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Ovid Therapeutics Inc. (OVID)·Q3 2025 Earnings Summary

Executive Summary

  • Ovid posted Q3 2025 revenue of $132,000 and GAAP EPS of -$0.17; both missed S&P Global consensus revenue of $170,380* and EPS of -$0.15* .
  • Pipeline momentum continued: OV329 showed statistically significant cortical inhibition and a favorable safety profile in Phase 1, with plans to initiate a Phase 2a trial in drug‑resistant focal onset seizures in Q2 2026; OV350 first‑in‑human readout remains guided for Q4 2025; OV4071 oral KCC2 activator targeted to enter the clinic in Q2 2026 .
  • Balance sheet strengthened: an up to $175M private placement (initial $81M closed) extended the cash runway into 2H 2028; cash, equivalents and marketable securities were $25.6M at 9/30/25 .
  • Leadership transition announced: Meg Alexander appointed CEO effective Jan 1, 2026; Jeremy Levin to become Executive Chairman—continuity message and execution focus maintained; late‑breaking AES poster on OV329 in Dec 2025 and OV350 data in Q4 2025 are near‑term stock catalysts .

What Went Well and What Went Wrong

What Went Well

  • OV329 achieved target engagement with strong inhibitory activity on validated TMS biomarkers and showed clean ophthalmic and overall safety in Phase 1, supporting advancement to Phase 2a in Q2 2026 .
  • Company extended operating runway into 2H 2028 following an up to $175M private placement (initial $81M closed), providing visibility through multiple clinical milestones .
  • Leadership succession framed as strength and continuity: “Ovid is operating from a position of scientific and fiscal strength… disciplined execution,” said Dr. Jeremy Levin; “We are within months of bringing OV329 into patient trials… energized to build upon this momentum,” said incoming CEO Meg Alexander .

What Went Wrong

  • Revenue and EPS missed consensus; revenue fell to $132,000 vs $170,380* expected and EPS was -$0.17 vs -$0.15* expected; sequential revenue declined sharply vs Q2’s $6.27M, which benefited from a one‑time royalty monetization .
  • G&A increased YoY to $6.8M (from $5.5M), driven by non‑routine business development professional fees, partially offsetting R&D reductions from prior restructuring .
  • Nasdaq minimum bid price non‑compliance remains a structural risk (transfer to Capital Market with extended cure period through Feb 9, 2026); company may consider reverse split if needed .

Financial Results

Quarterly trend (oldest → newest)

Metric ($USD Thousands, except per-share)Q1 2025Q2 2025Q3 2025
Revenue130 6,272 132
Research & Development6,659 6,465 5,870
General & Administrative6,021 4,880 6,785
Total Operating Expenses12,680 11,345 12,655
Net (Loss) Income(10,235) (4,684) (12,158)
GAAP EPS (basic & diluted)(0.14) (0.06) (0.17)
Cash, Cash Equivalents & Marketable Securities (end of period)42,996 38,347 25,603
Working Capital (end of period)36,614 33,165 22,028

Notes: Q2 revenue reflects royalty monetization dynamics; Q3 returned to typical non-recurring royalty run-rate .

YoY and vs Estimates (Q3 2025)

MetricQ3 2024Q3 2025 (Actual)Q3 2025 (Consensus)*
Revenue ($USD)173,000 132,000 170,380*
GAAP EPS ($)(0.20) (0.17) (0.15)*
R&D Expense ($USD)7,855,000 5,870,000 —
G&A Expense ($USD)5,544,000 6,785,000 —
Net Loss ($USD)(14,006,000) (12,158,000) —

*Values retrieved from S&P Global.

KPIs and Balance Sheet (end of period)

KPI ($USD Thousands)Dec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025
Cash, Cash Equivalents & Marketable Securities53,075 42,996 38,347 25,603
Working Capital45,418 36,614 33,165 22,028
Total Assets92,167 81,654 77,428 63,848
Stockholders’ Equity68,226 59,276 55,789 44,698

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayThroughInto early 2H 2026 Into 2H 2028 (post private placement) Raised duration
OV329 Phase 1 ToplineTimingLate Q3 2025 Positive topline announced Oct 3, 2025 Achieved
OV329 Phase 2a (FOS) StartTimingQ1 2026 Q2 2026 Modestly deferred
OV350 (IV KCC2) Phase 1 DataTimingQ4 2025 Q4 2025 reiterated Maintained
OV4071 (Oral KCC2) IND/StartTimingPoC study start early 2026 File Q1 2026; start Phase 1/1b Q2 2026 Clarified/milestoned
AES Late‑Breaking Poster (OV329)EventNot guidedDec 5–9, 2025 New disclosure
Nasdaq Listing StatusComplianceTransfer to Capital Market; cure by Feb 9, 2026 No update in Q3 PR; risk persists Maintained

Earnings Call Themes & Trends

No Q3 2025 earnings call transcript was found in our document set; themes below synthesize Q1–Q3 press releases.

