Ovid Therapeutics Reports Business Updates and Fourth Quarter and Full Year 2024 Financial Results
Ovid Therapeutics (NASDAQ: OVID) reported its Q4 and full-year 2024 financial results, highlighting key pipeline developments and organizational updates. The company ended 2024 with $53.1 million in cash and equivalents, expected to fund operations into H2 2026.
Key developments include: appointment of Dr. Stelios Papadopolous to the Board of Directors; anticipated topline results from OV329's Phase 1 study in Q3 2025; and initiation of first-in-human study for OV350 in Q1 2025. The company reported full-year 2024 revenues of $566,000 and a net loss of $26.4 million ($0.37 per share).
Pipeline updates include:
- OV329: Phase 1 study progressing with no serious adverse events reported
- OV350: First KCC2 direct activator initiated human trials
- OV4071: First oral KCC2 activator targeting human studies in Q2 2026
- OV888/GV101: Phase 2 proof-of-concept study paused for strategic evaluation
Ovid Therapeutics (NASDAQ: OVID) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando sviluppi chiave nel pipeline e aggiornamenti organizzativi. La società ha chiuso il 2024 con 53,1 milioni di dollari in contante e equivalenti, previsti per finanziare le operazioni fino al secondo semestre del 2026.
Sviluppi chiave includono: la nomina del Dr. Stelios Papadopolous nel Consiglio di Amministrazione; risultati attesi dal primo studio di fase 1 di OV329 nel terzo trimestre del 2025; e l'inizio del primo studio sull'uomo per OV350 nel primo trimestre del 2025. La società ha riportato ricavi per l'intero anno 2024 di 566.000 dollari e una perdita netta di 26,4 milioni di dollari (0,37 dollari per azione).
Aggiornamenti sul pipeline includono:
- OV329: studio di fase 1 in corso senza eventi avversi gravi riportati
- OV350: avviati studi clinici umani per il primo attivatore diretto KCC2
- OV4071: primo attivatore orale KCC2 in fase di studi umani previsti per il secondo trimestre del 2026
- OV888/GV101: studio di fase 2 di prova di concetto sospeso per valutazione strategica
Ovid Therapeutics (NASDAQ: OVID) informó sobre sus resultados financieros del cuarto trimestre y del año completo 2024, destacando desarrollos clave en su pipeline y actualizaciones organizativas. La compañía terminó 2024 con 53.1 millones de dólares en efectivo y equivalentes, que se espera financien las operaciones hasta el segundo semestre de 2026.
Los desarrollos clave incluyen: la designación del Dr. Stelios Papadopolous en la Junta Directiva; resultados esperados de la fase 1 del estudio de OV329 en el tercer trimestre de 2025; y el inicio del primer estudio en humanos para OV350 en el primer trimestre de 2025. La compañía reportó ingresos anuales de 566,000 dólares y una pérdida neta de 26.4 millones de dólares (0.37 dólares por acción).
Las actualizaciones del pipeline incluyen:
- OV329: estudio de fase 1 en progreso sin eventos adversos graves reportados
- OV350: se iniciaron ensayos clínicos en humanos para el primer activador directo de KCC2
- OV4071: primer activador oral de KCC2 con estudios humanos programados para el segundo trimestre de 2026
- OV888/GV101: estudio de fase 2 de prueba de concepto pausado para evaluación estratégica
오비드 테라퓨틱스 (NASDAQ: OVID)는 2024년 4분기 및 연간 재무 결과를 발표하며 주요 파이프라인 개발 및 조직 업데이트를 강조했습니다. 이 회사는 2024년을 5,310만 달러의 현금 및 현금성 자산으로 마감하였으며, 이는 2026년 하반기까지 운영 자금을 지원할 것으로 예상됩니다.
주요 개발 사항으로는: 스텔리오스 파파도풀로스 박사의 이사회 임명; 2025년 3분기에 OV329의 1상 연구에서 예상되는 주요 결과; 2025년 1분기에 OV350에 대한 첫 번째 인간 연구 시작이 포함됩니다. 이 회사는 2024년 전체 수익이 566,000달러이며, 순손실은 2,640만 달러(주당 0.37달러)라고 보고했습니다.
