Ovid Therapeutics Files Q1 2024 Report

Ticker: OVID · Form: 10-Q · Filed: 2024-05-14T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, sec-filing, biotech

Related Tickers: OVID

TL;DR

**OVID Q1 2024 filing is IN. Check Nasdaq for updates.**

AI Summary

Ovid Therapeutics Inc. filed its quarterly report for the period ended March 31, 2024. The company is registered in Delaware and its common stock trades on the Nasdaq under the symbol OVID. Ovid Therapeutics Inc. is headquartered at 441 Ninth Avenue, 14th Floor, New York, NY 10001, and can be reached at (646) 661-7661.

Why It Matters

This filing provides an update on Ovid Therapeutics' financial and operational status for the first quarter of 2024, which is crucial for investors to assess the company's performance and outlook.

Risk Assessment

Risk Level: medium — As a publicly traded company filing a 10-Q, Ovid Therapeutics is subject to market risks and regulatory scrutiny, typical for the biotechnology sector.

Key Players & Entities

FAQ

What is the primary purpose of this Form 10-Q filing?

This Form 10-Q is a quarterly report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, for the quarterly period ended March 31, 2024.

What is Ovid Therapeutics Inc.'s stock traded on?

Ovid Therapeutics Inc.'s common stock is traded on The Nasdaq Stock Market LLC.

Where are Ovid Therapeutics Inc.'s principal executive offices located?

Ovid Therapeutics Inc.'s principal executive offices are located at 441 Ninth Avenue, 14th Floor, New York, New York 10001.

What is the ticker symbol for Ovid Therapeutics Inc. common stock?

The ticker symbol for Ovid Therapeutics Inc. common stock is OVID.

Has Ovid Therapeutics Inc. filed all required reports for the preceding 12 months?

Yes, the filing indicates that Ovid Therapeutics Inc. has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Filing Stats: 4,446 words · 18 min read · ~15 pages · Grade level 16.7 · Accepted 2024-05-14 08:11:43

Key Financial Figures

Filing Documents

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 Condensed Consolidated Statements of Comprehensive Loss 5 Condensed Consolidated Statements of Stockholders' Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Unaudited Condensed Consolidated Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 I tem 2. Unregistered Sales of Equity Securities and Use of Proceeds 64 I tem 5. O ther Info rmation 64 Item 6. Exhibits 65

Signatures

Signatures Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical fact are "forward-looking statements" for purposes of this Quarterly Report on Form 10-Q. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "project," "should," "target," "will," "would" or the negative or plural of those terms, and similar expressions.

Forward-looking statements include, but are not limited to, statements about

Forward-looking statements include, but are not limited to, statements about: our ability to identify additional novel compounds with significant commercial potential to acquire or in-license; our ability to successfully acquire or in-license additional drug candidates on reasonable terms; our estimates regarding expenses, future revenue including any royalty or milestone payments, capital requirements and needs for additional financing; our ability to obtain regulatory approval of our current and future drug candidates; our expectations regarding the timing of clinical trials and potential regulatory filings; our expectations regarding the potential market size and the rate and degree of market acceptance of such drug candidates; our ability to fund our working capital requirements; the implementation of our business model and strategic plans for our business and drug candidates; developments or disputes concerning our intellectual property or other proprietary rights; our ability to maintain and establish collaborations or obtain additional funding; our expectations regarding government and third-party payor coverage and reimbursement; our ability to compete in the markets we serve; the impact of government laws and regulations; developments relating to our competitors and our industry; the impact of geopolitical tensions, including war or the perception that hostilities may be imminent, adverse global economic conditions, terrorism, natural disasters or public health crises on our operations, research and development and clinical trials and potential disruption in the operations and business of third parties and collaborators with whom we conduct business; and the factors that may impact our financial results. Factors that may cause actual results to differ materially from current expectations include, among other things, those set forth in Part II, Item 1A, "Risk Factors," herein and for the reasons described elsewhere in this Quarterly Report o

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. OVID THERAPEUTICS INC. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 30,772 $ 27,042 Marketable securities 59,487 78,792 Prepaid expenses and other current assets 2,911 3,764 Total current assets 93,170 109,598 Long-term equity investments 22,022 17,626 Restricted cash 1,931 1,931 Right-of-use asset, net 13,628 13,894 Property and equipment, net 686 769 Other noncurrent assets 174 210 Total assets $ 131,613 $ 144,027 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,596 $ 3,703 Accrued expenses 4,039 6,525 Current portion, lease liability 1,268 1,246 Total current liabilities 8,903 11,474 Long-term liabilities: Lease liability 14,430 14,756 Royalty monetization liability 30,000 30,000 Total liabilities 53,333 56,230 Stockholders' equity: Preferred stock, $ 0.001 par value; 10,000,000 shares authorized; Series A convertible preferred stock, 10,000 shares designated, 1,250 shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 125,000,000 shares authorized; 70,783,961 and 70,691,992 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 71 71 Additional paid-in-capital 367,787 365,591 Accumulated other comprehensive (loss) income ( 19 ) 1 Accumulated deficit ( 289,560 ) ( 277,866 ) Total stockholders' equity 78,279 87,797 Total liabilities and stockholders' equity $ 131,613 $ 144,027 See accompanying notes to these unaudited condensed consolidated financial statements 3 Table of Contents OVID THERAPEUTICS INC. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share data) For The Three Months Ended March 31, 2024 For The Three Months Ended March 31, 2023 Revenue: License and other revenue $ 148 $ 66

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