Biohaven Pharmaceutical Holding 10-Q 10 Aug 20 2020 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2020	Aug. 06, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-38080
Entity Registrant Name	Biohaven Pharmaceutical Holding Company Ltd.
Entity Central Index Key	0001689813
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	D8
Entity Address, Address Line One	c/o Biohaven Pharmaceuticals, Inc.
Entity Address, Address Line Two	215 Church Street
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06510
City Area Code	203
Local Phone Number	404-0410
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	BHVN
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		59,686,497

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash	$ 261,061,000	$ 316,727,000
Trade receivables, net	44,796,000	0
Inventories	8,970,000	0
Prepaid expenses and other current assets	47,735,000	11,554,000
Total current assets	362,562,000	328,281,000
Property and equipment, net	8,979,000	8,152,000
Equity method investment	2,473,000	5,338,000
Intangible assets, net	40,535,000	0
Other assets	9,706,000	2,493,000
Total assets	424,255,000	344,264,000
Current liabilities:
Accounts payable	17,044,000	14,071,000
Accrued expenses and other current liabilities	118,123,000	52,102,000
Current portion of mandatorily redeemable preferred shares	31,250,000	0
Total current liabilities	166,417,000	66,173,000
Liability related to sale of future royalties, net	160,805,000	144,111,000
Mandatorily redeemable preferred shares, net	127,771,000	103,646,000
Derivative liability	0	37,690,000
Other long-term liabilities	4,728,000	68,000
Total liabilities	459,721,000	351,688,000
Commitments and contingencies
Shareholders’ deficit:
Common shares, no par value; 200,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 59,525,565 and 52,385,283 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively	1,199,005,000	881,426,000
Additional paid-in capital	91,773,000	83,523,000
Accumulated deficit	(1,326,244,000)	(972,373,000)
Total shareholders’ deficit	(35,466,000)	(7,424,000)
Total liabilities and shareholders' deficit	$ 424,255,000	$ 344,264,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, authorized (shares)	200,000,000	200,000,000
Common shares, issued (shares)	59,525,565	52,385,283
Common shares, outstanding (shares)	59,525,565	52,385,283

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Product revenue, net	$ 9,698	$ 0	$ 10,849	$ 0
Cost of goods sold	3,058	0	3,482	0
Gross profit	6,640	0	7,367	0
Operating expenses:
Research and development	42,425	175,977	98,495	216,980
Selling, general and administrative	124,802	23,231	220,403	36,689
Total operating expenses	167,227	199,208	318,898	253,669
Loss from operations	(160,587)	(199,208)	(311,531)	(253,669)
Other income (expense):
Interest expense	(172)	0	(227)	0
Non-cash interest expense on mandatorily redeemable preferred shares	(6,993)	(3,955)	(12,554)	(3,955)
Non-cash interest expense on liability related to sale of future royalties	(11,570)	(5,155)	(19,995)	(11,972)
Change in fair value of derivative liability	650	(1,263)	(5,131)	(1,263)
Loss from equity method investment	(1,485)	(1,415)	(2,865)	(2,315)
Other	(119)	(16)	(216)	(33)
Total other expense, net	(19,689)	(11,804)	(40,988)	(19,538)
Loss before provision for income taxes	(180,276)	(211,012)	(352,519)	(273,207)
Provision for income taxes	658	58	1,352	167
Net loss and comprehensive loss	$ (180,934)	$ (211,070)	$ (353,871)	$ (273,374)
Net loss per share - basic and diluted (in dollars per share)	$ (3.08)	$ (4.67)	$ (6.15)	$ (6.11)
Weighted average common shares outstanding - basic and diluted (shares)	58,742,329	45,226,434	57,577,384	44,736,971

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (353,871)	$ (273,374)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash share-based compensation expense	28,641	24,884
Non-cash interest expense on mandatorily redeemable preferred shares	12,554	3,955
Non-cash interest expense on liability related to sale of future royalties	19,995	11,972
Change in fair value of derivative liability	5,131	1,263
Loss from equity method investment	2,865	2,315
Other non-cash items	1,701	271
Changes in operating assets and liabilities:
Trade receivables, net	(44,796)	0
Inventories	(6,931)	0
Prepaid expenses and other current assets	(34,380)	(523)
Other assets	17	(21)
Accounts payable	934	2,117
Accrued expenses and other current liabilities	41,543	22,385
Other long-term liabilities	62	(2,000)
Net cash used in operating activities	(326,535)	(206,756)
Cash flows from investing activities:
Purchases of property and equipment	(1,381)	(1,448)
Payments for leasehold improvements	(1,600)	0
Payments for intangible assets	(21,500)	0
Net cash used in investing activities	(24,481)	(1,448)
Cash flows from financing activities:
Proceeds from issuance of common shares	283,333	282,000
Proceeds from issuance of mandatorily redeemable preferred shares	0	125,000
Proceeds from exercise of warrants	0	1,998
Payments of issuance costs	(500)	(517)
Proceeds from exercise of stock options	14,355	1,213
Repayment of principal for finance leases	(37)	0
Net cash provided by financing activities	297,151	409,694
Net increase (decrease) in cash and restricted cash	(53,865)	201,490
Cash and restricted cash at beginning of period	317,727	264,249
Cash and restricted cash at end of period	263,862	465,739
Supplemental disclosure of cash flow information:
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 428

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	Nature of the Business and Basis of Presentation Biohaven Pharmaceutical Holding Company Ltd. (“we,” “us”, "our," "Biohaven" or the “Company”) was incorporated in Tortola, British Virgin Islands in September 2013. We are a biopharmaceutical company with a portfolio of innovative product candidates targeting neurological diseases, including rare disorders. The Company's lead product, NURTEC™ ODT (rimegepant), was approved by the U.S. Food and Drug Administration ("FDA") on February 27, 2020, and available by prescription in U.S. pharmacies on March 12, 2020. NURTEC ODT is the first and only calcitonin gene-related peptide ("CGRP") receptor antagonist available in a quick-dissolve orally dissolving tablet ("ODT") formulation that is approved by the FDA for the acute treatment of migraine in adults. Our other product candidates are based on multiple mechanisms — CGRP receptor antagonists, glutamate modulators and myeloperoxidase inhibition—which we believe have the potential to significantly alter existing treatment approaches across a diverse set of neurological indications with high unmet need in both large and orphan indications. The Company is subject to risks and uncertainties common to companies in the biopharmaceutical industry, including, but not limited to, the risks associated with developing product candidates at each stage of non-clinical and clinical development; the challenges associated with gaining regulatory approval of such product candidates; the risks associated with commercializing pharmaceutical products for marketing and sale; the potential for development by third parties of new technological innovations that may compete with the Company’s products; the dependence on key personnel; the challenges of protecting proprietary technology; the need to comply with government regulations; the high costs of drug development; and the uncertainty of being able to secure additional capital when needed to fund operations. Subsequent to its May 2017 initial public offering, the Company has primarily raised funds through sales of equity in private placements and public offerings, as well as through the sale of a revenue participation right related to future royalties. The Company has incurred recurring losses since its inception, had an accumulated deficit as of June 30, 2020, and expects to continue to generate operating losses during the commercial launch of NURTEC ODT. To execute its business plans, the Company will continue to require additional funding to support its continuing operations and pursue its growth strategy. In January 2020, the Company issued and sold 4,830,917 common shares at a public offering price of $51.75 per share for net proceeds of approximately $245,877 after deducting underwriting discounts and commissions of approximately $3,623 and other offering expenses of approximately $500. In addition, in February 2020, the underwriter of the January follow-on offering exercised its option to purchase additional shares, and the Company issued and sold 724,637 common shares for net proceeds of approximately $36,956 after deducting underwriting discounts and commissions of approximately $543. Thus, the aggregate net proceeds to the Company from the follow-on offering, after deducting underwriting discounts and commissions and other offering costs, were approximately $282,833. In August 2020, the Company and Biohaven Pharmaceuticals, Inc., the Company’s wholly-owned subsidiary (together with the Company, the "Borrowers"), entered into a five-year financing agreement (the "Sixth Street Financing Agreement") with Sixth Street Specialty Lending, Inc. as administrative agent, various lenders (the "Lenders") and certain of the Company's subsidiaries, as guarantors. Pursuant to the Sixth Street Financing Agreement, the Lenders agreed to extend a senior secured credit facility to the Borrowers providing for term loans in an aggregate principal amount up to $500,000. Also in August 2020, the Company entered into a funding agreement (the "2020 RPI Funding Agreement") with RPI 2019 Intermediate Finance Trust ("RPI 2019 IFT") providing for up to $250,000 of funding in exchange for rights to participation payments based on global net sales of products containing zavegepant and NURTEC ODT and certain payments based on success-based milestones relating to zavegepant and entered into a share purchase agreement providing for the issuance and sale to RPI 2019 IFT of series B preferred shares for an aggregate purchase price of $200,000, payable in installments between 2021 and 2024 (the "RPI Series B Preferred Shares"). For further detail on these August 2020 transactions see Note 17, "Subsequent Events." As of August 10, 2020, the issuance date of our condensed consolidated financial statements, the Company expects that its cash as of June 30, 2020, and the funds available from the Sixth Street Financing Agreement, 2020 RPI Funding Agreement, and RPI Series B Preferred Shares will be sufficient to fund its current forecast for operating expenses, including commercialization of NURTEC ODT, financial commitments and other cash requirements into 2022. The Company may need to raise additional capital until it is profitable. If no additional capital is raised through either public or private equity financings, debt financings, strategic relationships, alliances and licensing agreements, or a combination thereof, the Company may delay, limit or reduce discretionary spending in areas related to research and development activities and other general and administrative expenses in order to fund its operating costs and working capital needs. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Investments in companies in which the Company owns less than a 50% equity interest and where it exercises significant influence over the operating and financial policies of the investee are accounted for using the equity method of accounting.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Restricted Cash Restricted cash included in other current assets in the condensed consolidated balance sheet represents employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares. See Note 12 "Share-Based Compensation" for additional information on the Company's employee share purchase plan. Restricted cash included in other assets in the condensed consolidated balance sheets represents collateral held by a bank for a letter of credit ("LOC") issued in connection with the leased office space in Yardley, Pennsylvania. See Note 15 ‘‘Commitments and Contingencies’’ for additional information on the real estate lease. The following represents a reconciliation of cash in the condensed consolidated balance sheets to total cash and restricted cash in the condensed consolidated statements of cash flow: June 30, 2020 December 31, 2019 Cash $ 261,061 $ 316,727 Restricted cash (included in other current assets) 1,801 — Restricted cash (included in other assets) 1,000 1,000 Total cash and restricted cash in the statement of cash flows $ 263,862 $ 317,727 Trade Receivables, Net The Company’s trade accounts receivable consists of amounts due from pharmacy wholesalers in the U.S. (collectively, its "Customers") related to sales of NURTEC ODT and have standard payment terms. For certain Customers, the trade accounts receivable for the Customer is net of distribution service fees, prompt pay discounts and other adjustments. The Company monitors the financial performance and creditworthiness of its Customers so that it can properly assess and respond to changes in their credit profile. The Company reserves against trade accounts receivable for estimated losses that may arise from a Customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was not significant as of June 30, 2020. Inventory The Company values its inventories at the lower-of-cost or net realizable value. The Company determines the cost of its inventories, which includes costs related to products held for sale in the ordinary course of business, products in process of production for such sale and items to be currently consumed in the production of goods to be available for sale, on a first-in, first-out (FIFO) basis. Due to the nature of the Company’s supply chain process, inventory that is owned by the Company, is physically stored at third-party warehouses, logistics providers and contract manufacturers. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of goods sold in the condensed consolidated statements of operations and comprehensive loss. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Products which may be used in clinical development programs are excluded from inventory and charged to research and development expense as incurred. Prior to the initial date regulatory approval is received, costs related to the production of inventory are recorded as research and development expense on the Company’s condensed consolidated statements of operations and comprehensive loss in the period incurred. Following FDA approval of NURTEC ODT on February 27, 2020, the Company subsequently began capitalizing costs related to inventory manufacturing. Intangible Assets The Company had no intangible assets as of December 31, 2019. The Company is required to pay milestone payments of $41,500 related to the FDA approval and launch of NURTEC ODT. These milestone payments were capitalized as an intangible asset, and will be amortized to cost of goods sold over the remaining expected life of the patents. For the three and six months ended June 30, 2020, the Company recognized $724 and $965, respectively, of amortization on the asset and recorded the expense to cost of goods sold. Estimated future amortization expense for the intangible assets subsequent to June 30, 2020 is a follows: 2020 (remaining six months) 1,449 2021 2,895 2022 2,895 2023 2,895 2024 2,895 Thereafter 27,506 40,535 Intangible asset costs included in other current liabilities as of June 30, 2020 was $20,000. Impairment of Long-lived Assets The Company monitors its long-lived assets and finite-lived intangibles for indicators of impairment. If such indicators are present, the Company assesses the recoverability of affected assets by determining whether the carrying value of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found not to be recoverable, the Company measures the amount of such impairment by comparing the carrying value of the assets to the fair value of the assets, with the fair value generally determined based on the present value of the expected future cash flows associated with the assets. The Company believes no impairment of long-lived assets existed as of June 30, 2020 or December 31, 2019. Fair Value Measurements Certain assets of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1— Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s derivative liability is carried at fair value, determined according to the fair value hierarchy described above (see Note 3). Leases The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. If the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based on market sources including interest rates for companies with similar credit quality for agreements of similar duration, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the term of the short-term lease and variable lease costs are expensed as incurred. For our real estate lease, the Company elected the practical expedient to include both the lease and non-lease components as a single component and account for it as an operating lease. In addition, payments made by the Company for improvements to the underlying asset, if the payment relates to an asset of the lessor, are recorded as prepaid rent within other assets in the condensed consolidated balance sheets and expensed as part of the amortization of the right-of-use asset. The commencement date for the Company's leased office space in Yardley, Pennsylvania occurred during the second quarter of 2020. In connection with the commencement of the office lease, the Company reclassified $2,850 for leasehold improvements related to assets of the lessor from prepaid rent to operating right-of-use asset. As of June 30, 2020, the Company had restricted cash of $1,000 included in other assets in the condensed consolidated financial statements, which represents collateral held by a bank for an LOC issued in connection with the leased office space in Yardley, Pennsylvania. The restricted cash is deposited in a non-interest bearing account. See Note 15 ‘‘Commitments and Contingencies’’ for additional information on the real estate lease. For our vehicle leases, the Company elected the practical expedient to include both the lease and non-lease components as a single component and account for it as a finance lease. Each of the Company's vehicle leases are considered a single lease under a master service agreement, and each vehicle lease has a residual value guarantee equivalent to the whole sale value of the vehicle at termination of the lease. During the second quarter of 2020, the Company took delivery of a portion of its commercial car fleet. The remainder, and majority, of these vehicles will become available for use during 2020. In connection with the vehicle leases, the Company recorded finance lease right-of-use assets in other assets and finance lease liabilities on its condensed consolidated balance sheet. See Note 15 "Commitments and Contingencies" for additional information on the vehicle leases. Revenue Recognition Pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when a customer obtains control of promised goods or services. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services that it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. Product Revenue, Net The Company sells its product principally to its Customers in the United States. The Company’s Customers subsequently resell the products to pharmacies and health care providers. In accordance with ASC 606, the Company recognizes net product revenues from sales when the Customers obtain control of the Company’s products, which typically occurs upon delivery to the Customer. The Company’s payment terms are generally between 30 - 65 days. Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (a) invoice discounts for prompt payment and distribution service fees, (b) government and private payor rebates, chargebacks, discounts and fees, (c) product returns and (d) costs of co-pay assistance programs for patients, as well as other incentives for certain indirect customers. Reserves are established for the estimates of variable consideration based on the amounts earned or to be claimed on the related sales. The reserves are classified as reductions to trade receivable, net if payable to a Customer or accrued expenses if payable to a third-party. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Distribution Service Fees: The Company engages with wholesalers to distribute its products to end customers. The Company pays the wholesalers a fee for services such as: Data Reporting, Inventory Management, Chargeback Administration and Service Level Commitment. The Company estimates the amount of distribution services fees to be paid to the Customers and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. Shelf Stock Adjustments: The Company provides its Customers with a shelf stock adjustment for all product inventories held by the customer upon any decrease in price. The Company estimates the Customer’s inventory levels and the probability of pricing adjustments using management forecasts, and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. Prompt Pay Discounts: The Company provides its Customers with a percentage discount on their invoice if the Customers pay within the agreed upon timeframe. The Company estimates the probability of Customers paying promptly and the percentage of discount outlined in the agreement, and deducts the full amount of these discounts from its gross product revenues and accounts receivable at the time such revenues are recognized. Product Returns : The Company provides Customers a return credit in the amount of the purchase price paid by Customers for all products returned in accordance with the Company’s returned goods policy. In the initial sales period, the Company estimates its provision for sales returns based on industry data and adjusts the transaction price with such estimate at the time of sale to the Customer. Once sufficient history has been collected for product returns, the Company utilizes that history to inform its estimate assumption. Once the product is returned, it is destroyed. The Company does not record a right-of-return asset. Chargeback: A chargeback is the difference between the manufacturer's invoice price to the wholesaler and the wholesaler’s customers contract price. The wholesaler tracks these sales and "charges back" the manufacturer for the difference between the negotiated prices paid between the wholesaler's customers and wholesaler's acquisition cost. Biohaven estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price for such discount at the time of sale to the Customer. Administration Fees: Biohaven engages with Pharmacy Benefit Managers ("PBMs") to administer prescription-drug plans for people with third-party insurance through a self-insured employer, health insurance plan, labor union or government plan. The Company pays PBMs “administrative fees” for their role in providing utilization data, administering rebates, and administering claims payments. Biohaven estimates the amount of administration fees to be paid to PBMs and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. Rebates: Rebates apply to: • Medicaid, managed care, expansion programs, the AIDS Drug Assistance Program, the State Pharmaceutical Assistance Program, and supplemental rebates to all applicable states as defined by the statutory government pricing calculation requirements under the Medicaid Drug Rebate Program; • Tricare rebate to the TRICARE third party administrator based on the statutory calculation defined in the Agreement with Defense Health Agency; and • Part D and Commercial Managed Care rebates are paid based on the contracts with PBMs and Managed Care Organizations. Rebates are paid to these entities upon receipt of an invoice from the contracted entity which is based on the utilization of the product by the members of the contracted entity. The Company estimates the percentage of goods sold that are eligible for rebates and adjusts the transaction price for such discounts at the time of sale to the Customers. Coverage Gap: The Medicare Part D coverage gap (also called the "donut hole") is a period of consumer payment for prescription medication costs which lies between the initial coverage limit and the catastrophic-coverage threshold, when the patient is a member of a Medicare Part D prescription-drug program administered by the Centers for Medicare & Medicaid Services. The Company estimates the percentage of goods sold under Coverage Gap and adjusts the transaction price for such discount at the time of sale to the Customer. Bridge Program: A Bridge Program helps start a patient on a new therapy, especially in cases where payers may have barriers (e.g. prior authorizations and appeals) in place before agreeing to pay for a new drug. Under a Bridge Program the Customer distributes the product free of cost to eligible individuals for a period of time. The Company estimates the percentage of Bridge Program product to be provided at each sale to the customer and adjusts the transaction price with the amount of such estimate. The Company does not recognize revenue on Bridge program provided products. The volume of drug to be supplied under the Bridge Program is estimated by the Company at the time of sale to the Customer. Stocking Allowance: The Company offers a stocking allowance for new product launches. Stocking allowances are one-time payments that a manufacturer makes to a wholesaler as a condition of the initial placement of the manufacturer’s products in the wholesaler’s warehouse. The Company uses the agreed upon fees and its forecasts for initial product sales to calculate the stocking allowance and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. The Company makes significant estimates and judgments that materially affect its recognition of net product revenue. Claims by third-party payors for rebates, chargebacks and discounts frequently are submitted to the Company significantly after the related sales, potentially resulting in adjustments in the period in which the new information becomes known. The Company will adjust its estimates based on new information, including information regarding actual rebates, chargebacks and discounts for its products, as it becomes available. Cost of Goods Sold Cost of goods sold includes direct and indirect costs related to the manufacturing and distribution of NURTEC ODT, including third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s net product revenues and amortization of intangible assets associated with NURTEC ODT. Cost of goods sold may also include period costs related to certain inventory manufacturing services and inventory adjustment charges. In connection with the FDA approval of NURTEC on February 27, 2020, the Company subsequently began capitalizing inventory manufactured or purchased after this date. As a result, certain manufacturing costs associated with product shipments of NURTEC ODT were expensed prior to FDA approval and, therefore, are not included in cost of goods sold during the current period. These previously expensed costs were not material for the three and six months ended June 30, 2020. Advertising Costs We expense the costs of advertising as incurred. We incurred and expensed advertising costs in the amount of $32,007 and $39,515 for the three and six months ended June 30, 2020, respectively, and none for the three and six months ended June 30, 2019. These costs were included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss. Unaudited Interim Condensed Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2020 and the results of its operations for the three and six months ended June 30, 2020 and 2019 and its cash flows for the six months ended June 30, 2020 and 2019. The results for the three and six months ended June 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2019. Recently Adopted Accounting Pronouncements Effective January 1, 2020 the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU provides guidance for recognizing credit losses on financial instruments based on an estimate of current expected credit losses model. This new standard amends the current guidance on the impairment of financial instruments and adds an impairment model known as current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses. The FASB subsequently issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses to clarify and address certain items related to the amendments in ASU 2016-13. ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition relief, was issued to provide entities that have certain instruments within the scope of ASC 326 with an option to irrevocably elect the fair value option under ASC 825-10, Financial Instruments - Overall, applied on an instrument-by-instrument basis for eligible instruments. The adoption of ASU 2016-13 did not have an effect on the Company's condensed consolidated financial statements as the Company's first trade accounts receivables were recorded following the adoption. Effective January 1, 2020 the Company adopted ASU No. 2018-15, - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), a new standard on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement ("CCA") that aligns the requirements for capitalizing implementation costs in a CCA service contract with existing internal-use software guidance. The standard also provides classification guidance on these implementation costs as well as additional quantitative and qualitative disclosures. The adoption of ASU 2018-15 did not have an effect on the Company’s condensed consolidated financial statements. Effective January 1, 2020 the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which modifies the disclosure requirements on fair value measurements. The adoption of ASU 2018-13 had no effect on the Company’s condensed consolidated financial statements and no significant effect on the related fair value disclosures. In March 2020, the FASB issued ASU 2020-03. This ASU improves and clarifies various financial instruments topics, including the CECL standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 on issuance. The adoption of ASU 2020-03 did not have a significant effect on the Company's condensed consolidated financial statements. Future Adoption of New Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its condensed consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new standard addresses accounting for the transition into and out of the equity method and measurement of certain purchased options and forward contracts to acquire investments. The standard is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires changes to be made prospectively. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its condensed consolidated financial statements.

