Ovid Therapeutics Reports $26.4 Million Net Loss for 2024, Improved from Previous Year

Ovid Therapeutics Inc. reported a net loss of $26.4 million for the year ended December 31, 2024, a significant improvement compared to a net loss of $52.3 million in the previous year. The company generated $0.6 million in revenue, primarily from licensing agreements, up from $0.4 million in 2023. Total operating expenses increased to $62.5 million from $59.7 million, driven mainly by a rise in research and development costs, which reached $36.8 million, reflecting ongoing clinical trials for its drug candidates OV350, OV888 (GV101), and OV329. General and administrative expenses decreased to $25.7 million, attributed to cost-cutting measures following an organizational restructuring.

Ovid's cash, cash equivalents, and marketable securities totaled $53.1 million as of December 31, 2024, down from $105.8 million a year earlier. The company has sufficient liquidity to fund its operations into the second half of 2026. However, it continues to face challenges typical of early-stage biotechnology firms, including the need for additional capital to support ongoing clinical trials and development activities. The company has raised approximately $275.4 million since its inception through various financing activities, including equity offerings and licensing agreements.

In terms of operational developments, Ovid has focused on advancing its pipeline of drug candidates targeting neurological conditions with significant unmet needs. The company is currently conducting clinical trials for OV350, a KCC2 direct activator, and OV888, a ROCK2 inhibitor, while also preparing for the initiation of trials for OV329, a GABA-aminotransferase inhibitor. The company has paused the development of OV888 pending further evaluation of competitive studies. As of December 31, 2024, Ovid employed 23 full-time staff, primarily engaged in research and development.

Looking ahead, Ovid anticipates continued operating losses as it invests in the clinical development of its drug candidates. The company is actively seeking additional funding through equity offerings, collaborations, and licensing agreements to support its operations. Management believes that the existing cash reserves will be sufficient to fund operations through at least the next 12 months, but acknowledges the potential need for additional capital sooner than anticipated due to the unpredictable nature of clinical trials and market conditions. The company remains committed to its strategy of developing innovative therapies for brain conditions, aiming to create long-term value for shareholders.