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Sep 30, 2023
Ovid Therapeutics Q3 2023 Earnings Report
Ovid Therapeutics reported Q3 2023 financial results and corporate updates.
Key Takeaways
Ovid Therapeutics reported a net loss of $11.3 million for the third quarter ended September 30, 2023. The company received a $30 million payment from Ligand for the sale of a 13% interest in the potential future royalties and milestone payments owed to Ovid for soticlestat and extended its expected cash runway into 2026.
Received $30 million from Ligand for a 13% interest in future soticlestat royalties and milestones.
Extended cash runway into 2026.
Soticlestat clinical trials remain on track with Takeda anticipating regulatory filings in its fiscal year 2024.
Announced indication and formulation expansions for OV329 and KCC2 direct activator programs.
Ovid Therapeutics
Ovid Therapeutics
Forward Guidance
Ovid anticipates its cash runway should fund operations and its clinical development programs into 2026, after expected de-risking milestones for its current pipeline programs and following anticipated clinical results for soticlestat from Takeda.
Positive Outlook
- Received $30 million, non-dilutive capital infusion from Ligand.
- Directing resources toward anticipated high-value R&D activities.
- Seeking development collaborations for novel molecules outside of Ovid's core areas and geographies of focus.
- Retains eighty-seven percent (87%) of its interest in soticlestat’s future milestones and royalties
- Advancing a focused pipeline of targeted small molecule candidates to modulate the intrinsic and extrinsic factors involved in neuronal hyperexcitability
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
- The risk to enter into strategic transactions on favorable terms, or to consummate and realize the benefits of any business development transactions.