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	Fair Value of Financial Assets and Liabilities The Company held no financial assets or liabilities measured at fair value on a recurring basis as of June 30, 2020, and held no financial assets measured at fair value on a recurring basis as of December 31, 2019. The following tables present information about the Company's financial liability measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value: Fair Value Measurement as of December 31, 2019 Using: Level 1 Level 2 Level 3 Total Liabilities: Derivative liability $ — $ — $ 37,690 $ 37,690 $ — $ — $ 37,690 $ 37,690 The following table provides a roll forward of the aggregate fair value of the Company’s derivative liability (see Note 9) for which fair value is determined by Level 3 inputs for the six months ended June 30, 2020 and 2019: Derivative Balance at December 31, 2019 $ 37,690 Change in fair value 5,131 Settlement of derivative liability (42,821) Balance at June 30, 2020 $ — Transaction date balance $ 33,815 Change in fair value 1,263 Balance at June 30, 2019 $ 35,078 Valuation of Derivative Liability The fair value of the derivative liability recognized in connection with the Series A preferred shares agreement with RPI, as described in Note 9, was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the derivative liability relates to certain scenarios outlined in the agreement that would result in accelerated payments as compared to the agreement's host instrument. The with-and-without valuation method was used to determine the fair value of the embedded derivatives within the agreement. As inputs into the valuation, the Company considered the type and probability of occurrence of certain events, the amount of the payments, the expected timing of certain events, and a risk-adjusted discount rate using credit spreads of biopharmaceutical companies in similar stages of development to the Company. In accordance with ASC 815, Derivatives and Hedging, the fair value of the derivative was recorded on the balance sheet as a derivative liability with changes in fair value recorded in other income (expense) in the condensed consolidated statements of operations and comprehensive loss. Upon the FDA's approval of NURTEC ODT the Company remeasured the derivative using the inputs noted above. In the first quarter of 2020, the Company partially settled the derivative liability associated with this approval of $42,821, which modified the timing of the payment obligation related to the redeemable preferred share liability. During the second quarter of 2020, the Company recorded a $650 gain in other income in its condensed consolidated statement of operations. Valuation of Liability Related to Sale of Future Royalties In June 2018, and as described in Note 8, the Company entered into a funding agreement with RPI, accounted for as a liability financing. As of June 30, 2020, the fair value of the liability related to sale of future royalties, used in determining the effective interest rate of the liability, is based on the Company's current estimates of future royalties expected to be paid to RPI over the life of the arrangement, which is considered Level 3.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of June 30, 2020 As of December 31, 2019 Prepaid clinical trial costs $ 9,728 $ 6,101 Prepaid manufacturing 16,622 — Prepaid commercial costs 14,132 — Other prepaid and current assets 7,253 5,453 $ 47,735 $ 11,554

Equity Method Investment

Equity Method Investment	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment The Company has a variable interest in Kleo Pharmaceuticals, Inc., a privately held Delaware corporation (“Kleo”), through its equity investment. Kleo is a variable interest entity due to the equity investment at risk being insufficient to finance its activities. An assessment of whether or not the Company has the power to direct activities that most significantly impact Kleo’s economic performance and to identify the party that obtains the majority of the benefits of the investment was performed as of June 30, 2020 and December 31, 2019, and will be performed as of each subsequent reporting date. After each of these assessments, the Company concluded that the activities that most significantly impact Kleo’s economic performance are the ability to direct the research activities, the ability to select vendors to perform the research, the ability to maintain research staff and the ability to raise additional funds, each of which are directed by Kleo. Based on the outcome of these assessments, the Company concluded that the investment should be accounted for under the equity method. The Company has recorded its investments in Kleo to date based on the costs of those investments, as adjusted for the Company’s proportional share of Kleo’s net income or loss in each period. The Company's ownership interest in outstanding stock of Kleo for the six months ended June 30, 2020 and 2019 was 41.9%. The Company records future adjustments to the carrying value of its investment at each reporting date equal to its proportionate share of Kleo’s net loss for the corresponding period. The Company recorded other expense and a corresponding reduction in the carrying value of its investment in Kleo as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proportionate share of Kleo's net loss $ 1,485 $ 1,415 $ 2,865 $ 2,315 The carrying value of the Company’s investment in Kleo was $2,473 and $5,338 as of June 30, 2020 and December 31, 2019, respectively, and is reported as equity method investment on the condensed consolidated balance sheet. The carrying value of the investment represents the Company’s maximum loss exposure as of the balance sheet date. The following table provides a roll-forward of the carrying value of the Company’s equity method investment: Carrying Value Balance at December 31, 2019 $ 5,338 Loss recognized in connection with equity method investment (2,865) Balance at June 30, 2020 $ 2,473 Balance at December 31, 2018 $ 11,414 Loss recognized in connection with equity method investment (2,315) Balance at June 30, 2019 $ 9,099

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities Accrued expenses consisted of the following: As of June 30, 2020 As of December 31, 2019 Accrued development milestones $ 26,881 $ 12,000 Accrued employee compensation and benefits 32,195 3,521 Accrued clinical trial costs 13,238 16,476 Accrued commercialization and other professional fees 13,713 15,408 Other accrued expenses and current liabilities 32,096 4,697 $ 118,123 $ 52,102

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: As of June 30, 2020 Raw materials $ — Work-in-process 8,302 Finished goods 668 $ 8,970 The Company had no inventories as of December 31, 2019.

Liability Related to Sale of Fu

Liability Related to Sale of Future Royalties, net	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Liability Related to Sale of Future Royalties, net	Liability Related to Sale of Future Royalties, net In June 2018, the Company entered into a funding agreement (the "2018 RPI Funding Agreement") to sell tiered, sales-based royalty rights on global net sales of pharmaceutical products containing the compounds rimegepant or zavegepant (previously known as BHV-3500 and vazegepant) and certain derivative compounds thereof ("Products") to RPI, a Delaware statutory trust. The Company issued to RPI the right to receive certain revenue participation payments, subject to certain reductions, based on the future global net sales of the Products for each calendar quarter during the royalty term contemplated by the 2018 RPI Funding Agreement, in exchange for $100,000 in cash. Concurrent with the 2018 RPI Funding Agreement, the Company entered into a common stock purchase agreement (the "Purchase Agreement") with RPI. Pursuant to the Purchase Agreement, the Company sold 1,111,111 common shares of the Company to RPI at a price of $45.00 per share, for gross proceeds of $50,000. The Company concluded that there were two units of accounting for the consideration received comprised of the liability related to sale of future royalties and the common shares. The Company allocated the $100,000 from the 2018 RPI Funding Agreement and $50,000 from the Purchase Agreement among the two units of accounting on a relative fair value basis at the time of the transaction. The Company allocated $106,047 in transaction consideration to the liability, and $43,953 to the common shares. The Company determined the fair value of the common shares based on the closing share price on the transaction date, adjusted for the trading restrictions. The transaction costs of $377 were allocated in proportion to the allocation of total consideration to the two units of accounting. The effective interest rate under the 2018 RPI Funding Agreement, including transaction costs, is approximately 27% as of June 30, 2020. The following table shows the activity within the liability account for the six months ended June 30, 2020 and 2019, respectively, related to the 2018 RPI Funding Agreement. Six Months Ended June 30, 2020 2019 Liability related to sale of future royalties - beginning balance $ 144,111 $ 117,515 Royalty revenues payable to RPI (228) — Non-cash interest expense on liability related to sale of future royalties 19,995 11,972 Liability related to sale of future royalties - ending balance $ 163,878 $ 129,487

Mandatorily Redeemable Preferre

Mandatorily Redeemable Preferred Shares, net	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Mandatorily Redeemable Preferred Shares, net	Mandatorily Redeemable Preferred Shares, net In April 2019, the Company sold 2,495 Series A preferred shares (the "Series A Preferred Shares") to RPI at a price of $50,100 per preferred share pursuant to a Series A preferred share purchase agreement (the "Preferred Share Agreement"). The gross proceeds from the transaction with RPI were $125,000, with $105,000 of the proceeds used to purchase a priority review voucher ("PRV") issued by the United States Secretary of Health and Human Services to potentially expedite the regulatory review of the new drug application ("NDA") for the ODT formulation of rimegepant and the remainder of the proceeds to be used for other general corporate purposes. Pursuant to the Preferred Share Agreement, the Company had the option to issue additional Series A Preferred Shares to RPI in up to three additional closings for an aggregate amount of $75,000. The Company was not obligated to issue any additional Series A Preferred Shares, subject to a fee up to $3,000 if not all of the Series A Preferred Shares were issued. In the third quarter of 2020, the Company determined it will not exercise the option to issue additional Series A Preferred Shares and accordingly will recognize the full $3,000 fee in the third quarter of 2020 in other expense in the condensed consolidated statements of operations and comprehensive loss. The holders of the Company's outstanding Series A Preferred Shares will have the right to require redemption of the shares in certain circumstances. If a Change of Control, as defined in the Company's memorandum and article of association, occurs and the Series A Preferred Shares have not previously been redeemed, the Company must redeem the Series A Preferred Shares for two times (2x) the original purchase price of the Series A Preferred Shares payable in a lump sum at the closing of the Change of Control or in equal quarterly installments following the closing of the Change of Control through December 31, 2024. The Company may redeem the Series A Preferred Shares at its option at any time for two times (2x) the original purchase price, which redemption price may be paid in a lump sum or in equal quarterly installments through December 31, 2024. In the event that the Company defaults on any obligation to redeem Series A Preferred Shares when required, the redemption amount shall accrue interest at the rate of eighteen percent (18%) per annum. If any such default continues for at least one year, the holders of such shares shall be entitled to convert, subject to certain limitations, such Series A Preferred Shares into common shares, with no waiver of their redemption rights. The Company intends to redeem the Series A Preferred Shares for two times (2x) the original purchase price, payable beginning the first quarter of 2021 in equal quarterly installments through December 31, 2024. Accordingly, the Company has concluded the Series A Preferred Shares are mandatorily redeemable instruments and classified as a liability. The Company initially measured the liability at fair value, and will subsequently accrete the carrying value to the redemption value through interest expense using the effective interest rate method. The effective interest rate under the Preferred Share Agreement, including transaction costs, was determined to be approximately 18%, and the Company recognized $6,993 and $12,554 in interest expense for the three and six months ended June 30, 2020, respectively. The Company had 2,495 Series A preferred shares issued and outstanding as of June 30, 2020 and December 31, 2019. The following table shows the activity within the preferred share liability for the six months ended June 30, 2020: Carrying Value Net balance at December 31, 2019 $ 103,646 Partial settlement of derivative liability 42,821 Non-cash interest expense recognized, including transaction cost amortization 12,554 Net balance at June 30, 2020 $ 159,021 Certain scenarios as described in the Preferred Share Agreement were determined by the Company to result in a derivative liability. The with-and-without valuation method was used to determine the fair value of the embedded derivatives within the agreement. As inputs into the valuation, the Company considered the type and probability of occurrence of certain events, the amount of the payments, the expected timing of certain events, and a risk-adjusted discount rate. In accordance with ASC 815, Derivatives and Hedging, the fair value of the derivative was recorded on the balance sheet as a derivative liability with changes in fair value recorded in other income (expense) in the condensed consolidated statements of operations and comprehensive loss (see Note 3 for details on the fair value measurement). Upon the FDA's approval of NURTEC ODT the Company remeasured the derivative using the inputs noted above. In the first quarter of 2020, the Company partially settled the derivative liability associated with this approval of $42,821, which modified the timing of the payment obligation related to the redeemable preferred share liability. During the second quarter of 2020, the Company recorded a $650 gain in other income in its condensed consolidated statement of operations.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Warrants	Warrants Guarantor and Co-Guarantor Warrants On August 30, 2016, the Company entered into a one-year credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Wells Fargo”) providing for a term loan in the principal amount of $5,000 (the “Loan”) and borrowed the full $5,000 available under the Credit Agreement. The Credit Agreement was fully satisfied with a principal repayment to Wells Fargo of $5,000 on August 31, 2017. In connection with entering into the Credit Agreement, the Company issued warrants to purchase common shares to two of the Company’s directors in connection with a guarantee of its obligations under the agreement. The Company previously classified the warrants as a liability on its condensed consolidated balance sheet because each warrant represented a freestanding financial instrument that was not indexed to the Company’s own shares. The warrant liability was initially recorded at fair value upon entering into the credit agreement and was subsequently remeasured to fair value at each reporting date. On January 26, 2018, the anti-dilution price protection provisions contained within the warrants issued to each of the guarantor and co-guarantor of the Credit Agreement expired. Changes in the fair value of the warrant liability, until expiration of the anti-dilution price protection provisions, were recognized as a component of other income (expense), net, in the Company’s condensed consolidated statement of operations and comprehensive loss. Upon expiration of the provision, the Company discontinued classification of these warrants as a liability, and has accordingly reclassified the fair value of $5,203 to additional paid-in capital within shareholders’ equity. Both warrants, each to purchase 107,500 common shares at an exercise price of $9.2911 per share, were exercised in March 2019, resulting in proceeds to the Company of $1,998. The common shares settled in the second quarter of 2019. Fox Chase Chemical Diversity Center Inc. In May 2019, the Company entered into an agreement with Fox Chase Chemical Diversity Center Inc. ("FCCDC") for FCCDC's TDP-43 assets (the "FCCDC Agreement"). The FCCDC Agreement provides the Company with a plan and goal to identify one or more new chemical entity candidates for preclinical development for eventual clinical evaluation for the treatment of one or more TDP-43 proteinopathies. As consideration, Biohaven issued 100,000 of its common shares to FCCDC valued at $5,646. As of the end of the second quarter of 2019, the payment was recorded in accounts payable and research and development expense as the shares had not settled during the quarter. Upon settlement of the shares in July 2019, the Company transferred the value of the common shares issued to FCCDC from accounts payable to common stock. In addition to the common shares issued to FCCDC, Biohaven is obligated to pay FCCDC milestone payments totaling up to $4,500 with $1,000 for each additional NDA filing (See Note 14). The Company also issued a warrant to FCCDC, granting FCCDC the option to purchase up to 100,000 Biohaven common shares, at a strike price of $56.46 per share, subject to vesting upon achievement of certain milestones in development of TD-43. The warrant has accelerated vesting in the event of a change of control of Biohaven.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders' Equity Changes in shareholders’ equity for the three and six months ended June 30, 2020 were as follows: Common Shares Shares Amount Additional Paid-in Capital Accumulated Deficit Total Shareholders' Equity (Deficit) Balance as of December 31, 2019 52,385,283 $ 881,426 $ 83,523 $ (972,373) $ (7,424) Issuance of common shares, net of offering costs 5,555,554 282,833 — — 282,833 Issuance of common shares under equity incentive plan 447,111 10,880 (8,273) — 2,607 Non-cash share-based compensation expense — — 16,879 — 16,879 Net loss — — — (172,937) (172,937) Balance as of March 31, 2020 58,387,948 $ 1,175,139 $ 92,129 $ (1,145,310) $ 121,958 Issuance of common shares under equity incentive plan 1,137,617 23,866 (12,118) — 11,748 Non-cash share-based compensation expense — — 11,762 — 11,762 Net loss — — — (180,934) (180,934) Balance as of June 30, 2020 59,525,565 $ 1,199,005 $ 91,773 $ (1,326,244) $ (35,466) Changes in shareholders’ equity for the three and six months ended June 30, 2019 were as follows: Common Shares Shares Amount Additional Paid-in Capital Accumulated Deficit Total Shareholders' Equity (Deficit) Balance as of December 31, 2018 44,197,549 $ 554,384 $ 40,104 $ (443,568) $ 150,920 Issuance of common shares under equity incentive plan 85,445 1,961 (896) — 1,065 Non-cash share-based compensation expense — — 7,330 — 7,330 Net loss — — — (62,304) (62,304) Balance as of March 31, 2019 44,282,994 $ 556,345 $ 46,538 $ (505,872) $ 97,011 Issuance of common shares, net of offering costs 6,976,745 281,100 — — 281,100 Exercise of related party warrants 215,000 7,201 (5,203) — 1,998 Exercise of stock options 26,875 320 (172) — 148 Non-cash share-based compensation expense — — 17,554 — 17,554 Net loss — — — (211,070) (211,070) Balance as of June 30, 2019 51,501,614 $ 844,966 $ 58,717 $ (716,942) $ 186,741 Issuance of Common Shares for the January 2020 Offering In January 2020, the Company issued and sold 4,830,917 common shares at a public offering price of $51.75 per share for net proceeds of approximately $245,877 after deducting underwriting discounts and commissions of approximately $3,623 and other offering expenses of approximately $500. In addition, in February 2020, the underwriter of the January follow-on offering exercised its option to purchase additional shares, and the Company issued and sold 724,637 common shares for net proceeds of approximately $36,956 after deducting underwriting discounts and commissions of approximately $543. Thus, the aggregate net proceeds to the Company from the follow-on offering, after deducting underwriting discounts and commissions and other offering costs, were approximately $282,833. Exercise of Related Party Warrants In connection with a guarantee of its obligations under the Credit Agreement, the Company issued warrants, each to purchase 107,500 common shares at an exercise price of $9.2911 per share, to two of its directors. Both warrants were exercised in March 2019, and common shares settled in the second quarter of 2019 (See Note 10).

