lipton RB, Coric V, Stock EG, et al. Efficacy, safety, and tolerability of rimegepant 75 mg orally dissolving tablet for the acute treatment of
                   migraine: a phase 3, double-blind, randomized, placebo-controlled trial (study 303). Abstract presented at: 61st Annual Scientific Meeting of the American Headache Society; Philadelphia, PA.
                   Session IOR05; July 11, 2019. 6. Lipton RB, Croop R, Jensen CM, et al. Rapid Decrease in Migraine Days With Rimegepant: Results From a Post Hoc Analysis of a Phase 2/3, Randomized, Double-
                   Blind, Placebo-Controlled Trial. Virtual Poster presented at: American Headache Society 2021 Annual Meeting; June 3-6, 2021. 7. Data on File. RIM118. Biohaven Pharmaceuticals Inc.

February 2022                                                   BIOHAVEN INVESTOR PRESENTATION                                                                                                                      12
CGRP

Fast: Rapid Onset Got Patients Back to
Normal Activities and Reduced Migraine Frequency1-6
                    TREATING MIGRAINE ATTACKS                                                                                                                    PREVENTING THE NEXT ONE
                                                                                                                                                           (Mean Percentage Change from the Observation Period)
                             BACK TO NORMAL ACTIVITIES1-4
                                                                                                   54%*                                                                 30% REDUCTION IN WEEKLY
                                                                                                    n=359                                                               MIGRAINE DAYS AT WEEK 1‡,5,6

                                                                    38%‡
                                                                     n=255
                                                                                                              32%
                                                                                                              n=216
                                                                                26%                                                                                                                                       -9.4%
                                                                                                                                                                                                                  (95% CI -17.1, -1.8)
                                      22%†                                      n=176
                                       n=149
                                                 16%†
                                                  n=108
         9%*
         n=63       7%
                    n=45

                                                                                                                                                                              -30.0%
                                                                                                                                                                      (95% Cl: -36.1, -23.9)
             15 min                          1 hr                           2 hr                          4 hr
                                                                                                                                                                     Nurtec ODT 75 mg (N=370)                           Placebo (N=371)
                           Nurtec ODT 75 mg (N=669)                           Placebo (N=682)
                                                                                                                                          ‡Exploratory analysis. Subjects had ≥ 1 day of efficacy data in the observation period and in the first week of the double-
                                   †P=0.0025 ‡P
CGRP

Lasts: Nurtec® ODT Delivers Sustained Efficacy
for Lasting Migraine Control1–6
                    TREATING MIGRAINE ATTACKS                                                                                                                  PREVENTING THE NEXT ONE
   SUSTAINED RESPONSE FROM 2 TO 48 HOURS1-3                                                                                                                REDUCTION IN MONTHLY MIGRAINE
                                                                                                                                                             DAYS (MMDs) AT MONTH 31,4-6
                     Nurtec ODT has a half-life of 11 hours1,2
                                         63% of patients taking Nurtec ODT                                                                                                        Approximately half of patients taking
                                         (n=90/142) who experienced freedom                                                                                                       Nurtec decreased their moderate to
         48                              from pain at 2 hours maintained it
                                         through 48 hours vs 50% (n=37/74)                                                                    49%                                 severe MMDs by ≥50% vs 41% of those
                                                                                                                                                                                  taking placebo (n=171/348); P=0.0441,5,*
         HOURS                           patients1,2                                                                                         OF PATIENTS
                                                                                                                                                                                  A consistent trend in reduction of mean
                                         14% of patients taking Nurtec ODT 75 mg (n=90/669)
                                         experienced freedom from pain from 2–48 hours vs 5%                                                                                      MMDs was shown month over month from
                                         of patients taking placebo (n=37/682); P
February 2022   BIOHAVEN INVESTOR PRESENTATION   15
February 2022   BIOHAVEN INVESTOR PRESENTATION   16
CGRP

Nurtec® ODT Commercial Success

February 2022             BIOHAVEN INVESTOR PRESENTATION   17
CGRP

Broad Commercial Coverage:
High Impact Commercial PBM and Health Plan Wins

                                                                89%
                                                                COVERAGE

                                                             240M+
                                                            TOTAL COVERED LIVES
                                                              IN ALL CHANNELS

