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Ovid Therapeutics Inc. (OVID)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 showed disciplined cost execution with total operating expenses down 19% sequentially and 41% year-over-year, narrowing net loss to $9.3M and EPS to $(0.13); revenue remains de minimis as the company is pre-commercial .
  • Management maintained cash runway guidance “into the second half of 2026” and clarified near-term clinical timelines: OV329 Phase 1 topline biomarker/safety readout in Q3 2025; OV350 first-in-human initiated in Q1 2025 with results expected in Q4 2025; IND-enabling studies started for oral KCC2 activator OV4071 with human studies planned in Q2 2026 .
  • Organizational upgrades continued (appointment of Stelios Papadopoulos to the Board; additions of Chief Regulatory Officer and Head of Corporate Affairs & Strategy), aligning governance and capabilities with pipeline scale-up .
  • No Q4 earnings call transcript was available in the filings; analysis is based on the 8-K and press release. S&P Global consensus estimates for Q4 2024 were not available at time of request, so beat/miss vs Street could not be assessed .

What Went Well and What Went Wrong

  • What Went Well

    • Cost discipline: Total operating expenses fell to $10.8M from $13.4M in Q3 and $18.3M in Q4 2023, reflecting restructuring benefits; net loss narrowed to $9.3M from $14.0M in Q3 and $15.3M YoY .
    • Pipeline execution: OV350 (first-in-human KCC2 direct activator) trial initiated in Q1 2025 with Q4 2025 results expected; OV329 Phase 1 readout now specifically guided to Q3 2025 (more specific than prior quarter) .
    • Leadership depth: “Our pipeline programs are moving into the next stage of clinical development and I believe our team is the strongest that it has been since the founding of the Company,” said CEO Jeremy Levin, highlighting key board and leadership additions .

  • What Went Wrong

    • Minimal revenue: Q4 revenue was $76K, down sequentially and YoY, underscoring continued dependence on external financing and non-operating income .
    • Cash draw: Cash, cash equivalents and marketable securities declined to $53.1M from $62.7M in Q3 and $76.97M in Q2, though runway guidance remains into H2 2026 .
    • OV888 program remains on pause: The Phase 2 initiation pause (CCM) continues while reassessing competitor trial learnings—no new start date, implying uncertainty in that leg of the pipeline .

Financial Results

  • Income statement summary (sequential trend)
Metric ($USD thousands, except per share)Q2 2024Q3 2024Q4 2024
Revenue169 173 76
Research & Development12,582 7,855 5,923
General & Administrative8,104 5,544 4,878
Total Operating Expenses20,686 13,399 10,801
Other Income (Expense), net29,038 (780) 1,444
Net Income (Loss)8,521 (14,006) (9,281)
Basic/Diluted EPS (common)0.12 (0.20) (0.13)
  • Year-over-year comparison (Q4 2024 vs Q4 2023)
Metric ($USD thousands, except per share)Q4 2023Q4 2024
Revenue142 76
Research & Development10,642 5,923
General & Administrative7,688 4,878
Total Operating Expenses18,330 10,801
Other Income (Expense), net2,866 1,444
Net Loss(15,322) (9,281)
Basic/Diluted EPS (common)(0.21) (0.13)
  • Balance sheet highlights
Metric ($USD thousands)Jun 30, 2024Sep 30, 2024Dec 31, 2024
Cash, Cash Equivalents & Marketable Securities76,974 62,712 53,075
Working Capital66,770 54,197 45,418
Total Assets118,093 102,654 92,167
Total Stockholders’ Equity88,903 76,290 68,226
  • Segment/KPIs
    • No segment revenue disclosure; revenue consists of license/other revenue .
    • Key operating KPIs for this pre-commercial biotech are opex components (R&D/G&A), other income, and cash runway (guided into H2 2026) .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporate“Into H2 2026” (Q3 PR) “Into the second half of 2026” Maintained
OV329 (GABA-AT) Phase 1 topline biomarkers/safetyQ3 2025“Topline data anticipated in 2025; more detailed timelines after regulator discussions” (Q3 PR) “Topline biomarker & safety data expected Q3 2025” Updated (more specific)
OV329 Phase 2a initiationQ1 2026Not specified prior“Initiation of a Phase 2a patient study in Q1 2026” Introduced
OV350 (KCC2 direct activator) first-in-human2025“Submit Phase 1 application in Q4 2024; initiate in Q1 2025” (Q3 PR) “Regulatory submission completed Q4 2024; study initiated Q1 2025; results expected Q4 2025” Achieved (submission/initiation); Introduced (results timing)
OV4071 (oral KCC2)Q2 2026 startNot mentioned prior“IND-enabling studies initiated; human studies planned Q2 2026” Introduced
OV888/GV101 (ROCK2) in CCMN/A“Phase 2 initiation paused pending competitor learnings” (Q3 PR) Pause maintained; reassessing design; no new start date Maintained