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Non-Cash Share-Based Compensation Expense Non-cash share-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period of the award (generally three Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development expenses $ 6,426 $ 10,330 $ 12,677 $ 14,030 Selling, general and administrative expenses 5,336 7,224 15,964 10,854 $ 11,762 $ 17,554 $ 28,641 $ 24,884 Stock Options All stock option grants are awarded at fair value on the date of grant. The fair value of stock options is estimated using the Black-Scholes option pricing model and stock-based compensation is recognized on a straight-line basis over the requisite service period. Stock options granted generally become exercisable over a three-year or four-year period from the grant date. Stock options generally expire 10 years after the grant date. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company's common shares for those stock options that had exercise prices lower than the fair value of the Company's common shares at June 30, 2020. As of June 30, 2020, unrecognized compensation expense related to unvested stock options totaled $73,546, which the Company expects to be recognized over a weighted-average period of 2.15 years. The Company expects approximately 3,638,001 of the unvested stock options to vest over the requisite service period. The following table is a summary of the Company's stock option activity for the six months ended June 30, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 9,423,015 $24.58 Granted 262,838 $51.79 Exercised (1,518,142) $10.81 Forfeited (47,063) $37.46 Outstanding at June 30, 2020 8,120,648 $27.96 7.49 $ 366,753 Options exercisable at June 30, 2020 4,482,647 $19.46 6.63 $ 240,550 Vested at June 30, 2020 and expected to vest in the future 8,120,648 $27.96 7.49 $ 366,753 Restricted Share Units The Company’s RSUs are considered nonvested share awards and require no payment from the employee. For each RSU, employees receive one common share at the end of the vesting period. The employee can elect to receive the one common share net of taxes or pay for taxes separately and receive the entire share. Compensation cost is recorded based on the market price of the Company’s common stock on the grant date and is recognized on a straight-line basis over the requisite service period. As of June 30, 2020, there was $22,084 of total unrecognized compensation cost related to Company RSUs that are expected to vest. These costs are expected to be recognized over a weighted-average period of 2.51 years. The total fair value of RSUs vested during six months ended June 30, 2020 was $4,830. The following table is a summary of the RSU activity for the six months ended June 30, 2020: Number Weighted Average Grant Date Fair Value Unvested outstanding as of December 31, 2019 88,950 $57.40 Granted 482,975 $54.89 Forfeited (7,619) $54.14 Vested (86,508) $55.82 Unvested outstanding as of June 30, 2020 477,798 $55.20 Employee Share Purchase Plan In April 2020, the Company’s board of directors approved the rules and procedures of the ESPP approved by shareholders of the Company on May 3, 2017. The ESPP allows each eligible employee who is participating in the plan to purchase shares by authorizing payroll deductions of up to 15% of eligible earnings. Unless the participating employee has previously withdrawn from the offering, accumulated payroll deductions will be used to purchase shares on the last business day of the offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. Under applicable tax rules, an employee may purchase no more than $25,000 worth of ordinary shares, valued at the start of the purchase period, under the ESPP in any calendar year. There is no minimum holding period associated with shares purchased pursuant to this plan. An employee’s purchase rights terminate immediately upon termination of employment. The Company accounts for employee stock purchases made under its ESPP using the estimate grant date fair value of accounting in accordance with ASC 718, Stock Compensation. The purchase price discount and the look-back feature cause the ESPP to be compensatory and the Company to recognize compensation expense. The compensation cost is recognized on a straight-line basis over the requisite service period. The Company recognized $733 of compensation expense for the three and six months ended June 30, 2020. The Company values ESPP shares using the Black-Scholes model. As of June 30, 2020, there was $1,453 of unrecognized share compensation expense related to the ESPP, which is expected to be recognized over the remaining offer period ending November 30, 2020. There were no shares issued under the ESPP during the three and six months ended June 30, 2020.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per share attributable to common shareholders of Biohaven Pharmaceutical Holding Company Ltd. was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss $ (180,934) $ (211,070) $ (353,871) $ (273,374) Denominator: Weighted average common shares outstanding—basic and diluted 58,742,329 45,226,434 57,577,384 44,736,971 Net loss per share attributable to common shareholders of Biohaven Pharmaceutical Holding Company Ltd.—basic and diluted $ (3.08) $ (4.67) $ (6.15) $ (6.11) The Company’s potential dilutive securities, which include stock options, restricted share units, and warrants to purchase common shares, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders of the Company is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: As of June 30, 2020 2020 2019 Options to purchase common shares 8,120,648 6,019,570 Warrants to purchase common shares 106,751 221,751 Restricted share units 477,798 — 8,705,197 6,241,321