February 2022              BIOHAVEN INVESTOR PRESENTATION                         18
CGRP

Oral CGRP Class Continues to Show Robust Market Growth
                                                                Nurtec® ODT leads in TRx at 51.3% share
                     1      Total Rx Volume (1/21)¹                                                                                                           2 Total Rx Share (1/21)1
                                                                                                                                    60%

                                                                                        29,490      Nurtec ODT                      55%
                                                                                                                                    50%                                              51.3%      Nurtec ODT
                                                                                        24,959      Ubrelvy                         45%
                                                                                                                                    40%
                                                                                                                                                                                     43.4%      Ubrelvy
                                                                                                                                    35%
                                                                                                                                    30%       Prevention
                                                                                                                                               Approval
                                                                                                                                    25%
                                                                                                                                    20%
                                                                                                                                    15%
                                                                                                                                    10%
                                                                                         3,040      Qulipta                          5%                                                  5.3%   Qulipta
                                                                                                                                     0%
  1/24
  2/21
  3/20
  4/17
  5/15
  5/29
  6/12
  6/26
  7/10
  7/24
  8/21
  9/18
  10/2

  1/22
  2/19
  3/19
  4/16
  4/30
  5/14
  5/28
  6/11
  6/25
  7/23
  8/20
  9/17
  10/1

  1/21
 10/16
 10/30
 11/13
 11/27
 12/11
 12/25

 10/15
 10/29
 11/12
 11/26
 12/10
 12/24

                                                                                                                                          10/15
                                                                                                                                          10/22
                                                                                                                                          10/29
                                                                                                                                          11/12
                                                                                                                                          11/19
                                                                                                                                          11/26
                                                                                                                                          12/10
                                                                                                                                          12/17
                                                                                                                                          12/24
                                                                                                                                          12/31
   2/7
   3/6
   4/3
   5/1

   8/7
   9/4

   1/8
   2/5
   3/5
   4/2

   7/9
   8/6
   9/3

   1/7

                                                                                                                                           4/23
                                                                                                                                           4/30
                                                                                                                                           5/14
                                                                                                                                           5/21
                                                                                                                                           5/28
                                                                                                                                           6/04
                                                                                                                                           6/11
                                                                                                                                           6/18
                                                                                                                                           6/25

                                                                                                                                           7/16
                                                                                                                                           7/23
                                                                                                                                           7/30
                                                                                                                                           8/13
                                                                                                                                           8/20
                                                                                                                                           8/27
                                                                                                                                           9/10
                                                                                                                                           9/17
                                                                                                                                           9/24
                                                                                                                                           10/1
                                                                                                                                           10/8

                                                                                                                                           11/5

                                                                                                                                           12/3

                                                                                                                                           1/14
                                                                                                                                           1/15
                                                                                                                                            5/7

                                                                                                                                            7/2
                                                                                                                                            7/9

                                                                                                                                            8/6

                                                                                                                                            9/3

                                                                                                                                            1/7
                                      Week ending                                                                                                                      Week ending

KEY INSIGHTS
• Nurtec TRx launch curve shows strong growth, overtaking Ubrelvy in Aug 2021, with the brand steadily
  growing and maintaining leadership
• Oral CGRP market for migraine on track to reach blockbuster status in U.S. market alone

Source: 1. TRX numbers 1/24/20 – 1/21/22, IQVIA SMART, accessed 1/31/22. Note: Market definition for share calculations is based on Nurtec ODT, Ubrelvy, and Qulipta

February 2022                                                                                       BIOHAVEN INVESTOR PRESENTATION                                                                        19
CGRP

All Roads Lead to Blockbuster U.S. Market Opportunity

    TRIPTANS

                                                   40M
    OTHER RX
    Topiramate, Gabapentin, TCAs,
                                                                          MULTI-BILLION-
    Novel Injectables                                                     DOLLAR MARKET
                                                  U.S. PATIENTS
                                                   LIVING WITH MIGRAINE   OPPORTUNITY
    OTCS
    Advil, Excedrin Migraine, Tylenol,
    Sudafed, Aleve, Aspirin

