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Dec 31, 2022
Ovid Therapeutics Q4 2022 Earnings Report
Ovid Therapeutics reported its fourth quarter and full year 2022 financial results and provided a business update.
Key Takeaways
Ovid Therapeutics reported a net loss of $11.5 million for the fourth quarter of 2022, with revenue of $46,280. The company's cash, cash equivalents, and marketable securities totaled $129.0 million as of December 31, 2022, expected to fund operations into the first half of 2025. Key pipeline programs, including OV329 and OV350, are progressing, and Takeda anticipates regulatory filings for soticlestat in its FY 2024.
OV329 Phase 1 trial is progressing on track with full Phase 1 findings anticipated in H1 2024.
An IV formulation candidate suitable for future clinical trials has been achieved for OV350.
Takeda's guidance on soticlestat remains unchanged, with regulatory filings anticipated in its FY 2024.
Current cash runway is expected to fund operations into the first half of 2025.
Ovid Therapeutics
Ovid Therapeutics
Forward Guidance
Ovid Therapeutics is focused on advancing its pipeline of anti-seizure medicines and expects its cash runway to fund operations into the first half of 2025, while also anticipating potential non-dilutive capital from Takeda upon successful approval and marketing of soticlestat.
Positive Outlook
- OV329 is advancing on track in a Phase 1 trial with full Phase 1 findings expected in H1 2024.
- OV350 has been successfully formulated for potential clinical study as an IV formulation.
- Takeda anticipates regulatory filings for soticlestat in its fiscal year 2024.
- Ovid's cash runway is expected to fund operations into the first half of 2025.
- Ovid is eligible to receive regulatory and commercial milestone payments and royalties from Takeda if soticlestat is approved and commercialized.
Challenges Ahead
- The company reported a net loss of $11.5 million for the fourth quarter of 2022.
- Research and development expenses were $5.5 million for the fourth quarter of 2022.
- General and administrative expenses were $6.7 million for the fourth quarter of 2022.
- Total operating expenses were $12.2 million for the fourth quarter of 2022.
- The company's future success depends on the successful development and commercialization of its pipeline programs.