Ovid Therapeutics Q2 2022 Earnings Report
Key Takeaways
Ovid Therapeutics reported its Q2 2022 financial results with a net loss of $14.6 million. The company ended the quarter with $152.4 million in cash, cash equivalents and marketable securities, which is expected to support the advancement of its epilepsy pipeline into 2025. They anticipate filing an Investigational New Drug application for OV329 and initiating a Phase 1 trial in the second half of 2022.
Anticipates filing an Investigational New Drug application for OV329 and initiating a Phase 1 trial in the second half of 2022.
Presented preclinical data from six animal models reinforcing the seizure-reducing potential of OV329 at two leading epilepsy research meetings.
Ended the second quarter 2022 with cash, cash equivalents and marketable securities of $152.4 million, expected to support the advancement of its epilepsy pipeline into 2025.
Ovid re-opened its offices in New York and Boston and adopted a hybrid work model.
Ovid Therapeutics
Ovid Therapeutics
Forward Guidance
This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation: statements regarding the reporting of preclinical data for OV329; the potential use of OV329 to treat rare and treatment-resistant forms of epilepsy and seizures; the clinical and regulatory development of OV329, including the anticipated timing of clinical trials of OV329; the likelihood that data for OV329 will support future development and therapeutic potential; the potential development of OV350; the suitability of the Company’s library of novel, direct KCC2 transporter activators for a range of formulations and administrations that would make it possible to pursue both chronic and acute epilepsies; the timing for filing of the Company’s IND applications; the timing for the completion of Takeda’s two pivotal Phase 3 trials evaluating soticlestat for Lennox-Gastaut and Dravet syndromes; and the duration of the Company’s cash runway and the expectation that it will support the advancement of the Company’s pipeline.