    UNDIAGNOSED

February 2022                            BIOHAVEN INVESTOR PRESENTATION                20
CGRP

Rimegepant Global Market Opportunity

                    2                   Prevention
                                        (Dual Therapy)
                                                                                  4             Acute Migraine             12        Acute and Dual
                                                                                                                                     By end of 2022
                  APPROVAL                                                 APPROVALS                                   SUBMISSIONS

                    Europe
                    Dual | 1Q21

                                                                                                                                                       Japan
                                                                                                                    China                              Ph 2/3 | 1H22
                                                                Lebanon
                                                                Acute | 3Q21                                        Ph 3 | 4Q20
                                  Israel
                                  Acute & Prevention |                          Kuwait                                                   Korea
                                  APPROVED                                      Acute | APPROVED                                         Ph 3 | 4Q20

                                                           Bahrain                         Qatar
                                                           Acute | 4Q20                    Acute | 1Q22

                                                         Saudi Arabia
                                                         Acute | 1Q21                        United Arab Emirates
                                                                                             Acute | APPROVED

APPROVALS                                                                                Oman
SUBMISSIONS                                                                              Acute | 1Q22
PIVOTAL TRIALS                                                                                                      1 Billion Migraine Sufferers World Wide

February 2022                                                                  BIOHAVEN INVESTOR PRESENTATION                                                      21
CGRP

Product Patent Awarded for ODT Formulation
Extends Company's IP for CGRP Platform into 2039

                  New patent awarded to Biohaven by the United States
                  Patent and Trademark Office for our drug product,
                  Nurtec® ODT (rimegepant), in an ODT form

                       Covers rimegepant as well as other CGRP inhibitors

                       Patent expires in March 2039, not including possible
                       extensions of up to 5 years

February 2022                  BIOHAVEN INVESTOR PRESENTATION                 22
CGRP

BHV-3500 Zavegepant: NDA Submission 1Q2022
Superior chemical attributes
• Potent antagonist at the human CGRP receptor
• Highly soluble and high free fraction                                                                                                   First and Only
• U.S. composition of matter protection to March 20341                                                                                    Intranasal CGRP
                                                                                                                                          Receptor Antagonist
Multiple potential routes of delivery
Nasal, inhalation and oral                                                                                                                Ultra Rapid Onset
                                                                                                                                          Within 15 Minutes
First showed positive topline results in pivotal Phase 2/3 dose-ranging study
10 and 20 mg achieved statistical superiority to placebo on regulatory endpoints                                                          Ideal for Patients With
of pain freedom and freedom from most bothersome symptom at 2 hours                                                                       Nausea/Vomiting
                                                                                                                                          (approximately 50%)
Recently achieved positive Phase 3 data in 2nd pivotal
study replicating/extending prior results
Zavegepant 10 mg met primary endpoints and showed ultra-rapid onset pain relief
at 15 minutes, return to normal function at 30 minutes and sustained benefits
through 48 hours

1. Patent expiration including anticipated patent term adjustment and potential patent term extensions

February 2022                                                                                            BIOHAVEN INVESTOR PRESENTATION                         23
CGRP

BHV-3500 Intranasal Zavegepant: Ultra Rapid
Speed of Onset Demonstrated in Phase 3
Profile May Transcend The Traditional Boundaries of Older Legacy
Intranasal Migraine Approaches

                                             Placebo (n=646)                                                 59%**
    % of Patients with Pain Relief

                                     60      Zavegepant 10 mg (n=623)                                                            INTRANASAL ZAVEGEPANT 10 mg
                                                                                                                                 demonstrated ultra-rapid onset of pain
                                     50
                                                                                                                                 relief that was superior to placebo
                                     40                                                                                          beginning at 15 minutes after a single
                                                                           30%**                                                 dose (**p < 0.0015).
                                     30                                                                                                                                                                                        The impressive efficacy, safety and
                                                   16% **
                                                                                                                                 After zavegepant treatment, these                                                             tolerability profile highlights the
                                     20
                                                                                                                                 patients who previously experienced                                                           potential to usher in a new era of
                                     10                                                                                          moderate to severe pain achieved                                                              non-oral CGRP targeting migraine
                                                                                                                                 reduction to mild or no pain.                                                                 therapies that may transcend the
                                              8%                   20%                               50%                                                                                                                       traditional boundaries of older
                                     0
                                             15 min                30 min                           120 min                                                                                                                    legacy intranasal migraine
                                                                                                                                                                                                                               approaches.

