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Ovid Therapeutics Inc. (OVID)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 results: revenue was $0.13M, net loss was $10.2M, and EPS was $(0.14) . Management highlighted an advancing pipeline with OV329 Phase 1 PD biomarker readout on track for Q3 2025 and OV350 Phase 1 dosing initiated in Q1 2025 .
  • Versus consensus: revenue beat Wall Street ($0.13M vs $0.03M*), while EPS was essentially inline/slightly below ($(0.14) vs $(0.139)) — revenue beat is notable given low royalty base; EPS difference is de minimis.
  • Guidance maintained: cash runway into 2H 2026; milestone timelines unchanged (OV329 Phase 2a start Q1 2026; OV350 Phase 1 results Q4 2025; OV4071 PoC start Q2 2026) .
  • Near-term catalysts: OV329 PD/target engagement/safety data (Q3 2025) and OV350 Phase 1 SAD/MAD results (Q4 2025) are the principal stock-reaction events; initiation of OV329 Phase 2a in Q1 2026 is the next development inflection .

What Went Well and What Went Wrong

What Went Well

  • Operating discipline: R&D fell to $6.7M (from $10.4M YoY) and G&A to $6.0M (from $7.2M YoY) driven by 2Q24 restructuring; total OpEx declined to $12.7M (from $17.6M) .
  • Pipeline progress: OV350 (first KCC2 direct activator) dosed in Phase 1 (SAD/MAD IV) in Q1 2025; OV329 Phase 1 high-dose cohort advancing toward Q3 2025 biomarker/safety/tolerability readout .
  • Safety profile to date: “no reported serious adverse events associated with OV329” in completed cohorts . Management tone: “We’re off to a strong start across our pipeline... in what will be a defining year for Ovid” (CEO Jeremy Levin) .

What Went Wrong

  • Revenue softness: royalties declined YoY to $0.13M (from $0.15M), underscoring non-product revenue dependence .
  • Sequential cash draw: cash, cash equivalents and marketable securities declined to $43.0M from $53.1M at 12/31/24 as development spend continued .
  • Continued losses: net loss $(10.2)M (vs $(11.7)M YoY) with other income down YoY ($2.315M vs $5.723M), highlighting lower financial income tailwinds and ongoing need for external capital/BD options .

Financial Results

Quarterly trend (oldest → newest)

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$0.173 $0.076 $0.130
R&D Expense ($USD Millions)$7.855 $5.923 $6.659
G&A Expense ($USD Millions)$5.544 $4.878 $6.021
Total Operating Expenses ($USD Millions)$13.399 $10.801 $12.680
Other Income (Expense), net ($USD Millions)$(0.780) $1.444 $2.315
Net Loss ($USD Millions)$(14.006) $(9.281) $(10.235)
EPS (Basic & Diluted, Common) ($USD)$(0.20) $(0.13) $(0.14)
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$62.712 $53.075 $42.996
Working Capital ($USD Millions)$54.197 $45.418 $36.614
Total Stockholders’ Equity ($USD Millions)$76.290 $68.226 $59.276

YoY comparison (Q1 2024 vs Q1 2025)

MetricQ1 2024Q1 2025
Revenue ($USD Millions)$0.148 $0.130
R&D Expense ($USD Millions)$10.397 $6.659
G&A Expense ($USD Millions)$7.168 $6.021
Total Operating Expenses ($USD Millions)$17.565 $12.680
Other Income (Expense), net ($USD Millions)$5.723 $2.315
Net Loss ($USD Millions)$(11.694) $(10.235)
EPS (Basic & Diluted, Common) ($USD)$(0.17) $(0.14)

Versus Wall Street consensus (S&P Global) – Q1 2025

MetricConsensusActual
Revenue ($USD Millions)$0.025*$0.130
Primary EPS ($USD)$(0.139)*$(0.14)
# of Estimates (Revenue)4*—
# of Estimates (EPS)7*—
Values with * retrieved from S&P Global.

KPIs (selected)

KPIQ3 2024Q4 2024Q1 2025
Loss from Operations ($USD Millions)$(13.226) $(10.725) $(12.550)
License and Other Revenue ($USD Millions)$0.173 $0.076 $0.130

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayThrough 2H 2026“Support operations and development into the second half of 2026” “Support operations and clinical development into the 2H of 2026” Maintained
OV329 Phase 1 PD/safety toplineQ3 2025“Topline biomarker & safety data expected Q3 2025” “Topline PD, target engagement, PK, safety/tolerability results expected in late Q3 2025” Maintained, clarified scope
OV329 Phase 2a startQ1 2026“Initiation of Phase 2a patient study in DREs (Q1 2026)” “Initiation of Phase 2a patient study in DREs (Q1 2026)” Maintained
OV350 Phase 1 SAD/MAD resultsQ4 2025“Results from first-in-human safety & exploratory biomarker study Q4 2025” “Results from Phase 1 SAD/MAD study Q4 2025” Maintained
OV4071 (oral KCC2) PoC initiationQ2 2026“Initiation of human trials for first oral KCC2 direct activator (Q2 2026)” “Initiation of proof-of-concept trial for OV4071 (Q2 2026)” Maintained/clarified PoC

Earnings Call Themes & Trends

Note: No Q1 2025 earnings call transcript was available in the document set; themes are derived from company press releases.

