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Jun 30, 2023
Ovid Therapeutics Q2 2023 Earnings Report
Reported business updates and financial results for the second quarter ended June 30, 2023.
Key Takeaways
Ovid Therapeutics reported a revenue of $75,000 for the second quarter of 2023, compared to no revenue in the same period of 2022. The company's net loss was $12.4 million, or $0.18 per share, compared to a net loss of $14.6 million, or $0.21 per share, for the same period in 2022. Cash, cash equivalents, and marketable securities totaled $96.5 million as of June 30, 2023.
Completed single ascending dose (SAD) portion of Phase 1 trial evaluating OV329, a potential next-generation GABA-aminotransferase inhibitor.
Executed equity investment and initiated collaboration with Graviton Bioscience to develop highly selective ROCK2 inhibitors for rare neurological conditions.
Expanded scientific leadership team with appointments of Chief Scientific Officer and Chief Medical Officer.
Regulatory filings for soticlestat in Lennox-Gastaut syndrome and Dravet syndrome continue to be anticipated by Takeda in its fiscal year 2024.
Ovid Therapeutics
Ovid Therapeutics
Forward Guidance
Ovid anticipates its cash runway should fund operations into 2025 and will seek to extend the runway beyond this period.
Positive Outlook
- Directing resources toward high-value R&D activities.
- Continuing to institute efforts to optimize its infrastructure.
- Seeking development partnership programs for its novel molecules outside of its core areas of focus.
- Continuing to benefit from and expand licensing transactions.
- Eligible to receive significant additional non-dilutive capital from Takeda, if and when soticlestat is successfully approved and commercialized.