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Biohaven Reports New Clinical Data in Epilepsy with Opakalim, a Selective Kv7.2/7.3 Activator, Highlighting Seizure Control and Markedly Differentiated Tolerability Profile

(Moderate)
(Positive)

Biohaven (NYSE:BHVN) reported new clinical data for opakalim, a selective Kv7.2/7.3 activator in epilepsy. In idiopathic generalized epilepsy, median time to second generalized tonic-clonic seizure was 141 days on opakalim vs 47 on placebo. In focal epilepsy, 54% achieved ≥50% seizure reduction over six months. Across >1000 subjects, opakalim showed low central nervous system adverse event rates and was well tolerated. A KCNQ2-DEE compassionate-use case showed clinical stability and 50% seizure-count reduction at six months. Top-line Phase 2/3 focal epilepsy results are expected in 2H 2026.

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Positive

  • In IGE trial, median time to second seizure 141 vs 47 days on placebo
  • 33% of opakalim-treated IGE subjects had no second seizure over 24 weeks vs 0% placebo
  • 20% of opakalim-treated IGE subjects remained seizure-free over 24 weeks vs 0% placebo
  • In focal epilepsy OLE, 54% achieved ≥50% seizure reduction over six months 100)
  • Dizziness reported in 5.0% on opakalim 75 mg vs 25% with competitor Kv7 activator OLE data
  • Opakalim exposure in over 1000 subjects with low incidence of CNS adverse events
  • Company targets top-line Phase 2/3 focal epilepsy results in 2H 2026 to support registration

Negative

  • IGE proof-of-concept study (27 subjects) closed early before reaching planned sample size
  • No formal statistical testing reported for the IGE trial outcomes
  • Opakalim remains in Phase 2/3 development and is not yet approved for epilepsy treatment

News Market Reaction – BHVN

+6.56% 2.1x vol
59 alerts
+6.56% Session close to close
+16.1% Peak in 31 hr 54 min
$1.74B Market Cap
2.1x Rel. Volume

In the May 26 session, BHVN gained 6.56%, reflecting a notable positive market reaction. Argus tracked a peak move of +16.1% during that session. Our momentum scanner triggered 59 alerts that day, indicating high trading interest and price volatility. Trading volume was elevated at 2.1x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock moved +6.6% in the session following this news. A strong positive reaction aligns with the...
Analysis

The stock moved +6.6% in the session following this news. A strong positive reaction aligns with the robust efficacy and tolerability signals reported for opakalim, including a median 141 vs 47 days to second seizure and a 54% responder rate in focal epilepsy OLE data. Historically, Biohaven’s clinical updates have averaged a -6.58% move, so a sharp gain would represent a break from prior caution. Investors would still need to weigh financing flexibility under the effective S-3ASR and ATM program.

Key Figures

Time to 2nd seizure: 141 days vs 47 days ≥50% responder rate: 54% Seizure-free rate: 20% +5 more
8 metrics
Time to 2nd seizure 141 days vs 47 days Median time to second GTC seizure, IGE trial (opakalim vs placebo)
≥50% responder rate 54% Focal epilepsy OLE, ≥50% seizure reduction over six months on 75 mg
Seizure-free rate 20% Opakalim-treated IGE subjects completing 24 weeks seizure-free
No 2nd seizure 33% vs 0% Opakalim vs placebo patients without a second GTC seizure at 24 weeks
EEG seizure reduction 50% Reduction in seizure counts at six months in KCNQ2-DEE patient
Dizziness incidence 5.0% vs 25% Opakalim 75 mg focal OLE vs competitor Kv7 activator OLE dizziness rates
Subjects exposed 1000+ Total opakalim-treated subjects across studies to date
Top-line timing 2H 2026 Expected top-line results from first pivotal Phase 2/3 focal epilepsy study

Previous Clinical trial Reports

5 past events · Latest: Mar 19 (Positive)
Same Type Pattern 5 events
Date Event Sentiment 24h Move Catalyst
Mar 19 Obesity trial enrollment Positive -1.4% Phase 2 obesity study with taldefgrobep alfa completed enrollment across US sites.
Dec 24 MDD trial results Negative +3.0% Phase 2 BHV‑7000 MDD study did not meet its primary efficacy endpoint.
Dec 11 Oncology Phase 1 data Positive +7.9% BHV‑1510 showed high ORR and favorable safety in combination with cemiplimab.
Nov 04 VYGLXIA CRL Negative -40.2% FDA issued a Complete Response Letter for VYGLXIA NDA in SCA, citing RWE concerns.
May 29 Parkinson’s trial start Positive -2.1% Initiation of global Phase 2/3 BHV‑8000 trial in early Parkinson’s disease.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Clinical-trial headlines have produced mixed reactions, with more negative-than-positive average moves and several divergences between news tone and price.