License and Other Agreements

License and Other Agreements	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
License and Other Agreements	License and Other Agreements Yale University In September 2013, the Company entered into an exclusive license agreement with Yale University (the "Yale Agreement") to obtain a license to certain patent rights for the commercial development, manufacture, distribution, use and sale of products and processes resulting from the development of those patent rights, related to the use of riluzole in treating various neurological conditions, such as general anxiety disorder, post-traumatic stress disorder and depression. As part of the consideration for this license, the Company issued Yale 250,000 common shares and granted Yale the right to purchase up to 10% of the securities issued in specified future equity offerings by the Company, in addition to the obligation to issue shares to prevent anti-dilution. The obligation to contingently issue equity to Yale was no longer outstanding as of December 31, 2018. The Yale Agreement was amended and restated in May 2019. As amended, the Company agreed to pay Yale up to $2,000 upon the achievement of specified regulatory milestones and annual royalty payments of a low single-digit percentage based on net sales of riluzole-based products from the licensed patents or from products based on troriluzole. Under the amended and restated agreement, the royalty rates are reduced as compared to the original agreement. In addition, under the amended and restated agreement, the Company may develop products based on riluzole or troriluzole. The amended and restated agreement retains a minimum annual royalty of up to $1,000 per year, beginning after the first sale of product under the agreement. If the Company grants any sublicense rights under the Yale Agreement, it must pay Yale a low single-digit percentage of sublicense income that it receives. To date, no milestone or royalty payments have been made under this agreement. The Yale Agreement, as amended and restated, requires the Company to meet certain due diligence requirements based upon specified milestones relating to riluzole or troriluzole based products. The Company can elect to extend the deadline for its compliance with the due diligence requirements by a maximum of one year upon the payment to Yale of up to $150. The Company is also required to reimburse Yale for any fees that Yale incurs related to the filing, prosecution, defending and maintenance of patent rights licensed under the Yale Agreement. In the event that the Company fails to make any payments, commits a material breach, fails to maintain adequate insurance or challenges the patent rights of Yale, Yale can terminate the Yale Agreement. The Company can terminate the Yale Agreement (i) upon 90 days' notice to Yale, (ii) if Yale commits a material breach of the Yale Agreement or (iii) as to a specific country if there are no valid patent rights in such country. The Yale Agreement expires on a country-by-country basis upon the later of the date on which the last patent rights expire in such country or ten years from the date of the first sale of a product incorporating the licensed patents or the Company’s patents relating to troriluzole. For the six months ended June 30, 2020 and 2019, the Company did not record any expense or make any milestone or royalty payments under the Yale agreement. ALS Biopharma Agreement In August 2015, the Company entered into an agreement (the "ALS Biopharma Agreement") with ALS Biopharma and FCCDC, pursuant to which ALS Biopharma and FCCDC assigned the Company their worldwide patent rights to a family of over 300 prodrugs of glutamate modulating agents, including troriluzole, as well as other innovative technologies. Under the ALS Biopharma Agreement, the Company is obligated to use commercially reasonable efforts to commercialize and develop markets for the patent products. The Company is obligated to pay $3,000 upon the achievement of specified regulatory milestones with respect to the first licensed product and $1,000 upon the achievement of specified regulatory milestones with respect to subsequently developed products, as well as royalty payments of a low single-digit percentage based on net sales of products licensed under the agreement, payable on a quarterly basis. To date, no milestone or royalty payments have been made under this agreement. In connection with the ALS Biopharma Agreement, the Company also issued to ALS Biopharma (i) 50,000 common shares; (ii) an immediately exercisable warrant to purchase 275,000 common shares at an exercise price of $5.60 per share; and (iii) a warrant to purchase 325,000 common shares at an exercise price of $5.60 per share, which warrant became exercisable upon the Company's achievement of a specified regulatory milestone in May 2016. The ALS Biopharma Agreement terminates on a country-by-country basis as the last patent rights expire in each such country. If the Company abandons its development, research, licensing or sale of all products covered by one or more claims of any patent or patent application assigned under the ALS Biopharma Agreement, or if the Company ceases operations, it has agreed to reassign the applicable patent rights back to ALS Biopharma. For the six months ended June 30, 2020 and 2019, the Company did not record any expense or make any milestone or royalty payments under the ALS Biopharma Agreement. Catalent Agreements for Rimegepant In January 2018, the Company entered into an exclusive world-wide license and development agreement with Catalent U.K. Swindon Zydis Limited, a subsidiary of Catalent, Inc. ("Catalent") pursuant to which the Company obtained certain license rights to the Zydis ODT technology for use with NURTEC ODT. Since NURTEC ODT utilizes the Zydis ODT technology, the agreement permits the Company to purchase the commercial product from Catalent at a fixed price, inclusive of a royalty. Under the agreement, Catalent will not develop or manufacture a formulation of any oral CGRP compound using Zydis ODT technology for itself or a third party until 2031, subject to certain minimum commercial revenues. Under this agreement, the Company is responsible for conducting clinical trials and preparing and filing regulatory submissions. The Company has the right to sublicense its rights under the agreement subject to Catalent’s prior written consent. Catalent has the right to enforce the patents covering the Zydis technology and to defend any allegation that a formulation using Zydis technology, such as NURTEC ODT, infringes a third party’s patent. This agreement terminates on a country-by-country basis upon the later of (i) 10 years after the launch of the most recently launched product in such country and (ii) the expiration of the last valid claim covering each product in such country, unless earlier voluntarily terminated by the Company or by Catalent. This agreement automatically extends for one-year terms unless either party gives advance notice of intent to terminate. In addition, Catalent may terminate the agreement either in its entirety or terminate the exclusive nature of the agreement on a country-by-country basis if, among other things, the Company fails to meet specified development timelines, which the Company may extend in certain circumstances. In connection with the agreement with Catalent, upon FDA approval of NURTEC ODT on February 27, 2020, the Company became obligated to pay Catalent up to $1,500 upon the achievement of specified regulatory and commercial milestones. The Company recorded the $1,500 in milestone payments as an intangible asset in its condensed consolidated balance sheets in the first quarter of 2020, and will amortize the expense to cost of goods sold on its condensed consolidated statement of operations and comprehensive loss over the patent life. The Company paid $750 of the $1,500 in milestone payments to Catalent in the first quarter of 2020 and paid the remaining $750 in milestone payments in the second quarter of 2020. Rutgers Agreement In June 2016, the Company entered into an exclusive license agreement (the "Rutgers Agreement") with Rutgers, The State University of New Jersey ("Rutgers"), licensing several patents and patent applications related to the use of riluzole to treat various cancers. Under the Rutgers Agreement, the Company is required to pay Rutgers annual license maintenance fees until the first commercial sale of a licensed product, at which point the Company will pay Rutgers minimum annual royalties. The Company is also obligated to pay Rutgers up to $825 in the aggregate upon the achievement of specified clinical and regulatory milestones. The Company agreed to pay Rutgers royalties of a low single-digit percentage of net sales of licensed products sold by the Company, its affiliates or its sublicensees, subject to a minimum amount of up to $100 per year. If the Company grants any sublicense rights under the Rutgers Agreement, the Company must pay Rutgers a low double-digit percentage of sublicense income it receives. Under the Rutgers Agreement, in the event that the Company experiences a change of control or sale of substantially all of its assets prior to the initiation of a Phase 3 clinical trial related to products licensed under the agreement, and such change of control or sale results in a full liquidation of the Company, the Company will be obligated to pay Rutgers a change-of-control fee equal to 0.30% of the total value of the transaction, but not less than $100. The Company determined that the change-of-control payment should be accounted for as a liability. The fair value of the obligation for all periods presented was $0 based on the Company's assessment that the probability of a change-in-control event occurring prior to the initiation of a Phase 3 clinical trial related to products licensed under the agreement was remote. The Rutgers Agreement also requires the Company to meet certain due diligence requirements based upon specified milestones. The Company can elect to extend the deadline for its compliance with the due diligence requirements by a maximum of one year upon payments to Rutgers of up to $500 in the aggregate. Under the Rutgers Agreement, the Company is required to reimburse Rutgers for any fees that Rutgers incurs related to the filing, prosecution, defending, and maintenance of patent rights licensed under the agreement. The Rutgers Agreement expires upon expiration of the patent rights under the agreement or ten years from the date of first commercial sale of a licensed product, whichever is later, unless terminated by either party. For the six months ended June 30, 2020 and 2019, the Company did not record any expense or make any milestone or royalty payments under the Rutgers Agreement. BMS Agreement In July 2016, the Company entered into an exclusive, worldwide license agreement with BMS (the "BMS Agreement") for the development and commercialization rights to rimegepant and zavegepant, as well as other CGRP-related intellectual property. In exchange for these rights, the Company agreed to pay BMS initial payments, milestone payments and royalties on net sales of licensed products under the agreement. The Company is obligated to make milestone payments to BMS upon the achievement of specified development and commercialization milestones. The development milestone payments due under the agreement depend on the licensed product being developed. With respect to rimegepant, the Company is obligated to pay up to $127,500 in the aggregate upon the achievement of the development milestones. For any product other than rimegepant, the Company is obligated to pay up to $74,500 in the aggregate upon the achievement of the development milestones. In addition, the Company is obligated to pay up to $150,000 for each licensed product upon the achievement of commercial milestones. If the Company receives revenue from sublicensing any of its rights under the agreement, it is also obligated to pay a portion of that revenue to BMS. The Company is also obligated to make tiered royalty payments to BMS based on annual worldwide net sales, with percentages in the low to mid-teens. Under the BMS Agreement, the Company is obligated to use commercially reasonable efforts to develop licensed products and to commercialize at least one licensed product using the patent rights licensed from BMS and is solely responsible for all development, regulatory and commercial activities and costs. The Company is also required to reimburse BMS for any fees that BMS incurs related to the filing, prosecution, defending, and maintenance of patent rights licensed under the BMS Agreement. Under the BMS Agreement, BMS transferred to the Company manufactured licensed products, including certain materials that will be used by the Company to conduct clinical trials. The BMS Agreement will terminate on a licensed product-by-licensed product and country-by-country basis upon the expiration of the royalty term with respect to each licensed product in each country. BMS has the right to terminate the agreement upon the Company's insolvency or bankruptcy, the Company's uncured material breach of the agreement, including the failure to meet its development and commercialization obligations, or if the Company challenges any of BMS's patent rights. The Company has the right to terminate the BMS Agreement if BMS materially breaches the agreement or if, after the Company provides notice, it chooses not to move forward with development and commercialization in a specific country. In March 2018, the Company entered into an Amendment to License Agreement with BMS (the “BMS Amendment”), which amends the License Agreement between the Company and BMS from July 2016 (the “Original License Agreement” and, as amended by the BMS Amendment, the “BMS License Agreement”). Under the BMS Amendment, the Company paid BMS an upfront payment of $50,000 in return for a low single-digit reduction in the royalties payable on net sales of rimegepant and a mid single-digit reduction in the royalties payable on net sales of zavegepant, recorded in Research and Development expense in the Consolidated Statements of Operations and Comprehensive Loss. Under the Original License Agreement, the Company was obligated to make tiered royalty payments based on annual worldwide net sales of licensed products upon their approval and commercialization, with percentages in the low- to mid-teens. The BMS Amendment also removes BMS’s right of first negotiation to regain its intellectual property rights or enter into a license agreement with the Company following the Company’s receipt of topline data from its Phase 3 clinical trials with rimegepant, and clarifies that antibodies targeting CGRP are not prohibited as competitive compounds under the non-competition clause of the Original License Agreement. The BMS License Agreement continues to provide the Company with exclusive global development and commercialization rights to rimegepant, zavegepant and related CGRP molecules, as well as related know-how and intellectual property. The Company’s obligations to make development and commercial milestone payments to BMS under the Original License Agreement remain unchanged. In connection with the BMS Agreement, upon FDA approval of NURTEC ODT on February 27, 2020, the Company became obligated to pay BMS $40,000 in milestone payments. The Company recorded the $40,000 in milestone payments as an intangible asset on its condensed consolidated balance sheets in the first quarter of 2020, and will amortize the expense to cost of goods sold on its condensed consolidated statement of operations and comprehensive loss over the patent life. The Company paid $20,000 of the $40,000 in milestone payments to BMS in the first quarter of 2020, and expects to pay the remaining $20,000 in milestone payments in the third quarter of 2020. In connection with the BMS Agreement, the Company is required to pay $2,000 to BMS on commencement of a Phase 1 clinical trial, $4,000 on commencement of a Phase 2 clinical trial, and $6,000 on commencement of a Phase 3 clinical trial, the occurrence of which the Company believes is probable, for certain milestones relating to the development of zavegepant. Accordingly, the Company recognized these liabilities in accrued expenses within the condensed consolidated balance sheets in the fourth quarter of 2018, first quarter of 2019, and fourth quarter of 2019, respectively. Per the BMS Agreement, the $2,000 and $4,000 payment obligations under the agreement were deferred until the earlier of FDA approval of rimegepant or the discontinuation of the rimegepant development program. Upon FDA approval of NURTEC ODT on February 27, 2020, the Company became obligated to pay BMS the $2,000 and $4,000 milestone payments for the commencement of the Phase 1 and Phase 2 clinical trials of zavegepant, respectively, and made the milestone payments in the second quarter of 2020. The Company expects to pay the $6,000 milestone payment following the commencement of the Phase 3 clinical trial of zavegepant. For the six months ended June 30, 2020 and 2019, the Company recorded $975 and $0, respectively, in royalty expense in cost of goods sold on the condensed consolidated statements of operations and comprehensive loss under the BMS agreement. 2016 AstraZeneca Agreement In October 2016, the Company entered into an exclusive license agreement (the "2016 AstraZeneca Agreement") with AstraZeneca, pursuant to which AstraZeneca granted the Company a license to certain patent rights for the commercial development, manufacture, distribution and use of any products or processes resulting from development of those patent rights, including BHV-5000 and BHV-5500. In exchange for these rights, the Company agreed to pay AstraZeneca an upfront payment, milestone payments and royalties on net sales of licensed products under the agreement. The regulatory milestones due under the agreement depend on the indication of the licensed product being developed as well as the territory where regulatory approval is obtained. Development milestones due under the agreement with respect to Rett syndrome total up to $30,000, and, for any indication other than Rett syndrome, total up to $60,000. Commercial milestones are based on net sales of all products licensed under the agreement and total up to $120,000. The Company has also agreed to pay tiered royalties based on net sales of all products licensed under the agreement of mid-single-digit to low double-digit percentages. If the Company receives revenue from sublicensing any of its rights under the 2016 AstraZeneca Agreement, the Company is also obligated to pay a portion of that revenue to AstraZeneca. To date, no payments have been made related to these milestones or royalties. The Company is also required to reimburse AstraZeneca for any fees that AstraZeneca incurs related to the filing, prosecution, defending, and maintenance of patent rights licensed under the 2016 AstraZeneca Agreement. The 2016 AstraZeneca Agreement expires upon the expiration of the patent rights under the agreement, unless earlier terminated by either party, or on a country-by-country basis ten years after the first commercial sale. As part of the consideration under the 2016 AstraZeneca Agreement, the Company agreed to issue to AstraZeneca common shares in the amount of $10,000 if the Company completed a qualifying equity financing resulting in proceeds of at least $30,000 prior to December 29, 2016. Under the terms of the 2016 AstraZeneca Agreement, if the qualifying financing transaction involved the issuance of preferred shares, AstraZeneca would be entitled to receive preferred shares instead of common shares, at its option. The number of shares issued would be determined based on the price per share paid by investors in the qualifying financing transaction. Upon the occurrence of the qualifying financing transaction, 50% of the shares would be issuable upon the closing of the transaction (the "First Tranche") and the other 50% would become issuable upon the earlier of (i) the initiation of a Phase 2b or equivalent clinical trial of a product candidate based on the licensed patent rights or (ii) any liquidity event, including an IPO of the Company, any change of control of the Company or any assignment of the Company's rights and obligations under the 2016 AstraZeneca Agreement (the "Second Tranche"). The number of shares issuable to AstraZeneca in each of the First Tranche and the Second Tranche is determined by dividing $5,000 by the price per share paid by investors in the Company's first Series A closing, or $9.2911. In addition, AstraZeneca had the right to purchase up to 8%, on a fully diluted basis, of shares issued in such qualifying financing transaction, on the same terms and rights as all other investors involved in the financing. In October 2016, upon completion of the Series A First Closing, the contingency associated with the First Tranche of contingently issuable equity related to the occurrence of a qualified financing was satisfied. As a result, the Company issued to AstraZeneca 538,150 Series A preferred shares with an aggregate fair value of $5,000, or $9.2911 per share. Upon issuance of the 538,150 Series A preferred shares to AstraZeneca, the Company reclassified the contingent equity liability associated with the First Tranche of $5,000 to the carrying value of Series A preferred shares. The Company determined that the fair value of the contingent equity liability associated with the Second Tranche at each reporting date since the date of issuance, recognizing changes in the fair value of the contingent equity liability as a component of other income (expense), net in the condensed consolidated statement of operations and comprehensive loss. Changes in the fair value of the contingent equity liability continued to be recognized until the occurrence of a triggering event, which occurred in May 2017 with the completion of the IPO. In May 2017, in connection with the completion of its IPO, the Company issued 538,150 common shares to AstraZeneca in satisfaction of its obligation to contingently issue the Second Tranche of equity securities pursuant to the license agreement and remeasured the contingent equity liability to fair value. The Company recognized expense of $4,273 during the year ended December 31, 2017 as a result of changes to the fair value of the contingent equity liability prior to its extinguishment in May 2017. For the six months ended June 30, 2020 and 2019, the Company did not record any expense or make any milestone or royalty payments under the 2016 AstraZeneca Agreement. Revenue Participation Rights In June 2018, pursuant to the 2018 RPI Funding Agreement entered into by the Company and RPI (Note 8), the Company granted to RPI the right to receive certain revenue participation payments, subject to certain reductions, based on the future global net sales of the Products, for each calendar quarter during the royalty term contemplated by the 2018 RPI Funding Agreement, in exchange for $100,000 in cash. Specifically, the participation rate commences at 2.1 percent on annual global net sales of up to and equal to $1,500,000, declining to 1.5 percent on annual global net sales exceeding $1,500,000. In connection with the 2018 RPI Funding Agreement, the Company recorded $19,995 and $11,972 in non-cash interest expense on its liability related to sale of future royalties for the six months ended June 30, 2020 and 2019, respectively. The Company did not make any royalty payments under the 2018 RPI Funding Agreement during the six months ended June 30, 2020 and 2019. In August 2020, pursuant to the 2020 RPI Funding Agreement, the Company sold sales-based participation rights on global net sales of products containing zavegepant and NURTEC ODT to RPI 2019 IFT for aggregate funding of $250,000, payable in two tranches. For further detail on the transaction see Note 17, "Subsequent Events." 2018 License Agreement with AstraZeneca In September 2018, the Company entered into the 2018 AstraZeneca Agreement. Under the 2018 AstraZeneca Agreement, the Company paid AstraZeneca an upfront cash payment of $3,000 and 109,523 shares valued at $4,080 on the date of settlement, both of which were included in research and development expense, and is obligated to pay milestone payments to AstraZeneca totaling up to $55,000 upon the achievement of specified regulatory and commercial milestones and up to $50,000 upon the achievement of specified sales-based milestones. In addition, we will pay AstraZeneca tiered royalties ranging from high single-digit to low double-digits based on net sales of specified approved products, subject to specified reductions. AstraZeneca granted Biohaven exclusive worldwide rights to develop and commercialize AZD3241, an oral myeloperoxidase (“MPO”) inhibitor that AstraZeneca progressed through Phase 2 clinical trials. We plan to conduct a Phase 3 clinical trial of this product candidate, which will now be referred to as verdiperstat, for the treatment of multiple system atrophy (“MSA”), a rare, rapidly progressive and fatal neurodegenerative disease with no cure or effective treatments. The Company is now solely responsible, and has agreed to use commercially reasonable efforts, for all development, regulatory and commercial activities related to verdiperstat. The Company may sublicense its rights under the Agreement and, if it does so, will be obligated to pay a portion of any milestone payments received from the sublicense to AstraZeneca in addition to any milestone payments it would otherwise be obligated to pay. The Company is also now responsible for the prosecution and maintenance of the patents related to verdiperstat and has the first right to prosecute infringement of the patents and defend challenges to the validity or enforceability of the patents. The Agreement terminates on a country-by-country basis and product-by-product basis upon the expiration of the royalty term for such product in such country. Each royalty term begins on the date of the first commercial sale of the licensed product in the applicable country and ends on the later of 10 years from such first commercial sale or the expiration of the last to expire of the applicable patents in that country. The Agreement may be terminated earlier in specified situations, including termination for uncured material breach of the Agreement by either party, termination by AstraZeneca in specified circumstances, termination by us on a country-by-country basis with advance notice and termination upon a party’s insolvency or bankruptcy. For the six months ended June 30, 2020 and 2019, the Company did not record any expense or make any milestone or royalty payments under the 2018 AstraZeneca Agreement. Fox Chase Chemical Diversity Center Inc. Agreement In May 2019, Biohaven entered into the FCCDC Agreement in which the Company purchased certain intellectual property relating to the TDP-43 protein from FCCDC. The FCCDC Agreement provides the Company with a plan and goal to identify one or more new chemical entity candidates for preclinical development for eventual clinical evaluation for the treatment of one or more TDP-43 proteinopathies. As consideration, Biohaven issued 100,000 of its common shares to FCCDC valued at $5,646. As of the end of the second quarter of 2019, the payment was recorded in accounts payable and research and development expense as the shares had not settled during the quarter. Upon settlement of the shares in July 2019, the Company transferred the value of the common shares issued to FCCDC from accounts payable to common stock. In addition, Biohaven is obligated to pay FCCDC milestone payments totaling up to $4,500 with $1,000 for each additional NDA filing. The Company also issued a warrant to FCCDC, granting FCCDC the option to purchase up to 100,000 Biohaven common shares, at a strike price of $56.46 per share, subject to vesting upon achievement of certain milestones in development of TD-43 (see Note 10). In connection with the FCCDC Agreement, Biohaven and FCCDC have established a TDP-43 Research Plan that provides for certain milestones to be achieved by FCCDC, and milestone payments to be made by the Company up to $1,500 over a period of up to 30 months as success fees for research activities by FCCDC. In addition to the milestone payments, the Company will pay FCCDC an earned royalty equal to zero to ten percent of net sales of any TD-43 patent products with a valid claim as defined in the FCCDC Agreement. The Company may also license the rights developed under the FCCDC Agreement and, if it does so, will be obligated to pay a portion of any payments received from such licensee to FCCDC in addition to any milestones payments it would otherwise be obligated to pay. The Company is also responsible for the prosecution and maintenance of the patents related to the TDP-43 assets. The FCCDC Agreement can be terminated on a country-by-country basis and product-by-product basis upon expiration of the royalty term for such product in such country. Each royalty term begins on the date of the first commercial sale of the licensed product in the applicable country and ends on the expiration of the last to expire of the applicable patents in that country. The FCCDC Agreement may be terminated earlier in specified situations, including termination for uncured material breach of the FCCDC Agreement by either party, termination by FCCDC in specified circumstances, termination by the Company on a country-by-country basis with advance notice and termination upon a party's insolvency or bankruptcy.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Summarized below are the matters previously described in Note 16 of the Notes to the Consolidated Financial Statements in the Company's Form 10-K for the year ended December 31, 2019, updated as applicable. Lease Agreements During the second quarter of 2020, the Company took occupancy of the premises associated with its Yardley office lease, which was determined to be an operating lease, and took delivery of a portion of its commercial fleet leases, which were determined to be finance leases. The Company had no active leases prior to the second quarter of 2020 other than the short-term lease of the temporary office space. The short-term lease of the temporary space terminated when the Company took occupancy of the premises. See "Real Estate Lease" below for additional details for the office lease. See "Commercial Fleet Leases" below for additional details for the commercial fleet leases. The following table summarizes our lease assets and liabilities as of June 30, 2020: Balance Sheet Location Financing Operating Right-of-use asset Other assets $ 2,060 $ 6,419 Lease liabilities (current) Accrued expenses and other current liabilities $ 697 $ 480 Lease liabilities (noncurrent) Other long-term liabilities $ 1,364 $ 3,234 The following table summarizes our lease related costs for the three and six months ended June 30, 2020: Statement of Operations and Comprehensive Loss Location Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets Selling, general and administrative expense $ 32 $ — $ 32 $ — Interest on lease liabilities Interest expense 5 — 5 — Operating lease cost Selling, general and administrative expense 144 — 144 — Short-term lease cost Selling, general and administrative expense 21 — 64 — Variable lease cost Selling, general and administrative expense 27 — 32 — Total lease cost $ 229 $ — $ 277 $ — The following table summarizes supplemental cash flow information for the six months ended June 30, 2020: Six Months Ended June 30, 2020 Other information Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 37 Right-of-use assets obtained in exchange for new finance lease liabilities $ 2,093 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 3,674 (1) This figure excludes $2,850 of opening adjustments to the right-of-use operating asset due to leasehold improvements originally classified in other assets and transferred to the right-of-use operating asset at lease commencement. The Company had no operating cash outflows from finance and operating leases during the six months ended June 30, 2020. The following table summarize maturities of lease liabilities as of June 30, 2020: Year Financing Operating Total 2020 (remaining six months) $ 410 $ 144 $ 554 2021 752 675 1,427 2022 748 689 1,437 2023 310 703 1,013 2024 — 717 717 Thereafter $ — $ 2,046 $ 2,046 The following table is the reconciliation of lease liabilities as of June 30, 2020: Financing Operating Total Total undiscounted lease liability 2,220 4,974 7,194 Imputed interest 159 1,260 1,419 Total discounted lease liability 2,061 3,714 5,775 Weighted-average remaining lease term (years) 2.92 7.25 5.70 Weighted-average discount rate 5.55 % 8.05 % 7.28 % Real Estate Lease In August 2019, the Company entered into a lease agreement for office space in Yardley, Pennsylvania to support expansion of the Company's commercial operations in anticipation of the NURTEC ODT commercial launch. The lease was originally expected to commence in the first quarter of 2020 but, due to complications from the COVID-19 pandemic, the lease commenced in the second quarter of 2020. It has a term of 88 months, with the ability to extend to 148 months. The Company continuously reassesses its strategic objectives and resulting capital deployment strategy. Therefore, at lease commencement the Company determined that the extension was not reasonably certain and did not include the extension in the lease term when calculating the right-of-use asset and lease liability. The Company has restricted cash of $1,000, as of June 30, 2020 and December 31, 2019, included in other assets in the condensed consolidated balance sheets, which represents collateral held by a bank for a letter of credit issued in connection with the lease. The restricted cash is deposited in a non-interest bearing account. The lessor provided the Company a temporary space to occupy while leasehold improvements were completed prior to the lease commencement. With the exception of the first month's rent payment made on execution of the lease, the Company is not required to pay rent until five months after lease commencement. The Company determined there were two units of account for the lease, one for use of the temporary space, with a duration from the lease execution date to the lease commencement date and another for the use of the premises, with a duration from the lease commencement date to the lease termination date. The two units of account are being treated as two separate operating leases. Since the Company expected to occupy the temporary space for less than 12 months, the Company did not record a right-of-use asset and lease liability on its balance sheet for the temporary space. The Company recognized $21 and $64 in rent expense for the temporary space for the three and six months ended June 30, 2020, respectively. Since there were no cash payments for use of the temporary space, the rent expense recognized for the use of the temporary space is being treated as deferred rent liability in other long-term liabilities in the Company's condensed consolidated balance sheet. As the Company makes lease payments on the premises, a portion of the payment will be used to reduce the deferred rent liability. During the second quarter of 2020, the Company began occupying the premises after the landlord substantially completed all agreed upon improvements to the office space. The Company determined the lease to be an operating lease and used an estimate of its incremental borrowing rate at lease commencement to discount the future lease commitments. Commercial Fleet Leases During the second quarter of 2020, the Company took delivery of a portion of its commercial car fleet. The remainder, and majority, of these vehicles will become available for use during the second half of 2020. Each commercial fleet lease has a term of 36 months, and the wholesale value of the vehicle at lease termination is guaranteed by the Company. In addition, the Company can terminate the vehicle leases at anytime without a significant penalty. For the discount rate, the Company used its incremental borrowing rate, which it believes approximates the rate implicit in the commercial fleet leases. Research Commitments The Company has entered into agreements with several contract research organizations to provide services in connection with its preclinical studies and clinical trials. The Company commits to minimum payments under these arrangements. