BHVN 44th Annual J.P. Morgan Healthcare…

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© 2026 Biohaven, Ltd. All rights reserved. Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 44th Annual J.P. Morgan Healthcare Conference January 12, 2026 Vlad Coric, M.D. Chairman and Chief Executive Officer CAMERON Living with Graves’ Disease PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Forward-Looking Statement This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Biohaven Ltd. (the “Company”) and our planned and ongoing trials (including those for our taldefgrobep alfa, opakalim, BHV- 2100, BHV-8000, BHV-1300, BHV-1400, BHV-1510 and BHV-1600 development programs), the timing of and the availability of data from our clinical trials, the timing and our decisions to proceed with our planned regulatory filings, the timing of and our ability t o obtain regulatory approvals for our product candidates, the clinical potential utility of our product candidates, alone and as compared to other existing potential treatment options, and the potential advancement of our early phase programs including BHV-1310, BHV-1530 and BHV-1500. The use of certain words, including “continue”, “plan”, “will”, “believe”, “may”, “expect”, “anticipate” and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward -looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of our development candidates are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven's planned and ongoing clinical trials; the timing of planned interactions and filings with the Food and Drug Administration, including those regarding the resubmission of our new drug application for troriluzole for SCA; the timing and outcome of expected regulatory filings; complying with applicable U.S. regulatory requirements; the potential commercialization of Biohaven's product candidates; the potential for Biohaven’s product candidates to be first-in- class, best-in-class, best-in-clinic or best-in-category therapies; and the effectiveness and safety of Biohaven's product candidates, including open label clinical data in ongoing studies. 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 Company’s filings with the Securities and Exchange Commission, including within the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. This presentation also contains market data and other information based on industry publications, reports by market research firms or published independent sources. Some market da ta and 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. All images are actors unless otherwise noted. Biohaven is a registered trademark, and MoDE, TRAP and Days Matter are trademarks of Biohaven Therapeutics Ltd. January 12, 2026 J.P. Morgan Healthcare Conference2 PODIUM

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Innovating Tomorrow’s Medicines Today PODIUM

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OUR NOVEL DEGRADER PLATFORM J.P. Morgan Healthcare Conference4 January 12, 2026 MoDE Target a class of proteins implicated in pathogenesis of disease TRAP Remove specific disease-causing proteins and leave the rest of immune system intact Revolutionary Yale-licensed technology to remove disease -causing proteins from the bodyKEY POINT PODIUM Targeting the Root Cause of Autoimmune Disease

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY MoDE and TRAP Degraders: Pioneering the First and Only Extracellular Degraders in the Clinic January 12, 2026 J.P. Morgan Healthcare Conference5 DEGRADERS PODIUM PATIENT FRIENDLY ADMINISTRATION Easy-to-use autoinjector; rapid, selective, tunable for patient needs POSITIONED TO INITIATE PIVOTAL TRIALS 2026 IgAN lead indication for BHV-1400 and Graves’ for BHV-1300 SCALABLE TO MULTIPLE TARGETS AND STRONG IP Biohaven leads in technology and IP position with this modality HIGHLY SELECTIVE TARGETING OF DISEASE-DRIVING PROTEINS Validated in the clinic: Safe and well-tolerated

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY The future? IgA Degradation https://ir.biohaven.com/news-releases/news-release-details/biohaven-highlights-innovation-and-advancement-across-mode-and Potential of BHV-1400 in IgAN Recognized by Nephrology Community January 12, 2026 J.P. Morgan Healthcare Conference7 Source: https://www.asn-online.org/education/kidneyweek/2025 BHV-1400 highlighted in opening plenary state -of-the-art lecture, “Yes, We Can…Cure Kidney Disease” at American Society of Nephrology 2025KEY POINT PODIUM DEGRADERS