Recent Company History

Recent Biohaven news has focused on advancing a broad pipeline across neurology, metabolic disease and oncology. Prior clinical updates include obesity (taldefgrobep alfa), MDD (BHV‑7000), oncology (BHV‑1510), a CRL for VYGLXIA, and a large Phase 2/3 Parkinson’s trial start. Market reactions to these clinical updates have been volatile, with both large declines and gains. Today’s epilepsy data add to this pattern of frequent, material development milestones across multiple late‑stage programs.

Key Terms

randomized, double-blind, placebo-controlled, open-label extension, phase 2/3, kv7.2/7.3, +4 more
8 terms
randomized, double-blind, placebo-controlled medical
"a randomized, double-blind, placebo-controlled proof-of-concept study in idiopathic..."
A "randomized, double-blind, placebo-controlled" process is a method used to test the effectiveness of a new treatment or intervention. Participants are randomly assigned to different groups, with one receiving the real treatment and the other a fake version, called a placebo. Neither the participants nor the researchers know who is receiving which, which helps ensure unbiased results. For investors, this rigorous approach increases confidence that the findings are accurate and not influenced by guesswork or bias.
open-label extension medical
"an ongoing focal epilepsy open-label extension (OLE) study; and 3) a six-month..."
An open-label extension is a continuation of a clinical trial where all participants and researchers know which treatment is being given, often after an initial blinded phase. It allows further study of a drug's long-term safety and effectiveness. For investors, it can indicate ongoing interest and confidence in a product's potential, influencing perceptions of its future value.
phase 2/3 medical
"currently in Phase 2/3 studies for the treatment of focal epilepsy, and will present..."
A phase 2/3 trial is a combined clinical study that first evaluates how well a treatment works and the best dose, then expands into a larger test to confirm those results and safety. For investors, it matters because moving into a phase 2/3 signals that an experimental therapy has shown initial promise and will be tested at scale, which can materially change the odds and timeline for regulatory approval and commercial potential.
kv7.2/7.3 medical
"selective Kv7.2/7.3 channel activator program, currently in Phase 2/3 studies..."
Kv7.2/7.3 are specific types of protein channels on nerve cells that help control electrical signals by letting potassium ions flow in and out, like a thermostat that keeps a room from getting too hot or cold. They matter to investors because medicines that boost or stabilize these channels can treat neurological conditions such as certain epilepsies, pain disorders, and mood problems, potentially creating significant market value if clinical trials succeed.
gaba receptor medical
"Opakalim is distinguished... by its selectivity for Kv7.2/7.3 and lack of GABA receptor activity."
A GABA receptor is a protein on nerve cells that listens for the chemical messenger GABA and then calms or slows brain activity, functioning like a dimmer switch for nerve signals. Investors care because these receptors are common targets for medicines and diagnostics for conditions such as anxiety, epilepsy and sleep disorders; drug candidates, clinical results, patents or regulatory decisions tied to GABA receptors can strongly affect a company's prospects and market value.
eeg medical
"Overnight EEG at 6-months demonstrated a 50% reduction in seizure counts relative..."
An EEG (electroencephalogram) is a medical test that records the brain’s electrical activity through small sensors placed on the scalp, similar to reading patterns of a city’s traffic to understand flow and disruptions. For investors, EEGs matter because they are central to diagnosing and monitoring neurological conditions, validating new brain-related treatments or devices, and supporting regulatory approvals and reimbursement — factors that drive market demand and revenue potential. Changes in EEG technology, usage or guidelines can affect companies that make the equipment, offer related services, or develop therapies tied to brain signals.
idiopathic generalized epilepsy medical
"time-to-event trial in idiopathic generalized epilepsy (IGE), the median time..."
Idiopathic generalized epilepsy is a form of epilepsy where recurring seizures arise across both sides of the brain without an identifiable structural cause, often linked to inherited factors. Think of it like a wiring issue that affects an entire house rather than a single appliance; seizures can take several typical forms (brief staring spells, muscle jerks, or full convulsions). For investors, it matters because prevalence, treatment options, ongoing drug and device trials, and regulatory progress drive demand, reimbursement, and commercial opportunity in the neurological and pharmaceutical markets.
developmental and epileptic encephalopathy medical
"KCNQ2-Developmental and Epileptic Encephalopathy (KCNQ2-DEE) confirms clinical stability..."
A severe neurological condition that begins in infancy or early childhood, marked by frequent, hard-to-control seizures and slowing or loss of normal development such as movement, learning and communication. Think of it as a critical control system in a child’s brain that malfunctions and interferes with growth and daily function. For investors it signals a high unmet medical need, focused regulatory attention and the potential for significant commercial value — but also greater clinical and development risk for therapies.

