olivLaw · US equity research
Ovid Therapeutics Inc. OVID
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Ovid Therapeutics is a biopharmaceutical company developing small molecule medicines for brain disorders, mainly epilepsies and psychoses, by quelling neuronal hyperexcitation. It matters now because first clinical data for OV329 and the entry of OV4071 into the clinic open a new phase in which the company still relies on financing and warrant exercises, with cash of 169.8 million USD as of June 30, 2026.
At the close of 02 Nov 2026, Ovid Therapeutics Inc. (OVID) stock was 2.39 USD (−5.91% on the day), with market capitalisation 466.8 m USD, beta 1.46, 52-week range 1.20–2.96 USD. Latest reported quarter (Q2 2026): revenue of 733.0 k USD (−88.3% YoY), net income of -15.0 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 49.6
- neutral
- Bollinger (20, 2)
- 2.07 – 2.59
- in the upper half of the band · %B 0.62 · band width 22.0%
- SMA 50 / 200
- 2.53 / 2.35
- mixed trend
- MACD (12, 26, 9)
- -0.02 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.4% | −2.3% | +2.8 pp | — |
| 3 months | +2.6% | −0.8% | +3.4 pp | — |
| 6 months | −18.4% | +4.7% | −23.2 pp | — |
| Year to date | +46.6% | +10.2% | +36.5 pp | — |
| 1 year | +71.9% | +10.3% | +61.7 pp | +6.1% |
| 3 years | −33.1% | +73.0% | −106.1 pp | +29.0% |
| 5 years | −34.5% | +61.8% | −96.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 173.0 k | 76.0 k | 130.0 k | 6.3 m | 132.0 k | 718.0 k | 0 | 733.0 k |
| Research & development | 7.9 m | 5.9 m | 6.7 m | 6.5 m | 5.9 m | 6.6 m | 11.2 m | 10.0 m |
| Operating income | -13.2 m | -10.7 m | -12.6 m | -5.1 m | -12.5 m | -12.3 m | -17.8 m | -15.7 m |
| Depreciation & amortisation | 169.0 k ≈ | 160.0 k | 141.0 k | 99.0 k ≈ | 16.0 k ≈ | 17.0 k | 35.0 k | 16.0 k ≈ |
| Pre-tax income | -14.0 m | -9.3 m | -10.2 m | -4.7 m | -12.2 m | 9.7 m | -17.0 m | -15.0 m |
| Income tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net income | -14.0 m | -9.3 m | -10.2 m | -4.7 m | -12.2 m | 9.7 m | -17.0 m | -15.0 m |
| Diluted EPS | -0.20 | — | — | — | — | — | — | — |
| Operating cash flow | -15.0 m ≈ | -10.0 m | -10.3 m | -4.8 m ≈ | -12.9 m ≈ | -10.4 m | -13.9 m | -17.6 m ≈ |
| Capex | -4.0 k ≈ | 22.0 k | 0 | 0 ≈ | 0 ≈ | 0 | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | ⚠ 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 12.6 m | 208.4 m | 1.5 m | 392.0 k | 566.0 k | 7.3 m |
| Revenue YoY | unavailable | unavailable | unavailable | — | −99.3% | — | +44.4% | +1,181.3% |
| Net income | -52.0 m | -60.5 m | -81.0 m | 122.8 m | -54.2 m | -52.3 m | -26.4 m | -17.4 m |
| Net income YoY | unavailable | unavailable | unavailable | — | −144.1% | — | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -1.39 | 1.76 | -0.77 | -0.74 | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | −143.8% | — | unavailable | unavailable |
| net % | unavailable | unavailable | -642.3% | 58.9% | -3,604.7% | -13,351.8% | -4,670.1% | -240.1% |
| Free cash flow | -45.6 m | -51.1 m | -51.7 m | 118.4 m | -56.5 m | -45.8 m | -56.0 m | -38.3 m |
The series breaks before 2021, 2023: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 130.7 m USD
- Total assets
- 150.9 m USD
- Debt / equity
- unavailable
- Current ratio
- 8.97x
- ROE
- -17.5%
- ROA
- -14.3%
- FCF margin
- -528.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.6 m | 208.4 m | 1.5 m | 392.0 k | 566.0 k | 7.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 63.4 m | 46.9 m | 24.6 m | 28.6 m | 36.8 m | 25.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -81.4 m | 124.2 m | -55.5 m | -59.3 m | -61.9 m | -42.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 306.8 k | 237.1 k | 512.5 k | 568.0 k | 613.0 k | 273.0 k | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | -81.1 m ≈ | 124.4 m ≈ | -55.0 m ≈ | -58.7 m ≈ | -61.3 m ≈ | -42.2 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Pre-tax income | -81.0 m | 124.2 m | -54.2 m | -52.3 m | -26.4 m | -17.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 0 | 1.3 m | 0 | 0 | 0 | 0 | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -81.0 m | 122.8 m | -54.2 m | -52.3 m | -26.4 m | -17.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | -1.39 | 1.76 | -0.77 | -0.74 | — | — | SEC (XBRL)· 08 Mar 2024verified |
