Ovid Therapeutics Inc. (Nasdaq: OVID) reported its third quarter 2026 financial results and provided updates on its clinical pipeline on November 10, 2026. The company reported cash, cash equivalents, and marketable securities totaling $161.4 million as of September 30, 2026, which the company stated provides financial runway into 2029.
Research and development expenses for the third quarter were $15.7 million, compared to $5.9 million in the same period in 2025. This increase was primarily attributed to elevated preclinical and clinical study activities supporting the OV329 and OV4071 programs. General and administrative expenses were $6.7 million for the quarter, compared to $6.8 million in the prior year period. Total operating expenses for the quarter were $22.4 million, compared to $12.7 million in the prior year. Ovid reported a net loss of $20.8 million, or $0.10 per share, for the three months ended September 30, 2026.
In terms of clinical progress, the company is advancing OV329, a next-generation GABA-AT inhibitor, in a global Phase 2 focal epilepsy study expected to read out in the second half of 2027. Ovid also initiated a photosensitivity study to evaluate the anticonvulsant effect of OV329, with topline results anticipated in the first quarter of 2027. The company plans to initiate a safety and signal-finding study in patients with tuberous sclerosis complex-associated seizures before the end of 2026.
Regarding its KCC2 direct activator portfolio, Ovid is advancing OV4071 in a Phase 1 single- and multiple-ascending dose study. The company anticipates reading topline data from this study in the first quarter of 2027. Additionally, a translational ketamine challenge study of OV4071 is ready for initiation.
The company also noted a potential monetization of its interests in soticlestat. Ovid and Takeda assigned global rights in soticlestat to a new company launched by Perceptive Advisors, under which Ovid is eligible to receive up to $294.5 million in potential milestone payments.
