Ovid Therapeutics Q1 2024 Earnings Report
Key Takeaways
Ovid Therapeutics reported a revenue of $148,000 and a net loss of $11.7 million for the first quarter ended March 31, 2024. The company's cash, cash equivalents, and marketable securities totaled $90.3 million as of March 31, 2024, which is expected to support operations into H1 2026. Takeda has completed two Phase 3 trials studying soticlestat.
Takeda completed two Phase 3 trials for soticlestat, with topline data expected in Takeda's H1 2024 fiscal year.
Phase 1 trial for OV888 (GV101) is complete, with topline safety data expected in H1 2024.
Ovid expects to initiate a Phase 2 clinical program for OV888 (GV101) in cerebral cavernous malformations in H2 2024.
Cash, cash equivalents, and marketable securities were $90.3 million as of March 31, 2024, supporting operations into H1 2026.
Ovid Therapeutics
Ovid Therapeutics
Forward Guidance
Ovid anticipates its cash runway will support operations and clinical development programs into H1 2026. During this time, Ovid anticipates several events for its current pipeline programs as well as clinical and regulatory results for soticlestat from Takeda.
Positive Outlook
- Potential use and development of OV888 (GV101), OV329, OV350 and compounds from Ovid’s library of direct activators of KCC2
- The potential therapeutic opportunity of OV888 (GV101), OV329, OV350 and compounds from Ovid’s library of direct activators of KCC2
- The timing of data readout of topline safety data from Ovid’s Phase 1, double-blind, multiple-ascending dose trial evaluating OV888 (GV101)
- The timing of initiation of Ovid’s Phase 2 clinical program studying OV888 (GV101) in CCM
- Ovid's potential future business development opportunities
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
- The 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