1. Pain Relief is defined as patients who have either mild-pain or no-pain during the specified interval. 2. Sustained Pain Relief is defined as patients having mild-to-no-pain at 2 hours and continuing to the end of the
specified interval. Estimates computed using the efficacy analysis set and CMH methods. Subjects using rescue medications at or before the assessment, and subjects not providing data, are classified as failures.
** Statistically significant vs. placebo in prespecified hierarchical testing which controlled type-1 error (data presented are mean ± asymptotic standard error).

February 2022                                                                                                                  BIOHAVEN INVESTOR PRESENTATION                                                                                                    24
CGRP

CGRP Portfolio Expansion/Lifecycle Management

                        First and only
                                         ACUTE AND
                              migraine   PREVENTION
                        medication to
                    treat and prevent                                                                FUTURE
                                                                                                               New
                                                                                                               indications

     Child and
adolescent age          PEDIATRICS
        groups

                                                                                           CGRP MEDIATED:   Psoriasis
                                                                                            NON-MIGRAINE    Asthma
                                                                                                DISEASES    Undisclosed
                Post-traumatic Headache
                    Trigeminal Neuralgia    MIGRAINE
                                            ADJACENCIES
                             Undisclosed
                                Sinusitis

February 2022                                             BIOHAVEN INVESTOR PRESENTATION                                     25
G L U TA M AT E | M P O

Biohaven Next-Generation Pipeline Platforms
GLUTAMATE

Troriluzole: Targeted Lead-Indication Development Strategy
        Lead indications across an array of potential neurologic and neuropsychiatric indications

                        Friedreich’s Ataxia

                  Sporadic Ataxia                                                  Trichotillomania

            Spinocerebellar Ataxia                                             Obsessive-Compulsive
                   (SCA)                                                          Disorder (OCD)

                   Other Ataxias                                                  Hoarding Disorder

                         Essential Tremor

February 2022                                 BIOHAVEN INVESTOR PRESENTATION                          27
GLUTAMATE

BHV-4157 Troriluzole Treated SCA Patients: Benefits Seen in Patients
Treated for 1 Year Compared to Matched Ashizawa Natural History Cohort
• Post-hoc analysis of patients enrolled in long-
                                                             SCA Patients on Troriluzole1 after 48 weeks vs Natural History Cohort
  term extension of Phase 2b/3 troriluzole SCA trial

                                                              Least Squares Mean2 Change in Total
                                                                SARA Score (from baseline ± SE)
• Primary efficacy endpoint: change from baseline
  in the Total SARA Score after 48 weeks

• Patients from BHV4157-201 trial versus eligibility                                                       Difference: -1.41 ± 0.411
                                                                                                           (95% confidence interval of
  criteria matched Ashizawa Natural History cohort:                                                        -2.22 to -0.60) suggesting
     • SCA Genotype                                                                                        therapeutic benefits of
                                                                                                           troriluzole (p=0.0007)
          • SCA1, SCA2, SCA3, SCA6
                                                                                                           1. Matched on eligibility criteria
     • Age at baseline: 18 to 75 years of age                                                              2. ANCOVA model with fixed effects for cohort,
                                                                                                           sex, & SCA genotype with age and baseline SARA

     • Gender                                                                                              scores as covariates
                                                                                                           3. Ashizawa, T., et al. (2013). "Clinical
                                                                                                           characteristics of patients with spinocerebellar
     • SARA Score at baseline: ≥ 8 and ≤ 30, and                                                           ataxias 1, 2, 3 and 6 in the US; a prospective
                                                                                                           observational study." Orphanet J Rare Dis 8: 177

     • Initial SARA gait item score ≥ 2

Troriluzole Study (BHV4157-201)
Patient Benefits in LT Extension Supports Advancement to Phase 3

SARA: Scale for the Assessment and Rating of Ataxia

February 2022                                         BIOHAVEN INVESTOR PRESENTATION                                                                     28
GLUTAMATE

