Ovid Therapeutics (OVID) - 2024 Q1 - Quarterly Report

Financial Performance - Total revenue for the three months ended March 31, 2024, was $148,000, an increase of 124% compared to $66,000 for the same period in 2023[142] - The net loss for the three months ended March 31, 2024, was $11.7 million, a decrease of 12.5% compared to a net loss of $13.4 million for the same period in 2023[142] - The company recorded other income of $5.7 million for the three months ended March 31, 2024, compared to $1.5 million for the same period in 2023[142] - General and administrative expenses decreased to $7.2 million for the three months ended March 31, 2024, down from $8.3 million in 2023, reflecting a reduction in force and strategic cost-reduction initiatives[145] - The company recorded net losses of approximately $11.7 million for the three months ended March 31, 2024, compared to $13.4 million for the same period in 2023, with an accumulated deficit of $289.6 million[148] - Net cash used in operating activities was $16.7 million for the three months ended March 31, 2024, compared to $12.1 million in 2023, reflecting a net loss offset by non-cash charges[155] - The company anticipates continued losses and negative operating cash flows for at least the next several years, with no products approved for commercial sale to date[148] Research and Development - Research and development expenses increased to $10.4 million for the three months ended March 31, 2024, from $6.6 million in the same period in 2023, reflecting a 57% increase[142] - Total research and development expenses for the three months ended March 31, 2024, were $10.4 million, an increase of $3.8 million from $6.6 million in the same period of 2023, primarily due to accelerated clinical development expenses[144] - The company expects to submit an investigational new drug (IND) application for its third program in the second half of 2024[122] - The company plans to develop an intravenous formulation of OV329, with an IND application expected in the second half of 2024[130] - The Phase 1 study for OV888 is anticipated to be completed in the first half of 2024, with plans to initiate a signal-finding trial in the second half of 2024[128] Cash and Investments - As of March 31, 2024, the company had total cash, cash equivalents, and marketable securities of $90.3 million, sufficient to fund projected operating expenses for at least the next 12 months[147] - Net cash provided by investing activities was $20.2 million for the three months ended March 31, 2024, down from $30.2 million in 2023, primarily due to the maturity of marketable securities[156] Capital and Debt - The company has raised net proceeds of $275.4 million from the sale of its capital stock as of March 31, 2024[124] - The company has no long-term debt and no material non-cancelable purchase commitments as of March 31, 2024, and has agreed to make milestone payments up to $279.3 million under various license agreements[150] - The company filed a shelf registration statement allowing the sale of up to $250.0 million of common stock, including $75.0 million available under an at-the-market offering program[153] Milestones and Agreements - The company is eligible to receive up to $660 million in regulatory and commercial milestones and tiered royalties up to 20% under the RLT Agreement with Takeda[127]