Ovid Therapeutics Reports Financial Results and Pipeline Updates
Ovid Therapeutics (NASDAQ: OVID) reported its second-quarter financial results for the period ending June 30 alongside updates on clinical programs. The company has $169.8 million in cash, which it claims will fund operations through 2029. Two lead compounds—OV4071 and OV329—are advancing through Phase 1 and Phase 2 trials respectively for conditions including acute schizophrenia and treatment-resistant focal onset seizures. Ovid also entered into a deal with Perceptive Advisors, granting them global rights to soticlestat in exchange for potential milestone payments of up to $294.5 million plus royalties if the drug reaches market. However, this transaction means Ovid no longer controls the program directly and will receive only indirect financial benefits. Despite clinical progress, operating expenses increased significantly compared to last year due to higher R&D spending on its lead programs. The company also noted a rise in short interest, with 12.12% of shares sold short, indicating skepticism from investors about near-term prospects.
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Topics: biopharmaceutical clinical_trials financing pipeline_progress