Ovid Therapeutics (OVID) Registration filing summary

Company overview and business model

• Biopharmaceutical developer of differentiated small-molecule medicines for neurological and neuropsychiatric disorders with significant unmet need; strategy combines patient-focused research, clinical development and business development.

• Pipeline targets drug-resistant epilepsy, developmental and epileptic encephalopathies, Parkinson’s disease and Lewy body dementia psychosis, and schizophrenia; two programs are in clinical trials, with others planned for clinical development.

• Claims a portfolio of direct potassium-chloride cotransporter 2 activators; potential expansion into broader neurological and neuropsychiatric indications depends on successful development and marketing.

Financial performance and metrics

• Net tangible book value at September 30, 2026 was $198.7 million, or $1.05 per share; assumed full ATM sale at $2.85 would raise adjusted book value to $271.5 million, or $1.26 per share, after commissions and estimated offering expenses.

• Under the same $75.0 million sale assumption, estimated immediate dilution is $1.59 per share; calculation excludes outstanding options, warrants, RSUs and shares reserved under equity plans.

• 188,720,929 common shares were outstanding at September 30, 2026; the offering table estimates up to 215,036,718 shares after sale of 26,315,789 shares at the assumed $2.85 price.

Use of proceeds and capital allocation

• ATM net proceeds are intended primarily for drug-candidate R&D, complementary business, product or technology acquisitions or investments, working capital and general corporate purposes.

• No acquisition plans, commitments or agreements were in place as of November 10, 2026; management retains broad discretion over proceeds, creating risk of uses that do not generate favorable returns.

• Pending deployment, proceeds may be invested in short-term, investment-grade interest-bearing obligations, certificates of deposit, or direct or guaranteed U.S. obligations.

• Proceeds from other shelf offerings are generally intended for working capital and general corporate purposes, subject to offering-specific supplements.