Ovid Therapeutics Inc 10-Q for FY2023 Q1

Ovid Therapeutics Inc. (OVID)

10-Q 2023-05-05 For: 2023-03-31

Added on April 08, 2026

About this 10-Q

Ovid Therapeutics Inc filed this 10-Q on May 5, 2023, covering the quarter ended March 31, 2023 (FY2023 Q1).

Headline figures

Quarter ended March 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $66.16K; down 95.4% from $1.45M a year earlier
Net loss: $13.36M; compared with a net loss of $16.11M a year earlier
Diluted EPS: -$0.19; compared with -$0.23 a year earlier

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Delaware			46-5270895
(State or Other Jurisdiction of Incorporation or Organization)			(I.R.S. Employer Identification Number)


441 Ninth Avenue, 14th Floor New York, New York			10001
(Address of principal executive offices)			(Zip Code)


Large Accelerated Filer	o	Accelerated Filer	x
Non-accelerated Filer	o	Smaller Reporting Company	x
Emerging growth company	o


		Page
	SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS	i

PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statements of Comprehensive Los s	5
	Condensed Consolidated Statements of Stockholders’ Equity	6
	Condensed Consolidated Statements of Cash Flows	7
	Notes to Unaudited Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	29
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	30
Item 1A.	Risk Factors	30
Item 6.	Exhibits	64
Signatures


	March 31, 2023		December 31, 2022
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	63,051,928	$	44,867,846
Marketable securities	54,668,093		84,133,565
Prepaid expenses and other current assets	1,799,343		2,379,280
Total current assets	119,519,364		131,380,691

Long-term equity investments	5,982,452		5,622,547
Restricted cash	1,930,253		1,930,753
Right-of-use asset, net	14,669,362		14,922,669
Property and equipment, net	1,053,063		1,147,963
Other assets	212,510		261,191
Total assets	$	143,367,004	$	155,265,814

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,831,490	$	1,952,910
Accrued expenses	4,085,369		4,504,669
Current portion, lease liability	804,139		533,946
Total current liabilities	6,720,998		6,991,525

Long-term liabilities:
Lease liability	15,698,324		16,001,725
Total liabilities	22,419,322		22,993,250

Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A convertible preferred stock, 10,000 shares designated, 1,250 shares issued and outstanding at March 31, 2023 and December 31, 2022	1		1
Common stock, $0.001 par value; 125,000,000 shares authorized; 70,491,510 and 70,466,885 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	70,492		70,467
Additional paid-in-capital	359,754,310		357,770,825
Accumulated other comprehensive income (loss)	5,630		(42,187)
Accumulated deficit	(238,882,751)		(225,526,542)
Total stockholders' equity	120,947,682		132,272,564
Total liabilities and stockholders' equity	$	143,367,004	$	155,265,814


	For The Three Months Ended March 31, 2023		For The Three Months Ended March 31, 2022
Revenue:
License and other revenue	$	66,160	$	1,445,366
Total revenue	66,160		1,445,366
Operating expenses:
Research and development	6,614,717		7,832,269
General and administrative	8,343,748		9,880,203
Total operating expenses	14,958,465		17,712,472
Loss from operations	(14,892,305)		(16,267,106)
Other income (expense), net	1,536,095		209,050
Loss before provision for income taxes	(13,356,209)		(16,058,056)
Provision for income taxes	—		50,000
Net loss	$	(13,356,209)	$	(16,108,056)
Net loss per share, basic	$	(0.19)	$	(0.23)
Net loss per share, diluted	$	(0.19)	$	(0.23)
Weighted-average common shares outstanding, basic	70,490,704		70,345,828
Weighted-average common shares outstanding, diluted	70,490,704		70,345,828