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1400 Directly Targets the Disease-Driver of IgA Nephropathy January 12, 2026 J.P. Morgan Healthcare Conference8 PODIUM 2 TRAP degrader BHV-1400 selectively binds Gd-IgA1 and its complexes and redirects these to hepatocytes for removal 1 Gd-IgA1 forms in excess, binds to antibodies forming immune complexes, deposits in the kidney and causes inflammation and fibrosis, ultimately leading to renal failure 3 • Gd-IgA1 bound to BHV-1400 is rapidly degraded when BHV-1400 binds to ASGPR • Healthy immunoglobulins: IgG, IgA, IgE and IgM are preserved DEGRADERS PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Updated KDIGO Guidelines: Treat Earlier and Target Pathogenic Gd-IgA1 January 12, 2026 J.P. Morgan Healthcare Conference9 KDIGO: Kidney Disease Improving Global Outcomes; https:// kdigo.org/wp-content/uploads/2024/08/KDIGO -2025-IgAN-IgAV-Guideline.pdf IgAN Treatment Is Now Defined by Targeting of Gd-IgA1 New KDIGO 2025 Guidance BHV-1400 First-line intervention now targets pathogenic Gd-IgA1 for disease modification Designed to selectively remove pathogenic Gd-IgA1, the root cause of IgAN Proteinuria threshold lowered to >0.5 g/g Meaningfully expands the first- line addressable population Early, disease-specific therapy recommended Positions BHV-1400 as a potential foundational therapy BHV-1400 is the only therapy in clinical development that directly and selectively removes Gd -IgA1 KEY POINT DEGRADERS PODIUM

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BHV-1400 Across the Spectrum ADVANCING A THERAPY FOR ALL STAGES OF DISEASE ADVANCEDEARLY PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1400 Early Disease Clinical Experience: Complete Resolution of Hematuria Within Weeks of Dosing January 12, 2026 J.P. Morgan Healthcare Conference11 DEGRADERS CASE REPORT: Initial IgAN Patient Dosed • Young female patient • Normal eGFR • Chronic hematuria • Active lifestyle • Significant fatigue • Comorbid diabetes First patient dosed with BHV-1400 experienced complete resolution of hematuria and improvement of fatigue within weeksNEWS BREAKING 0 1 2 3 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 Hematuria Study day 3+ 1+ DOSE DAY 1 Resolved Resolved PODIUM DOSE DAY 15 DOSE DAY 29 PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1400 Phase 1: Surpasses B-cell Directed Competition in Speed, Depth and Selectivity January 12, 2026 J.P. Morgan Healthcare Conference12 BHV-1400 stands apart as a next-generation IgAN candidate with unmatched speed, depth and selectivity, while sparing IgA, to maintain mucosal defense and reduce infection riskKEY POINTS B-cell targeting therapies: Multiple dose, 9-12 months2 Extended dosing lowers Gd -IgA1 but also depletes healthy IgA Gd-IgA1,IgA % Change from Baseline Gd-IgA1 (n=8) BHV-1400: Single dose SC 48 hours 63.3% lowering of Gd -IgA11 Gd-IgA1,IgA % Change from Baseline BHV-1400 effect is rapid, deep and highly selective Gd-IgA1 selectively lowered within hours *Preliminary data from ongoing study DEGRADERS IgA Competitors deplete healthy IgA PODIUM 1. IgAN patients and healthy volunteers. 2. All competitor data presented herein are derived from publicly available sources only. Certain data points have been reconstr ucted or estimated from published graphical information. No confidential, non -public, or proprietary information was used. This analysis has not been reviewed or validated by the referenced companies. Povetacicept* 80 mg SC Q4W 36 weeks Atacicept** 150 mg SC weekly 36 weeks Sibeprenlimab*** 400 mg SC Q4W 52 weeks -IgA1 - - Atacicept -68.30% -63.50% Atacicept 150 mg SC once weekly 36 weeks Sibeprenlimab -67.10% -63.50% Sibeprenlimab 400 mg SC Q4W 52 weeks 0 -10 -20 -30 -40 -50 -60 -70 -80 0 -10 -20 -30 -40 -50 -60 -70 -80 Gd-IgA1 IgA MULTIPLE DOSE SINGLE DOSE * Lafayette. NEJM. 2025. ** Perkovic. NEJM. 2025 ***Sing. National Kidney Foundation Spring Clinical Meeting. 2024

