Ovid Therapeutics Inc

Ovid Therapeutics reported second-quarter financial results on August 13, with cash of $169.8 million that the company says funds operations into 2029. The biopharmaceutical company said OV4071, described as the first oral direct KCC2 activator, is in an ongoing Phase 1 study in healthy volunteers, with data expected to support a Phase 2 proof-of-concept study in acute schizophrenia in 2027, and a ketamine challenge study planned for the second half of 2026. Its second program, OV329, a next-generation GABA-AT inhibitor, entered a Phase 2 randomized, placebo-controlled study in treatment-resistant focal onset seizures expected to finish in the second half of 2027. Ovid also secured equity and milestone rights in a new company formed by Perceptive Advisors that acquired global rights to soticlestat from Ovid and Takeda, making Ovid eligible for up to $294.5 million in potential clinical, regulatory, and commercial milestones plus royalties. Research and development expenses rose to $10.0 million from $6.5 million a year earlier, total operating expenses reached $16.4 million, and the net loss widened to $15.0 million, or $0.08 per share, from $4.7 million, or $0.06 per share.

Ovid Therapeutics appointed Kevin Norrett as chief business officer to lead business and corporate development functions and strategic partnerships. Norrett previously served as chief business officer at Soleno Therapeutics. The company also promoted Charles Carter to chief financial officer, succeeding Jeffrey Rona who will remain a long-term advisor through 2027, and promoted Victoria Fort to chief strategy officer overseeing enterprise strategy, investor relations, and operational growth initiatives.