파이프라인 업데이트는 다음과 같습니다:
- OV329: 심각한 부작용이 보고되지 않은 1상 연구 진행 중
- OV350: 첫 번째 KCC2 직접 활성화제의 인간 임상 시험 시작
- OV4071: 2026년 2분기에 인간 연구를 목표로 하는 첫 번째 경구 KCC2 활성화제
- OV888/GV101: 전략적 평가를 위한 2상 개념 증명 연구 중단
Ovid Therapeutics (NASDAQ: OVID) a publié ses résultats financiers pour le quatrième trimestre et l'année entière 2024, mettant en avant des développements clés de son pipeline et des mises à jour organisationnelles. L'entreprise a terminé 2024 avec 53,1 millions de dollars en liquidités et équivalents, prévus pour financer ses opérations jusqu'au second semestre 2026.
Les développements clés comprennent : la nomination du Dr Stelios Papadopolous au Conseil d'Administration ; les résultats attendus de l'étude de Phase 1 d'OV329 au troisième trimestre 2025 ; et le lancement de la première étude sur l'homme pour OV350 au premier trimestre 2025. L'entreprise a rapporté des revenus pour l'année 2024 de 566 000 dollars et une perte nette de 26,4 millions de dollars (0,37 dollar par action).
Les mises à jour du pipeline incluent :
- OV329 : étude de Phase 1 en cours sans événements indésirables graves signalés
- OV350 : premiers essais cliniques humains pour le premier activateur direct de KCC2
- OV4071 : premier activateur oral de KCC2 visant des études humaines au deuxième trimestre 2026
- OV888/GV101 : étude de Phase 2 de preuve de concept suspendue pour évaluation stratégique
Ovid Therapeutics (NASDAQ: OVID) hat seine Finanzzahlen für das 4. Quartal und das Gesamtjahr 2024 veröffentlicht und dabei wichtige Entwicklungen im Pipeline sowie organisatorische Updates hervorgehoben. Das Unternehmen schloss das Jahr 2024 mit 53,1 Millionen Dollar an liquiden Mitteln und Äquivalenten ab, die voraussichtlich die Betriebskosten bis zum zweiten Halbjahr 2026 decken werden.
Wichtige Entwicklungen umfassen: die Ernennung von Dr. Stelios Papadopolous in den Vorstand; die erwarteten Ergebnisse der Phase 1-Studie zu OV329 im 3. Quartal 2025; sowie den Beginn der ersten klinischen Studie an Menschen für OV350 im 1. Quartal 2025. Das Unternehmen berichtete von Gesamteinnahmen für das Jahr 2024 in Höhe von 566.000 Dollar und einem Nettoverlust von 26,4 Millionen Dollar (0,37 Dollar pro Aktie).
Pipeline-Updates umfassen:
- OV329: Phase 1-Studie verläuft ohne schwerwiegende unerwünschte Ereignisse
- OV350: Erste klinische Studien mit einem direkten KCC2-Aktivator
- OV4071: Erster oraler KCC2-Aktivator, der für Studien an Menschen im 2. Quartal 2026 angestrebt wird
- OV888/GV101: Phase 2 Proof-of-Concept-Studie wurde zur strategischen Bewertung pausiert
- Strong cash position of $53.1M providing runway into H2 2026
- Multiple pipeline programs advancing to clinical stage
- OV329 showing favorable safety profile with no serious adverse events
- Strategic appointment of industry veteran Dr. Papadopolous to Board
- Reduced net loss to $26.4M in 2024 from $52.3M in 2023
- Pause in OV888/GV101 Phase 2 proof-of-concept study
- Increased R&D expenses to $36.8M from $28.6M year-over-year
- May require additional capital or partnerships to advance programs
- Revenue remains minimal at $566,000 for full-year 2024
Insights
Ovid Therapeutics' Q4 and FY2024 update reveals a significantly improved financial position despite ongoing R&D investments. The company reported a net loss of $26.4 million for 2024, representing a substantial 49.5% reduction from the $52.3 million loss in 2023. This improvement comes while maintaining robust pipeline advancement, suggesting more efficient capital allocation.