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1400 Advanced Disease Patient: Rapid Improvement in Proteinuria and Increase in eGFR Within Weeks of Dosing January 12, 2026 Biohaven Corporate Presentation13 DEGRADERS Rapid improvements seen in kidney function and achieved remission within weeks NEWS BREAKING CASE REPORT: Advanced IgAN Patient Dosed • Older male patient • Moderate/severe eGFR at baseline • Later-stage disease • Significant proteinuria • Multiple comorbidities PODIUM 30 35 40 45 1 3 5 7 9 111315171921232527293133353739414345 eGFR Study day eGFR Increase Over 45 Days 24% increase in eGFR within weeks -60 -50 -40 -30 -20 -10 0 1 3 5 7 9 111315171921232527293133353739414345 % change from baseline Study day Proteinuria Reduction Over 45 Days 51.2% reduction within weeks DOSE DAY 1 DOSE DAY 15 DOSE DAY 29 DOSE DAY 1 DOSE DAY 15 DOSE DAY 29 PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 0% -10% -20% -30% -40% -50% -60% 10% BHV-1400 Single Patient Data: Rapid and Significant Improvement in Proteinuria January 12, 2026 J.P. Morgan Healthcare Conference14 Visit (Week) Percent Change From Baseline in UPCR 0% -10% -20% -30% -40% -50% -60% 10% BHV-1400 rapid reductions in Gd-IgA1 translate into faster, deeper reductions in proteinuria as compared to market competitorsNEWS BREAKING PODIUM DEGRADERS 4 8 12 20 24 28 32 36621 64% reduction of proteinuria within weeks atacicept OLE atacicept, ORIGIN3 atrasentan nefecon mezagitamab povetacicept sibeprenlimab zigakibart BHV-1400 DOSE 500 mg bi-monthly (n=1)

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 0% -10% -20% -30% -40% -50% -60% 10% BHV-1400 Single Patient Data: Highlights Rapid Proteinuria Reduction Where Competitor Requires Months January 12, 2026 J.P. Morgan Healthcare Conference15 Visit (Week) Percent Change From Baseline in UPCR 0% -10% -20% -30% -40% -50% -60% 10% Unlike competitors, BHV-1400 acts unprecedented rapidity to reduce proteinuria in days, not monthsNEWS BREAKING PODIUM DEGRADERS 4 8 12 20 24 28 32 36621 64% reduction of proteinuria within weeks Cross trial competitor data: Barratt. JASN. 2024; Lafayette. NEJM. 2025.; Barratt. MEZA. 2025.; Alpine Immune Sciences. Press Release. 2024.; Perkovic. NE JM. 2025.; Kooienga. Kidney International. 2025.; Lafayette. The Lancet. 2023.; Heerspink 2025. atacicept, ORIGIN3 atrasentan nefecon mezagitamab povetacicept sibeprenlimab zigakibart BHV-1400 PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY WARNINGS AND PRECAUTIONS Immunosuppression and Increased Risk of Infections VOYXACT suppresses the immune system by reducing antibody production, which may increase the risk of infections. Immunosuppression and Immunization Risks Because of its mechanism of action, VOYXACT may interfere with the immune responses to vaccines and increase the risk of infection from live vaccines. -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 BHV-1400 TRAP Degrader Maintains Healthy Immunoglobulins1,2 While Competitors Show Long-term Immunosuppression IgG IgA 1. Competitors did not report IgE. 2. All competitor data presented herein are derived from publicly available sources only. Certain data points have been reconstructed or estimated from published graphical information. No confidential, non-public, or proprietary information was used. This analysis has not been reviewed or validated by the referenced companies. 3. Solid dots represent themean of the maximal total IgG % change from baseline 4. Lafayette. NEJM. 2025 5. Lafayette. Kidney International. 2024 6. https://www.accessdata.fda.gov/drugsatfda_docs/label/2025/761434s000lbl.pdf % change from baseline BHV-1400 Single Dose SC 3 Days -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 STABLE DAY 30 STABLE DAY 30 STABLE DAY 30 January 12, 2026 J.P. Morgan Healthcare Conference16 STABLE FROM BASELINE DAY 30 STABLE FROM BASELINE DAY 30 STABLE FROM BASELINE DAY 30 VOYXACT SC 2,4 Weeks -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 35 40 45 50 -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 35 40 45 50 -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 35 40 45 50 35% DROP FROM BASELINE WEEK 48 75% DROP FROM BASELINE WEEK 48 69% DROP FROM BASELINE WEEK 48 38% DROP DAY 30 16% DROP DAY 30 42% DROP DAY 30 Atacicept 150 mg 2,5 Weeks -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 35 40 -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 35 40 -80% -70% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 5 10 15 20 25 30 35 40 35% DROP FROM BASELINE WEEK 36 75% DROP FROM BASELINE WEEK 36 64% DROP FROM BASELINE WEEK 36 36% DROP DAY 30 16% DROP DAY 30 44% DROP DAY 30 PODIUM IgM DEGRADERS V O Y X A C T F D A L A B E L6