BHV-4157 Troriluzole: Phase 3 Randomized Controlled Trial in SCA
• Post-hoc analysis of patients enrolled in long-
  term extension of Phase 2b/3 troriluzole SCA trial                                                                      Screening   Randomization    Extension
                                                                                                                           Phase         Phase          Phase
                                                                                                                            6 weeks      48 weeks       48 weeks
• Primary efficacy endpoint: change from baseline
  in f-SARA Score after 48 weeks (FDA aligned)
                                                                                                                                        Troriluzole
                                                                                                                                        200 mg QD
• Trial design informed by Phase 2 study
     • SCA genotypes (SCA1, SCA2, SCA3,                                                                                                               Troriluzole
                                                                                                                                 R                    200 mg QD
        SCA6, SCA7, SCA8, SCA10)
     • Sample size: 230 subjects                                                                                                       Placebo QD
     • Randomization: 1:1
     • Troriluzole 200 mg QD vs. Placebo QD

                      Troriluzole Study (BHV4157-206): Single Registrational Study, topline in 2022

SCA: Spinocerebellar Ataxia, f-SARA: Functional Scale for the Assessment and Rating of Ataxia

February 2022                                                                                   BIOHAVEN INVESTOR PRESENTATION                                      29
GLUTAMATE

BHV-4157 Troriluzole Treated OCD Patients: Strong Signal Observed in
Phase 2 POC Supports Advancement to Phase 3
 STUDY BHV4157-202                                                               Table 1: Troriluzole Effect on OCD in Phase 2/3 Trial1
 Patients with moderate-to-severe OCD (Y-BOCS score                                                                                             Week
 ≥ 21) and inadequate response to standard of care                    Y-BOCS Total Change
                                                                      from Baseline                                        4                        8                 12
                                                                                                                    (N=115a,   111b)         (N=108a,      96b)   (N=102a, 99b)
 SAMPLE SIZE                                                          a. Placeboa                                        -2.9                     -3.6               -4.9
 226 subjects
                                                                      b. Troriluzoleb                                    -3.4                    -5.1*               -5.9
 RANDOMIZATION                                                        p-value                                           0.451                    0.041              0.220
 1:1                                                                 1. BHV-4157-202 Final Unblinded Analysis YBOCS Total Change from Baseline by Week LSMeans from MMRM Model
                                                                     MITT Data Set

 DOSE
                                                                              Table 2: Troriluzole Effect on Patients with Severe OCD1
 Troriluzole 200 mg QD vs Placebo QD (in patients on
 standard of care)                                                                                                                              Week
                                                                      Y-BOCS Total Change
                                                                      from Baseline                                        4                        8                 12
 PRIMARY OUTCOME                                                                                                     (N=47c, 49d)             (N=45c, 42d)        (N=43c, 44d)

 Y-BOCS, a precedented outcome measure accepted                       a. Placeboc                                        -3.5                     -3.1               -4.6
 by FDA
                                                                      b. Troriluzoled                                    -4.1                    -6.0*               -7.0
                                                                      p-value                                           0.584                    0.035              0.084
                                                                     1. Patients at baseline with median Y-BOCS total scores > 26 (severe OCD symptoms).
                                                                     * p < 0.05 versus placebo

Y-BOCS, Yale-Brown Obsessive Compulsive Scale

February 2022                                      BIOHAVEN INVESTOR PRESENTATION                                                                                             30
GLUTAMATE

BHV-4157 Troriluzole: Two Phase 3 Trials Ongoing in Obsessive-
Compulsive Disorder
Two Phase 3 Studies
   BHV4157-302 (US only)
   BHV4157-303 (global)                                                                                                            Screening                  Randomization                              Extension Study
                                                                                                                                    Phase                        Phase                                    (BHV4157-209)
Key Entry Criteria                                                                                                                    42 days                        10 weeks                                48 weeks

    Moderate-to-severe OCD
    Inadequate response to SOC                                                                                                                                       SOC +
                                                                                                                                                                   Troriluzole
Design (identical for each Ph 3 study)                                                                                                                             280 mg QD
                                                                                                                                                                                                          Troriluzole
    Sample size: 600 subjects                                                                                                            R                                                                 280 mg QD
    Randomization 1:1                                                                                                                                                SOC +
    Troriluzole 280 mg vs. placebo, 1x daily                                                                                                                      Placebo QD
    Adjunctive therapy to SOC
    Primary Outcome Y-BOCS