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with certain executive officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. The Company’s amended and restated memorandum and articles of association also provide for indemnification of directors and officers in specified circumstances. To date, the Company has not incurred any material costs as a result of such indemnification provisions. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2020 or December 31, 2019. Legal Proceedings From time to time, in the ordinary course of business, the Company is subject to litigation and regulatory examinations as well as information gathering requests, inquiries and investigations. As of June 30, 2020, there were no matters which would have a material impact on the Company’s financial results.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Guarantor and Co-Guarantor Warrants The guarantor and co-guarantor of the Credit Agreement with Wells Fargo are each shareholders and members of the board of directors of the Company. The Company issued warrants to the guarantor and co-guarantor in exchange for their respective guarantees (see Note 10 and 11). On January 26, 2017, each of these two directors received a warrant to purchase 107,500 common shares at an exercise price of $9.2911 per share. Both warrants were exercised in March 2019 and common shares settled in the second quarter of 2019.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Sixth Street Financing Agreement In August 2020, the Borrowers, entered into the Sixth Street Financing Agreement, pursuant to which the Lenders agreed to extend a senior secured credit facility to the Company providing for term loans in an aggregate principal amount up to $500,000 plus any capitalized interest paid in kind. The facility consists of an initial term loan of $275,000, which the Borrowers borrowed at closing, and delayed draw term loans in an aggregate principal amount not exceeding $225,000, available until August 31, 2021, with $100,000 of the delayed draw term loans currently available at the Borrowers' option. The remaining $125,000 in delayed draw term loans becomes available if net sales from NURTEC ODT during the first quarter of 2021 or second quarter of 2021 equal at least $45,000. The facility terminates and the term loans become due and payable in August 2025. Each term loan drawn under the facility will bear floating interest on the unpaid principal amount at a rate per annum equal to the three-month LIBOR rate, adjusted for applicable reserve requirements, and subject to a floor of 1.00%, plus 9.00%. Interest on amounts borrowed under the facility will be payable quarterly. For each borrowing under the facility, the Company has the right to elect to pay up to 4.00% of the interest on the term loans comprising such borrowing in the form of payment in kind for the first eight fiscal quarters after the date of such borrowing. The Company will have the right to prepay borrowings under the facility in whole or in part at any time, subject to a customary prepayment fee on the principal amount being prepaid, which declines over time. In connection with the initial term loan of $275,000, the Company paid customary fees with respect to the initial term loan and delayed draw term loans at closing. The Company also agreed to pay customary fees on the funding of any delayed draw term loans. The net proceeds received from the initial term loan, after fees and expenses, was approximately $260,000. The Sixth Street Financing Agreement contains mandatory prepayments, restrictions and covenants applicable to the Company and its subsidiaries that are customary for financings of this type. Among other requirements, the Borrowers will be required to maintain a minimum unrestricted cash balance of $50,000, which will increase to $80,000, commencing on the date that any portion of the remaining $225,000 delayed draw term loan is funded. The minimum unrestricted cash balance will be waived for any fiscal quarter in which the Borrowers achieve $400,000 of net sales of the Company’s products in the four consecutive quarterly periods prior to such fiscal quarter. The Sixth Street Financing Agreement also includes representations, warranties, indemnities and events of default that are customary for financings of this type, including an event of default relating to a change of control of the Company. Upon or after an event of default, the administrative agent and the lenders may declare all or a portion of our obligations under the Sixth Street Financing Agreement to be immediately due and payable and exercise other rights and remedies provided for under the Sixth Street Financing Agreement. The obligations under the Sixth Street Financing Agreement are and will be guaranteed by each of the Company's existing and future direct and indirect subsidiaries, subject to certain exceptions. The obligations of the Company and its subsidiaries under the Sixth Street Financing Agreement are secured, subject to customary permitted liens and other agreed upon exceptions, by a security interest in certain existing and after-acquired assets of the Company and its subsidiaries. 2020 RPI Funding Agreement In August 2020, the Company entered into the 2020 RPI Funding Agreement providing for up to $250,000 of funding in exchange for rights to participation payments based on global net sales of products containing zavegepant and NURTEC ODT and certain payments based on regulatory milestones relating to zavegepant. Under the 2020 RPI Funding Agreement, RPI 2019 IFT will be entitled to receive tiered, sales based participation rights up to 3.0% of future global net sales of products containing zavegepant, 0.4% of future global net sales of products containing NURTEC ODT, and payments tied to success-based milestones as described below. The Company will receive $150,000 at closing, which is expected to occur on or about August 11, 2020, and up to $100,000 upon achievement of certain development milestones for zavegepant (including the commencement of the oral zavegepant Phase 3 program). If at any time during the 180 days following the closing of the 2020 RPI Funding Agreement, the Company enters into a definitive agreement to consummate a Change of Control, the Company will have the option to repurchase the participation rights and milestone payment rights for a purchase price of 2.0x of the amount received under the agreement at that date, contingent upon the closing of a Change of Control (the "Buy-Back Option"). The success-based milestone payments range from 0.6x to 2.95x of the funded amount depending on the number of regulatory approvals achieved for zavegepant (including 1.9x for the first zavegepant migraine regulatory approval) and would be paid over a ten-year period. If the Company consummates a Change of Control, and the Buy-Back Option has not previously been exercised, RPI 2019 IFT has the option to accelerate each unpaid milestone payment which has or thereafter occurs. RPI Series B Preferred Share Purchase Agreement In August 2020, in connection with the 2020 RPI Funding Agreement, the Company entered into a preferred share purchase agreement with RPI 2019 IFT in which RPI 2019 IFT agreed to purchase, subject to certain customary conditions, up to 3,992 Series B Preferred Shares, of no par value per share, at a price of $50,100 per preferred share from the Company (the "Series B Preferred Shares") for a total purchase price of $200,000, payable in quarterly installments of approximately$17,610 in 2021, $14,579 in 2022, and $8,905 in 2023 and 2024. In return, the Company will be required to redeem the Series B Preferred Shares in 24 quarterly installments of $14,773 from 2025 to 2030. The holders of the Company's outstanding Series B Preferred Shares will have the right to require the Company to redeem their shares in certain circumstances. If the Company effects a Change of Control, the holders of the Series B Preferred Shares will have the option to cause the Company to redeem, in a single payment any outstanding Series B Preferred Shares at a price equal to 1.78x the original issue price per share. The Company may redeem any outstanding Series B Preferred Shares at its option at any time for 1.78x the original purchase price, with the redemption price to be paid in a single payment. In the event that the Company defaults on any obligation to redeem Series B Preferred Shares when required, the redemption amount shall accrue interest at the rate of eighteen percent (18%) per annum. If any such default continues for at least one year, the holders of such shares shall be entitled to convert, subject to certain limitations, such Series B Preferred Shares into common shares, with no waiver of their redemption rights. Under all circumstances, the Series B Preferred Shares are required to be redeemed by December 31, 2030.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Consolidation	The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its subsidiaries after elimination of all significant intercompany accounts and transactions. Investments in companies in which the Company owns less than a 50% equity interest and where it exercises significant influence over the operating and financial policies of the investee are accounted for using the equity method of accounting.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. In addition, management’s assessment of the Company’s ability to continue as a going concern involves the estimation of the amount and timing of future cash inflows and outflows. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Restricted Cash	Restricted Cash Restricted cash included in other current assets in the condensed consolidated balance sheet represents employee contributions to the Company's employee share purchase plan held for future purchases of the Company's outstanding shares. See Note 12 "Share-Based Compensation" for additional information on the Company's employee share purchase plan. Restricted cash included in other assets in the condensed consolidated balance sheets represents collateral held by a bank for a letter of credit ("LOC") issued in connection with the leased office space in Yardley, Pennsylvania. See Note 15 ‘‘Commitments and Contingencies’’ for additional information on the real estate lease. The following represents a reconciliation of cash in the condensed consolidated balance sheets to total cash and restricted cash in the condensed consolidated statements of cash flow: June 30, 2020 December 31, 2019 Cash $ 261,061 $ 316,727 Restricted cash (included in other current assets) 1,801 — Restricted cash (included in other assets) 1,000 1,000 Total cash and restricted cash in the statement of cash flows $ 263,862 $ 317,727
Trade Receivables, Net	Trade Receivables, Net The Company’s trade accounts receivable consists of amounts due from pharmacy wholesalers in the U.S. (collectively, its "Customers") related to sales of NURTEC ODT and have standard payment terms. For certain Customers, the trade accounts receivable for the Customer is net of distribution service fees, prompt pay discounts and other adjustments. The Company monitors the financial performance and creditworthiness of its Customers so that it can properly assess and respond to changes in their credit profile. The Company reserves against trade accounts receivable for estimated losses that may arise from a Customer’s inability to pay and any amounts determined to be uncollectible are written off against the reserve when it is probable that the receivable will not be collected. The reserve amount for estimated losses was not significant as of June 30, 2020.
Inventory	Inventory The Company values its inventories at the lower-of-cost or net realizable value. The Company determines the cost of its inventories, which includes costs related to products held for sale in the ordinary course of business, products in process of production for such sale and items to be currently consumed in the production of goods to be available for sale, on a first-in, first-out (FIFO) basis. Due to the nature of the Company’s supply chain process, inventory that is owned by the Company, is physically stored at third-party warehouses, logistics providers and contract manufacturers. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period, and writes down any excess and obsolete inventories to their net realizable value in the period in which the impairment is first identified. If they occur, such impairment charges are recorded as a component of cost of goods sold in the condensed consolidated statements of operations and comprehensive loss. The Company capitalizes inventory costs associated with products following regulatory approval when future commercialization is considered probable and the future economic benefit is expected to be realized. Products which may be used in clinical development programs are excluded from inventory and charged to research and development expense as incurred. Prior to the initial date regulatory approval is received, costs related to the production of inventory are recorded as research and development expense on the Company’s condensed consolidated statements of operations and comprehensive loss in the period incurred. Following FDA approval of NURTEC ODT on February 27, 2020, the Company subsequently began capitalizing costs related to inventory manufacturing.
Intangible Assets	Intangible Assets The Company had no intangible assets as of December 31, 2019. The Company is required to pay milestone payments of $41,500 related to the FDA approval and launch of NURTEC ODT. These milestone payments were capitalized as an intangible asset, and will be amortized to cost of goods sold over the remaining expected life of the patents. For the three and six months ended June 30, 2020, the Company recognized $724 and $965, respectively, of amortization on the asset and recorded the expense to cost of goods sold. Estimated future amortization expense for the intangible assets subsequent to June 30, 2020 is a follows: 2020 (remaining six months) 1,449 2021 2,895 2022 2,895 2023 2,895 2024 2,895 Thereafter 27,506 40,535
Impairment of Long-lived Assets	Impairment of Long-lived Assets The Company monitors its long-lived assets and finite-lived intangibles for indicators of impairment. If such indicators are present, the Company assesses the recoverability of affected assets by determining whether the carrying value of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found not to be recoverable, the Company measures the amount of such impairment by comparing the carrying value of the assets to the fair value of the assets, with the fair value generally determined based on the present value of the expected future cash flows associated with the assets. The Company believes no impairment of long-lived assets existed as of June 30, 2020 or December 31, 2019.
Fair Value Measurements	Fair Value Measurements Certain assets of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1— Quoted prices in active markets for identical assets or liabilities. • Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. • Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. The Company’s derivative liability is carried at fair value, determined according to the fair value hierarchy described above (see Note 3).
Leases	Leases The Company determines if an arrangement contains a lease at the inception of a contract. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and operating lease liabilities are recognized at the commencement date based on the present value of the remaining future minimum lease payments. If the interest rate implicit in the Company’s leases is not readily determinable, the Company utilizes an estimate of its incremental borrowing rate based on market sources including interest rates for companies with similar credit quality for agreements of similar duration, determined by class of underlying asset, to discount the lease payments. The operating lease right-of-use assets also include lease payments made before commencement and exclude lease incentives. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense is recognized on a straight-line basis over the term of the short-term lease and variable lease costs are expensed as incurred. For our real estate lease, the Company elected the practical expedient to include both the lease and non-lease components as a single component and account for it as an operating lease. In addition, payments made by the Company for improvements to the underlying asset, if the payment relates to an asset of the lessor, are recorded as prepaid rent within other assets in the condensed consolidated balance sheets and expensed as part of the amortization of the right-of-use asset. The commencement date for the Company's leased office space in Yardley, Pennsylvania occurred during the second quarter of 2020. In connection with the commencement of the office lease, the Company reclassified $2,850 for leasehold improvements related to assets of the lessor from prepaid rent to operating right-of-use asset. As of June 30, 2020, the Company had restricted cash of $1,000 included in other assets in the condensed consolidated financial statements, which represents collateral held by a bank for an LOC issued in connection with the leased office space in Yardley, Pennsylvania. The restricted cash is deposited in a non-interest bearing account. See Note 15 ‘‘Commitments and Contingencies’’ for additional information on the real estate lease.
Revenue Recognition	Revenue Recognition Pursuant to Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”), the Company recognizes revenue when a customer obtains control of promised goods or services. The Company records the amount of revenue that reflects the consideration that it expects to receive in exchange for those goods or services. The Company applies the following five-step model in order to determine this amount: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services that it transfers to the customer. Once a contract is determined to be within the scope of ASC 606 at contract inception, the Company reviews the contract to determine which performance obligations it must deliver and which of these performance obligations are distinct. The Company recognizes as revenue the amount of the transaction price that is allocated to each performance obligation when that performance obligation is satisfied or as it is satisfied. Generally, the Company’s performance obligations are transferred to customers at a point in time, typically upon delivery. Product Revenue, Net The Company sells its product principally to its Customers in the United States. The Company’s Customers subsequently resell the products to pharmacies and health care providers. In accordance with ASC 606, the Company recognizes net product revenues from sales when the Customers obtain control of the Company’s products, which typically occurs upon delivery to the Customer. The Company’s payment terms are generally between 30 - 65 days. Revenues from product sales are recorded at the net sales price, or “transaction price,” which includes estimates of variable consideration that result from (a) invoice discounts for prompt payment and distribution service fees, (b) government and private payor rebates, chargebacks, discounts and fees, (c) product returns and (d) costs of co-pay assistance programs for patients, as well as other incentives for certain indirect customers. Reserves are established for the estimates of variable consideration based on the amounts earned or to be claimed on the related sales. The reserves are classified as reductions to trade receivable, net if payable to a Customer or accrued expenses if payable to a third-party. Where appropriate, the Company utilizes the expected value method to determine the appropriate amount for estimates of variable consideration based on factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. The amount of variable consideration that is included in the transaction price may be constrained and is included in net product revenues only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results vary from the Company’s estimates, the Company adjusts these estimates, which would affect net product revenue and earnings in the period such variances become known. Distribution Service Fees: The Company engages with wholesalers to distribute its products to end customers. The Company pays the wholesalers a fee for services such as: Data Reporting, Inventory Management, Chargeback Administration and Service Level Commitment. The Company estimates the amount of distribution services fees to be paid to the Customers and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. Shelf Stock Adjustments: The Company provides its Customers with a shelf stock adjustment for all product inventories held by the customer upon any decrease in price. The Company estimates the Customer’s inventory levels and the probability of pricing adjustments using management forecasts, and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. Prompt Pay Discounts: The Company provides its Customers with a percentage discount on their invoice if the Customers pay within the agreed upon timeframe. The Company estimates the probability of Customers paying promptly and the percentage of discount outlined in the agreement, and deducts the full amount of these discounts from its gross product revenues and accounts receivable at the time such revenues are recognized. Product Returns : The Company provides Customers a return credit in the amount of the purchase price paid by Customers for all products returned in accordance with the Company’s returned goods policy. In the initial sales period, the Company estimates its provision for sales returns based on industry data and adjusts the transaction price with such estimate at the time of sale to the Customer. Once sufficient history has been collected for product returns, the Company utilizes that history to inform its estimate assumption. Once the product is returned, it is destroyed. The Company does not record a right-of-return asset. Chargeback: A chargeback is the difference between the manufacturer's invoice price to the wholesaler and the wholesaler’s customers contract price. The wholesaler tracks these sales and "charges back" the manufacturer for the difference between the negotiated prices paid between the wholesaler's customers and wholesaler's acquisition cost. Biohaven estimates the percentage of goods sold that are eligible for chargeback and adjusts the transaction price for such discount at the time of sale to the Customer. Administration Fees: Biohaven engages with Pharmacy Benefit Managers ("PBMs") to administer prescription-drug plans for people with third-party insurance through a self-insured employer, health insurance plan, labor union or government plan. The Company pays PBMs “administrative fees” for their role in providing utilization data, administering rebates, and administering claims payments. Biohaven estimates the amount of administration fees to be paid to PBMs and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. Rebates: Rebates apply to: • Medicaid, managed care, expansion programs, the AIDS Drug Assistance Program, the State Pharmaceutical Assistance Program, and supplemental rebates to all applicable states as defined by the statutory government pricing calculation requirements under the Medicaid Drug Rebate Program; • Tricare rebate to the TRICARE third party administrator based on the statutory calculation defined in the Agreement with Defense Health Agency; and • Part D and Commercial Managed Care rebates are paid based on the contracts with PBMs and Managed Care Organizations. Rebates are paid to these entities upon receipt of an invoice from the contracted entity which is based on the utilization of the product by the members of the contracted entity. The Company estimates the percentage of goods sold that are eligible for rebates and adjusts the transaction price for such discounts at the time of sale to the Customers. Coverage Gap: The Medicare Part D coverage gap (also called the "donut hole") is a period of consumer payment for prescription medication costs which lies between the initial coverage limit and the catastrophic-coverage threshold, when the patient is a member of a Medicare Part D prescription-drug program administered by the Centers for Medicare & Medicaid Services. The Company estimates the percentage of goods sold under Coverage Gap and adjusts the transaction price for such discount at the time of sale to the Customer. Bridge Program: A Bridge Program helps start a patient on a new therapy, especially in cases where payers may have barriers (e.g. prior authorizations and appeals) in place before agreeing to pay for a new drug. Under a Bridge Program the Customer distributes the product free of cost to eligible individuals for a period of time. The Company estimates the percentage of Bridge Program product to be provided at each sale to the customer and adjusts the transaction price with the amount of such estimate. The Company does not recognize revenue on Bridge program provided products. The volume of drug to be supplied under the Bridge Program is estimated by the Company at the time of sale to the Customer. Stocking Allowance: The Company offers a stocking allowance for new product launches. Stocking allowances are one-time payments that a manufacturer makes to a wholesaler as a condition of the initial placement of the manufacturer’s products in the wholesaler’s warehouse. The Company uses the agreed upon fees and its forecasts for initial product sales to calculate the stocking allowance and adjusts the transaction price with the amount of such estimate at the time of sale to the Customer. The Company makes significant estimates and judgments that materially affect its recognition of net product revenue. Claims by third-party payors for rebates, chargebacks and discounts frequently are submitted to the Company significantly after the related sales, potentially resulting in adjustments in the period in which the new information becomes known. The Company will adjust its estimates based on new information, including information regarding actual rebates, chargebacks and discounts for its products, as it becomes available.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes direct and indirect costs related to the manufacturing and distribution of NURTEC ODT, including third-party manufacturing costs, packaging services, freight-in, third-party royalties payable on the Company’s net product revenues and amortization of intangible assets associated with NURTEC ODT. Cost of goods sold may also include
Advertising Costs	Advertising Costs We expense the costs of advertising as incurred. We incurred and expensed advertising costs in the amount of $32,007 and $39,515 for the three and six months ended June 30, 2020, respectively, and none for the three and six months ended June 30, 2019. These costs were included in selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive loss.
Unaudited Interim Condensed Consolidated Financial Information	Unaudited Interim Condensed Consolidated Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete consolidated financial statements. The accompanying year-end condensed consolidated balance sheet was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2020 and the results of its operations for the three and six months ended June 30, 2020 and 2019 and its cash flows for the six months ended June 30, 2020 and 2019. The results for the three and six months ended June 30, 2020 are not necessarily indicative of results to be expected for the year ending December 31, 2020, any other interim periods or any future year or period. The financial information included herein should be read in conjunction with the financial statements and notes in the Company's Annual Report on Form 10-K for the year ended December 31, 2019.
Recently Adopted and Future Adoption of New Accounting Pronouncements	Recently Adopted Accounting Pronouncements Effective January 1, 2020 the Company adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU provides guidance for recognizing credit losses on financial instruments based on an estimate of current expected credit losses model. This new standard amends the current guidance on the impairment of financial instruments and adds an impairment model known as current expected credit loss ("CECL") model that is based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize as an allowance its estimate of expected credit losses. The FASB subsequently issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses to clarify and address certain items related to the amendments in ASU 2016-13. ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition relief, was issued to provide entities that have certain instruments within the scope of ASC 326 with an option to irrevocably elect the fair value option under ASC 825-10, Financial Instruments - Overall, applied on an instrument-by-instrument basis for eligible instruments. The adoption of ASU 2016-13 did not have an effect on the Company's condensed consolidated financial statements as the Company's first trade accounts receivables were recorded following the adoption. Effective January 1, 2020 the Company adopted ASU No. 2018-15, - Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"), a new standard on a customer's accounting for implementation, set-up, and other upfront costs incurred in a cloud computing arrangement ("CCA") that aligns the requirements for capitalizing implementation costs in a CCA service contract with existing internal-use software guidance. The standard also provides classification guidance on these implementation costs as well as additional quantitative and qualitative disclosures. The adoption of ASU 2018-15 did not have an effect on the Company’s condensed consolidated financial statements. Effective January 1, 2020 the Company adopted ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement ("ASU 2018-13"), which modifies the disclosure requirements on fair value measurements. The adoption of ASU 2018-13 had no effect on the Company’s condensed consolidated financial statements and no significant effect on the related fair value disclosures. In March 2020, the FASB issued ASU 2020-03. This ASU improves and clarifies various financial instruments topics, including the CECL standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The Company adopted ASU 2020-03 on issuance. The adoption of ASU 2020-03 did not have a significant effect on the Company's condensed consolidated financial statements. Future Adoption of New Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in ASU 2019-12 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its condensed consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) - Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new standard addresses accounting for the transition into and out of the equity method and measurement of certain purchased options and forward contracts to acquire investments. The standard is effective for annual and interim periods beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires changes to be made prospectively. The Company is currently evaluating the impact that the adoption of ASU 2019-12 will have on its condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of reconciliation of cash and restricted cash	The following represents a reconciliation of cash in the condensed consolidated balance sheets to total cash and restricted cash in the condensed consolidated statements of cash flow: June 30, 2020 December 31, 2019 Cash $ 261,061 $ 316,727 Restricted cash (included in other current assets) 1,801 — Restricted cash (included in other assets) 1,000 1,000 Total cash and restricted cash in the statement of cash flows $ 263,862 $ 317,727
Schedule of Estimated Future Amortization Expense for Intangible Assets	Estimated future amortization expense for the intangible assets subsequent to June 30, 2020 is a follows: 2020 (remaining six months) 1,449 2021 2,895 2022 2,895 2023 2,895 2024 2,895 Thereafter 27,506 40,535