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  • In a randomized, placebo-controlled, time-to-event trial in idiopathic generalized epilepsy (IGE), the median time to the second day with a generalized tonic-clonic seizure was 141 days in the opakalim 75 mg once-daily treatment group vs. 47 days in the placebo group, representing a 3-fold prolongation.
  • In an ongoing open-label extension (OLE) study in focal epilepsy, an updated data analysis shows 54% of patients with focal epilepsy on opakalim 75 mg once-daily achieved a ≥50% reduction in seizure frequency over any consecutive six months of open-label treatment compared to pre-randomization baseline.
  • A six-month update of opakalim compassionate use treatment in a Kv7-activation dependent patient with KCNQ2-Developmental and Epileptic Encephalopathy (KCNQ2-DEE) confirms clinical stability and ongoing seizure control. Overnight EEG at 6-months demonstrated a 50% reduction in seizure counts relative to pre-opakalim baseline.
  • Opakalim has been well-tolerated across all studies (1000+ subjects to date) with a low incidence of adverse events (AEs) comparing favorably with approved and investigational antiseizure medicines.
    • In the IGE study, the opakalim group reported no cases of somnolence, dizziness, fatigue, or memory impairment; and in the focal epilepsy OLE study, rates of these central nervous system (CNS) AEs were less than or equal to 5% each.
    • Opakalim's tolerability profile is markedly differentiated from that of other investigational Kv7 activators reporting double-digit rates of CNS AEs in OLE studies.
  • On track to receive top-line results in 2H 2026 from the first of two pivotal Phase 2/3 randomized, double-blind, placebo-controlled studies in refractory focal epilepsy to support registration.

NEW HAVEN, Conn., May 26, 2026 /PRNewswire/ -- Biohaven Ltd. (NYSE: BHVN), a global clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of life-changing therapies to treat a broad range of rare and common diseases, today reported new data from its selective Kv7.2/7.3 channel activator program, currently in Phase 2/3 studies for the treatment of focal epilepsy, and will present additional updates at its annual R&D Day held in conjunction with the Yale Innovation Summit at the Yale School of Management in New Haven, Connecticut on May 27, 2026. Opakalim is distinguished from other investigational Kv7 activators by its selectivity for Kv7.2/7.3 and lack of GABA receptor activity. Opakalim offers potential for easy-to-use, once-daily, orally-administered treatment without the need for titration to control seizures, and without the burdensome central nervous system (CNS) side effects frequently reported with approved and investigational antiseizure medicines (ASMs).

The R&D Day presentation will showcase new and updated clinical data from: 1) a randomized, double-blind, placebo-controlled proof-of-concept study in idiopathic generalized epilepsy (IGE); 2) an ongoing focal epilepsy open-label extension (OLE) study; and 3) a six-month clinical update for a pediatric patient with KCNQ2 Developmental and Epileptic Encephalopathy (KCNQ2-DEE). Together, these emerging data reinforce opakalim's target engagement, differentiated profile and potential to address the unmet need for novel, effective, and well-tolerated ASMs.

Jason Lerner, M.D., Medical Director, Research & Development and Epilepsy Development Lead at Biohaven, commented, "The opakalim data across IGE, focal epilepsy and KCNQ2-DEE are consistent and compelling. What stands out is not just that opakalim controls seizures — it's that it does so without the burdensome side effects that compromise quality of life and adherence for people with epilepsy. Dizziness, somnolence, fatigue, and memory impairment are reported in meaningful proportions of patients on existing and investigational ASMs. Opakalim's zero rates of somnolence, dizziness, fatigue, and memory impairment in our small IGE proof-of-concept study, and single-digit rates of CNS adverse events in our focal epilepsy program suggest that selective Kv7.2/7.3 activation is a fundamentally different and cleaner mechanism. I believe opakalim can offer people with epilepsy real seizure control without asking them to compromise their quality of life."

Efficacy Signal in Highly Treatment-resistant IGE Population

Biohaven to present results from a randomized, double-blind, placebo-controlled, time-to-event proof-of-concept study evaluating opakalim 75 mg once-daily in subjects with IGE with intractable GTC seizures (NCT06425159). The study's prespecified primary outcome measure was defined as the time to the second day with a GTC seizure during the 24-week double-blind treatment period. The study enrolled a total of 27 subjects (15 in the opakalim arm and 12 in the placebo arm). Formal statistical testing is not provided, as this proof-of-concept study was closed prior to reaching the study's prespecified sample size, due to enrollment challenges and strategic portfolio prioritization. The observed efficacy and tolerability signals are consistent with opakalim's mechanism and broader clinical dataset.

