Ovid Therapeutics (OVID) Q3 2026 earnings summary

Executive summary

• Q3 2026 net loss was $20.8 million; cash, cash equivalents and marketable securities totaled $161.4 million at September 30, with runway expected into 2029 and funding for at least 12 months from financial statement issuance.

• OV329 and OV4071 advanced in clinical development, with two program readouts expected in Q1 2027.

Financial highlights

• Q3 revenue was $132,000 versus $0.1 million in Q3 2025; 9M revenue was $0.7 million versus $6.5 million, reflecting NewCo licensing revenue in 2026 and Marinus/Immedica revenue in 2025.

• Q3 R&D expense rose to $15.7 million from $5.9 million, primarily reflecting OV329 and OV4071 study activity; G&A was $6.7 million versus $6.8 million.

• Q3 operating expenses were $22.4 million versus $12.7 million; 9M operating expenses were $56.6 million versus $36.7 million.

• Q3 net loss was $20.8 million versus $12.2 million; 9M net loss was $52.8 million versus $27.1 million.

• Q3 other income, net was $1.6 million versus $0.4 million; 9M other income was $3.1 million in both periods, primarily reflecting interest and accretion income.

Outlook and guidance

• OV329 global Phase 2 focal epilepsy study is enrolling, with completion expected in H2 2027; photosensitivity study topline results are expected in Q1 2027.

• OV329 TSC-associated seizure study is targeted to initiate in Q4 2026; an infantile spasms study is planned for 2027 after several TSC study cohorts.

• OV4071 Phase 1 and translational ketamine challenge study results are expected in Q1 2027; a Phase 2 acute schizophrenia study is planned for 2027, subject to results.

• R&D expenses are expected to rise as candidates advance through preclinical studies and clinical trials; significant operating losses are expected for several years.