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Mar 31, 2023
Ovid Therapeutics Q1 2023 Earnings Report
Reported first quarter financial results and provided corporate updates.
Key Takeaways
Ovid Therapeutics reported its Q1 2023 financial results, highlighting a collaboration with Graviton Bioscience and the prioritization of its clinical small molecule programs. The company's cash runway is expected to fund operations into 2025. Ovid reported revenue of $66,160 and a net loss of $13.4 million, or $0.19 per share.
Initiated collaboration with Graviton Bioscience to develop selective ROCK2 inhibitors for rare neurological diseases.
Long-term data supporting soticlestat safety, tolerability and seizure-reduction efficacy presented by Takeda at the American Academy of Neurology meeting
OV329 Phase 1 trial continues to progress on track with no safety signals.
Company to prioritize development of its clinical small molecule programs; intends to conclude and explore the out-licensing of its genetic medicine programs with Columbia University.
Ovid Therapeutics
Ovid Therapeutics
Forward Guidance
Ovid anticipates its cash runway should fund operations into 2025 without additional funding. Takeda anticipates filing for global regulatory approvals of soticlestat in its fiscal year 2024.
Positive Outlook
- Cash runway should fund operations into 2025 without additional funding.
- Directing capital to clinical opportunities believed to be value-creating for shareholders.
- Eligible to receive additional non-dilutive capital from Takeda if soticlestat is successfully approved and marketed.
- GV101 is a potent, highly selective ROCK2 inhibitor that has previously been shown to be blood-brain barrier penetrant in animals.
- OV329, a potential next generation GABA-aminotransferase (GABA-AT) inhibitor, is on track in a Phase 1 trial of healthy volunteers and the Company has seen no safety signals in single ascending dose cohorts conducted to date.
Challenges Ahead
- Uncertainties inherent in the preclinical and clinical development and regulatory approval processes.
- Risks related to Ovid’s ability to achieve its financial objectives.
- Risk that Ovid may not be able to realize the intended benefits of its technology or its business strategy.
- Risks related to Ovid’s ability to identify business development targets or strategic partners.
- Risks to enter into strategic transactions on favorable terms, or to consummate and realize the benefits of any business development transactions.