Ovid Therapeutics Inc.

ovidrx.com

What Do They Do?

Develops small-molecule medicines for brain disorders, including epilepsies, seizures, psychosis and schizophrenia, for patients with neurological and psychiatric conditions.

How Do They Make Money?

Earns royalty and licensing revenue from rights to medicines and related assets; nonrefundable upfront license fees are paid when the licensed technology or product is delivered and the license term begins. It has also received one-time upfront payments under royalty and licensing agreements.

FY2025 revenue

Who Are Their Customers?

The company has not established commercial or distribution infrastructure; it may work with third parties to commercialize drug candidates in markets where doing so itself is less efficient.

Do Revenues Turn Into Profits?

No. It lost $17.4M in FY2025.

Operating income, FY2025

−585% of revenue

▼ −31% (Loss) vs FY2024 (−$61.9M, −10934%)

Net income, FY2025

−240% of revenue

▼ −34% (Loss) vs FY2024 (−$26.4M, −4670%)

Free cash flow, FY2025

−528% of revenue

▼ −32% (Loss) vs FY2024 (−$56M, −9899%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −88%; vs $6.3M in Q2 FY2025
Net income: ▲ +220% (Loss); vs −$4.7M in Q2 FY2025

Jul 8, 2026 The chief financial officer departed and a successor was appointed. Charles Carter became CFO after Jeffrey Rona transitioned from his roles.
Apr 20, 2026 Investors exercised most Series A warrants, bringing in gross proceeds. The exercises produced approximately $53.9 million in gross proceeds.

Shrinking. Revenue fell 97% in 4 years, from $208.4M in FY2021 to $7.3M in FY2025, about 57% a year.

Broader treatment focus The latest report expands the focus beyond rare epilepsies and seizure-related disorders to include psychosis, schizophrenia and mood disorders.

Pipeline approach The older report included genetic therapies as well as small molecules; the latest report describes a pipeline of small-molecule programs.

Who Do They Compete With?

Competes with UCB, Jazz Pharmaceuticals, SK Biopharmaceuticals, Harmony Biosciences, Xenon Pharmaceuticals, Acadia Pharmaceuticals, and Axonis Therapeutics

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