The company's $53.1 million cash position provides runway into H2 2026, covering multiple value-creating clinical milestones without immediate financing pressure. This timeline aligns strategically with their anticipated clinical readouts, potentially positioning them for partnership or financing from a position of strength after data generation.
Operating expenses remained relatively stable at $62.5 million versus $59.7 million in 2023, but Q4 expenses decreased considerably ($10.8 million vs. $18.3 million), reflecting benefits from their organizational restructuring. This demonstrates management's commitment to fiscal discipline while advancing their pipeline.
The appointment of Dr. Papadopolous adds significant strategic value that transcends typical board additions. His background in investment banking and biotechnology financing brings important expertise as Ovid approaches key valuation inflection points with its pipeline candidates.
Looking ahead, the company presents a clear catalog of near-term catalysts (OV329 data in Q3 2025, OV350 data in Q4 2025, Phase 2a initiation in Q1 2026), creating a transparent roadmap for value creation and risk assessment. The disciplined approach to partnership exploration further demonstrates financial pragmatism that enhances their self-funding potential.
Ovid's pipeline strategy displays scientific sophistication by targeting fundamental neuronal homeostasis mechanisms rather than pursuing symptomatic treatments. Their lead candidate OV329 represents a potentially meaningful advance over vigabatrin through 100-fold greater potency and improved safety profile, particularly regarding retinal accumulation - a significant limitation of the first-generation GABA-AT inhibitor.
The biomarker strategy employing transcranial magnetic stimulation (TMS) and magnetic resonance spectroscopy (MRS) for the OV329 program demonstrates methodological rigor and could provide early signals of efficacy. These approaches can measure GABA-ergic activity and target engagement directly, potentially de-risking the subsequent Phase 2 patient trials in treatment-resistant epilepsy.
The KCC2 activation platform represents genuine innovation, targeting a mechanism with broad applications across conditions characterized by neural hyperexcitability. The progression of four distinct KCC2 programs with differentiated structures and delivery routes (IV, oral, potential IM/SC) suggests a thoughtful portfolio approach that maximizes shots on goal while addressing diverse clinical scenarios.
Choosing Parkinson's disease psychosis and Lewy body dementia as initial indications for KCC2 modulators shows strategic acumen - these conditions share α-synuclein pathology, have significant unmet needs, and offer established regulatory pathways. This approach balances innovation with regulatory pragmatism.
The company's decision to pause the CCM program after competitor trial completion demonstrates appropriate scientific humility and resource discipline. By incorporating learnings from competitor studies regarding endpoints, enrichment strategies, and time-to-event measurements, they can potentially design more efficient future trials.
- Stelios Papadopolous, Ph.D., a pioneering leader in biotech, appointed to Board of Directors; two industry veterans joined management team as Ovid prepares to take OV329 into patient trials and move its first KCC2 direct activator into the clinic
- Topline results from Phase 1 study of OV329 expected in Q3 2025, which will include biomarkers that measure clinical effect and target engagement, safety, and tolerability
- OV350, Ovid’s first program in its KCC2 direct activator library, initiated a first-in-human study in Q1 2025
- Cash, cash equivalents and marketable securities of
$53.1 million as of December 31, 2024, are expected to support operations and development programs into the second half of 2026
NEW YORK, March 11, 2025 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (Nasdaq: OVID), a biopharmaceutical company dedicated to developing small molecule medicines for brain conditions with significant unmet need, today reported business updates and financial results for the fourth quarter and year ended December 31, 2024.
“Ovid is at an exciting inflection point. Our pipeline programs are moving into the next stage of clinical development and I believe our team is the strongest that it has been since the founding of the Company,” said Dr. Jeremy Levin, D.Phil., MB BChir., Chairman and CEO of Ovid Therapeutics. “To support us in capturing the substantial potential therapeutic and financial value associated with OV329, our program for treatment-resistant epilepsies, and our portfolio of first-in-class KCC2 activators, Dr. Stelios Papadopoulos has joined our Board and two industry leaders, Dr. Manal Morsy and Victoria “Tori” Fort joined our management team. Stelios’s extensive industry expertise and strategic vision will be invaluable to Ovid through our next stage of growth. Manal and Tori will support our regulatory and investor strategy and engagement,” stated Levin.
