$OVID
Ovid Therapeutics Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004066 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $6.914M
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.300M $6.800M $7.400M
YoY Change -20.19% -8.11% 42.31%
% of Gross Profit
Research & Development $18.10M $4.917M $15.88M
YoY Change 7.1% -69.02% 36.88%
% of Gross Profit
Depreciation & Amortization $0.00 $16.00K $15.00K
YoY Change -100.0% 6.67% 50.0%
% of Gross Profit
Operating Expenses $26.40M $11.68M $23.32M
YoY Change -3.3% -49.9% 39.08%
Operating Profit -$11.68M -$16.40M
YoY Change -28.79% -2.16%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.30M -$11.70M -$16.42M
YoY Change 19.55% -28.77% -1.06%
Income Tax -$300.0K -$300.0K
% Of Pretax Income
Net Earnings -$26.00M -$11.38M -$16.42M
YoY Change 18.18% -30.69% -1.26%
Net Earnings / Revenue -237.56%
Basic Earnings Per Share -$0.17 -$0.28
Diluted Earnings Per Share -$381.8K -$0.17 -$0.28
COMMON SHARES
Basic Shares Outstanding 68.09M 67.93M 59.41M
Diluted Shares Outstanding 67.93M 59.41M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $187.8M $201.8M $86.90M
YoY Change 160.83% 132.22% 129.29%
Cash & Equivalents $187.8M $201.8M $86.87M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $2.700M $3.300M $2.800M
YoY Change 0.0% 17.86% 133.33%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $600.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $190.5M $205.1M $90.30M
YoY Change 154.5% 127.08% 130.65%
LONG-TERM ASSETS
Property, Plant & Equipment $242.8K $104.7K $100.0K
YoY Change 79.0% 4.7% 38.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.600M $1.600M
YoY Change
Other Assets $164.1K $197.1K $800.0K
YoY Change -48.54% -75.36% 127.74%
Total Long-Term Assets $4.066M $2.030M $1.300M
YoY Change 275.64% 56.14% -15.79%
TOTAL ASSETS
Total Short-Term Assets $190.5M $205.1M $90.30M
Total Long-Term Assets $4.066M $2.030M $1.300M
Total Assets $194.5M $207.1M $91.60M
YoY Change 156.23% 126.08% 125.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.127M $3.141M $3.200M
YoY Change 30.86% -1.83% -40.09%
Accrued Expenses $7.671M $6.923M $11.40M
YoY Change -36.25% -39.27% 143.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.80M $10.06M $18.00M
YoY Change -32.93% -44.09% 73.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $10.00M
YoY Change -100.0% -100.0% 3233.33%
Total Long-Term Liabilities $0.00 $0.00 $10.00M
YoY Change -100.0% -100.0% 3233.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.80M $10.06M $18.00M
Total Long-Term Liabilities $0.00 $0.00 $10.00M
Total Liabilities $14.80M $10.06M $28.00M
YoY Change -54.18% -64.06% 162.97%
SHAREHOLDERS EQUITY
Retained Earnings -$171.4M -$145.4M
YoY Change -41.75%
Common Stock $351.1M $342.4M
YoY Change 3.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $179.7M $197.0M $63.64M
YoY Change
Total Liabilities & Shareholders Equity $194.5M $207.1M $91.60M
YoY Change 156.23% 126.08% 125.09%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$26.00M -$11.38M -$16.42M
YoY Change 18.18% -30.69% -1.26%
Depreciation, Depletion And Amortization $0.00 $16.00K $15.00K
YoY Change -100.0% 6.67% 50.0%
Cash From Operating Activities -$12.00M -$10.90M -$1.500M
YoY Change -17.24% 626.67% -84.21%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K $0.00 $0.00
YoY Change 100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$100.0K -$100.0K -$100.0K
YoY Change 0.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 600.0K 47.10M
YoY Change -150.0% -98.73% 47000.0%
NET CHANGE
Cash From Operating Activities -12.00M -10.90M -1.500M
Cash From Investing Activities -100.0K -100.0K -100.0K
Cash From Financing Activities 100.0K 600.0K 47.10M
Net Change In Cash -12.00M -10.40M 45.50M
YoY Change -18.92% -122.86% -584.04%
FREE CASH FLOW
Cash From Operating Activities -$12.00M -$10.90M -$1.500M
Capital Expenditures -$200.0K $0.00 $0.00
Free Cash Flow -$11.80M -$10.90M -$1.500M
YoY Change -18.06% 626.67% -84.21%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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ovid Software Development And Other Costs In Accounts Payable And Accrued Expenses
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.2729166666666667;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:Times New Roman;">(C) Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.2729166666666667;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ materially from those estimates.</span></p>
CY2021Q3 us-gaap Equity Method Investments
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CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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0
CY2021Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
104696
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Depreciation
Depreciation
53000
us-gaap Depreciation
Depreciation
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CY2021Q3 us-gaap Depreciation
Depreciation
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CY2020Q3 us-gaap Depreciation
Depreciation
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FiniteLivedIntangibleAssetsNet
197000
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
319000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
127000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
182000
CY2021Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
36000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
64000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3695138
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3845441
CY2021Q3 ovid Income Tax Accrual Current
IncomeTaxAccrualCurrent
1560948
CY2020Q4 ovid Income Tax Accrual Current
IncomeTaxAccrualCurrent
0
CY2021Q3 us-gaap Accrued Professional Fees Current
