OVID · Ovid Therapeutics Inc.

Ovid Therapeutics' Q1 2026 results reflect accelerated investment in its epilepsy and CNS pipeline, with R&D expenses rising 67% to $11.2 million driven by elevated preclinical and clinical activities for OV329 and OV4071 programs. G&A increased modestly to $6.7 million amid professional fees, partially offset by lower headcount. Total operating expenses reached $17.8 million, yielding a net loss of $17.0 million or $0.12 per share, narrower on a per-share basis than prior year despite higher absolute loss due to warrant exercises expanding the share count. CEO Meg Alexander highlighted focused execution, with clinical organization expansion and capitalization into 2029 supporting multiple readouts. Key pipeline catalysts include OV4071's Phase 1 initiation in healthy volunteers, with planned ketamine challenge in H2 2026 for psychosis proof-of-mechanism in Parkinson's, Lewy body dementia, and schizophrenia. OV329 advanced with clean safety at higher doses (up to 9 mg), enabling Q2 2026 Phase 2 start for treatment-resistant focal onset seizures via PPR and randomized trials, plus new pediatric programs in TSC (Q4 2026) and infantile spasms (2027) leveraging validated GABA-AT mechanism. Financing bolstered liquidity to $165.6 million (ex-April warrant proceeds), funding OV329 expansion with $56.2 million net from March PIPE.