Ovid Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $0 for the three months ended September 30, 2026, compared to $132,000 in the same period of 2025.
• Research and development expenses were $15.7 million for the quarter ended September 30, 2026, an increase from $5.9 million in the same period in 2025, driven by elevated preclinical and clinical activities for OV329 and OV4071.
• General and administrative expenses were $6.7 million for the quarter ended September 30, 2026, a decrease from $6.8 million in the same period in 2025, due to lower professional fees offset by $0.8 million in severance and talent acquisition costs.
• Total operating expenses were $22.4 million for the quarter ended September 30, 2026, compared to $12.7 million in the same period in 2025.
• Net loss was $20.8 million, or $0.10 per share, for the three months ended September 30, 2026, compared to a net loss of $12.2 million, or $0.17 per share, in the same period in 2025.
• Cash, cash equivalents, and marketable securities totaled $161.4 million as of September 30, 2026, up from $90.4 million as of December 31, 2025.
• Working capital was $130.1 million as of September 30, 2026, compared to $66.1 million as of December 31, 2025.
• Total assets were $222.2 million as of September 30, 2026, compared to $150.9 million as of December 31, 2025.
• Total stockholders' equity was $198.7 million as of September 30, 2026, compared to $130.7 million as of December 31, 2025.

Guidance and Future Outlook:

• The company anticipates financial runway extending into 2029 based on current cash positions.
• Topline data from the OV329 photosensitivity study is expected in the first quarter of 2027.
• Topline results from the OV4071 Phase 1 study are expected in the first quarter of 2027.
• Results from the translational ketamine challenge study for OV4071 are expected in the first quarter of 2027.
• The Phase 2 global study for OV329 in treatment-resistant focal epilepsy is expected to read out in the second half of 2027.
• A Phase 2 study in acute schizophrenia for OV4071 is planned for 2027.
• The company plans to initiate a pediatric study for OV329 in TSC-associated seizures before year-end 2026.

Business Segments and Product Lines:

• OV329 (GABA-AT inhibitor): Advancing in a global Phase 2 study for treatment-resistant focal epilepsy; enrolling in a photosensitivity study to demonstrate anticonvulsant effects; developing a pediatric granule formulation for TSC-associated seizures and infantile spasms.
• OV4071 (KCC2 direct activator): Advancing in a Phase 1 single- and multiple-ascending dose study in healthy volunteers; no serious adverse events reported to date; advancing next-generation compounds via a discovery engine for psychoses, behavioral, neurodegenerative, and neurodevelopmental disorders.
• Soticlestat: Ovid assigned global rights to a new company launched by Perceptive Advisors; eligible for up to $294.5 million in potential milestone payments and low- to mid-single-digit royalties on net sales.

Management Commentary and Tone:

• CEO Meg Alexander stated the third quarter focused on execution toward multiple near-term clinical milestones.
• Management expressed confidence in two high-potential programs demonstrating the broad potential of KCC2 direct activation and the anticonvulsant profile of OV329 in early 2027.
• Management highlighted the company is well-positioned to deliver on priorities with strengthened clinical operations and capital.

Other Key Points:

• The pediatric formulation of OV329 is designed to be weight-based and mixable with food and liquids to support trials in infants and children.
• The company is the only publicly traded entity pioneering direct activators of the potassium-chloride cotransporter 2 (KCC2).
• OV4071 has demonstrated rapid and sustained rescue of positive, negative, and cognitive symptoms of psychosis in animal models, matching or outperforming reference drugs like clozapine and risperidone without sedation.
• The translational ketamine challenge study for OV4071 is designed to characterize pharmacodynamic effects using electrophysiological biomarkers.