Earnings Call Themes & Trends

Note: No Q4 earnings call transcript was available in filings; themes are derived from company press releases/8-K. The Q4 8-K furnished only the press release under Item 2.02 .

TopicPrevious Mentions (Q2 and Q3 2024)Current Period (Q4 2024)Trend
R&D execution (OV329)Phase 1 MAD ongoing; topline in 2025; ocular safety data planned; OV329 IV suspended Higher-dose cohort added; Phase 1 topline biomarkers/safety set for Q3 2025 Progressing; timeline clarified
KCC2 platform (OV350/OV4071)OV350 Phase 1 submission expected Q4 2024; initiate Q1 2025; KCC2 “Download Day” announced OV350 Phase 1 initiated Q1 2025; results Q4 2025; OV4071 IND-enabling underway; human studies Q2 2026 Advancing with concrete milestones
Capital allocation/runwayWorkforce reduced 43% to extend runway; runway through late H1 2026 (Q2) Runway into H2 2026 reiterated; disciplined opex management Runway maintained despite cash draw
OV888/GV101 (ROCK2)Phase 2 initiation paused to reassess competitor learnings Pause maintained; optimizing design pathways On hold; reassessment continues
Organizational depthAdded CDO; expanded SAB (Q2) Added CRO and Head of Corporate Affairs/Strategy; appointed Dr. Papadopoulos to Board Upgrading leadership/governance

Management Commentary

  • “Ovid is at an exciting inflection point. Our pipeline programs are moving into the next stage of clinical development and I believe our team is the strongest that it has been since the founding of the Company.” — Jeremy Levin, Chairman & CEO .
  • On strategic support: “Stelios’s extensive industry expertise and strategic vision will be invaluable to Ovid through our next stage of growth.” — Levin .
  • On runway and milestones: Cash expected to support operations and development programs into H2 2026 with milestones: OV329 biomarker/safety (Q3 2025), OV350 first-in-human results (Q4 2025), OV329 Phase 2a initiation (Q1 2026), OV4071 human trials (Q2 2026) .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available in the company’s filings; the 8-K furnished only the press release under Item 2.02 (no transcript attached). Any Q&A clarifications are therefore unavailable from primary sources .

Estimates Context

  • Wall Street consensus (S&P Global) for Q4 2024 EPS and revenue was unavailable at the time of analysis due to access limits; as a result, beat/miss vs estimates is not presented. If/when estimates are accessible, we will update comparisons accordingly.

Key Takeaways for Investors

  • Operating discipline is working: Q4 operating expenses declined sharply QoQ and YoY, narrowing losses despite minimal revenue; this underpins the reiterated runway into H2 2026 .
  • Pipeline visibility improved: Management provided specific timing for OV329 Phase 1 biomarkers/safety (Q3 2025) and added an OV350 data timing (Q4 2025), sharpening near-term catalysts .
  • KCC2 platform is a multi-asset engine: With IV OV350 in human testing and oral OV4071 entering IND-enabling, Ovid is building breadth beyond OV329, expanding optionality for partnerships and financing .
  • CCM (OV888) remains in reassessment: Continued pause signals focus on de-risking study design; investors should not expect near-term catalyst here until design/timing is clarified .
  • Cash draw continues as programs scale; partnership activity and non-dilutive funding could extend runway or accelerate development against a tight catalyst calendar .
  • Absent Street estimates, stock reaction is likely to be driven by clinical timeline clarity, leadership additions, and continuing opex control rather than “beat/miss” optics this quarter.