| Weighted average diluted shares | 58.5 m | 68.1 m | 70.4 m | 70.6 m | — | — | SEC (XBRL)· 08 Mar 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 72.0 m | 187.8 m | 44.9 m | 27.0 m | 26.3 m | 13.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 74.8 m | 190.5 m | 131.4 m | 109.6 m | 55.9 m | 74.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 135.6 k | 242.8 k | 1.1 m | 769.0 k | 433.0 k | 252.0 k | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 319.0 k | 164.1 k | 222.1 k | 200.0 k | 100.0 k | 0 | SEC (XBRL)· 13 Aug 2026verified |
| Total assets | 75.9 m | 194.5 m | 155.3 m | 144.0 m | 92.2 m | 150.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 5.4 m | 7.1 m | 2.0 m | 3.7 m | 3.2 m | 2.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 22.1 m | 14.8 m | 7.0 m | 11.5 m | 10.5 m | 8.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 32.3 m | 14.8 m | 23.0 m | 56.2 m | 23.9 m | 20.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Equity | 43.6 m † | 179.7 m † | 132.3 m † | 87.8 m † | 68.2 m † | 130.7 m † | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -51.6 m | 118.6 m | -55.2 m | -45.8 m | -56.0 m | -38.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 127.2 k | 184.0 k | 1.2 m | 40.0 k | 71.0 k | 0 | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | -51.7 m ≈ | 118.4 m ≈ | -56.5 m ≈ | -45.8 m ≈ | -56.0 m ≈ | -38.3 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | 34.6 m | -1.8 m | -87.9 m | -2.6 m | 54.6 m | -49.9 m | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | 47.1 m | 904.1 k | 180.7 k | 30.5 m | 622.0 k | 75.2 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 466.8 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -2,178.9% | 11 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 69.0% | 100 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 12.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -11.7% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality· partial11/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Ovid Therapeutics Inc. (OVID). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 7.3 m USD in 2025; YoY growth 1,181.3%; net margin -2,178.9%; ROE -26.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 69.0%
- Current ratio: 12.4x
What contradicts it
- Net margin: -2,178.9%
- FCF yield: -11.7%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,327.4 bn | 45.8 | 86.1% | 31.9% | +44.7% | +31% / +139% |
| JNJJohnson & Johnson | 651.3 bn | 41.0 | 20.0% | 16.2% | +6.0% | +31% / +75% |
| ONCBeone Medicines Ltd. | 534.0 bn | 831.9 | 14.7% | 10.7% | +40.2% | +6% / +93% |
| ABBVAbbVie Inc. | 510.4 bn | 81.6 | — | 9.8% | +8.6% | +27% / +103% |
| MRKMerck & Co., Inc. | 366.0 bn | 118.5 | 7.0% | 4.8% | +1.3% | +42% / +45% |
| ABTAbbott Laboratories | 191.9 bn | 30.8 | 12.4% | 13.9% | +5.7% | −15% / +6% |
| PFEPfizer Inc | 174.8 bn | 40.3 | 5.0% | 6.8% | −1.6% | +19% / +1% |
| VRTXVertex Pharmaceuticals Inc | 140.2 bn | 32.2 | 23.5% | 35.0% | +8.9% | +28% / +56% |
| BMYBristol-Myers Squibb Company | 128.8 bn | 14.0 | 44.1% | 18.5% | −0.2% | +28% / +28% |
| TEVATeva Pharmaceutical Industries Limited | 47.4 bn | 67.9 | 9.7% | 5.0% | +4.3% | +51% / +314% |
| ZTSZoetis Inc. | 34.4 bn | 13.7 | 64.4% | 27.5% | +2.3% | −35% / −53% |
| ROIVRoivant Sciences Ltd. | 25.9 bn | — | -6.2% | -3,535.0% | −71.6% | +72% / +275% |
| RPRXRoyalty Pharma plc | 25.8 bn | 37.7 | 8.5% | 32.1% | +5.1% | +66% / +146% |
| UTHRUnited Therapeutics Corporation | 25.6 bn | 21.3 | 19.3% | 41.6% | +10.6% | +23% / +148% |
| INSMInsmed Inc | 24.0 bn | — | -72.5% | -39.9% | +66.7% | −47% / +337% |
| VTRSViatris Inc. | 21.4 bn | — | -23.6% | -23.9% | −3.0% | +75% / +103% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.2 bn | 8.0 | 126.6% | 52.8% | +65.2% | −65% / −6% |
| RDYDr. Reddy’s Laboratories Limited | 11.8 bn | 17.9 | 17.0% | 17.4% | +13.8% | +1% / +1% |
| HCMHutchMED (China) LIMITED | 11.6 bn | 25.5 | 45.7% | 83.3% | −13.0% | −8% / −31% |
| MDGLMadrigal Pharmaceuticals, Inc. | 10.0 bn | — | -53.3% | -25.3% | +432.1% | −28% / +112% |
| TVTXTravere Therapeutics, Inc. | 4.7 bn | — | -252.7% | -18.7% | +110.5% | +39% / +684% |
| SUPNSupernus Pharmaceuticals, Inc. | 2.4 bn | — | -4.2% | -5.1% | +8.6% | −24% / +76% |
| HRMYHarmony Biosciences Holdings, Inc. | 2.2 bn | 12.3 | 20.5% | 18.9% | +21.5% | +7% / +30% |
| LKFTGalapagos NV | 2.1 bn | 6.6 | 10.5% | 28.9% | +303.5% | +2% / −14% |
| URGNUroGen Pharma Ltd. | 1.7 bn | — | — | -51.7% | +21.4% | +19% / +161% |
