Ovid Therapeutics Files Q3 2024 10-Q

Ticker: OVID · Form: 10-Q · Filed: 2024-11-12T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, financials, biotech

TL;DR

**Ovid Therapeutics Q3 24 10-Q filed. Check financials.**

AI Summary

Ovid Therapeutics Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results and operational updates. Specific financial figures and operational details for the third quarter of 2024 are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial health and operational progress of Ovid Therapeutics, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: medium — As a biotech company, Ovid Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is the period ending September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on November 12, 2024.

What is Ovid Therapeutics Inc.'s primary business classification?

Ovid Therapeutics Inc. is classified under Pharmaceutical Preparations [2834].

What is the company's fiscal year end?

The company's fiscal year ends on December 31.

Where is Ovid Therapeutics Inc. located?

Ovid Therapeutics Inc. is located at 441 Ninth Avenue, 14th Floor, New York, NY 10001.

Filing Stats: 4,564 words · 18 min read · ~15 pages · Grade level 18.1 · Accepted 2024-11-12 08:07:17

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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 70 Item 5. Other Information 71 Item 6. Exhibits 72

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) September 30, 2024 December 31, 2023 Assets (unaudited) Current assets: Cash and cash equivalents $ 15,017 $ 27,042 Marketable securities 47,695 78,792 Prepaid expenses and other current assets 3,115 3,763 Total current assets 65,827 109,598 Long-term equity investments 21,125 17,626 Restricted cash 1,931 1,931 Right-of-use asset, net 13,080 13,894 Property and equipment, net 509 769 Other noncurrent assets 182 210 Total assets $ 102,654 $ 144,027 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,710 $ 3,703 Accrued expenses 7,607 6,524 Current portion, lease liability 1,313 1,246 Total current liabilities 11,630 11,473 Long-term liabilities: Lease liability 13,762 14,756 Royalty monetization liability 972 30,000 Total liabilities 26,364 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 September 30, 2024 and December 31, 2023 — — Common stock, $ 0.001 par value; 125,000,000 shares authorized; 71,009,866 and 70,691,992 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 71 71 Additional paid-in-capital 371,228 365,591 Accumulated other comprehensive income 36 1 Accumulated deficit ( 295,045 ) ( 277,865 ) Total stockholders ' equity 76,290 87,797 Total liabilities and stockholders ' equity $ 102,654 $ 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 September 30, 2024 For The Three Months Ended September 30, 2023 For The Nine Months Ended Septem

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