Earnings

Ovid's Third-Quarter Loss Widens as Clinical Spend Rises

The Tip Desk · November 11, 2026 · 3 min read

The biopharmaceutical company posted a $20.8 million net loss, or $0.10 a share, as research and development expenses reached $15.7 million.

Ovid Therapeutics Inc. (OVID), a New York-based biopharmaceutical company developing small-molecule medicines for brain disorders, reported a net loss of $20.8 million, or $0.10 a share, for the three months ended September 30, 2026, compared with a net loss of $12.2 million, or $0.17 a share, a year earlier.

The loss widened as research and development expenses rose, primarily due to elevated preclinical and clinical study activity. Research and development expenses were $15.7 million, versus $5.9 million in the year-ago quarter, an increase the company attributed to elevated preclinical and clinical study activities supporting OV329 and OV4071. General and administrative expenses were $6.7 million, compared with $6.8 million a year earlier; the company said the decrease comprised lower accounting and audit, legal, business development and other professional fees, offset by approximately $0.8 million of severance and talent acquisition costs. Total operating expenses were $22.4 million, versus $12.7 million a year earlier.

License and other revenue was zero in the third quarter, versus $132 thousand a year earlier. Other income, net, was $1.6 million, versus $365 thousand a year earlier. Weighted-average common shares outstanding, basic and diluted, were 203.0 million, versus 71.1 million a year earlier.

Cash, cash equivalents and marketable securities were $161.4 million as of September 30, 2026, down from $169.8 million as of June 30, 2026. The company still cited an expected financial runway into 2029. Working capital was $130.1 million, versus $66.1 million at December 31, 2025. Total assets were $222.2 million and total stockholders’ equity was $198.7 million at September 30, 2026.

President and Chief Executive Officer Meg Alexander said the quarter was focused on execution toward multiple near-term clinical milestones. OV329, a next-generation GABA-AT inhibitor, is advancing in a global Phase 2 focal epilepsy study that is actively enrolling and is anticipated to be completed in the second half of 2027. A photosensitivity study intended to demonstrate the anticonvulsant effect of OV329 is enrolling, with topline data expected in the first quarter of 2027.

A pediatric granule formulation of OV329 is on track, and the company plans to initiate a safety and signal-finding study in tuberous sclerosis complex-associated seizures in the fourth quarter of 2026, after necessary regulatory clearances. A safety and signal-finding study in infantile spasms is planned for 2027, following several cohorts of the TSC study.

OV4071, the first-ever oral KCC2 direct activator, continues in a Phase 1 single- and multiple-ascending dose study in healthy volunteers, followed by an elderly cohort. The company said there have been no serious adverse events in the Phase 1 trial to date after multiple ascending-dose cohorts and anticipates topline data in the first quarter of 2027. A translational ketamine challenge study is ready for initiation, with results expected in the first quarter of 2027. Results from the Phase 1 and ketamine challenge studies could support entering later-stage proof-of-concept studies, including a first planned Phase 2 study in acute schizophrenia in 2027.

Ovid said it is eligible to receive up to $294.5 million in potential clinical, regulatory and commercial milestone payments on soticlestat, a portion of which is payable to Ligand Pharmaceuticals, and may also receive low- to mid-single-digit royalties on net sales if the drug is commercialized.

More on OVID

September 28, 2026 QBook Stronger demand supports expansion as pricing diverges

Ovid Therapeutics Inc. — all coverage and financials