                                      Troriluzole OCD Global Phase 3 program was initiated in 1Q21

OCD, obsessive-compulsive disorder; SOC, standard of care; Y-BOCS, Yale-Brown Obsessive-Compulsive Scale (FDA accepted outcome measure), LPFV, last patient first visit; LPLV, last patient last visit

February 2022                                                                                          BIOHAVEN INVESTOR PRESENTATION                                                                                      31
MPO

BHV-3241 Verdiperstat:
Rationale for Studying in ALS
• Targets well accepted ALS disease mechanisms (oxidative stress/nitrosative stress,
  microglial activation/neuroinflammation) in a physiologically relevant manner
• MPO may also play a role in increasingly recognized ALS disease mechanisms
  mediated by peripheral myeloid cells, including those that migrate into the brain
  as well as those that remain in the periphery, suggesting relevance of MPO as
  a therapeutic target at both sites
• Human ALS patients exhibit microglial activation/neuroinflammation measured
  by [11C]-PBR28 TSPO PET
• Verdiperstat has demonstrated the ability to decrease TSPO signal in
  neurodegenerative disease patients
• Neuroinflammation is increased in ALS ([11C]-PBR28 TSPO Imaging)
        Increased in ALS vs. controls                                                 Co-Localizes with Cortical Thinning

TSPO PET, translocator protein - positron emission tomography; 1. Alshikho MJ, et al. Ann Neurol. 2018 Jun;83(6):1186-1197

February 2022                                                                               BIOHAVEN INVESTOR PRESENTATION   32
MPO

BHV-3241 Verdiperstat:
Phase 3 Healey ALS Platform Trial Ongoing
DESIGN
• Sample size: 160 subjects
• Randomization: 3:1                                                 Screening Phase    Randomization Phase
• Dose: 600 mg BID vs Placebo                                            6 weeks             24 weeks
• Primary outcome measure: ALS Functional Rating
  Scale — Revised (ALSFRS-R)
• Sites: 50 sites in the U.S.                                                               Verdiperstat
                                                                                            600 mg BID
STATUS
• Completed enrollment in 4Q2021                                                    R
COLLABORATOR                                                                                Placebo BID

 Verdiperstat Study (BHV-3241) in Amyotrophic Lateral Sclerosis (ALS): Completed Enrollment

February 2022                                      BIOHAVEN INVESTOR PRESENTATION                             33
M AT E ™ | M O D E ™ | A R M ™ | T D P - 4 3 | U C 1 M T | T R P M 3

Biohaven Labs
BIOHAVEN LABS

Customizable Bispecific Platforms

                     MATE™                                 MoDE™                                            ARM™
                                                Molecular Degraders of Extracellular
      Multimodal Antibody Therapy Enhancers                                                       Antibody Recruiting Molecules
                                                             Proteins

       Directed Antibody Conjugation          Extracellular Protein Degradation             Directing Immune Engagement

            Next-generation protein           Targets pathogenic extracellular                    Recruits endogenous
               drug conjugation                   targets for degradation                        immunoglobulin to bind
                                                                                                    a specific target
                ADCs, antibody-guided            Reduction/elimination of
                  target degraders                 damaging proteins                              Potential for improved
                                                                                                   ROA* vs biologics
                                                                                       *ROA = Route of Administration

February 2022                                       BIOHAVEN INVESTOR PRESENTATION                                                35
BIOHAVEN LABS

MATE™ Provides Unparalleled Versatility, With Off-the-Shelf Conjugation
To Add Any Molecule To An Antibody

Any Molecule                                                                                  Any Antibody1
                                                     MATE
       •    scFv                                    conjugation                         • Cell surface target
       •    Cytotoxic payload                                                           • Soluble target
       •    Small molecule                                                              • Pathogen antigen
       •    Peptide
       •    Protein
       •    Nucleic acid

                                           Homogeneous conjugates
                                 Applications in: Oncology (ADCs), Infectious Disease
                                (COVID), Immunology (IgA Nephropathy degraders), etc.
1. IgG1, IgG2, or IgG4
February 2022                                     BIOHAVEN INVESTOR PRESENTATION                                36
BIOHAVEN LABS

MoDE™ Utilizes the Patients’ Liver to Clear Unwanted, Disease-Causing
Proteins

                                       MoDE small molecules bind extracellular
                                       target proteins and cause them to be removed
                                       from the body through the liver

