Key Highlights

  • Third quarter loss per share was USD 0.10 against an estimated USD 0.08 loss, with no Revenue reported.
  • Cash, equivalents and marketable securities were USD 161.4 million, and Working Capital was USD 130.1 million.
  • The company sold 5.0 million shares through its at-the-market program for net proceeds of about USD 10.5 million.
  • Two programs are in clinical trials, including a Phase 2 study of OV329 in drug-resistant focal epilepsy.

Ovid Therapeutics (NASDAQ:OVID), a clinical-stage company developing treatments for seizures and other central nervous system conditions, reported a third quarter 2026 loss of USD 0.10 per share, wider than the USD 0.08 estimated loss. The company reported no revenue.

At September 30 the company held USD 161.4 million in cash, cash equivalents and marketable securities, with working capital of USD 130.1 million and an accumulated Deficit of USD 374.5 million. Management stated the balance is sufficient to fund current operating plans for at least the next 12 months from issuance of the financial statements.

Funding Sources

Net cash provided by financing activities in the nine months came primarily from a March 2026 private placement, exercises of Series A warrants and sales of common stock under its Cowen at-the-market program. Under that program the company sold 5.0 million shares for net proceeds of approximately USD 10.5 million. By comparison, operations used USD 27.9 million of cash in the nine months of 2025, with a net loss of USD 27.1 million.

Pipeline Programs

The company says it holds a portfolio of direct activators of the potassium-chloride cotransporter 2, known as KCC2, and describes itself as the only company with such a portfolio. It is pursuing drug-resistant focal epilepsy, seizures linked to tuberous sclerosis complex, infantile spasms and other developmental and epileptic encephalopathies, as well as psychosis associated with Parkinson's disease and Lewy body dementia, and schizophrenia.

OV329, a next-generation GABA-aminotransferase inhibitor, is being evaluated in a global, randomized, placebo-controlled Phase 2 study in drug-resistant focal epilepsy, alongside an exploratory photosensitivity study to assess anticonvulsant activity and inform dose selection. The company is also advancing a pediatric formulation to support development in developmental and epileptic encephalopathies, initially tuberous sclerosis complex seizures, with a subsequent study planned in infantile spasms.

OV4071, its lead oral direct KCC2 activator, is in a Phase 1 study in healthy volunteers to characterize safety, tolerability and pharmacokinetics. The filing says these studies are intended to generate data to inform dose selection, evaluate clinical activity and guide later stages.

Cost Outlook and Items to Follow

The filing states Research and Development expenses are anticipated to increase as current and future candidates advance through preclinical studies and clinical trials, and that net losses can fluctuate significantly from period to period depending on trial timing and spending. Inflation in clinical trial materials, interest rates and overhead is cited as a Factor that can affect results.

Readout timing for the Phase 2 and Phase 1 studies, spending growth and the balance of cash against it are the items to follow. The filing's legal proceedings reference concerns potential claims over Trade secrets and intellectual property ownership, which it describes as a general risk.