Ovid Therapeutics Reports Business Updates and Second Quarter 2024 Financial Results

Core Insights - Ovid Therapeutics Inc. has appointed Dr. Amanda Banks as Chief Development Officer to enhance clinical strategy and execution [1][2] - The company has streamlined operations by reducing its workforce by 43% and has suspended the OV329 IV program to focus on priority clinical programs [1][3] - As of June 30, 2024, Ovid maintains a strong financial position with $77.0 million in cash and marketable securities, expected to support operations and achieve five clinical and regulatory milestones by late H1 2026 [1][7] Corporate Updates - Ovid is restructuring its organization to preserve capital and optimize its pipeline programs, which includes a 43% reduction in workforce [2][3] - The company has expanded its Scientific Advisory Board with top neurologists and neuroscientists to drive advancements in its pipeline [1][4] - Ovid plans to explore partnerships and co-development opportunities for select programs during its cash runway through late H1 2026 [3] Pipeline Strategy - Ovid is focusing resources on advancing OV888/GV101 and OV329 oral programs while pausing the intravenous OV329 program [4][5] - The OV888/GV101 capsule is advancing to a Phase 2 proof-of-concept study in cerebral cavernous malformations, with favorable Phase 1 results indicating safety and tolerability [5][6] - The company anticipates completing a Phase 1 multiple ascending dose study of OV329 in H2 2024 and plans to present ocular accumulation data at the Epilepsy Foundation Pipeline Conference 2024 [6][5] Financial Performance - For Q2 2024, Ovid reported revenue from royalty agreements of$ 169,000, an increase from $75,000 in Q2 2023 [7][11] - Research and development expenses rose to$ 12.6 million in Q2 2024, compared to $6.0 million in the same period in 2023, reflecting advancements in clinical pipeline activities [7][11] - Ovid reported a net income of$ 8.5 million for Q2 2024, a significant improvement from a net loss of $12.4 million in Q2 2023, largely due to a$ 29.0 million gain from a fair value adjustment to the royalty monetization liability [8][11]