1- and 3-year price returns: for OVID from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ovid Therapeutics is a biopharmaceutical company developing small molecule medicines for brain disorders, mainly epilepsies and psychoses, by quelling neuronal hyperexcitation. It matters now because first clinical data for OV329 and the entry of OV4071 into the clinic open a new phase in which the company still relies on financing and warrant exercises, with cash of 169.8 million USD as of June 30, 2026 2.
SWOT
Strengths
- The company holds a differentiated portfolio of molecules with new mechanisms, including a KCC2 activator library it considers unique 1.
- Phase 1 data for OV329 and OV350 report a favorable safety profile and no treatment-related serious adverse events 3.
- The company has raised capital through private placements and has warrant-based funding options that support its programmes 2.
Weaknesses
- The company has no approved products and no drug sales revenue, depending on licensing income and external financing 1.
- Net losses and the accumulated deficit are growing, so continued capital raising is needed 2.
- The company relies on third parties for manufacturing and for conducting trials, which limits direct control over execution 1.
Opportunities
- Extending OV329 into TSC seizures and infantile spasms could open paediatric indications with unmet medical need 3.
- If OV4071 confirms its effects in clinical studies, the programme could apply to several neuropsychiatric disorders 3.
- Strategic interest in epilepsy and psychiatry assets could facilitate partnerships or licensing for secondary indications 1.
Threats
- Clinical development is uncertain, and early study results may not be confirmed in larger trials 1.
- If financing cannot be obtained on acceptable terms, programmes could be slowed or stopped 2.
- Competition from approved therapies and from companies with advanced programmes could reduce the company's market space 1.
Risks
- Need for additional capitalhigh
The company will need further financing, and if it cannot obtain it on acceptable terms it could have to delay or stop programmes 1.
- Continuing operating losseshigh
The company expects operating losses for a long period and may never achieve profitability 1.
- Uncertainty of clinical resultshigh
Preclinical and early clinical results may not predict later study outcomes or regulatory approval 1.
- Reliance on third partiesmedium
The company has no own manufacturing capacity and relies on outside organisations for studies and production, which could affect timelines 1.
- Shareholder dilutionmedium
Additional share or warrant issuance could dilute existing shareholders and impose operating restrictions 1.
Investment thesis
What would need to be true (bull case)
- If clinical data for OV329 confirm a differentiated safety profile, the company could become a relevant player in drug-resistant epilepsies.
- The KCC2 portfolio, unique in its design, could offer several indications across psychoses and mood disorders if studies confirm the mechanism.
- Warrant exercise and existing financing could extend the funding runway, giving time for Phase 2 results.
What would break the thesis
- The company has no sales revenue and depends on external financing, which could lead to significant dilution if clinical results are delayed.
- Safety data from early studies do not guarantee efficacy in patients, and a Phase 2 failure could weigh on the whole pipeline.
- The market is competitive, and existing or in-development drugs from other companies could limit adoption of Ovid's products.
What to watch
- First Phase 2 results for OV329 in drug-resistant focal seizures2026
- Start of the OV4071 Phase 1 study and initial resultsQ2 2026
- Exercise of Series A warrants and the financing amount obtainedQ2 2026
- Start of the OV329 study in TSC-associated seizuresQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ovid Therapeutics focuses on small molecule medicines for the central nervous system designed to restore the balance between excitation and inhibition in neurons and to treat drug-resistant focal seizures, developmental and epileptic encephalopathies and psychosis associated with Parkinson's disease and Lewy body dementia 1. Its strategy combines translational research with in-licensing of assets with new mechanisms of action, including a portfolio of KCC2 direct activators 1. The company has no approved drug and has not generated drug sales revenue, its revenue coming from licensing and royalties 1.