TopicPrevious Mentions (Q-2: Q3 2024)Previous Mentions (Q-1: Q4 2024)Current Period (Q1 2025)Trend
OV329 developmentPhase 1 MAD progressing; exploring added cohorts; biomarker approach with MRS/TMS; ocular safety characterization vs vigabatrin Added higher dose cohort; topline biomarker/safety data expected Q3 2025 High-dose SAD/MAD cohort ongoing; PD/target engagement/PK/safety/tolerability data expected late Q3 2025 Steady execution toward Q3 readout
KCC2 platform (OV350/OV4071)Regulatory filing for OV350 Phase 1 expected Q4 2024; KCC2 Download Day OV350 Phase 1 first-in-human study initiation planned Q1 2025; IND-enabling for OV4071 OV350 Phase 1 dosed Q1 2025; OV4071 oral program targeting PoC start Q2 2026 Acceleration to human dosing; timelines maintained
Capital runway/disciplineCash runway into H2 2026; disciplined capital allocation Runway into 2H 2026; potential need to raise capital/partner to avoid delays Runway into 2H 2026; continuing to explore partnerships, co-development, monetization options Maintained; emphasis on BD optionality
Safety/tolerabilityEncouraging human safety for OV329; no ocular accumulation in animals No SAEs associated with OV329 in completed cohorts No SAEs reported for OV329 in completed cohorts Consistently favorable to date
Business developmentExplore partnerships/co-dev to offset costs Partnerships/co-dev regionally to accelerate; contingency if capital not raised Partnerships/co-dev; monetizing equity positions/IP/non-CNS applications considered Broadening strategic levers

Management Commentary

  • “We’re off to a strong start across our pipeline and programs in what will be a defining year for Ovid.” — Jeremy Levin, Chairman & CEO .
  • “Our lead program, OV329, continues to show promise… we are on track to share key safety and biomarker data later this year.” .
  • “We’ve also initiated human trials of our first-in-class KCC2 direct activator… considered to be a ‘master switch’ on neural hyperexcitability.” .
  • “Ovid expects its cash runway to support operations and clinical development programs into the 2H of 2026…” .

Q&A Highlights

  • No Q1 2025 earnings call transcript was available; Q&A highlights not applicable based on the company’s posted materials.

Estimates Context

  • Revenue beat: Actual $0.130M vs consensus $0.025M* — strong relative beat given a low royalty base; underscores variability in licensing/royalty flows*.
  • EPS essentially inline: $(0.14) vs $(0.139); difference insignificant; focus remains on OpEx discipline and non-dilutive funding avenues.
  • Post-print estimate implications: Limited changes likely for near-term quarterly EPS given OpEx trajectory; revenue forecasts remain modest absent product sales, with attention shifting to 2H 2025 clinical data catalysts*.
    Values with * retrieved from S&P Global.

Key Takeaways for Investors

  • Cost discipline remains credible: OpEx down sharply YoY (R&D and G&A reductions), narrowing net loss despite minimal revenue scale .
  • Pipeline execution is the stock’s primary driver: OV329 Q3 biomarker/safety readout and OV350 Phase 1 SAD/MAD results in Q4 are the next two catalysts .
  • Cash runway into 2H 2026 provides time to hit value-creating milestones; management is actively exploring partnerships and monetization to extend runway and offset costs .
  • Revenue beats vs consensus are less thesis-relevant near term; valuation sensitivity will be higher to PD/target engagement signals (TMS/MRS/QEEG) and Phase 2a initiation readiness .
  • Watch BD traction and capital markets access; Q4 commentary flagged potential delays if capital not secured, while Q1 reiterated multiple optionality levers .
  • Risk-monitoring: Safety/tolerability in higher-dose OV329 cohorts and translational biomarker robustness will shape Phase 2a design confidence .
  • Trading setup: Into Q3 data, positioning may reflect binary-like sentiment around PD/target engagement; tighter spreads likely around management’s disclosure cadence and any interim safety reads .