                   Pathogenic target    • Harnesses the body’s own machinery for degrading proteins
                  protein and MoDEs
                     in circulation     • Extracellular protein targets are eliminated via the
                                            asialoglycoprotein receptor (ASGPR)

                                           Binds liver                                       Binds protein
                                           (ASGPR)                                              target

                                        • Protein targets are degraded via endolysosomal proteolysis

February 2022                          BIOHAVEN INVESTOR PRESENTATION                                   37
BIOHAVEN LABS

ARM™ Enhances Recruitment of NK Cells and Increases Killing of
Multiple Myeloma Cells
                                                Human
                Natural Killer (NK)                                    BHV-1100                   BHV-1100 CD38
                                          Immunoglobulin (Ig)
                  Cell Therapy                                        CD38 ARM™                  Targeting Therapy
                                             Off-The-Shelf

                         CIML                                                                                              Multiple
                                                                                                                             Mult
                                                                                                                            Multipl
                        NK Cell                                                                           CIML             Myeloma
                                                                                                                             iple
                                                                                                                               e
                                                                                                         NK Cell             Cell
                                                                                                                            Myelo
                                                                                                                             Mye
                                                                                                                             lom
                                                                                                                              ma
                                                       Fc                                                                    Cell
                                                                                                                               a
                                                                                                                             Cell
                                  Fc Receptor
          CIML cytokine induced                                          BHV-1100 is a
              memory like                                                   bispecific           BHV-1100 + CIML NK cell
                                                                        molecule binding
                                                                         to both Ig and
                                                                              CD38              Binds to CD38
First patient completed                  Binds to human                                         receptor on the
therapy at Dana Farber                immunoglobulin (Ig)                                       surface of multiple
                                                            Antibody Recruiting Molecule (ARM™) myeloma cells
February 2022                                                   BIOHAVEN INVESTOR PRESENTATION                                        38
BIOHAVEN LABS

BHV-2100: First-In-Class TRPM3 Antagonist for
Neuropathic Pain
TRPM3 is a novel druggable target in the TRP channel family1                                                                                                              BHV-2100 HIGHLIGHTS
                                                                                                                                                                             Small molecule with good
Preclinical models and human                                                                                                                                                 oral bioavailability and
genetic validation implicate TRPM3                                                                                                                                           animal PK
in pain signaling1,2
                                                                                                                                                                             Preclinical efficacy in
                                                                                                                                                                             models of diabetic peripheral
Knocking out or antagonizing                                                                                                                                                 neuropathic pain,
TRPM3 reduces pain behaviors in                                                                                                                                              chemotherapy-induced
                                                                                                                                                                             peripheral neuropathy, and
multiple animal models of
                                                                                                                                                                             nerve injury
neuropathic pain with diverse
etiologies3,4                                                                                                                                                                Currently in IND-enabling
                                                                                                                                                                             studies with plans to enter the
                                                                                                                                                                             clinic in 1H2023
Targeting TRPM3 may avoid some
of the on-target toxicities seen with
antagonizing other TRP channels1

    BHV-2100 is a potential breakthrough as a non-opioid treatment for neuropathic pain

 1: Koivisto et al, Nature Reviews Drug Discovery 2022; 2: Lötsch et al, J. Molecular Sciences 2020; 3: Vandewauw et al, Nature 2018; 4: Su et al, J. Neuroscience 2021

February 2022                                                                                           BIOHAVEN INVESTOR PRESENTATION                                                                    39
BIOHAVEN LABS

UC1MT: First-in-Class Metallothionein Antagonist
for a Novel Pro-Inflammatory Target
                               UC1MT is a high affinity monoclonal antibody
                           that recognizes both mouse and human MT1 and MT2

          Confirmed the role of MT
            involvement in multiple                                         Demonstrated the ability
        disease models with better                                          reduce markers of
              activity than anti-TNF                                        inflammation by UC1MT

                                                                            Strong global patent
                       Evidence of                                          protection of Anti-MT
                        molecular                                           antibody therapeutic in
                       mechanism                                            several disease areas

February 2022                              BIOHAVEN INVESTOR PRESENTATION                              40
BIOHAVEN LABS

Novel Development Program Targeting TDP-43
TDP-43: TAR-DNA protein-43 is Implicated in Neurodegeneration1

