Ovid Therapeutics Inc (OVID) Reports Q3 2023 Financial Results
OVID received a $30 million payment from Ligand for the sale of a 13% interest in the potential future royalties and milestone payments owed to Ovid for soticlestat.
The company's cash runway is expected to last until 2026.
Revenue for Q3 2023 was approximately $109,000, a significant increase from $11,000 in the same period in 2022.
OVID reported a net loss of $11.3 million, or basic and diluted net loss per share attributable to common stockholders of $0.16, for Q3 2023.
On November 3, 2023, Ovid Therapeutics Inc (NASDAQ:OVID), a biopharmaceutical company committed to developing medicines for rare epilepsies and seizure-related disorders, announced its financial results for the third quarter ended September 30, 2023.
Financial Highlights
As of September 30, 2023, OVID's cash, cash equivalents, and marketable securities totaled $87.1 million. This figure does not include the $30 million infusion of non-dilutive capital which OVID received from Ligand in October 2023 for a 13% interest in the potential future milestones and royalties owed to Ovid for soticlestat.
Revenue for the third quarter of 2023 was approximately $109,000, a significant increase from the $11,000 recognized in the same period in 2022. The revenues were the result of royalties paid to Ovid for ganaxolone.
Research and development expenses were $5.3 million for the third quarter of 2023, compared to $5.2 million in the same period in 2022. General and administrative expenses were $6.8 million for the third quarter of 2023, as compared to $7.6 million for the same period in 2022. The decrease reflects the impact of headcount reductions conducted as part of organizational changes made in the first half of 2023.
OVID reported a net loss of $11.3 million, or basic and diluted net loss per share attributable to common stockholders of $0.16, for the third quarter of 2023, as compared to a net loss of $12.0 million, or basic and diluted net loss per share attributable to common stockholders of $0.17, for the same period in 2022.
Clinical & Research Pipeline Updates
Two pivotal Phase 3 trials studying soticlestat for Lennox-Gastaut syndrome and Dravet syndrome remain on track. Takeda anticipates regulatory filings for soticlestat in its fiscal year 2024. OVID retains an 87% interest in soticlestats potential regulatory and commercial milestone payments of up to $660 million, as well as royalties up to 20% on global net sales, if regulatory approval is received and soticlestat is commercialized.
OVID is expanding OV329s development to include both oral and IV formulations for the potential treatment of chronic and acute seizures following recently announced preclinical data and clinical progress. The current Phase 1 clinical trial is expected to be completed in the second half of 2024.
Future Outlook
OVID anticipates its cash runway should fund operations and its clinical development programs into 2026. The company expects to achieve five clinical and regulatory milestones for its wholly owned pipeline in the next 15 months. OVID's future business development efforts are focused on exploring out-licensing opportunities for the Company's genetic programs and elements of its patent estate that are not needed for its own programs; potential collaborations to advance development opportunities for its KCC2 portfolio in non-core indications; and the exploration of commercial opportunities for some of its programs in territories outside the United States.
Explore the complete 8-K earnings release (here) from Ovid Therapeutics Inc for further details.
This article first appeared on GuruFocus.