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY LO WER ED Gd-IgA1 LO W ER ED PROTEINURIA LO W ER ED HEMATURIA STAB I L I ZED o r IM PR OVED eGFR M AI N TAI N ED HEALTHY IMMUNOGLOBULINS First Clinical Experience With BHV-1400 Shows Paradigm Shifting Potential January 12, 2026 J.P. Morgan Healthcare Conference17 IgD IgMIgE IgA IgG PODIUM ADVANCED DISEASE EARLY DISEASE DEGRADERS

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY $20B+1,5 Potential US market size IgAN Represents a Multi-$B US Opportunity January 12, 2026 J.P. Morgan Healthcare Conference18 IgAN patients with proteinuria ≥0.5g/day for which KDIGO guidelines 3 recommend treatment with DMTs that reduce pathogenic Gd -IgA1 IgAN US population US annualized pricing of Tarpeyo — US WAC pricing of Voyxact 5 112K–199K US IgAN patients2 85K–151K patients4 eligible for BHV-1400 $180K–390K per patient per year DEGRADERS DMT, Disease Modifying Therapy. 1. Goldman Sachs August 11, 2025 IgAN report (assumes $150K annualized net pricing). 2. Cantor Fitzgerald & Co US Equity Research March 18, 2025 and Nov 25, 2025. 3. KDIGO 2025 Clinical Practice Guideline for the Management of Immunoglobulin A Nephropathy (IgAN) and Immunoglobulin A Vasculitis ( IgAV). 4. Pitcher. CJASN. 2023. 5. Based on December 2025 announced Voyxact WAC of $30K per vial, Q4W dosing, $390K annualized. IgAN market size could be twice as large with Voyxact pricing. PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Biohaven IgG Degrader Targets the Root Cause of a Broad Autoimmune Disease to Treat and Prevent Multi-Organ Complications January 12, 2026 J.P. Morgan Healthcare Conference20 TSHR IgG1 autoantibodies 1 2 PRODUCTION EFFECTS INTERVENTION3 Biohaven’s degrader removes IgG to eliminate the disease driver of Graves’ IgG1, IgG2, IgG4 TSHR autoantibodies also bind outside the thyroid and results in: Biohaven MoDE redirects disease- causing target to liver for removal IgG1 is internalized and degraded TSHR autoantibodies induce excess secretion of hormones causing hyperthyroidism TED Neonatal Graves’ Disease Pretibial Myxedema Source: Graves' disease. Nat Rev Dis Primers. 2020. DEGRADERS T H Y R O I D Hyperthyroidism PODIUM PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Immunovant Data Showing Depth of IgG Lowering Matters in Graves’ and Positioned it in the Lead Among Competitors Until…. BHV-1300 MoDE, a Class of its Own, Sets New Benchmark for IgG Reduction Versus Leading Therapies January 12, 2026 J.P. Morgan Healthcare Conference21 BHV-1300 Subcutaneous BHV-1300 achieved mean % IgG reductions >80% with maximal lowering up to 87%1 DEGRADERS PODIUM 1. Data on file, 4-week MAD. Mean % reduction calculated as mean maximum reductions in high -dose mad group after 3 doses.

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY After 4 Weeks of Treatment… T3 T4 TSI AAb TRAb AAb HORMONES Undetectable Normalized BHV-1300: First Graves’ Patient Dosed — Pathogenic Antibody Levels Undetectable and Thyroid Hormones Normalized Within First Month January 12, 2026 J.P. Morgan Healthcare Conference22 Within one month, pathogenic antibodies became undetectable, thyroid hormones normalized and patient reported improved mood, sweating and tremorKEY POINT PODIUM DEGRADERS CASE REPORT: Initial Graves’ Patient Dosed • Middle-aged female • Newly diagnosed with Graves' disease • Hyperthyroid at baseline • Tremor, mood swings and excess sweating at baseline SYMPTOMS Improved • Tremor • Mood swings • Excess sweating TSI, Thyroid Stimulating Immunoglobulin; TRAb, Thyrotropin Receptor Antibodies; AAb, Autoantibody. PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Graves’ Disease Pivotal Trial January 12, 2026 J.P. Morgan Healthcare Conference23 26 weeks Biohaven IgG Degrader Placebo Screening DEGRADERS DATA READOUT Graves’ Disease Study Schematic Deep IgG lowering and early Graves’ patient data derisk 2026 registrational clinical trial with biomarker endpointKEY POINT Study Design: Randomized, double -blind, placebo-controlled trial Population: Male and female adults with Graves’ disease Endpoints: Normal T3, T4 and TSH off ATD at week 26 KEY STUDY DETAILS Normal TSH, T3, T4 (26 Weeks) off ATD PODIUM ATD, Antithyroid Drugs.

