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Mar 31, 2021
Ovid Therapeutics Q1 2021 Earnings Report
Ovid Therapeutics reported financial results for the first quarter of 2021 and provided an overview of the Company’s recent progress.
Key Takeaways
Ovid Therapeutics reported revenue of $208.4 million and net income of $176.0 million for the quarter ended March 31, 2021. The revenue was primarily due to the upfront payment from the Takeda agreement and the termination of the Angelini Pharma agreement. The company's cash and cash equivalents balance was $233.1 million at the end of Q1 2021.
Closed royalty, license, and termination agreement with Takeda for soticlestat, receiving an upfront payment of $196.0 million and eligibility for up to $660.0 million in additional milestone payments, plus tiered double-digit royalties.
Ended Q1 2021 with cash and cash equivalents of $233.1 million, supporting the prioritization of resources to advance its early-stage neuroscience pipeline.
Appointed MIT Professor Robert S. Langer, Sc.D. as the new Chair of its Scientific Advisory Board.
Discontinued development of OV101 in Angelman syndrome and does not plan to initiate further clinical studies of OV101 in Fragile X syndrome.
Forward Guidance
Ovid Therapeutics expects quarterly operating expenses, excluding non-cash and non-recurring expenses, to be between $8.0 million and $10.0 million beginning in the second quarter of 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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