Key Findings:

  • Median time to second GTC seizure during the 24-week double-blind treatment period: 141 days on opakalim vs. 47 days on placebo, a 3-fold prolongation of time to second seizure event (Figure 1).
  • 33% of opakalim-treated subjects completed the 24-week double-blind phase without a second GTC seizure vs. 0% of placebo subjects.
  • 20% of opakalim-treated subjects completed the 24-week double-blind phase seizure-free vs. 0% of placebo subjects.
  • Opakalim was well-tolerated with remarkably low rates of nervous system adverse events (AEs) including somnolence, dizziness, and fatigue — AEs that collectively occur in more than one-third of patients on competitor investigational Kv7 activator in long-term studies, and at even higher rates with approved ASMs.

Efficacy Signal and Differentiated Safety Profile in Focal Epilepsy OLE

Biohaven to also report updates from its focal epilepsy program, including a recent data analysis from the ongoing open-label extension study of opakalim in subjects with refractory focal epilepsy (NCT06443463). As of 1H 2026, the double-blind study completion rates were 95%; and rollover rates in the optional open-label extension were 95%, reflecting subject and investigator confidence in opakalim.

Key Findings:

  • In the opakalim 75 mg once-daily, six-month completers cohort (n>100), 54% of subjects achieved a ≥50% reduction in seizure frequency over any consecutive six months of OLE treatment compared to pretreatment baseline prior to randomization (Figure 2). This result is on par with the ≥50% responder rate reported for the investigational Kv7 activator azetukalner (56%), but opakalim achieves this comparable level of seizure control with a substantially lower burden of CNS AEs, including markedly lower rates of dizziness, somnolence, fatigue, and memory impairment.
  • The AE profile was favorable and consistent with prior data, with a markedly lower incidence of AEs compared to approved and investigational ASMs (Figure 3). For example, in opakalim-treated subjects (75 mg), dizziness was reported in only 5.0% of subjects. By contrast, published long-term data from a competitor's Kv7 activator shows its open-label extension study reported dizziness in 25%, somnolence in 17%, memory impairment in 11%, and falls in 15% of subjects. These data suggest opakalim's selective Kv7.2/7.3 activation without GABA effects may translate into a meaningfully cleaner CNS tolerability profile than other ASMs.

Clinical Stability and Ongoing Seizure Control in Kv7-Dependent KCNQ2-DEE Patient

Biohaven to further provide a six-month update for the 9 year-old boy with refractory epilepsy due to KCNQ2-DEE being treated with compassionate use opakalim. The patient had a history of daily tonic seizures despite three concurrent ASMs, including a first-generation Kv7 activator, with prior attempts to taper first-generation Kv7 resulting in status epilepticus, ICU admission, and developmental regression. Following compassionate use authorization under a single-patient IND approved by the FDA, he was transitioned to opakalim at exposures calibrated to match the 75 mg dose being studied in the pivotal focal epilepsy trials.

Key Finding:

  • Now at the six-month mark, the patient remains clinically stable. Overnight EEG at six-months demonstrated a 50% reduction in seizure counts relative to pre-opakalim baseline. Opakalim has been well-tolerated over the six-month treatment period.

Biohaven is on track to announce in 2H 2026 top-line results from the first of two pivotal Phase 2/3 randomized, double-blind, placebo-controlled studies in refractory focal epilepsy to support registration.

About Opakalim

Opakalim (BHV-7000) is Biohaven's next-generation, selective Kv7.2/7.3 potassium channel activator that targets a clinically validated mechanism of action for the treatment of epilepsy. Opakalim is differentiated from both first- and second-generation Kv7 activators by its selectivity: it preferentially activates the Kv7.2/7.3 heteromeric channels that are the predominant regulators of neuronal excitability, with substantially less activity at GABA receptors. This selectivity profile is hypothesized to underlie opakalim's favorable tolerability, including the low rates of somnolence, dizziness, and fatigue observed in clinical studies to date. Opakalim has been studied in more than 1,000 subjects across multiple clinical trials, consistently demonstrating a favorable tolerability profile. Biohaven is currently conducting two Phase 2/3 randomized, double-blind, placebo-controlled studies (NCT06132893 and NCT06309966) comparing the efficacy of opakalim to placebo as an adjunctive therapy for refractory focal onset epilepsy, as well as an open-label extension study (NCT06443463) to evaluate the long-term efficacy and safety of opakalim.