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY January 12, 2026 J.P. Morgan Healthcare Conference24 Graves’ Disease: Significant Patient Opportunity DEGRADERS Diagnosed Graves’ disease2 US prevalence1 Treated Graves’ disease3 Managed on ATD3 + ATD refractory or failed4 2,700,000 US Graves’ patients 1,350,000 1,000,000 750,000–850,000 1. 1% adult population; NIDDK, AAFP, Cleveland Clinic, American Thyroid Association, MedlinePlus, Yale Medicine. 2. 50% diagnosed; Yashkin. Clin Diabetes Endocrinol. 2024. 3. Forian Database analysis 6/1/16 -9-23-24 E050,E0501,E0500 were the primary Dx lookup codes. 4. 35-43%; Azizi. J Endocrinol Invest. 2022. Kubota. Thyroid 2008. 5. Biohaven internal analysis PODIUM $15B+ Potential US market size5

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY OPAKALIM Kv7 ACTIVATOR ION CHANNEL Revolutionizing Epilepsy Treatment With a Modern Kv7 Activator ION CHANNEL: OPAKALIM SELECTIVE Kv7 ACTIVATOR PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Opakalim Overcomes the Challenges of Approved Epilepsy Therapies January 12, 2026 J.P. Morgan Healthcare Conference26 Kv7 OPAKALIMAPPROVED THERAPIES Easy-to-use • Once-daily tablet • No need to titrate Minimal CNS side effects Very low rates of CNS AEs Does not make comorbidities worse Improved seizure control Clinically validated MoA complementary to existing ASMs allowing rational combinations Burdensome • Dosing multiple times per day • Months long titration schedules Poor CNS tolerability • High rates of CNS AEs • Somnolence, dizziness, cognitive problems Make comorbidities worse 50% of patients report comorbidities i.e., mood Limited seizure control Up to 40% of patients are refractory to treatment ✕ ✕ ✕ ✕ Opakalim offers compelling ASM profile for patients with potential to drive enhanced clinical outcomes and superior quality of lifeKEY POINT PODIUM ASMs, Antiseizure Medications.

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY RISE 3: Opakalim 50 or 75 mg vs pbo RISE 2: Opakalim 25 or 50 mg vs pbo Double-blind Phase 8-Weeks OLE Phase Efficacy Signals Observed in Focal Epilepsy Open-Label Data January 12, 2026 J.P. Morgan Healthcare Conference27 Kv7 Preliminary data as of 4Q 2025 for 6 -month completers. Observation Phase (OP) Opakalim 75 mg SEIZURE FREQUENCY Pretreatment Baseline in OP SEIZURE FREQUENCY On Treatment with Opakalim 75 mg in OLE (n=144) VS Efficacy signals observed in open-label epilepsy data, comparable to competitor dataNEWS BREAKING Opakalim 50 mg PODIUM >50% OF PATIENTS SHOWED OVER THE FIRST 6 MONTHS OF OLE 50% RESPONSE RATE