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1497852
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AccruedProfessionalFeesCurrent
3846211
CY2021Q3 ovid Clinical Trials Accrual Current
ClinicalTrialsAccrualCurrent
49133
CY2020Q4 ovid Clinical Trials Accrual Current
ClinicalTrialsAccrualCurrent
4175497
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
119940
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
165536
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6923011
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12032685
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
125000000
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote for each share held
us-gaap Dividend Payment Restrictions Schedule Description
DividendPaymentRestrictionsScheduleDescription
Holders of Series A preferred stock are entitled to receive dividends at a rate equal to (on an as-if-converted-to-common stock basis), and in the same form and manner as, dividends (other than dividends in the form of the issuance of common stock) actually paid on shares of common stock.
us-gaap Dividends
Dividends
0
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1161911
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2616240
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3739258
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5474504
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10403420
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.57
ovid Share Based Compensation By Share Based Payment Award Options Granted Contractual Life
ShareBasedCompensationByShareBasedPaymentAwardOptionsGrantedContractualLife
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CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4488930
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1562345
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1161911
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2616240
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3739258
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256838
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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2.38
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
324312
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1026421
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.39
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10682506
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y11M26D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3008251
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
5835850
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.26
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y4M13D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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1538270
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M
us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0111
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-300000
CY2021Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1700000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
150500000
us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0
CY2020Q3 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
0
ovid Ownership Percentage Description
OwnershipPercentageDescription
if a corporation undergoes an ownership change (generally defined as a greater than 50% change in its equity ownership over a three-year period), the corporation’s ability to use its pre-change net operating loss carryforwards and other pre-change tax attributes to offset its post-change income may be limited.
ovid Greater Than Change In Equity Ownership Percentage
GreaterThanChangeInEquityOwnershipPercentage
0.50
CY2015Q3 ovid Ownership Interest Change Date Range Start
OwnershipInterestChangeDateRangeStart
2015-08-10
CY2019Q1 ovid Ownership Interest Change Date Range End
OwnershipInterestChangeDateRangeEnd
2019-02-22
CY2021Q3 ovid Net Operating Losses Incurred In Future Recognized Built In Loss
NetOperatingLossesIncurredInFutureRecognizedBuiltInLoss
5000000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-11384248
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-16424789
us-gaap Net Income Loss
NetIncomeLoss
148834632
us-gaap Net Income Loss
NetIncomeLoss
-59006075
CY2021Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2020Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3845373
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
0
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11384248
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16424789
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
144989259
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-59006075
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11384248
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16424789
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
144989259
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-59006075
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67929894
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59406215
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67282495
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56586640
CY2021Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0
CY2020Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
565538
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67929894
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59406215
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
67848033
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56586640
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.04
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.04

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