Core Insights - Ovid Therapeutics Inc. reported strong progress in its clinical pipeline, with a focus on developing small molecule medicines for brain conditions, particularly treatment-resistant seizures and other neurological disorders [2][3][16] Clinical Pipeline - The lead program, OV329, is a next-generation GABA aminotransferase inhibitor aimed at treating drug-resistant epilepsies, with topline results expected in Q3 2025 [4][8] - OV350, the first direct activator of the potassium chloride cotransporter 2 (KCC2), has been initiated in a Phase 1 trial, with safety and tolerability results anticipated by year-end 2025 [9][10] - The company is also developing OV4071, an oral KCC2 direct activator, expected to enter clinical development by the end of 2026 [11][12] Financial Performance - As of March 31, 2025, Ovid had cash, cash equivalents, and marketable securities totaling $43.0 million, which is projected to support operations into the second half of 2026 [6][15] - Revenues from royalty agreements for Q1 2025 were $130,000, a decrease from $148,000 in Q1 2024 [15][19] - Research and development expenses decreased to $6.7 million in Q1 2025 from $10.4 million in the same period in 2024, reflecting organizational restructuring [15][18] Business Strategy - Ovid plans to explore partnerships and co-development opportunities to accelerate development and offset costs, while maintaining fiscal discipline to achieve key clinical milestones [14][12] - Anticipated milestones include results for OV329's pharmacodynamic biomarker and safety data in Q3 2025, and the initiation of a Phase 2a study for OV329 in Q1 2026 [13][12]