Business Strategy & Updates
Ovid expects its cash runway to support operations and clinical development programs into the second half of 2026, during which time multiple pipeline and regulatory milestones are anticipated. These anticipated milestones include: results for OV329 biomarker and safety data (Q3 2025); initiation of a Phase 2a patient study for OV329 in drug resistant epilepsies (Q1 2026); results from a first-in-human safety and exploratory biomarker study with OV350, our first KCC2 direct activator (Q4 2025); and initiation of human trials for the first oral KCC2 direct activator, OV4071 (Q2 2026). In the event the Company is unable to raise capital or enter into partnerships or co-development opportunities as and when needed, it will be required to delay, reduce the scope of or prioritize various research and development activities.
The Company will continue to manage its clinical development programs, operations and cash expenditures with fiscal discipline to support the potential achievement of key value-creating clinical milestones. Given the breadth and depth of its pipeline, and the broad therapeutic opportunity it may yield, Ovid will continue to explore partnerships and co-development opportunities for select programs and regions to accelerate development and offset costs. Additional pipeline updates follow below.
Organizational Updates
Ovid has strengthened its Board of Directors and leadership team with key appointments intended to support the Company’s pipeline, business development and financial strategies. These include:
- Appointed Stelios Papadopolous, Ph.D., to serve on Board of Directors. Dr. Papadopolous is a scientist, investor and entrepreneur who has played a pivotal role in shaping the biotechnology industry for the last 30 years through bridging scientific discovery with financial strategy. His leadership, deal-making creativity, and ability to catalyze growth will be instrumental to Ovid as it seeks to capture the full potential value of its pipeline programs. Dr. Papadopoulos has served in roles including: the Vice Chairman of Cowen & Co., LLC; a leader in investment banking at PaineWebber, Chairman of PaineWebber Development Corp., a subsidiary focusing on biotechnology; and Vice President in the Equity Research Department of Drexel Burnham Lambert, covering the biotechnology industry. Dr. Papadopolous will serve on the Audit and Compensation Committees of Ovid’s Board of Directors.
- Leadership appointments. In February 2025, Manal Morsy, M.D., Ph.D., MBA and Victoria Fort joined Ovid as Chief Regulatory Officer and Head of Corporate Affairs & Corporate Strategy, respectively. Dr. Morsy brings deep expertise from successful global regulatory strategies and submissions spanning three decades, including adult and pediatric development drug candidates at J&J, Merck, PTC, and Athersys. She is a trained scientist, clinician and geneticist whose work has been published in many leading scientific and medical journals. Ms. Fort joins Ovid from Frontier Medicines, where she led corporate strategy, guided the company’s transition to a clinical-stage organization and helped secure critical financing.
Pipeline Strategy & Updates
Ovid is advancing a differentiated pipeline of potential first-in-class and best-in-class small molecule medicines that are intended to bring hyperexcited neurons back to homeostasis. The Company seeks to become a leader in neurotherapeutics by addressing intractable brain disorders with significant unmet need. This includes treating conditions and symptoms that manifest from excessive neural excitation such as seizures and psychosis.
Central to the Company’s strategy is identifying and developing differentiated mechanisms of action to interdict unaddressed biological targets in the central nervous system (CNS) that are fundamental to disease pathology. This strategy includes developing a potential best-in-class, next-generation GABA aminotransferase (GABA-AT) inhibitor; translating the direct activation of the potassium chloride co-transporter 2 (KCC2) for a broad range of neurological and psychiatric conditions; and pioneering Rho-associated coiled-coil containing protein kinase 2 (ROCK2) inhibition for neurovascular and neuro-inflammatory conditions.
OV329
- A next-generation GABA-AT inhibitor: Ovid is developing OV329 as a next-generation GABA-AT inhibitor for the potential treatment of drug-resistant epilepsies (DREs) in adult and pediatric patients. OV329 seeks to endogenously deliver optimal levels of GABA to reduce seizures and provide a preferable safety and tolerability profile relative to the first-generation, GABA-AT inhibitor, vigabatrin. Ovid’s preclinical characterization suggests that OV329 is 100-fold more potent than vigabatrin in animals, delivers synaptic and extra-synaptic inhibition, and has a lasting pharmacodynamic effect despite rapid tissue clearance. In animal models, OV329 has been shown to have a therapeutic index and does not appear to induce sedation at therapeutic doses, whereas vigabatrin has no therapeutic window. A therapeutic dose of vigabatrin has been shown by independent researchers, and by Ovid, to preferentially accumulate in the retina.