About Biohaven

Biohaven is a biopharmaceutical company focused on the discovery, development, and commercialization of life-changing treatments in key therapeutic areas, including immunology, neuroscience, and oncology. Biohaven is advancing its innovative portfolio of therapeutics, leveraging its proven drug development experience and multiple proprietary drug development platforms. Biohaven's extensive clinical and preclinical programs include Kv7 ion channel modulation for epilepsy; MoDE™ and TRAP™ extracellular protein degradation for immunological diseases; and myostatin inhibition for neuromuscular and metabolic diseases, including obesity. For more information, visit www.biohavenpharma.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of certain words, including "continue", "plan", "will", "believe", "may", "expect", "potentially", "groundbreaking" and similar expressions, is intended to identify forward-looking statements. Investors are cautioned that any forward-looking statements, including statements regarding the future development, timing and potential marketing approval and commercialization of development candidates, are not guarantees of future performance or results and involve substantial risks and uncertainties. Actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors including: the expected timing, commencement and outcomes of Biohaven's planned and ongoing clinical trials, including the studies of opakalim; the timing of planned interactions and filings with the FDA; the timing and outcome of expected regulatory filings; complying with applicable US regulatory requirements; the potential commercialization of Biohaven's product candidates; and the effectiveness and safety of Biohaven's product candidates. Additional important factors to be considered in connection with forward-looking statements are described in Biohaven's filings with the Securities and Exchange Commission, including within the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations". The forward-looking statements are made as of the date of this news release, and Biohaven does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

MoDE and TRAP are trademarks of Biohaven Therapeutics Ltd.

Investor Contact:
Jennifer Porcelli
Vice President, Investor Relations
jennifer.porcelli@biohavenpharma.com
+1 (201) 248-0741

Media Contact:
Mike Beyer
Sam Brown Inc.
mikebeyer@sambrown.com
+1 (312) 961-2502

 

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SOURCE Biohaven Ltd.

FAQ

What epilepsy data did Biohaven (NYSE:BHVN) announce for opakalim in May 2026?

Biohaven reported new opakalim data in idiopathic generalized epilepsy, focal epilepsy, and KCNQ2-DEE, highlighting seizure control and low central nervous system side effects. According to Biohaven, findings came from randomized, placebo-controlled and open-label extension studies plus a compassionate-use case.

How effective was opakalim in Biohaven's idiopathic generalized epilepsy (IGE) trial for BHVN?

Opakalim prolonged median time to second generalized tonic-clonic seizure to 141 days vs 47 days on placebo. According to Biohaven, 33% of opakalim-treated subjects finished 24 weeks without a second seizure and 20% were seizure-free, while no placebo patients achieved these outcomes.

What seizure reduction was seen in Biohaven's focal epilepsy open-label extension with opakalim (BHVN)?

In the six-month completer cohort, 54% of opakalim 75 mg patients achieved at least 50% seizure reduction. According to Biohaven, this responder rate was observed over any consecutive six months of open-label treatment compared with each subject's pre-randomization baseline.

What side effects were reported with opakalim compared to other Kv7 activators and ASMs?

Opakalim showed low central nervous system adverse event rates, including 5.0% dizziness at 75 mg in focal epilepsy. According to Biohaven, competitor Kv7 open-label data report dizziness 25%, somnolence 17%, memory impairment 11%, and falls 15%, suggesting a potentially cleaner CNS tolerability profile.

What were the results of compassionate use of opakalim in a KCNQ2-DEE patient for Biohaven?

A nine-year-old boy with KCNQ2-DEE on compassionate-use opakalim remained clinically stable at six months. According to Biohaven, overnight EEG showed a 50% reduction in seizure counts versus pre-opakalim baseline, and the treatment was reported as well tolerated over the six-month period.

When will Biohaven (BHVN) report Phase 2/3 opakalim results in refractory focal epilepsy?

Biohaven expects top-line results from the first Phase 2/3 refractory focal epilepsy study in the second half of 2026. According to Biohaven, these randomized, double-blind, placebo-controlled trials are designed to support potential registration of opakalim as a focal epilepsy treatment.

How many subjects have been exposed to Biohaven's opakalim and what is its tolerability profile?

Opakalim has been given to more than 1,000 subjects across studies with low adverse event incidence. According to Biohaven, central nervous system side effects such as somnolence, dizziness, fatigue, and memory impairment were absent in the small IGE trial and ≤5% in focal epilepsy OLE.