	Series A Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
	Shares	Amount		Shares	Amount
Balance, December 31, 2022	1,250	$	1	70,466,885	$	70,467	$	357,770,825	$	(42,187)	$	(225,526,542)	$	132,272,564
Issuance of common stock from exercise of stock options and purchases from employee stock purchase plan	—	—		24,625	25		66,968		—		—		66,993
Stock-based compensation expense	—	—		—	—		1,916,518		—		—		1,916,518
Other comprehensive income	—	—		—	—		—		47,817		—		47,817
Net loss	—	—		—	—		—		—		(13,356,209)		(13,356,209)
Balance, March 31, 2023	1,250	$	1	70,491,510	$	70,492	$	359,754,310	$	5,630	$	(238,882,751)	$	120,947,682
	Series A Convertible Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Other Comprehensive Loss		Accumulated Deficit		Total
	Shares	Amount		Shares	Amount
Balance, December 31, 2021	1,250	$	1	70,364,912	$	70,359	$	351,033,589	$	—	$	(171,357,513)	$	179,746,436
Issuance of common stock from exercise of stock options and purchases from employee stock purchase plan	—	—		52,333	14		33,065		—		—		33,079
Stock-based compensation expense	—	—		—	—		1,324,812		—		—		1,324,812
Net income	—	—		—	—		—		—		(16,108,056)		(16,108,056)
Balance, March 31, 2022	1,250	$	1	70,417,245	$	70,373	$	352,391,466	$	—	$	(187,465,569)	$	164,996,271


	For The Three Months Ended March 31, 2023		For The Three Months Ended March 31, 2022
Cash flows from operating activities:
Net loss	$	(13,356,209)	$	(16,108,056)
Adjustments to reconcile net loss to cash used in operating activities:
Non-cash consideration received in licensing agreement transaction	—		(945,366)
Unrealized gain on equity investment	(359,905)		(207,068)
Interest income and accretion of discount on marketable securities	(729,119)		—
Stock-based compensation expense	1,916,518		1,324,812
Depreciation and amortization expense	144,650		73,807
Amortization of right-of-use asset	253,307		—
Accretion of lease liability	288,501		88,291
Change in operating assets and liabilities:
Prepaid expenses and other current assets	258,228		262,437
Security deposit	12,491		(4,305)
Accounts payable	(121,420)		(4,870,271)
Accrued expenses	(419,302)		299,300
Net cash used in operating activities	(12,112,260)		(20,086,419)

Cash flows from investing activities:
Purchase of marketable securities	(9,757,591)		—
Sales/maturities of marketable securities	40,000,000		—
Issuance of short-term note receivable	—		(1,000,000)
Purchases of property and equipment	(13,560)		(45,935)
Software development and other costs	—		(30,230)
Net cash provided by (used in) investing activities	30,228,849		(1,076,165)

Cash flows from financing activities:
Proceeds from exercise of options and purchases from employee stock purchase plan	66,993		33,079
Net cash provided by financing activities	66,993		33,079

Net increase (decrease) in cash, cash equivalents and restricted cash	18,183,582		(21,129,505)
Cash, cash equivalents and restricted cash, at beginning of period	46,798,599		189,728,285
Cash, cash equivalents and restricted cash, at end of period	$	64,982,181	$	168,598,780

Non-cash investing and financing activities:
Right-of-use asset in exchange for lease liability	$	—	$	15,779,773


	March 31, 2023
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Fair value
Cash	$	2,346,359	$	—	$	—	$	2,346,359
Money market funds	60,705,569		—		—		60,705,569
Marketable securities	54,662,463		5,630		—		54,668,093
Total cash, cash equivalents and marketable securities	$	117,714,391	$	5,630	$	—	$	117,720,021


	December 31, 2022
	Amortized cost		Gross unrealized holding gains		Gross unrealized holding losses		Fair value
Cash	$	2,853,042	$	—	$	—	$	2,853,042
Money market funds	42,014,804		—		—		42,014,804
Marketable securities	84,175,752		—		(42,187)		84,133,565
Total cash, cash equivalents and marketable securities	$	129,043,598	$	—	$	(42,187)	$	129,001,411


	March 31, 2023		December 31, 2022
Furniture and equipment	$	1,436,592	$	1,423,032
Leasehold improvements	306,312		306,312
Less accumulated depreciation	(689,841)		(581,381)
Total property and equipment, net	$	1,053,063	$	1,147,963


	March 31, 2023
Right-of-use asset	$	14,669,362
Current lease liability	804,139
Long-term lease liability	$	15,698,324


	March 31, 2023
Operating lease cost	$	541,808
Variable lease cost	—
Short-term lease cost	—


2023	1,351,177
2024	2,316,303
2025	2,316,303
2026	2,316,303
2027	2,316,303
Thereafter	12,347,235
	$	22,963,624