TopicPrevious Mentions (Q2 2025)Previous Mentions (Q1 2025)Current Period (Q3 2025)Trend
OV329 clinical progressTopline Phase 1 on track late Q3 2025; positioning vs vigabatrin; strong biomarker plan Phase 1 SAD/MAD ongoing; biomarker strategy outlined; no SAEs to date Positive Phase 1 topline with significant TMS inhibition and clean ocular safety; Phase 2a planned Q2 2026 Advancing (data de‑risking)
KCC2 OV350 (IV)Q4 2025 safety/PK data expected First‑in‑human dosing began; year‑end data expected Q4 2025 readout reiterated On track
KCC2 OV4071 (oral)PoC start early 2026 PoC start H1 2026; IND‑enabling ongoing File Q1 2026; start Phase 1/1b Q2 2026; considering ketamine challenge Slightly refined (milestones sequenced)
Cash runwayInto early 2H 2026 Into 2H 2026 Into 2H 2028 post financing Improved
Business developmentMonetized ganaxolone royalties for $7.0M Considering partnerships and monetizations Private placement up to $175M including $81M initial Increased financing activity
Listing statusTransferred to Nasdaq Capital Market; bid‑price cure to Feb 9, 2026 —No update in Q3 PR Unchanged risk
Leadership——Meg Alexander to become CEO Jan 1, 2026; Levin to Executive Chairman Transition announced

Management Commentary

  • “Ovid is operating from a position of scientific and fiscal strength. The OV329 biomarker results, progress across our KCC2 direct activator programs, and our recent financing reflect disciplined execution.” — Dr. Jeremy M. Levin, Chairman and CEO .
  • “We are within months of bringing OV329 into patient trials… and submitting the first‑ever oral KCC2 direct activator for human studies. I’m energized to build upon this momentum.” — Meg Alexander, incoming CEO .
  • “Our Phase 1 trial generated… consistent results across multiple validated measures and a clean ocular and overall safety profile… we are excited to advance it further in development.” — Dr. Jeremy Levin on OV329 .
  • “These early data confirm that OV329 is getting into the brain and exerting concentration‑dependent inhibition, as shown by the highly significant correlation between OV329 blood exposure and LICI.” — Dr. Alexander Rotenberg (Harvard/Boston Children’s) .

Q&A Highlights

  • No Q3 2025 earnings call transcript was available in our source set; thus, no Q&A highlights or real‑time guidance clarifications could be assessed. We will update this section if a transcript is released [ListDocuments showed no earnings-call-transcript for Q3 2025].

Estimates Context

  • Q3 2025 actuals vs S&P Global consensus: Revenue $132,000 vs $170,380* and GAAP EPS -$0.17 vs -$0.15*; both represent modest misses in the context of a development‑stage revenue base .
  • With Q2 revenue inflated by a one‑time royalty monetization ($6.3M), consensus models may normalize to low royalty run‑rate absent near‑term partnered revenue streams .
  • Estimate counts: 8 for revenue and 8 for EPS in Q3 2025*.

*Values retrieved from S&P Global.

Key Takeaways for Investors

  • OV329 Phase 1 data materially de‑risk target engagement and safety, positioning the asset for a randomized Phase 2a start in Q2 2026; AES late‑breaker in Dec 2025 offers a visibility catalyst .
  • KCC2 franchise is a second pillar: OV350 safety/PK data in Q4 2025 and OV4071 clinical entry in Q2 2026 set a cadence of readouts through 2026 .
  • Financing extended runway into 2H 2028, enabling execution across multiple programs without near‑term capital pressure; warrants could further augment cash if exercised .
  • Print was light and below consensus given minimal recurring revenue; sequential comparison vs Q2 is not meaningful due to one‑time royalty monetization in Q2 .
  • G&A step‑up (non‑routine BD fees) bears monitoring; R&D continues to trend lower vs prior year following 2024 reprioritization .
  • Structural listing risk persists (bid‑price compliance window to Feb 2026), though not a direct operational constraint; corporate governance continuity with planned CEO transition helps mitigate execution risk .
  • Near‑term trading set‑up: Dec AES poster and Q4 OV350 data are the likely stock movers; leadership succession and strengthened runway form a constructive backdrop .

Appendix: Source documents

  • Q3 2025 8‑K with press release and financials
  • Oct 3, 2025 OV329 topline results press release
  • Q2 2025 8‑K with press release and financials; listing status
  • Q1 2025 8‑K with press release and financials