- Human safety & tolerability: Ovid is completing a Phase 1 single- ascending dose (SAD) and multiple ascending dose (MAD) study evaluating OV329’s safety, tolerability, pharmacokinetics (PK) and biomarkers that may serve as a measure of clinical effect and target engagement. In the cohorts completed to-date, there have been no serious adverse events and no adverse events reported have been associated with OV329.
- Topline biomarker & safety data expected Q3 2025: Ovid added a higher dose cohort to its Phase 1 study, to increase dosing opportunities for future Phase 2 programs. Topline results from this cohort is expected in Q3 2025, and will include findings regarding how OV329 performed in specific parameters of transcranial magnetic stimulation (TMS) and magnetic resonance spectroscopy (MRS). Collectively, Ovid believes TMS and MRS have the potential to detect GABAergic activity, target engagement and clinical effect.
- TMS is a proven protocol for focal non-invasive electrical cortical stimulation that can safely and non-invasively measure target engagement. TMS has been previously used to correlate anti-seizure activity with vigabatrin and other anti-seizure medications (“ASMs”). Ovid is utilizing a range of TMS parameters for OV329, which can measure cortical excitation, including GABA-ergic, GABA (A) and GABA (B) receptor activity1.
- MRS technology has been utilized with other ASMs, including vigabatrin, as a way to measure GABA levels in selected regions of the brain. Utilizing MRS, Ovid will be able to evaluate and quantify the change in GABA levels in the medial parietal lobe relative to an untreated baseline.
- Ocular safety profile: To evaluate OV329’s safety compared to vigabatrin, Ovid has conducted additional animal experiments to evaluate the risk of drug accumulating in the eye and causing retinal cell dysregulation. At the 2024 American Epilepsy Society meeting in December, Ovid presented the full results from an animal study, which demonstrated that OV329 did not accumulate in animal eyes, in contrast to vigabatrin, which was found to accumulate in less than 48 hours. OV329 was present in the brain and plasma of mice, then rapidly cleared the tissue and remained undetectable in the retina, eye, and brain. In contrast, vigabatrin was demonstrated to preferentially accumulate in the eye, retina and brain, which is consistent with previously published independent research.
OV350 and KCC2 library
- Initiated a Phase 1, first-in-human study for a KCC2 direct activator, OV350: In Q4 2024, Ovid successfully submitted a regulatory application for a Phase 1 trial of OV350 and initiated a first-in-human study for this class of molecule in Q1 2025. OV350 is the first of multiple anticipated programs from Ovid’s library of KCC2 direct activators. The Phase 1 trial intends to evaluate the safety, tolerability and pharmacokinetic parameters of an intravenous formulation of OV350 in healthy human volunteers. It will also include an exploratory biomarker using quantitative EEG. In preclinical and animal disease models, OV350 has demonstrated antipsychotic and anticonvulsant effects, indicating that it may have broad therapeutic utility. The initial indication intended for OV350, and the oral program to follow, is psychosis associated with neuronal-synuclein diseases (NSD), including Parkinson’s disease, and Lewy body dementia (LBD). These conditions have similar underlying biology, significant unmet need and an established regulatory pathway.
- KCC2 direct activator library. Ovid has made significant progress with its KCC2 direct activator library and is progressing four programs toward clinical development, which are expected to yield successive regulatory submissions annually for the next three to four years. These programs are unique structures with discreet pharmacology and differentiated therapeutic attributes as characterized in phenotypic and disease biology models. Ovid believes these molecules may have relevance across a range of conditions that have symptoms driven by neural hyperexcitability such as seizures and psychoses. Based upon the bioavailability and potency characteristics, Ovid believes different programs in the library have amenability for oral and intramuscular or subcutaneous formulations to address clinical indications across the care continuum.