Fair Value of Financial Asset_2

Fair Value of Financial Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of financial liability measured at fair value on a recurring basis	The following tables present information about the Company's financial liability measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value: Fair Value Measurement as of December 31, 2019 Using: Level 1 Level 2 Level 3 Total Liabilities: Derivative liability $ — $ — $ 37,690 $ 37,690 $ — $ — $ 37,690 $ 37,690
Schedule of aggregate fair value of derivative liability determined by Level 3 inputs	The following table provides a roll forward of the aggregate fair value of the Company’s derivative liability (see Note 9) for which fair value is determined by Level 3 inputs for the six months ended June 30, 2020 and 2019: Derivative Balance at December 31, 2019 $ 37,690 Change in fair value 5,131 Settlement of derivative liability (42,821) Balance at June 30, 2020 $ — Transaction date balance $ 33,815 Change in fair value 1,263 Balance at June 30, 2019 $ 35,078

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Schedule of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following: As of June 30, 2020 As of December 31, 2019 Prepaid clinical trial costs $ 9,728 $ 6,101 Prepaid manufacturing 16,622 — Prepaid commercial costs 14,132 — Other prepaid and current assets 7,253 5,453 $ 47,735 $ 11,554

Equity Method Investment (Table

Equity Method Investment (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of proportionate share of equity investment net loss	The Company recorded other expense and a corresponding reduction in the carrying value of its investment in Kleo as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Proportionate share of Kleo's net loss $ 1,485 $ 1,415 $ 2,865 $ 2,315
Schedule of carrying value of equity method investment	The following table provides a roll-forward of the carrying value of the Company’s equity method investment: Carrying Value Balance at December 31, 2019 $ 5,338 Loss recognized in connection with equity method investment (2,865) Balance at June 30, 2020 $ 2,473 Balance at December 31, 2018 $ 11,414 Loss recognized in connection with equity method investment (2,315) Balance at June 30, 2019 $ 9,099

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of accrued expenses	Accrued expenses consisted of the following: As of June 30, 2020 As of December 31, 2019 Accrued development milestones $ 26,881 $ 12,000 Accrued employee compensation and benefits 32,195 3,521 Accrued clinical trial costs 13,238 16,476 Accrued commercialization and other professional fees 13,713 15,408 Other accrued expenses and current liabilities 32,096 4,697 $ 118,123 $ 52,102

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consisted of the following: As of June 30, 2020 Raw materials $ — Work-in-process 8,302 Finished goods 668 $ 8,970

Liability Related to Sale of _2

Liability Related to Sale of Future Royalties (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of liability for sale of future royalties	The following table shows the activity within the liability account for the six months ended June 30, 2020 and 2019, respectively, related to the 2018 RPI Funding Agreement. Six Months Ended June 30, 2020 2019 Liability related to sale of future royalties - beginning balance $ 144,111 $ 117,515 Royalty revenues payable to RPI (228) — Non-cash interest expense on liability related to sale of future royalties 19,995 11,972 Liability related to sale of future royalties - ending balance $ 163,878 $ 129,487

Mandatorily Redeemable Prefer_2

Mandatorily Redeemable Preferred Shares, net (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Schedule of activity within the preferred share liability	The following table shows the activity within the preferred share liability for the six months ended June 30, 2020: Carrying Value Net balance at December 31, 2019 $ 103,646 Partial settlement of derivative liability 42,821 Non-cash interest expense recognized, including transaction cost amortization 12,554 Net balance at June 30, 2020 $ 159,021

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of changes in shareholders' equity	Changes in shareholders’ equity for the three and six months ended June 30, 2020 were as follows: Common Shares Shares Amount Additional Paid-in Capital Accumulated Deficit Total Shareholders' Equity (Deficit) Balance as of December 31, 2019 52,385,283 $ 881,426 $ 83,523 $ (972,373) $ (7,424) Issuance of common shares, net of offering costs 5,555,554 282,833 — — 282,833 Issuance of common shares under equity incentive plan 447,111 10,880 (8,273) — 2,607 Non-cash share-based compensation expense — — 16,879 — 16,879 Net loss — — — (172,937) (172,937) Balance as of March 31, 2020 58,387,948 $ 1,175,139 $ 92,129 $ (1,145,310) $ 121,958 Issuance of common shares under equity incentive plan 1,137,617 23,866 (12,118) — 11,748 Non-cash share-based compensation expense — — 11,762 — 11,762 Net loss — — — (180,934) (180,934) Balance as of June 30, 2020 59,525,565 $ 1,199,005 $ 91,773 $ (1,326,244) $ (35,466) Changes in shareholders’ equity for the three and six months ended June 30, 2019 were as follows: Common Shares Shares Amount Additional Paid-in Capital Accumulated Deficit Total Shareholders' Equity (Deficit) Balance as of December 31, 2018 44,197,549 $ 554,384 $ 40,104 $ (443,568) $ 150,920 Issuance of common shares under equity incentive plan 85,445 1,961 (896) — 1,065 Non-cash share-based compensation expense — — 7,330 — 7,330 Net loss — — — (62,304) (62,304) Balance as of March 31, 2019 44,282,994 $ 556,345 $ 46,538 $ (505,872) $ 97,011 Issuance of common shares, net of offering costs 6,976,745 281,100 — — 281,100 Exercise of related party warrants 215,000 7,201 (5,203) — 1,998 Exercise of stock options 26,875 320 (172) — 148 Non-cash share-based compensation expense — — 17,554 — 17,554 Net loss — — — (211,070) (211,070) Balance as of June 30, 2019 51,501,614 $ 844,966 $ 58,717 $ (716,942) $ 186,741

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of non-cash share-based compensation expense	Non-cash share-based compensation expense, consisting of expense for both stock options, Restricted Share Units ("RSUs") and Employee Share Purchase Plan ("ESPP"), was classified in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development expenses $ 6,426 $ 10,330 $ 12,677 $ 14,030 Selling, general and administrative expenses 5,336 7,224 15,964 10,854 $ 11,762 $ 17,554 $ 28,641 $ 24,884
Schedule of stock option activity	The following table is a summary of the Company's stock option activity for the six months ended June 30, 2020: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2019 9,423,015 $24.58 Granted 262,838 $51.79 Exercised (1,518,142) $10.81 Forfeited (47,063) $37.46 Outstanding at June 30, 2020 8,120,648 $27.96 7.49 $ 366,753 Options exercisable at June 30, 2020 4,482,647 $19.46 6.63 $ 240,550 Vested at June 30, 2020 and expected to vest in the future 8,120,648 $27.96 7.49 $ 366,753
Schedule of RSU activity	The following table is a summary of the RSU activity for the six months ended June 30, 2020: Number Weighted Average Grant Date Fair Value Unvested outstanding as of December 31, 2019 88,950 $57.40 Granted 482,975 $54.89 Forfeited (7,619) $54.14 Vested (86,508) $55.82 Unvested outstanding as of June 30, 2020 477,798 $55.20

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of basic and diluted net loss per share	Basic and diluted net loss per share attributable to common shareholders of Biohaven Pharmaceutical Holding Company Ltd. was calculated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss $ (180,934) $ (211,070) $ (353,871) $ (273,374) Denominator: Weighted average common shares outstanding—basic and diluted 58,742,329 45,226,434 57,577,384 44,736,971 Net loss per share attributable to common shareholders of Biohaven Pharmaceutical Holding Company Ltd.—basic and diluted $ (3.08) $ (4.67) $ (6.15) $ (6.11)
Schedule of potentially anti-dilutive securities excluded from calculation of diluted net loss per share	The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: As of June 30, 2020 2020 2019 Options to purchase common shares 8,120,648 6,019,570 Warrants to purchase common shares 106,751 221,751 Restricted share units 477,798 — 8,705,197 6,241,321

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Assets and Liabilities	The following table summarizes our lease assets and liabilities as of June 30, 2020: Balance Sheet Location Financing Operating Right-of-use asset Other assets $ 2,060 $ 6,419 Lease liabilities (current) Accrued expenses and other current liabilities $ 697 $ 480 Lease liabilities (noncurrent) Other long-term liabilities $ 1,364 $ 3,234
Schedule of Lease Cost	The following table summarizes our lease related costs for the three and six months ended June 30, 2020: Statement of Operations and Comprehensive Loss Location Three Months Ended June 30, 2020 Three Months Ended June 30, 2019 Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Lease cost Finance lease cost: Amortization of right-of-use assets Selling, general and administrative expense $ 32 $ — $ 32 $ — Interest on lease liabilities Interest expense 5 — 5 — Operating lease cost Selling, general and administrative expense 144 — 144 — Short-term lease cost Selling, general and administrative expense 21 — 64 — Variable lease cost Selling, general and administrative expense 27 — 32 — Total lease cost $ 229 $ — $ 277 $ —
Schedule of Supplemental Cash Flow Information	The following table summarizes supplemental cash flow information for the six months ended June 30, 2020: Six Months Ended June 30, 2020 Other information Cash paid for amounts included in the measurement of lease liabilities: Financing cash flows from finance leases $ 37 Right-of-use assets obtained in exchange for new finance lease liabilities $ 2,093 Right-of-use assets obtained in exchange for new operating lease liabilities (1) $ 3,674 (1) This figure excludes $2,850 of opening adjustments to the right-of-use operating asset due to leasehold improvements originally classified in other assets and transferred to the right-of-use operating asset at lease commencement.
Schedule of Maturities of Financing Lease Liabilities	The following table summarize maturities of lease liabilities as of June 30, 2020: Year Financing Operating Total 2020 (remaining six months) $ 410 $ 144 $ 554 2021 752 675 1,427 2022 748 689 1,437 2023 310 703 1,013 2024 — 717 717 Thereafter $ — $ 2,046 $ 2,046 The following table is the reconciliation of lease liabilities as of June 30, 2020: Financing Operating Total Total undiscounted lease liability 2,220 4,974 7,194 Imputed interest 159 1,260 1,419 Total discounted lease liability 2,061 3,714 5,775 Weighted-average remaining lease term (years) 2.92 7.25 5.70 Weighted-average discount rate 5.55 % 8.05 % 7.28 %
Schedule of Maturities of Operating Lease Liabilities	The following table summarize maturities of lease liabilities as of June 30, 2020: Year Financing Operating Total 2020 (remaining six months) $ 410 $ 144 $ 554 2021 752 675 1,427 2022 748 689 1,437 2023 310 703 1,013 2024 — 717 717 Thereafter $ — $ 2,046 $ 2,046 The following table is the reconciliation of lease liabilities as of June 30, 2020: Financing Operating Total Total undiscounted lease liability 2,220 4,974 7,194 Imputed interest 159 1,260 1,419 Total discounted lease liability 2,061 3,714 5,775 Weighted-average remaining lease term (years) 2.92 7.25 5.70 Weighted-average discount rate 5.55 % 8.05 % 7.28 %