• TDP-43 is a multifunctional
  nucleic acid-binding protein                                                                               TDP-43
• Mutations cause familial and
                                                                                                                Small molecule inhibitors of
  sporadic amyotrophic lateral                                                                                  TDP-43 aggregation
  sclerosis (ALS) and                                                                                           identified
  frontotemporal dementia
                                                                                                                Treatment enhances survival
  (FTD)                                                                                                         in TDP-43 preclinical models
• Aggregates are the
  neuropathological hallmark of
  ALS-FTD spectrum disorders

                                                                           Klim JR. Trends Neurosci. 2021.

     Small molecule inhibitors of TDP-43 for ALS and FTD

February 2022                                       BIOHAVEN INVESTOR PRESENTATION                                                             41
Corporate Overview
Pfizer Deal Financials
Strong Revenue Growth and Capital Position
                                                                                                             $1.2+ BILLION
                REVENUE                                            CAPITAL                                          TOTAL UPFRONT AND
                                                                                                                     MILESTONE VALUE

$190M               $526M                 $520M**                     $500M                  $125M                  STRUCTURE
   4Q2021           NET REVENUE          3Q2021 – CASH, AND                PFIZER           AVAILABLE FROM    BIOHAVEN RUNS R&D GLOBALLY
NET REVENUE         SINCE LAUNCH      MARKETABLE SECURITIES               PAYMENT            SIXTH STREET
  *Estimated                          **Before 4Q2021 Cash Spend           1Q2022              FINANCING          PFIZER EXECUTES
                                                                                                               COMMERCIALIZATION EX-U.S.

                                                                                                                         $500M
                                                                                              $190M           RECEIVED IN CASH & STOCK AT 25%
                                                                                                               MARKET PREMIUM (~$173 SHARE)

                                                                                                                     UP TO  $740M
                                                                              $136M                                   IN SALES AND
                                                                                                                    OTHER MILESTONES

                                                                                                                   DOUBLE-DIGIT
                                                              $93M
                                                                                                                    ROYALTIES
                                                                                                                   ON EX-U.S. NET SALES
                                                                                                               PFIZER TO PAY RELATED EX-U.S.
                                               $44M                                                                BMS AND RPI ROYALTIES
      $10M                         $35M
                    $18M

      2Q20          3Q20           4Q20         1Q21               2Q21          3Q21            4Q21

February 2022                                              BIOHAVEN INVESTOR PRESENTATION                                                       43
Highly Experienced Drug
Development Leadership                                                            Elyse Stock, MD
                                                                                       CMO
                                                           Dave Stock, PhD                             Kim Gentile
                                                              Biostats                                 Clinical
                                                                                                      Operations

                25+
                                      Ashwini Ghatpande, MS                                                          Marianne Frost, MA
                                        Medical Writing                                                                  Regulatory

                YEARS
                             Amy O’Donnell, JD, MD
                                  PV: Safety
                                                                   NEURO                                                          BJ Jones, MBA
                                                                                                                                  Commercial
                 AVERAGE
                EXPERIENCE                                       INNOVATION
                               Cliff Bechtold, MS                                                                             Donnie McGrath, MD
                                 GM Ireland                                                                                      BD/BioShin

                                            Ed Kim, MD                                                                 Warren Volles, JD
                                         Medical Affairs                                                                    Legal

                                                         Charlie Conway, PhD                         Rajesh Kumar, PhD
                                                               CSO                                         CMC
                                                                               Gene Dubowchik, PhD
                                                                                   Chemistry
February 2022                                                       BIOHAVEN INVESTOR PRESENTATION                                                 44
2022 Milestones
• Continue U.S. market growth of NURTEC® ODT in migraine
• Broaden NURTEC ODT indications and market potential
  through lifecycle expansion studies
• Submit NDA for Zavegepant
• Advance CGRP proof of concept studies
       • Psoriasis
       • Asthma
• Implement global collaboration with Pfizer
       • EU approval
       • Market launches
• Announce topline data
       • Troriluzole for SCA and OCD
       • Verdiperstat for ALS
• File multiple INDs from Biohaven Labs
February 2022                          BIOHAVEN INVESTOR PRESENTATION   45
Thank you!
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