Ovid Therapeutics Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a modest increase in revenue but continued net losses. For the third quarter of 2024, total revenue reached $173,000, up from $109,000 in the same period of 2023. For the nine months ended September 30, 2024, revenue was $490,000, compared to $250,000 in the prior year. Despite this growth, the company incurred a net loss of $14.0 million for the third quarter, compared to a loss of $11.3 million in the same quarter of 2023. The nine-month net loss improved to $17.2 million from $37.0 million in the previous year.

Total operating expenses for the third quarter increased to $13.4 million from $12.1 million year-over-year, with research and development expenses rising significantly to $7.9 million, up from $5.3 million. This increase was attributed to accelerated development activities for drug candidates OV350 and OV888/GV101. General and administrative expenses decreased to $5.5 million from $6.8 million, reflecting cost-cutting measures following an organizational restructuring that included a workforce reduction of approximately 43% in June 2024.

As of September 30, 2024, Ovid's current assets totaled $65.8 million, a decrease from $109.6 million at the end of 2023. Cash and cash equivalents were reported at $15.0 million, down from $27.0 million, while marketable securities also declined to $47.7 million from $78.8 million. Total liabilities decreased to $26.4 million from $56.2 million, and total stockholders' equity fell to $76.3 million from $87.8 million.

The company’s accumulated deficit reached $295.0 million, and it reported net cash used in operating activities of $45.9 million for the nine months ended September 30, 2024, compared to $33.9 million in the same period of 2023. Ovid's cash position, including cash, cash equivalents, and marketable securities, stood at $62.7 million, which management believes is sufficient to fund operations for at least the next 12 months.

Strategically, Ovid has focused on its drug development pipeline, which includes OV329, OV350, and OV888/GV101. The company has faced challenges, particularly with its collaboration with Takeda on soticlestat, which failed to meet primary endpoints in Phase 3 trials, leading to a reassessment of potential royalty payments. The company continues to seek additional funding through equity offerings and collaborations to support its ongoing research and development efforts.