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details) - USD ($)	Aug. 10, 2020	Feb. 29, 2020	Jan. 31, 2020	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019
Nature of business [Line Items]
Proceeds from issuance of common shares				$ 282,833,000	$ 283,333,000	$ 282,000,000
Other offering expenses					$ 500,000	$ 517,000
Sixth Street Financing Agreement | Senior secured debt | Subsequent Event
Nature of business [Line Items]
Credit agreement term	5 years
Credit facility capacity	$ 500,000,000
2020 RPI Funding Agreement | Subsequent Event
Nature of business [Line Items]
Sales-based participation rights sold, value	250,000,000
Public Offering
Nature of business [Line Items]
Common stock issued (shares)			4,830,917
Fair value of common share			$ 51.75
Proceeds from issuance of common shares			$ 245,877,000
Underwriting discounts and commissions			3,623,000
Other offering expenses			$ 500,000
Over-Allotment Option
Nature of business [Line Items]
Common stock issued (shares)		724,637
Proceeds from issuance of common shares		$ 36,956,000
Underwriting discounts and commissions		$ 543,000
RPI Preferred Share Purchase Agreement | Series B Preferred Shares | Subsequent Event
Nature of business [Line Items]
Total consideration on sale of shares	$ 200,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash	$ 261,061	$ 316,727
Restricted cash (included in other current assets)	1,801	0
Restricted cash (included in other assets)	1,000	1,000
Total cash and restricted cash in the statement of cash flows	$ 263,862	$ 317,727	$ 465,739	$ 264,249

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Intangible Assets (Details) $ in Thousands	Jun. 30, 2020USD ($)
Estimated Future Amortization Expense
2020 (remaining six months)	$ 1,449
2021	2,895
2022	2,895
2023	2,895
2024	2,895
Thereafter	27,506
Total intangible assets	$ 40,535

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Intangible assets, net	$ 40,535,000	$ 40,535,000	$ 0
Required milestone payments capitalized to intangible asset		41,500,000
Intangible asset amortization	724,000	965,000
Intangible asset costs included in other current liabilities	20,000,000	20,000,000
Reclassification from prepaid rent to operating right-of-use asset	2,850,000
Restricted cash (included in other assets)	1,000,000	$ 1,000,000	$ 1,000,000
General payment terms, minimum		30 days
General payment terms, maximum		65 days
Advertising expense	$ 32,007,000	$ 39,515,000

Fair Value of Financial Asset_3

Fair Value of Financial Assets and Liabilities - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities
Settlement of derivative liability		$ 42,821,000	$ 42,821,000
Gain on settlement of derivative liability	$ 650,000
Recurring
Fair Value, Assets and Liabilities
Financial assets at fair value	0		0	$ 0
Financial liabilities at fair value	$ 0		$ 0	$ 37,690,000

Fair Value of Financial Asset_4

Fair Value of Financial Assets and Liabilities - Financial Liability Measured at Fair Value on Recurring Basis (Details) - Recurring - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability		$ 37,690,000
Financial liabilities at fair value	$ 0	37,690,000
Level 1
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability		0
Financial liabilities at fair value		0
Level 2
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability		0
Financial liabilities at fair value		0
Level 3
Liabilities, Fair Value Disclosure [Abstract]
Derivative liability		37,690,000
Financial liabilities at fair value		$ 37,690,000

Fair Value of Financial Asset_5

Fair Value of Financial Assets and Liabilities - Roll Forward of Aggregate Fair Value Determined by Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020
Roll forward of aggregate fair value determined by Level 3 inputs
Balance at beginning of period	$ 37,690	$ 33,815	$ 37,690
Change in fair value		1,263	5,131
Settlement of derivative liability	$ (42,821)		(42,821)
Balance at end of period		$ 35,078	$ 0

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid clinical trial costs	$ 9,728	$ 6,101
Prepaid manufacturing	16,622	0
Prepaid commercial costs	14,132	0
Other prepaid and current assets	7,253	5,453
Total prepaid expenses and other current assets	$ 47,735	$ 11,554

Equity Method Investment - Narr

Equity Method Investment - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Equity Method Investment
Equity method investment	$ 2,473	$ 5,338	$ 9,099	$ 11,414
Kleo
Equity Method Investment
Ownership percentage (percent)	41.90%		41.90%

Equity Method Investment - Expe

Equity Method Investment - Expense and Carrying Amount of Investment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Proportionate share of Kleo's net loss	$ 1,485	$ 1,415	$ 2,865	$ 2,315

Equity Method Investment - Roll

Equity Method Investment - Roll forward of Carrying Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Carrying value of equity method investment
Beginning balance			$ 5,338	$ 11,414
Loss recognized in connection with equity method investment	$ (1,485)	$ (1,415)	(2,865)	(2,315)
Ending balance	$ 2,473	$ 9,099	$ 2,473	$ 9,099

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accrued expenses
Accrued development milestones	$ 26,881	$ 12,000
Accrued employee compensation and benefits	32,195	3,521
Accrued clinical trial costs	13,238	16,476
Accrued commercialization and other professional fees	13,713	15,408
Other accrued expenses and current liabilities	32,096	4,697
Total accrued expenses and other current liabilities	$ 118,123	$ 52,102

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Inventory, Raw Materials, Gross	$ 0
Inventory, Work in Process, Gross	8,302,000
Inventory, Finished Goods, Gross	668,000
Total inventories	$ 8,970,000	$ 0

Liability Related to Sale of _3

Liability Related to Sale of Future Royalties, net - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	2 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)unit_of_accounting$ / sharesshares	Feb. 29, 2020USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Liability For Sale of Future Royalties [Line Items]
Proceeds from sale of common stock		$ 282,833	$ 283,333	$ 282,000
RPI Agreement
Liability For Sale of Future Royalties [Line Items]
Units of accounting related to consideration received | unit_of_accounting	2
Transaction consideration allocated to liability	$ 106,047
Transaction consideration allocated to equity	43,953
Transaction costs	377
2018 RPI Funding Agreement
Liability For Sale of Future Royalties [Line Items]
Proceeds from royalty agreement	$ 100,000
Effective interest rate (percent)			27.00%
RPI Purchase Agreement
Liability For Sale of Future Royalties [Line Items]
Common stock issued (shares) | shares	1,111,111
Common stock sold, price per share (in dollars per share) | $ / shares	$ 45
Proceeds from sale of common stock	$ 50,000

Liability Related to Sale of _4

Liability Related to Sale of Future Royalties, net - Activity within Liability Account (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Liability For Sale Of Future Royalties [Roll Forward]
Non-cash interest expense on liability related to sale of future royalties	$ 11,570	$ 5,155	$ 19,995	$ 11,972
2018 RPI Funding Agreement
Liability For Sale Of Future Royalties [Roll Forward]
Liability related to sale of future royalties - beginning balance			144,111	117,515
Royalty revenues payable to RPI			(228)	0
Non-cash interest expense on liability related to sale of future royalties			19,995	11,972
Liability related to sale of future royalties - ending balance	$ 163,878	$ 129,487	$ 163,878	$ 129,487

Mandatorily Redeemable Prefer_3

Mandatorily Redeemable Preferred Shares, net - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Apr. 30, 2019USD ($)closing$ / sharesshares	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)shares	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Dec. 31, 2019shares
Mandatorily Redeemable Preferred Shares
Interest expense			$ 6,993		$ 3,955	$ 12,554	$ 3,955
Settlement of derivative liability				$ 42,821		$ 42,821
Gain on settlement of derivative liability			$ 650
Forecast
Mandatorily Redeemable Preferred Shares
Fee to be recognized for nonissuance of shares		$ 3,000
Series A Preferred Shares
Mandatorily Redeemable Preferred Shares
Number of shares sold in transaction (in shares) | shares	2,495
Issuance price per share (in dollars per share) | $ / shares	$ 50,100
Gross proceeds from transaction	$ 125,000
Payment for priority review voucher	$ 105,000
Number of additional closings per share agreement, maximum | closing	3
Aggregate value of additional closings available per share agreement	$ 75,000
Maximum fee per share agreement for nonissuance of shares	$ 3,000
Redemption relative to original purchase price upon optional redemption	2
Annual interest rate upon default of redemption (percent)	18.00%
Effective interest rate (percent)			18.00%			18.00%
Mandatorily redeemable shares issued (in shares) | shares			2,495			2,495		2,495
Mandatorily redeemable shares outstanding (in shares) | shares			2,495			2,495		2,495
Series A Preferred Shares | Change of control
Mandatorily Redeemable Preferred Shares
Redemption relative to original purchase price upon required redemption	2

Mandatorily Redeemable Prefer_4

Mandatorily Redeemable Preferred Shares, net - Activity Within the Preferred Share Liability (Details) - Series A Preferred Shares $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Mandatorily Redeemable Preferred Shares [Roll Forward]
Net beginning balance	$ 103,646
Partial settlement of derivative liability	42,821
Non-cash interest expense recognized, including transaction cost amortization	12,554
Net ending balance	$ 159,021

Warrants - Narrative (Details)

Warrants - Narrative (Details) - USD ($)	Jan. 26, 2018	Aug. 31, 2017	Aug. 30, 2016	May 31, 2019	Mar. 31, 2019	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Warrants
Reclassification of fair value of warrant liability to shareholders' equity	$ 5,203,000
Proceeds from exercise of warrants					$ 1,998,000			$ 0	$ 1,998,000
Value of common stock issued						$ 282,833,000	$ 281,100,000
FCCDC Warrants
Warrants
Number of securities called by warrants (shares)				100,000
Exercise price of warrants (in dollars per share)				$ 56.46
Guarantor and Co-Guarantor Warrants
Warrants
Number of securities called by warrants (shares)					107,500
Exercise price of warrants (in dollars per share)					$ 9.2911
FCCDC Agreement | Collaborative arrangement
Warrants
Common stock issued (shares)				100,000
Value of common stock issued				$ 5,646,000
Development milestone payment to be paid				4,500,000
Development milestone payments to be paid per each additional NDA filing				$ 1,000,000
Credit Agreement | Wells Fargo Term Loan
Warrants
Credit agreement term			1 year
Principal amount			$ 5,000,000
Proceeds from borrowings			$ 5,000,000
Principal repayment		$ 5,000,000

Shareholders' Equity - Changes

Shareholders' Equity - Changes in Shareholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 121,958	$ (7,424)	$ 97,011	$ 150,920	$ (7,424)	$ 150,920
Issuance of common shares, net of offering costs		282,833	281,100
Issuance of common shares under equity incentive plan	11,748	2,607		1,065
Exercise of related party warrants			1,998
Exercise of stock options			148
Exercise of stock options (shares)					1,518,142
Non-cash share-based compensation expense	11,762	16,879	17,554	7,330
Net loss	(180,934)	(172,937)	(211,070)	(62,304)	$ (353,871)	(273,374)
Ending balance	(35,466)	121,958	186,741	97,011	(35,466)	186,741
Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,175,139	$ 881,426	$ 556,345	$ 554,384	$ 881,426	$ 554,384
Beginning balance (in shares)	58,387,948	52,385,283	44,282,994	44,197,549	52,385,283	44,197,549
Issuance of common shares, net of offering costs		$ 282,833	$ 281,100
Issuance of common shares, net of offering costs (shares)		5,555,554	6,976,745
Issuance of common shares under equity incentive plan	$ 23,866	$ 10,880		$ 1,961
Issuance of common shares under equity incentive plan (shares)	1,137,617	447,111		85,445
Exercise of related party warrants			$ 7,201
Exercise of related party warrants (shares)			215,000
Exercise of stock options			$ 320
Exercise of stock options (shares)			26,875
Ending balance	$ 1,199,005	$ 1,175,139	$ 844,966	$ 556,345	$ 1,199,005	$ 844,966
Ending balance (in shares)	59,525,565	58,387,948	51,501,614	44,282,994	59,525,565	51,501,614
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 92,129	$ 83,523	$ 46,538	$ 40,104	$ 83,523	$ 40,104
Issuance of common shares under equity incentive plan	(12,118)	(8,273)		(896)
Exercise of related party warrants			(5,203)
Exercise of stock options			(172)
Non-cash share-based compensation expense	11,762	16,879	17,554	7,330
Ending balance	91,773	92,129	58,717	46,538	91,773	58,717
Accumulated Deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,145,310)	(972,373)	(505,872)	(443,568)	(972,373)	(443,568)
Net loss	(180,934)	(172,937)	(211,070)	(62,304)
Ending balance	$ (1,326,244)	$ (1,145,310)	$ (716,942)	$ (505,872)	$ (1,326,244)	$ (716,942)

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		2 Months Ended	6 Months Ended
	Feb. 29, 2020	Jan. 31, 2020	Feb. 29, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Sale of Stock [Line Items]
Proceeds from sale of common stock			$ 282,833	$ 283,333	$ 282,000
Other offering expenses				$ 500	$ 517
Public Offering
Sale of Stock [Line Items]
Common stock issued (shares)		4,830,917
Issuance price per share (in dollars per share)		$ 51.75
Proceeds from sale of common stock		$ 245,877
Underwriting discounts and commissions		3,623
Other offering expenses		$ 500
Over-Allotment Option
Sale of Stock [Line Items]
Common stock issued (shares)	724,637
Proceeds from sale of common stock	$ 36,956
Underwriting discounts and commissions	$ 543
Credit Agreement Warrants
Sale of Stock [Line Items]
Number of securities called by warrants (shares)						107,500
Exercise price of warrants (in dollars per share)						$ 9.2911

Share-Based Compensation - Non-

Share-Based Compensation - Non-Cash Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-Based Compensation
Non-cash share-based compensation expense	$ 11,762	$ 17,554	$ 28,641	$ 24,884
Minimum
Share-Based Compensation
Requisite service period of award (in years)			3 years
Maximum
Share-Based Compensation
Requisite service period of award (in years)			4 years
Research and development expenses
Share-Based Compensation
Non-cash share-based compensation expense	6,426	10,330	$ 12,677	14,030
Selling, general and administrative expense
Share-Based Compensation
Non-cash share-based compensation expense	$ 5,336	$ 7,224	$ 15,964	$ 10,854

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Number of shares
Outstanding at beginning of period (in shares)	9,423,015
Granted (in shares)	262,838
Exercised (in shares)	(1,518,142)
Forfeited (in shares)	(47,063)
Outstanding at end of period (in shares)	8,120,648
Options exercisable (in shares)	4,482,647
Options unvested (in shares)	8,120,648
Weighted Average Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 24.58
Granted (in dollars per share) | $ / shares	51.79
Exercised (in dollars per share) | $ / shares	10.81
Forfeited (in dollars per share) | $ / shares	37.46
Outstanding at end of period (in dollars per share) | $ / shares	27.96
Options exercisable (in dollars per share) | $ / shares	19.46
Options unvested (in dollars per share) | $ / shares	$ 27.96
Weighted Average Contractual Term and Aggregate Intrinsic Value
Weighted average remaining contractual term of options outstanding (in years)	7 years 5 months 26 days
Weighted average remaining contractual term of options exercisable (in years)	6 years 7 months 17 days
Weighted average remaining contractual term of options vested and expected to vest (in years)	7 years 5 months 26 days
Aggregate intrinsic value of options outstanding | $	$ 366,753
Aggregate intrinsic value of options exercisable | $	240,550
Aggregate intrinsic value of options vested and expected to vest | $	$ 366,753
Additional Disclosures
Unvested stock options expected to vest (in shares)	3,638,001
Stock options
Additional Disclosures
Share-based award term (in years)	10 years
Total unrecognized compensation cost | $	$ 73,546
Weighted average period for recognition of compensation cost	2 years 1 month 24 days
Stock options | Minimum
Additional Disclosures
Share-based award vesting period (in years)	3 years
Stock options | Maximum
Additional Disclosures
Share-based award vesting period (in years)	4 years

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Share Units (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)$ / sharesshares
Additional Disclosures
Number of common shares received per vested RSU	1
Restricted Share Units
Number of shares
Unvested balance at beginning of period (in shares)	88,950
Granted (in shares)	482,975
Forfeited (in shares)	(7,619)
Vested (in shares)	(86,508)
Unvested balance at end of period (in shares)	477,798
Weighted Average Grant Date Fair Value
Unvested balance at beginning of period (in dollars per share) | $ / shares	$ 57.40
Granted (in dollars per share) | $ / shares	54.89
Forfeited (in dollars per share) | $ / shares	54.14
Vested (in dollars per share) | $ / shares	55.82
Unvested balance at end of period (in dollars per share) | $ / shares	$ 55.20
Additional Disclosures
Total unrecognized compensation cost | $	$ 22,084
Weighted average period for recognition of compensation cost	2 years 6 months 3 days
Fair value of RSUs vested | $	$ 4,830

Share-Based Compensation - Empl

Share-Based Compensation - Employee Stock Purchase Plan (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)shares	Jun. 30, 2020USD ($)shares
Share-Based Compensation
Shares issued under ESPP (in shares) | shares	0	0
ESPP
Share-Based Compensation
Share-based compensation expense	$ 733	$ 733
Unrecognized share compensation expense	$ 1,453	$ 1,453