	March 31, 2023		December 31, 2022
Payroll and bonus accrual	$	1,895,602	$	3,233,802
Research and development accrual	1,343,672		395,247
Professional fees accrual	675,234		682,664
Other	170,861		192,956
Total	$	4,085,369	$	4,504,669


	Three Months Ended March 31,
	2023			2022
	Weighted Average			Weighted Average
Volatility	84.61		%	87.17		%
Expected term in years	6.06			6.06
Dividend rate	0.00		%	0.00		%
Risk-free interest rate	4.00		%	1.72		%
Fair value of option on grant date	$	1.84		$	2.00


	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Options outstanding December 31, 2022	12,961,238	$	4.13	7.42	$	62,158
Granted	2,660,500	2.50		9.91
Exercised	(9,625)	1.91
Forfeited or expired	(193,936)	3.38
Options outstanding March 31, 2023	15,418,177	$	3.86	7.57	$	1,028,677
Vested and exercisable at March 31, 2023	7,920,490	$	4.75	6.23	$	694,303


	OVID THERAPEUTICS INC.

Date: May 5, 2023	By:	/s/ Jeremy M. Levin
		Jeremy M. Levin
		Chief Executive Officer (Principal Executive Officer)

Date: May 5, 2023	By:	/s/ Jeffrey Rona
		Jeffrey Rona
		Chief Business and Financial Officer (Principal Financial and Accounting Officer)


Date: May 5, 2023	By:	/s/ Jeremy M. Levin
		Jeremy M. Levin
		Chief Executive Officer (Principal Executive Officer)


	For the Three Months Ended March 31,
	2023		2022
Net loss	$	(13,356,209)	$	(16,108,056)
Net loss attributable to participating securities	—		—
Net loss attributable to common stockholders	$	(13,356,209)	$	(16,108,056)

	For the Three Months Ended March 31,
	2023		2022
Net loss attributable to common stockholders	$	(13,356,209)	$	(16,108,056)
Weighted average common shares outstanding used in computing net loss per share - basic	70,490,704		70,345,828
Weighted average common shares outstanding used in computing net loss per share - diluted	70,490,704		70,345,828
Net loss per share, basic	$	(0.19)	$	(0.23)
Net loss per share, diluted	$	(0.19)	$	(0.23)


	Three Months Ended March 31, 2023		Three Months Ended March 31, 2022		Change $

	(in thousands)
Revenue:
License and other revenue	$	66	$	1,445	$	(1,379)
License revenue - related party	—		—		—
Total revenue	66		1,445		(1,379)
Operating expenses:
Research and development	6,615		7,832		(1,217)
General and administrative	8,344		9,880		(1,536)
Total operating expenses	14,958		17,712		(2,753)
Loss from operations	(14,892)		(16,267)		1,375
Other income (expense), net	1,536		159		1,377
Loss before provision for income taxes	(13,356)		(16,109)		2,753
Provision for income taxes	—		—		—
Net loss	$	(13,356)	$	(16,109)	$	2,753


Exhibit Number						Description

3.1						Amended and Restated Certificate of Incorporation (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-38085), filed with the Commission on May 10, 2017).

3.2						Corrected Amended and Restated Certificate of Designation of Series A Convertible Preferred Stock (incorporated herein by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (File No. 001-38085), filed with the Commission on September 24, 2019).

3.3						Amended and Restated Bylaws (incorporated herein by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K (File No. 001-38085), filed with the Commission on May 10, 2017).

4.1						Form of Common Stock Certificate of the Company (incorporated herein by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1/A (File No. 333-217245), filed with the Commission on April 25, 2017).

4.2						Form of Series A Preferred Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (File No. 001-38085), filed with the Commission on February 21, 2019).

4.3						Second Amended and Restated Investors’ Rights Agreement, by and among the Company and certain of its stockholders, dated January 6, 2017 (incorporated herein by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1 (File No. 333-217245), filed with the Commission on April 10, 2017).

31.1						Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*						Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS						Inline XBRL Instance Document

101.SCH						Inline XBRL Taxonomy Extension Schema Document

101.CAL						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104						Cover Page Interactive Data File (formatted as Inline XBRL and contained within Exhibit 101)