- OV4071, the first oral KCC2 direct activator: Ovid has initiated IND-enabling studies of OV4071, the first oral direct activator of the biological target, KCC2. It anticipates initiating human studies with OV4071 in Q2 2026, with both healthy volunteer and patient cohorts. This oral program behaves similarly to OV350 in phenotypic and disease model screens and is similarly intended for the potential treatment of psychoses in NSD and LBD.
OV888/GV101 & ROCK2 inhibitor programs
- OV888/GV101 Capsule for CCM: In the third quarter of 2024, Ovid and Graviton Bioscience announced the decision to pause the initiation of the Phase 2 proof-of-concept study of OV888/ GV101 capsule, following the recent completion of long-duration competitor and academic trials in CCM, and after discussions with key stakeholders. Ovid and Graviton Bioscience are evaluating clinical design learnings and regulatory feedback from recently completed competitor Phase 2 programs. Ovid and Graviton Bioscience are confident of the potential therapeutic effects of ROCK2 inhibition for CCM and will seek to optimize future development approaches with the benefit of further insights on study duration, enrichment strategies, endpoints, and time-to-event measurements.
Fourth Quarter and Annual 2024 Financial Results
- Cash, cash equivalents and marketable securities as of December 31, 2024 totaled
$53.1 million . - Revenues from royalty agreements were
$566,000 for the year ended December 31, 2024, as compared to$392,000 for the same period in 2023. - Research and development expenses were
$5.9 million and$36.8 million for the three months and full year ended December 31, 2024, compared to$10.6 million and$28.6 million for the same periods in 2023. The overall increase is related to the advancement of Ovid’s clinical and preclinical pipeline programs as described above. The decrease between the three-month periods is the result of the organizational restructuring in the second quarter of 2024, which re-prioritized development programs. - General and administrative expenses were
$4.9 million and$25.7 million for the three months and full year ended December 31, 2024, as compared to$7.7 million and$31.1 million for the same periods in 2023. The decrease was driven by the previous organizational restructuring and related cost-reduction efforts. - Total operating expenses were
$10.8 million and$62.5 million for the three months and full year ended December 31, 2024, as compared to$18.3 million and$59.7 million for the same periods in 2023. - Ovid reported a net loss of
$9.3 million , or basic and diluted net loss per share attributable to common stockholders of$0.13 for the three months ended December 31, 2024, as compared to a net loss of$15.3 million , or basic and diluted net loss per share attributable to common stockholders of$0.21 for the same period in 2023. Ovid reported a net loss of$26.4 million , or basic and diluted net loss per share attributable to common stockholders of$0.37 for the year ended December 31, 2024, as compared to a net loss of$52.3 million , or basic and diluted net loss per share attributable to common stockholders of$0.73 for the same period in 2023.
1 Tsuboyama M, Lee Kaye H, Rotenberg A. Biomarkers Obtained by Transcranial Magnetic Stimulation of the Motor Cortex in Epilepsy.
Front Integr Neurosci. 2019 Oct 30;13:57. doi: 10.3389/fnint.2019.00057. PMID: 31736722; PMCID: PMC6837164.
About Ovid Therapeutics
Ovid Therapeutics Inc. is a New York-based biopharmaceutical company dedicated to developing small molecule medicines for brain conditions with significant unmet need. The Company is advancing a pipeline of novel, highly specific, small molecule candidates that modulate the intrinsic and extrinsic factors involved in neuronal hyperexcitability causative of multiple neurological and neuropsychiatric disorders. Ovid is developing: OV329, a next-generation GABA-aminotransferase inhibitor, as a potential therapy for treatment-resistant seizures and other undisclosed indications; OV350, and a library of compounds that directly activate the KCC2 transporter, for multiple neurological and psychiatric conditions; and OV888/GV101, a highly selective ROCK2 inhibitor for undisclosed neurovascular and neuro-inflammatory conditions. For more information about these and other Ovid research programs, please visit www.ovidrx.com.