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY -100 -90 -80 -70 -60 -50 -40 -30 -20 -10 0 % Reduction in Seizure Frequency From Observation Phase Opakalim Plasma Concentrations Antiseizure Efficacy Correlates With Opakalim Concentration in Focal Epilepsy Open-Label Data January 12, 2026 J.P. Morgan Healthcare Conference28 Kv7 Preliminary exposure-response analysis for pooled participants in focal epilepsy open -label study Exposure-response analysis shows clear reductions in seizure frequency with increasing opakalim concentrationsNEWS BREAKING PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Opakalim Offers Potential Best-in-Clinic Kv7-Activator Profile January 12, 2026 J.P. Morgan Healthcare Conference29 1. French AES Poster #3.356 2025. 2. Pooled patients, data as of 4Q 2025. 3. French. Epilepsia Open. 2025. *Indirect comparisons between compounds based on publicly available data. Kv7 Opakalim and azetukalner study participants have similar baseline characteristics including baseline seizure frequencies of ~13/month AE Azetukalner 1 Opakalim2 Dizziness 25% 2% Headache 19% 5% Somnolence 17% 3% Fall 15% 3% Memory impairment 11% <1% Weight gain 11% - Gait disturbance 10% - Seizure/change in seizure 10% 3% Fatigue 9% 4% Nausea 6% 3% Balance disorder 6% <1% Diplopia - <1% Azetukalner3 50% RESPONDER RATE ~56% For any consecutive (best) 6-month period over entire OLE Lower rates of CNS AEs with opakalim compared to azetukalner in ongoing OLE studies* Antiseizure response rates between opakalim and azetukalner in ongoing OLE studies* Opakalim 50% RESPONDER RATE ~55% Over first 6-month period in OLE PODIUM PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY TALDEFGROBEP / MYOSTATIN COMPLEX Targeting High-Quality Weight Loss MYOSTATIN ACTIVIN INHIBITOR: TALDEFGROBEP ALFA PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY MYOSTATIN ACTIVIN MOA FOR HEALTHY WEIGHT LOSS Targeting myostatin, activin A and activin E/ALK7 signaling SAFETY DATABASE IN >700 TREATED TO DATE Differentiated safety profile CONVENIENT DOSING Potential for once monthly self-administration Targeting High-Quality Weight Loss With Myostatin Activin Mechanism January 12, 2026 J.P. Morgan Healthcare Conference31 Taldefgrobep directly targets fat, builds muscle and increases bone density while avoiding intolerable adverse effects TALDEFGROBEP Initiated Phase 2 monotherapy study with topline expected 2026NEWS BREAKING PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Myostatin Activin Pathway Inhibition Demonstrates Benefits in Total Body Weight, Fat and Muscle BELIEVE: 1-Year Trial of Bimagrumab in Adults Living with Overweight or Obesity January 12, 2026 J.P. Morgan Healthcare Conference32 Exceeds 5% differential guideline set by the FDA Change comparable to semaglutide Preservation/improvement in lean mass Poor tolerability due to irreversible ActRIIB binding Placebo Bimagrumab (30 mg iv) Semaglutide (2.4 mg sc) Combination (bima + sema) EFFICACY T otal body weight (W48) -2.5% -9.7% -14.3% -20.2% T otal fat mass (W48) -5.2% -25.3% -24.8% -42.2% T otal lean mass (W72) -0.5% 2.5% -7.4% -2.9% Visceral Adipose tissue (W48) -2.1% -40.2% -29.5% -54.8% SAFETY Muscle Spasms 5.5% 73.7% 8.9% 63.6% Diarrhea 5.5% 49.1% 35.7% 49.1% Acne 3.6% 43.9% 8.9% 52.7% TALDEFGROBEP Greater reduction in metabolically - active VAT vs semaglutide Taldefgrobep targets bimagrumab-like efficacy with a favorable safety/tolerability profileKEY POINT PODIUM VAT, Visceral Adipose Tissue.

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Taldefgrobep Avoids GI- and Muscle-Related AEs Commonly Reported in Bimagrumab Clinical Trials January 12, 2026 J.P. Morgan Healthcare Conference33 Muscle-/GI-Related AEs Taldefgrobep SAD/MAD Pooled1 15-180 mg n=103 Bimagrumab 30 mg/kg2 Single Dose Study n=10 Bimagrumab 10 mg/kg3 Q4W Multi-dose Study n=37 Acne 0% 30% 3% Muscle spasm 3% 30% 41% Musculoskeletal stiffness 0% 30% NA Myalgia 1% 30% NA Muscle weakness 1% 10% NA Diarrhea 2% 10% 41% Nausea 1% NA 11% Lipase level increased 0% 0% 11% NA = data not available 1. Study CN001001 conducted in healthy adults receiving taldefgrobep (15-180 mg QW x 1 month). 2. Garito. Diabetes Obes Metab. 2018. 3. Heymsfield. JAMA Network Open. 2021. TALDEFGROBEP Favorable safety profile established in >700 participants across diverse clinical populationsKEY POINT PODIUM