In fiscal 2025 the company recorded royalty and licensing revenue of 7.3 million USD, compared with 0.6 million USD in 2024, and a net loss of 17.4 million USD 1. For the six months ended June 30, 2026 the net loss rose to 32.0 million USD and the accumulated deficit reached 353.7 million USD 2. Funding has relied mainly on equity sales, the 2021 upfront payment from Takeda and the 2023 royalty monetization agreement with Ligand 1.
In March 2026 the company announced a private placement with gross proceeds of 60.0 million USD to expand OV329 into TSC-associated seizures and infantile spasms and for general research and development 1. If all Series A warrants are exercised, the company could receive an additional 53.9 million USD gross, which could extend its cash runway into 2029 3.
Segments
OV329 (GABA-AT inhibitor)
OV329 is a next-generation GABA-aminotransferase inhibitor for drug-resistant epilepsies. Phase 1 studies reported a favorable safety profile with no treatment-related serious adverse events, and a placebo-controlled Phase 2 trial in focal onset seizures was expected to start in the second quarter of 2026 3. The programme is being extended to TSC seizures and infantile spasms 3.
OV4071 (oral KCC2 activator)
OV4071 is an oral direct activator of KCC2 and the most advanced programme in the company's KCC2 library. It received ethics committee approval and acknowledgement of its clinical trial notification from Australia's TGA, and a Phase 1 study was planned for the second quarter of 2026, followed by a ketamine challenge study 13. The initial focus is psychosis associated with Parkinson's disease and Lewy body dementia 2.
OV350 (IV KCC2 activator)
OV350 is an intravenous direct KCC2 activator whose Phase 1 results, reported in December 2025, were the first clinical validation of direct KCC2 activation in humans, with no treatment-related serious adverse events 3. The data support the company's oral KCC2 programmes, notably OV4071 1.
Market context
Trends
- Shortage of drugs with new mechanismstailwind
Relatively few drugs with new mechanisms of action have been approved in recent decades, and at least one therapy with a novel mechanism was approved in schizophrenia in 2024, for the first time in 50 years 1. This gap leaves room for differentiated therapies.
- Demand for better tolerated therapiestailwind
Many epilepsy and psychosis patients use polypharmacy regimens, creating tolerability problems and drug interactions, which supports the search for molecules with better profiles 1. If the OV329 safety profile is confirmed in patient studies, the company could benefit from this demand.
- Financing conditions and inflationheadwind
The company notes that high interest rates and economic uncertainty could make it harder to obtain financing on acceptable terms, and clinical trial costs could rise 2. This context could slow programmes if new funds are not secured.
- Trade policy and tariffsmixed
The company points to uncertainty around tariffs, trade regulations and sanctions, which could affect supplier costs and global economic volatility 2. The net effect remains unclear and depends on how these policies evolve.
Competitive position
The current standard of care for psychosis associated with Parkinson's disease is pimavanserin, to which only a small proportion of patients fully respond, and atypical antipsychotics are contraindicated in these diseases 1. In epilepsy, many approved anti-seizure medications are already used, and earlier GABA-AT inhibitors have safety limitations 3. The company says it holds the only portfolio of direct KCC2 activators 2.
Competition comes both from companies developing new antiseizure and antipsychotic drugs and from existing products that already have patient access and reimbursement 1. The company's differentiated advantage depends on clinical confirmation of a better safety and efficacy profile.
- Nuplazid (pimavanserin)
Current standard of care for psychosis associated with Parkinson's disease, to which only a small share of patients fully respond 1.
- Earlier-generation GABA-AT inhibitors
The drug class to which OV329 belongs, but with safety limitations that restrict wider use 3.
- Approved anti-seizure medications
Numerous approved drugs used in polytherapy, which could limit room for new molecules unless they offer a clear advantage 1.
- Atypical antipsychotics
Therapies contraindicated in psychosis associated with Parkinson's disease and Lewy body dementia, but relevant in schizophrenia 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Ovid Therapeutics (OVID) Cashes In One Bet To Fund Its Next TwoYahoo Finance — News · 12 Sept 2026 · EN
SEC filings
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Financial statements and exhibits
- Current report08 Jul 2026Departure or appointment of officers
- Current report11 Jun 2026Shareholder vote
- Current report03 Jun 2026Departure or appointment of officers
- Quarterly report12 May 2026
- Current report12 May 2026Financial statements and exhibits
- Proxy statement27 Apr 2026
- Current report20 Apr 2026Other events
- Annual report18 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ovid Therapeutics Inc. · 18 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ovid Therapeutics Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ovid Therapeutics Inc. · 18 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.