Net Loss Per Share - Calculatio

Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net loss	$ (180,934)	$ (172,937)	$ (211,070)	$ (62,304)	$ (353,871)	$ (273,374)
Denominator:
Weighted average common shares outstanding - basic and diluted (shares)	58,742,329		45,226,434		57,577,384	44,736,971
Net loss per share attributable to common shareholders of Biohaven Pharmaceutical Holding Company Ltd - basic and diluted (in dollars per share)	$ (3.08)		$ (4.67)		$ (6.15)	$ (6.11)

Net Loss Per Share - Antidiluti

Net Loss Per Share - Antidilutive Securities Excluded from Computation of Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	8,705,197	6,241,321
Options to purchase common shares
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	8,120,648	6,019,570
Warrants to purchase common shares
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	106,751	221,751
Restricted stock units
Securities excluded from computation of diluted net loss per share
Anti-dilutive securities excluded from calculation of diluted net loss per share	477,798	0

License and Other Agreements -

License and Other Agreements - Amendment to License Agreement with Yale (Details) - Yale Agreement - Collaborative arrangement - USD ($) $ in Thousands	1 Months Ended
	May 31, 2019	Sep. 30, 2013
License and other agreements
Common stock issued (shares)		250,000
Right to purchase securities in specified future equity offering (as a percent)		10.00%
Milestone payment to be paid upon regulatory achievement	$ 2,000
Minimum annual royalty payment to be paid upon sale of product	$ 1,000
Notice period to terminate agreement	90 days
Expiration period based on country by country basis after first commercial sale (in years)	10 years
Maximum
License and other agreements
Extension of due diligence requirements (in years)	1 year
Amount of payment subject to due diligence extension	$ 150

License and Other Agreements _2

License and Other Agreements - ALS Biopharma Agreement (Details) - ALS Biopharma Agreement - Collaborative arrangement $ / shares in Units, $ in Thousands	1 Months Ended
	Aug. 31, 2015USD ($)claimprodrug$ / sharesshares
License and other agreements
Number of prodrugs of Glutamate Modulating Agents | prodrug	300
Milestone payment to be paid upon regulatory achievement | $	$ 3,000
Milestone payment to be paid for subsequently developed products | $	$ 1,000
Common stock issued (shares)	50,000
Number of claims | claim	1
Common stock warrants issued, immediately exercisable
License and other agreements
Common stock issued (shares)	275,000
Common stock sold, price per share (in dollars per share) | $ / shares	$ 5.60
Common stock warrants issued, exercisable upon filing drug application
License and other agreements
Common stock issued (shares)	325,000
Common stock sold, price per share (in dollars per share) | $ / shares	$ 5.60

License and Other Agreements _3

License and Other Agreements - Catalent Agreement for Rimegepant (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2018	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2020	Feb. 27, 2020
License and other agreements
Required milestone payments capitalized to intangible asset				$ 41,500
Collaborative arrangement | Catalent Agreement
License and other agreements
Last patent right expiration period (in years)	10 years
Automatic extension period (in years)	1 year
Milestone payments		$ 750	$ 750
Maximum | Collaborative arrangement | Catalent Agreement
License and other agreements
Payment required due to achievement of milestone					$ 1,500
Required milestone payments capitalized to intangible asset			$ 1,500

License and Other Agreements _4

License and Other Agreements - Rutgers Agreement (Details) - Rutgers Agreement - Collaborative arrangement $ in Thousands	1 Months Ended
	Jun. 30, 2016USD ($)
License and other agreements
Milestone payment to be paid upon regulatory achievement	$ 825
Change of control fee (percent)	0.0030
Fair value of derivative liability	$ 0
Last patent right expiration period (in years)	10 years
Maximum
License and other agreements
Extension of due diligence requirements (in years)	1 year
Amount of payment subject to due diligence extension	$ 500
Minimum
License and other agreements
Guaranteed royalties	100
Consideration payable upon change-of-control event	$ 100

License and Other Agreements _5

License and Other Agreements - BMS Agreement and Amendment (Details) $ in Thousands	Feb. 27, 2020USD ($)	Mar. 31, 2018USD ($)	Jul. 31, 2016USD ($)product	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
License and other agreements
Required milestone payments capitalized to intangible asset								$ 41,500
Research and development					$ 42,425		$ 175,977	98,495	$ 216,980
BMS Agreement
License and other agreements
Upfront payment under the BMS Amendment		$ 50,000
BMS Agreement | Collaborative arrangement
License and other agreements
Payment required due to achievement of milestone	$ 40,000
Required milestone payments capitalized to intangible asset						$ 40,000
Milestone payments						$ 20,000
Payment to be paid on commencement of Phase 1 clinical trial			$ 2,000
Payment to be paid on commencement of Phase 2 clinical trial			4,000
Payment to be paid on commencement of Phase 3 clinical trial			6,000
Payment required due to commencement of Phase 1 clinical trial	2,000
Payment required due to commencement of Phase 2 clinical trial	$ 4,000
Research and development								$ 975	$ 0
BMS Agreement | Collaborative arrangement | Forecast
License and other agreements
Milestone payments				$ 20,000
BMS Agreement | Collaborative arrangement | Maximum
License and other agreements
Milestone payment to be paid upon regulatory achievement			127,500
Milestone payment to be paid for any product other than rimegepant			74,500
Commercial milestone payment to be paid			$ 150,000
BMS Agreement | Collaborative arrangement | Minimum
License and other agreements
Number of licensed products | product			1

License and Other Agreements _6

License and Other Agreements - AstraZeneca Agreement (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2018USD ($)shares	May 31, 2017shares	Oct. 31, 2016USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2017USD ($)
License and other agreements
Value of common stock issued				$ 282,833	$ 281,100
Payment for license agreement						$ 21,500	$ 0
AstraZeneca | License Agreement
License and other agreements
Payment for license agreement	$ 3,000
Issuance of common shares as payment for assets (in shares) | shares	109,523
Issuance of common shares as payment for assets	$ 4,080
Milestone payment due upon achievement of specified regulatory and commercial milestones	55,000
Milestone payment due upon achievement of specified sales-based milestones	$ 50,000
Agreement time period	10 years
AstraZeneca | Collaborative arrangement
License and other agreements
Expiration period based on country by country basis after first commercial sale (in years)			10 years
Common stock value agreed to issue			$ 10,000
Value of common stock issued			$ 5,000
Percentage of shares to be issued upon closing of the transaction			0.50
Percentage of remaining shares to be issued after contractual events			0.50
Fair value of common share | $ / shares			$ 9.2911
Preferred stock issued and sold (in shares) | shares			538,150
Aggregate fair value			$ 5,000
Reclassifications of contingent equity to carrying value			5,000
Common stock issued (shares) | shares		538,150
Change in fair value of contingent equity liability								$ 4,273
AstraZeneca | Collaborative arrangement | Maximum
License and other agreements
Milestone payment to be paid upon regulatory achievement			30,000
Milestone payment to be paid for any product other than rimegepant			60,000
Commercial milestone payment to be paid			$ 120,000
Right to purchase shares fully diluted (as a percent)			0.08
AstraZeneca | Collaborative arrangement | Minimum
License and other agreements
Minimum investment in equity			$ 30,000

License and Other Agreements _7

License and Other Agreements - Revenue Participation Rights (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Aug. 10, 2020
License and other agreements
Non-cash interest expense on liability related to sale of future royalties		$ 11,570,000	$ 5,155,000	$ 19,995,000	$ 11,972,000
2018 RPI Funding Agreement
License and other agreements
Proceeds from royalty agreement	$ 100,000,000
Non-cash interest expense on liability related to sale of future royalties				$ 19,995,000	$ 11,972,000
2020 RPI Funding Agreement | Subsequent Event
License and other agreements
Sales-based participation rights sold, value						$ 250,000,000
Revenue Participation Right, tranche one | 2018 RPI Funding Agreement
License and other agreements
Participation rate for revenue participation right (percent)	2.10%
Revenue Participation Right, tranche one | 2018 RPI Funding Agreement | Maximum
License and other agreements
Annual global net sales threshold for revenue participation right	$ 1,500,000,000
Revenue Participation Right, tranche two | 2018 RPI Funding Agreement
License and other agreements
Participation rate for revenue participation right (percent)	1.50%

License and Other Agreements _8

License and Other Agreements - Fox Chase Chemical Diversity Center Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	May 31, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
License and other agreements
Value of common stock issued			$ 282,833	$ 281,100
Research and development		$ 42,425		$ 175,977	$ 98,495	$ 216,980
FCCDC Agreement | Collaborative arrangement
License and other agreements
Common stock issued (shares)	100,000
Value of common stock issued	$ 5,646
Development milestone payment to be paid	4,500
Development milestone payments to be paid per each additional NDA filing	1,000
Performance milestone payment to be paid	$ 1,500
Time period for payment of performance milestone	30 months
Research and development					$ 1,405	$ 0
FCCDC Agreement | Collaborative arrangement | Minimum
License and other agreements
Earned royalty payment per agreement (percent)	0.00%
FCCDC Agreement | Collaborative arrangement | Maximum
License and other agreements
Earned royalty payment per agreement (percent)	10.00%
FCCDC Warrants
License and other agreements
Number of securities called by warrants (shares)	100,000
Exercise price of warrants (in dollars per share)	$ 56.46

Commitments and Contingencies -

Commitments and Contingencies - Lease Assets and Liabilities (Details) $ in Thousands	Jun. 30, 2020USD ($)
Financing
Right-of-use asset, Financing	$ 2,060
Lease liabilities (current), Financing	697
Lease liabilities (noncurrent), Financing	$ 1,364
Right-of-use asset, Financing - Balance Sheet Location	us-gaap:OtherAssets
Lease liabilities (current), Financing - Balance Sheet Location	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Lease liabilities (noncurrent), Financing - Balance Sheet Location	us-gaap:OtherLiabilitiesNoncurrent
Operating
Right-of-use asset, Operating	$ 6,419
Lease liabilities (current), Operating	480
Lease liabilities (noncurrent), Operating	$ 3,234
Right-of-use asset, Operating - Balance Sheet Location	us-gaap:OtherAssets
Lease liabilities (current), Operating - Balance Sheet Location	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
Lease liabilities (noncurrent), Operating - Balance Sheet Location	us-gaap:OtherLiabilitiesNoncurrent

Commitments and Contingencies_2

Commitments and Contingencies - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lease cost
Amortization of right-of-use assets	$ 32	$ 0	$ 32	$ 0
Interest on lease liabilities	5	0	5	0
Operating lease cost	144	0	144	0
Short-term lease cost	21	0	64	0
Variable lease cost	27	0	32	0
Total lease cost	$ 229	$ 0	$ 277	$ 0

Commitments and Contingencies_3

Commitments and Contingencies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases, Other Information
Financing cash flows from finance leases	$ 37	$ 0
Right-of-use assets obtained in exchange for new finance lease liabilities	2,093
Right-of-use assets obtained in exchange for new operating lease liabilities	3,674
Opening adjustment to right-of-use operating asset upon lease commencement	$ 2,850

Commitments and Contingencies_4

Commitments and Contingencies - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2020USD ($)
Financing
2020 (remaining six months)	$ 410
2021	752
2022	748
2023	310
2024	0
Thereafter	0
Operating
2020 (remaining six months)	144
2021	675
2022	689
2023	703
2024	717
Thereafter	2,046
Total
2020 (remaining six months)	554
2021	1,427
2022	1,437
2023	1,013
2024	717
Thereafter	$ 2,046

Commitments and Contingencies_5

Commitments and Contingencies - Reconciliation of Lease Liabilities (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2020USD ($)
Financing
Total undiscounted lease liability	$ 2,220
Imputed interest	159
Total discounted lease liability	$ 2,061
Weighted-average remaining lease term (years)	2 years 11 months 1 day
Weighted-average discount rate (percent)	5.55%
Operating
Total undiscounted lease liability	$ 4,974
Imputed interest	1,260
Total discounted lease liability	$ 3,714
Weighted-average remaining lease term (years)	7 years 3 months
Weighted-average discount rate (percent)	8.05%
Total
Total undiscounted lease liability	$ 7,194
Imputed interest	1,419
Total discounted lease liability	$ 5,775
Weighted-average remaining lease term (years)	5 years 8 months 12 days
Weighted-average discount rate (percent)	7.28%

Commitments and Contingencies_6

Commitments and Contingencies - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2019lease	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Other Commitments [Line Items]
Restricted cash (included in other assets)		$ 1,000		$ 1,000		$ 1,000
Short-term lease cost		$ 21	$ 0	$ 64	$ 0
Commercial car fleet
Other Commitments [Line Items]
Lease term (in months)		36 months		36 months
Yardley Pennsylvania Office Space
Other Commitments [Line Items]
Lease agreement, term (in months)	88 months
Lease agreement, term including renewal options (in months)	148 months
Period from lease commencement to initial rent payment due	5 months
Number of operating leases | lease	2

Related Party Transactions - Na

Related Party Transactions - Narrative (Details)	Jan. 26, 2017director$ / sharesshares	Mar. 31, 2019$ / sharesshares
Guarantor and Co-Guarantor Warrants
Related Party Transactions
Number of securities called by warrants (shares) | shares		107,500
Exercise price of warrants (in dollars per share) | $ / shares		$ 9.2911
Directors
Related Party Transactions
Number of directors to whom the Company agreed to issue warrants | director	2
Directors | Guarantor and Co-Guarantor Warrants
Related Party Transactions
Number of securities called by warrants (shares) | shares	107,500
Exercise price of warrants (in dollars per share) | $ / shares	$ 9.2911

Subsequent Events - Sixth Stree

Subsequent Events - Sixth Street Financing Agreement (Details) - Senior secured debt	Aug. 10, 2020USD ($)quarter	Jun. 30, 2021USD ($)
Subsequent Event | Sixth Street Financing Agreement
Liability For Sale of Future Royalties [Line Items]
Credit facility capacity	$ 500,000,000
LIBOR rate floor (precent)	1.00%
Company option for percentage of interest payable in kind (percent)	4.00%
Number of fiscal quarters for Company option for interest payable in kind | quarter	8
Debt covenant, minimum unrestricted cash balance	$ 50,000,000
Net sales for four consecutive quarters to waive minimum unrestricted cash balance requirement	$ 400,000,000
Subsequent Event | Sixth Street Financing Agreement | LIBOR
Liability For Sale of Future Royalties [Line Items]
Basis spread on variable rate (percent)	9.00%
Subsequent Event | Sixth Street Financing - term loan
Liability For Sale of Future Royalties [Line Items]
Principal amount	$ 275,000,000
Net proceeds from term loan	260,000,000
Subsequent Event | Sixth Street Financing - delayed draw term loans
Liability For Sale of Future Royalties [Line Items]
Principal amount	225,000,000
Subsequent Event | Sixth Street Financing - delayed draw term loans | Currently available
Liability For Sale of Future Royalties [Line Items]
Principal amount	$ 100,000,000
Forecast | Sixth Street Financing Agreement
Liability For Sale of Future Royalties [Line Items]
Debt covenant, minimum unrestricted cash balance		$ 80,000,000
Forecast | Sixth Street Financing - delayed draw term loans | Available in first and second quarter 2021
Liability For Sale of Future Royalties [Line Items]
Principal amount		125,000,000
Net sales minimum threshold for delayed draws		$ 45,000,000

Subsequent Events - 2020 RPI Fu

Subsequent Events - 2020 RPI Funding Agreement (Details) - Subsequent Event - 2020 RPI Funding Agreement $ in Thousands	Aug. 10, 2020USD ($)
License and other agreements
Sales-based participation rights sold, value	$ 250,000
Sales-based participation rights percentage	0.40%
Proceeds from sale of sales-based participation rights	$ 150,000
Receivable related to sales-based participation rights	$ 100,000
Period from closing for repurchase if change of control consummated	180 days
Buy-Back option factor	2
Success-based milestone payments based on first zavegepant regulatory approval, relative to funded amount	1.9
Time period for success-based milestone payments	10 years
Minimum
License and other agreements
Success-based milestone payments based on regulatory approval, relative to funded amount	0.6
Maximum
License and other agreements
Sales-based participation rights percentage	3.00%
Success-based milestone payments based on regulatory approval, relative to funded amount	2.95

Subsequent Events - RPI Series

Subsequent Events - RPI Series B Preferred Share Purchase Agreement (Details) $ / shares in Units, $ in Thousands	Aug. 10, 2020USD ($)$ / sharesshares	Dec. 31, 2024USD ($)	Sep. 30, 2024USD ($)	Jun. 30, 2024USD ($)	Mar. 31, 2024USD ($)	Dec. 31, 2023USD ($)	Sep. 30, 2023USD ($)	Jun. 30, 2023USD ($)	Mar. 31, 2023USD ($)	Dec. 31, 2022USD ($)	Sep. 30, 2022USD ($)	Jun. 30, 2022USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2030USD ($)payment
Subsequent Event | Series B Preferred Shares
Sale of Stock [Line Items]
Redemption value relative to original purchase price, holder optional right on change of control	1.78
Redemption value relative to original purchase price, Company's optional right	1.78
Annual interest rate upon default of redemption (percent)	18.00%
Subsequent Event | RPI Preferred Share Purchase Agreement | Series B Preferred Shares
Sale of Stock [Line Items]
Number of shares sold in transaction (in shares) | shares	3,992
Issuance price per share (in dollars per share) | $ / shares	$ 50,100
Total consideration on sale of shares	$ 200,000
Forecast | RPI 2019 IFT
Sale of Stock [Line Items]
Number of quarterly payments due | payment																		24
Amount of quarterly payment																		$ 14,773
Forecast | RPI Preferred Share Purchase Agreement | Series B Preferred Shares
Sale of Stock [Line Items]
Consideration received on sale of shares		$ 8,905	$ 8,905	$ 8,905	$ 8,905	$ 8,905	$ 8,905	$ 8,905	$ 8,905	$ 14,579	$ 14,579	$ 14,579	$ 14,579	$ 17,610	$ 17,610	$ 17,610	$ 17,610