Forward-Looking Statements
This press release includes certain disclosures by Ovid that contain “forward-looking statements” including, without limitation: statements regarding the expected timing of initiation, completion, and results and data of Ovid’s clinical studies; Ovid’s expectations regarding the duration of its cash runway and the expectation that it will support Ovid’s operations and development programs; Ovid’s ability to achieve expected benefits of cost-savings efforts; Ovid’s ability to secure additional sources of funding; Ovid’s potential future business development opportunities; the potential use and development of OV329, OV350 and other compounds from Ovid’s library of direct activators of KCC2, and OV888/GV101; the potential therapeutic opportunity of OV329, OV350 and other compounds from Ovid’s library of direct activators of KCC2, and OV888/GV101; Ovid’s evaluation of the results of recently completed competitor trials to OV888/GV101 for CCM; and other statements that are not historical fact. You can identify forward-looking statements because they contain words such as “anticipates,” “believes,” “expects,” “intends,” “may,” “plan,” “potentially,” and “will,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances). Forward-looking statements are based on Ovid’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation, uncertainties inherent in the preclinical and clinical development and regulatory approval processes, impediments to Ovid’s ability to achieve expected benefits of cost-savings efforts, risks related to Ovid’s ability to achieve its financial objectives, the risk that Ovid may not be able to realize the intended benefits of its business strategy, or risks related to Ovid’s ability to identify business development targets or strategic partners, to enter into strategic transactions on favorable terms, or to consummate and realize the benefits of any business development transactions. Additional risks that could cause actual results to differ materially from those in the forward-looking statements are set forth under the caption “Risk Factors” in Ovid’s most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”), and in subsequent and future filings Ovid makes with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and Ovid assumes no obligation to update any forward-looking statements contained herein, whether because of any new information, future events, changed circumstances or otherwise, except as otherwise required by law.
Condensed Consolidated Statements of Operations Unaudited | |||||||||||||||
(in thousands, except share and per share data) | For the Three Months Ended December 31, 2024 | For the Three Months Ended December 31, 2023 | For the Year Ended December 31, 2024 | For the Year Ended December 31, 2023 | |||||||||||
Revenue: | |||||||||||||||
License and other revenue | $ | 76 | $ | 142 | $ | 566 | $ | 392 | |||||||
Total revenue | 76 | 142 | 566 | 392 | |||||||||||
Operating expenses: | — | — | |||||||||||||
Research and development | 5,923 | 10,642 | 36,767 | 28,588 | |||||||||||
General and administrative | 4,878 | 7,688 | 25,684 | 31,085 | |||||||||||
Total operating expenses | 10,801 | 18,330 | 62,451 | 59,673 | |||||||||||
Loss from operations | (10,725 | ) | (18,188 | ) | (61,885 | ) | (59,281 | ) | |||||||
Other income (expense), net | 1,444 | 2,866 | 35,452 | 6,943 | |||||||||||
Loss before provision for income taxes | (9,281 | ) | (15,322 | ) | (26,433 | ) | (52,339 | ) | |||||||
Provision for income taxes | — | — | — | — | |||||||||||
Net loss | $ | (9,281 | ) | $ | (15,322 | ) | $ | (26,433 | ) | $ | (52,339 | ) | |||
Net loss per share of Series A preferred stock, basic and diluted | $ | (128.44 | ) | $ | (212.99 | ) | $ | (366.33 | ) | $ | (728.64 | ) | |||
Weighted-average Series A preferred stock shares outstanding, basic and diluted | 1,250 | 1,250 | 1,250 | 1,250 | |||||||||||
Net loss per share of common stock, basic and diluted | $ | (0.13 | ) | $ | (0.21 | ) | $ | (0.37 | ) | $ | (0.73 | ) | |||
Weighted-average common stock shares outstanding, basic and diluted | 71,009,866 | 70,687,307 | 70,905,422 | 70,580,604 |
Select Condensed Consolidated Balance Sheet Data Unaudited | |||||
(in thousands) | December 31, 2024 | December 31, 2023 | |||
Cash, cash equivalents and marketable securities | $ | 53,075 | $ | 105,834 | |
Working capital(1) | 45,418 | 98,125 | |||
Total assets | 92,167 | 144,027 | |||
Total stockholders’ equity | 68,226 | 87,797 | |||
(1)Working capital defined as current assets less current liabilities |
Contacts
Investor Relations & Media
Victoria Fort
VFort@ovidrx.com
