Ovid Therapeutics (OVID) Q1 2026 earnings summary

Executive summary

• Focused on developing small molecule medicines for neurological disorders, with two programs in clinical trials and others in preclinical stages.

• Dosed first participant with OV4071, an oral KCC2 direct activator, in a Phase 1 study in May 2026.

• OV329 demonstrated favorable safety and PK at higher doses, supporting advancement to Phase 2 and proof-of-concept studies, including expansion into pediatric indications.

• Net loss of $17.0 million for Q1 2026, with no revenue recognized in the quarter.

• Raised $75.1 million in October 2025, $56.2 million in March 2026, and $53.9 million from Series A warrant exercises; cash, cash equivalents, and marketable securities totaled $165.6 million as of March 31, 2026.

Financial highlights

• Q1 2026 net loss: $17.0 million ($0.12 per share), compared to $10.2 million ($0.14 per share) in Q1 2025.

• Research and development expenses increased to $11.2 million from $6.7 million year-over-year, driven by OV329 and OV4071 program activity.

• General and administrative expenses rose to $6.7 million from $6.0 million, mainly due to higher professional fees.

• Total operating expenses were $17.8 million, up from $12.6 million in Q1 2025.

• Cash used in operating activities: $13.9 million for Q1 2026.

Outlook and guidance

• Cash, cash equivalents, and marketable securities expected to fund operations for at least 12 months from March 31, 2026, with recent financings extending runway into 2029.

• Anticipates continued operating losses and increased expenses as clinical programs advance.

• Multiple proof-of-concept and proof-of-signal readouts anticipated in coming years.

• Plans to initiate Phase 2 OV329 studies in treatment-resistant epilepsies in Q2 2026 and proof-of-concept studies for OV329 in TSC and IS in Q4 2026 and 2027, respectively.

• May seek additional funding through equity, debt, or partnerships.