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Taldefgrobep Monotherapy Dose-Ranging (Q1W and Q4W) Study Initiated January 12, 2026 J.P. Morgan Healthcare Conference34 24 Week DBT Period 4 Weeks Randomization (n~150) Randomization (2:2:1:1) 8 Weeks PRIMARY ANALYSIS Post-Dose Follow Up TALDEFGROBEP Taldefgrobep Q1W Taldefgrobep Q4W 24-Week OLE Taldefgrobep Q1W (n=50) Blinded PBO Q1W (n=25) Taldefgrobep Q4W (n=50) Blinded PBO Q4W (n=25) FPFV achieved 4Q 2025 with topline results expected in 2026KEY POINT Study Design: Phase 2, randomized, double -blind, placebo-controlled dose-ranging study Population: Male and female adults (18 to 65 years -old) with overweight or obesity Endpoints: % change in total body weight, fat mass and lean mass at Week 24 KEY STUDY DETAILS PODIUM PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1510 + Cemiplimab Leads to Rapid, Deep and Durable Responses in Heavily Pretreated Patients, Majority With Prior Anti-PD(L)1 January 12, 202637 Percent change in sum of target lesion measurements (%) 2 mg/kg Q3W 2.5 mg/kg Q3W 2.75 mg/kg Q3W1.25 mg/kg D1 D8 Q3W 1.5 mg/kg D1 D8 Q3W -100 -80 -60 -40 -20 0 20 40 NSCLC NSCLC EC EC NSCLC NSCLC NSCLC UC NSCLC NSCLC NSCLC EC UC NSCLC NSCLC NSCLC TNBC NSCLC NSCLC EC EC NSCLC EC Weeks on therapy 0 6 12 18 24 30 36 42 NSCLC NSCLC EC NSCLC UC NSCLC NSCLC EC NSCLC NSCLC EC EC NSCLC NSCLC NSCLC TNBC EC NSCLC NSCLC NSCLC UC EC NSCLC NSCLC NSCLC NSCLC EC EC EC NSCLC NSCLC 2 mg/kg Q3W 2.5 mg/kg Q3W 2.75 mg/kg Q3W 1.25 mg/kg D1 D8 Q3W 1.5 mg/kg D1 D8 Q3W Partial Response Stable Disease Progressive Disease Complete Response Continuing Treatment BHV-1510 + Cemiplimab*: Percent Change in Target Lesions BHV-1510 + Cemiplimab: Treatment Duration *Cemiplimab (anti-PD1) provided through collaboration agreement with Regeneron; dose of cemiplimab 350 mg Q3W Source: Biohaven poster presented at 2025 ESMO Immuno -Oncology Congress. ONCOLOGY Patients on treatment at 6 months and beyond PODIUM Majority (87.1%) had prior anti-PD(L)1 exposure J.P. Morgan Healthcare Conference

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Encouraging Early Clinical Activity and High Response Rates of BHV-1510 + Cemiplimab • Compelling efficacy at 2.5 mg/kg Q3W with confirmed ORR 73% (8/11) • NSCLC 60% (3/5) • Endometrial cancer 100% (4/4) • Urothelial cancer 50% (1/2) • Activity in difficult-to-treat patients: Responses observed in patients with brain metastases; heavily pretreated, majority with prior anti-PD(L)1 • Rapid onset of benefit: Tumor shrinkage / PRs at 1st scan • Differentiated safety profile: Low rates of hematological toxicities and diarrhea; no ILD observed January 12, 2026 J.P. Morgan Healthcare Conference38 ONCOLOGY -100 -80 -60 -40 -20 0 20 40 0 6 12 18 24 30 Percent change in target lesion from baseline (%) Non-Small Cell Lung Cancer Endometrial Cancer Urothelial Carcinoma Weeks on therapy ONCOLOGY BHV-1510 2.5 mg/kg + Cemiplimab Q3W: Target Lesion Change from Baseline • Early data suggests synergy with anti -PD1 and potential to move into earlier lines • Expansion cohort initiated in endometrial cancerKEY POINT PODIUM PR

