Ovid Therapeutics (US:OVID)2025-11-12 12:02Leadership Changes - Meg Alexander appointed as Chief Executive Officer effective January 1, 2026, with Dr. Jeremy M. Levin transitioning to Executive Chair of the Board[5]. Financial Performance - Revenue from royalty agreements was $132,000 for Q3 2025, down from $173,000 in Q3 2024[15]. - Total revenue for Q3 2025 was $132,000, a decrease of 23.7% from $173,000 in Q3 2024[18]. - Ovid reported a net loss of $12.2 million for Q3 2025, with a net loss per share of $0.17, compared to a net loss of $14.0 million and $0.20 per share in Q3 2024[15]. - Net loss for Q3 2025 was $12,158,000, compared to a net loss of $14,006,000 in Q3 2024, representing a 13.2% improvement[18]. - Net loss per share of common stock improved to $(0.17) from $(0.20) year-over-year[18]. - Other income improved to $365,000 from a loss of $780,000 year-over-year[18]. Expenses - Research and development expenses decreased to $5.9 million in Q3 2025 from $7.9 million in Q3 2024 due to organizational restructuring[15]. - Research and development expenses decreased to $5,870,000 from $7,855,000, a reduction of 25.2% year-over-year[18]. - General and administrative expenses increased to $6.8 million in Q3 2025 from $5.5 million in Q3 2024, driven by non-routine business development fees[15]. - General and administrative expenses increased to $6,785,000 from $5,544,000, an increase of 22.4% year-over-year[18]. - Total operating expenses were $12.7 million for Q3 2025, compared to $13.4 million for the same period in 2024[15]. Cash and Assets - Cash, cash equivalents, and marketable securities totaled $25.6 million as of September 30, 2025, augmented by the recent private placement[15]. - Cash, cash equivalents, and marketable securities decreased to $25,603,000 from $53,075,000 since December 31, 2024[20]. - Total assets decreased to $63,848,000 from $92,167,000 since December 31, 2024[20]. - Total stockholders' equity decreased to $44,698,000 from $68,226,000 since December 31, 2024[20]. - Working capital decreased to $22,028,000 from $45,418,000 since December 31, 2024[20]. Pipeline and Regulatory Milestones - OV329, a next-generation GABA-AT inhibitor, showed strong inhibitory activity in a Phase 1 study, supporting advancement to Phase 2 patient studies[5]. - Multiple pipeline and regulatory milestones anticipated in the next 18-24 months, including Phase 2a study for OV329 and proof-of-concept trial for OV4071[12]. Funding Activities - Ovid completed a private placement of up to $175 million, including approximately $81 million in initial closing, expected to extend cash runway into 2H 2028[5][11].