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY FGFR3 Is a Promising Therapeutic Target for Urothelial Cancer (UC) and Other Tumors With High Unmet Need January 12, 202640 FGFR3 Overexpression and Alteration (%) in Urothelial Carcinoma 51% Upper Tract UC 40–60% Muscle-invasive BC 70–80% Non-muscle-invasive BC J.P. Morgan Healthcare Conference ONCOLOGY BHV-1530 first-in-class opportunity to treat FGFR3 -altered and overexpressed patient across multiple tumorsKEY POINTS 5% of endometrial cancers have FGFR3 alterations, potentially indicating more widespread overexpression 4% of cervical cancers exhibit the FGFR3 -TACC3 fusion, which is associated with higher FGFR3 expression ~15% of HNSCC have FGFR3 mutations with overexpression noted in nearly half of oral and oropharyngeal cancers 38% of lung cancers with FGFR3 expression suggests substantial overexpression ~ 8% of glioblastomas show a FGFR3-TACC3 fusion, commonly linked to increased levels of FGFR3 protein PODIUM HN, Head and neck squamous cell carcinomas; SCLC, Small cell lung cancer; UC, Urothelial carcinoma. Head and neck squamous cell carcinoma - PMC

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY BHV-1530: First-in-Class ADC With Proprietary TopoIx Payload Synergistic With Anti-PD(L)1 • Compelling preclinical efficacy across FGFR3- altered and FGFR3-overexpressing tumor models: Demonstrated as monotherapy and in combination with CPI • Clinical progress: First patient dosed 2Q 2025; no DLTs or emerging safety signals to date • Early signs of activity: Early tumor reduction observed in a patient with an FGFR3 mutation • PK profile consistent with next-generation ADC platform: Highly stable ADC conjugate January 12, 2026 J.P. Morgan Healthcare Conference41 Probability of Survival (%) Days after cell implantation BHV-1530 shows synergistic activity in vivo with anti-PD-L1 combination G1. vehicle G2. anti-PD-L1 G3. BHV-1530 G4. BHV-1530 + anti-PD-L1 hFGR3-GL261 Group % Increased Life Span (ILS) Median Survival (days) G1 - 15 G2 27% 19 G3 107% 31 G4 >300% >63 ONCOLOGY FIH study ongoing with no DLTs to date, dosing in the anticipated efficacious rangeKEY POINT PODIUM

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PODIUM Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY Next-Generation Pipeline…

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January 12, 2026 J.P. Morgan Healthcare Conference43 CGRP 1. Cap reached if aggregate annual US net sales of rimegepant and zavegepant amount to $8.15B. Royalty payments would be in respect of years ended on or before 12/31/40. 2. As of November 13, 2025; includes 26.8M shares issued in November 2025 equity offering inclusive of 3.5M share overallotment and pro forma for the Jan 2026 sale of 12.5 mill shares. 3. As of September 30, 2025; 4. Net proceeds from November 2025 equity offering, including greenshoe a nd January 2026 sale of shares to Janus Henderson investors. Financial Update $264M Q3 2025 Cash on hand +$312M Capital raise since last Q 3 4 145.1M 2

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Trop2 ADC FGFR3 ADC CD30 ADC ONCOLOGY DEGRADERSTYK2/JAK1 INHIBITOR INFLAMMATION & IMMUNOLOGY TRPM3 ANTAGONISTKV7 ACTIVATORION CHANNEL T-ALFAMYOSTATIN TRORILUZOLEGLUTAMATE PROGRAMSCATEGORY 1H 2026 2H 2026 INFLAMMATION & IMMUNOLOGY Gd-IgA1 Degrader | BHV -1400 IgA Nephropathy IgG Degrader | BHV -1300 Common Disease (Graves’, RA) TYK2/JAK1 Inhibitor | BHV-8000 (brain-penetrant) Parkinson’s Disease MYOSTATIN ACTIVIN Taldefgrobep Alfa | BHV -2000 Obesity ION CHANNEL Kv7 Activator | Opakalim Focal Epilepsy ONCOLOGY Trop2 ADC +/- PD-1 | BHV-1510 Advanced or Metastatic Epithelial Tumors FGFR3 ADC | BHV-1530 Urothelial Cancer and Other Tumors Key Milestones Anticipated in 2026 January 2026 Phase 2 Topline Pivotal Topline Ongoing Phase 2/3 Trial Initiate Pivotal IgAN Initiate Pivotal Graves’ Initiate expansion cohort in endometrial cancer Phase 1 in urothelial cancer

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PODIUM PA I G E D A V I D K I M J E N N I FER L A U R E NE M M A V E N I K A E M I L Y M I C H E L E E L L I E

Slides