Ovid Therapeutics (OVID)
Market Price (6/22/2026): $2.285 | Market Cap: $311.2 MilSector: Health Care | Industry: Biotechnology
Ovid Therapeutics (OVID)
Market Price (6/22/2026): $2.285Market Cap: $311.2 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -46% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1200% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -113% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -48 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -670% Stock price has recently run up significantly12M Rtn12 month market price return is 631% Weak revenue growthRev Chg QQuarterly Revenue Change % is null Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 64% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -589%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -589% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 136% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% High stock price volatilityVol 12M is 114% Key risksOVID key risks include [1] a strong dependency on successful clinical trial outcomes and regulatory approval for its key drug candidates, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -46% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1200% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -67%, 3Y Excs Rtn is -113% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -48 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -670% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 631% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is null |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 64% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -589%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -589% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 136% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| High stock price volatilityVol 12M is 114% |
| Key risksOVID key risks include [1] a strong dependency on successful clinical trial outcomes and regulatory approval for its key drug candidates, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Ovid Therapeutics (OVID) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. Ovid Therapeutics significantly bolstered its financial position with a $60.0 million private placement financing in March 2026. This capital infusion, led by Point72, strengthened the company's balance sheet, increasing cash, cash equivalents, and marketable securities to $165.6 million as of fiscal Q1 2026, extending its projected operational runway into 2029. The proceeds are earmarked to advance the OV329 program and other research and development initiatives.
2. The company reported positive progress in its lead clinical pipeline with favorable safety data for OV329 and the initiation of Phase 1 for OV4071. In March 2026, Ovid Therapeutics announced that its next-generation GABA-AT inhibitor, OV329, demonstrated a favorable safety and tolerability profile across dose cohorts, including a 9 mg dose in April 2026, supporting its planned advancement into Phase 2 studies for treatment-resistant epilepsies and expanded pediatric indications like tuberous sclerosis complex and infantile spasms. Additionally, in May 2026, the company dosed the first participant in a Phase 1 study for OV4071, an oral potassium-chloride cotransporter 2 (KCC2) direct activator.
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Ovid Therapeutics (OVID) stock has gained about 40% since 2/28/2026 because of the following key factors:
1. Ovid Therapeutics significantly bolstered its financial position with a $60.0 million private placement financing in March 2026. This capital infusion, led by Point72, strengthened the company's balance sheet, increasing cash, cash equivalents, and marketable securities to $165.6 million as of fiscal Q1 2026, extending its projected operational runway into 2029. The proceeds are earmarked to advance the OV329 program and other research and development initiatives.
2. The company reported positive progress in its lead clinical pipeline with favorable safety data for OV329 and the initiation of Phase 1 for OV4071. In March 2026, Ovid Therapeutics announced that its next-generation GABA-AT inhibitor, OV329, demonstrated a favorable safety and tolerability profile across dose cohorts, including a 9 mg dose in April 2026, supporting its planned advancement into Phase 2 studies for treatment-resistant epilepsies and expanded pediatric indications like tuberous sclerosis complex and infantile spasms. Additionally, in May 2026, the company dosed the first participant in a Phase 1 study for OV4071, an oral potassium-chloride cotransporter 2 (KCC2) direct activator.
3. Analyst sentiment remained largely positive, with a "Moderate Buy" consensus and substantial upside potential in price targets. As of June 17, 2026, 9 Wall Street analysts maintained a "Moderate Buy" consensus rating for Ovid Therapeutics. Analysts provided an average price target of $5.13, which represents a projected upside of 125.77% from the stock's price of $2.27. This strong analyst confidence followed several positive ratings and price target reiterations in March and April 2026.
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Stock Movement Drivers
Fundamental Drivers
The 39.3% change in OVID stock from 2/28/2026 to 6/21/2026 was primarily driven by a 147.5% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.63 | 2.27 | 39.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 7 | 7.7% |
| P/S Multiple | 17.5 | 43.4 | 147.5% |
| Shares Outstanding (Mil) | 71 | 136 | -47.8% |
| Cumulative Contribution | 39.3% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| OVID | 39.3% | |
| Market (SPY) | 9.2% | 0.1% |
| Sector (XLV) | -6.4% | 10.7% |
Fundamental Drivers
The 27.5% change in OVID stock from 11/30/2025 to 6/21/2026 was primarily driven by a 126.6% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.78 | 2.27 | 27.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 7 | 7 | 7.7% |
| P/S Multiple | 19.2 | 43.4 | 126.6% |
| Shares Outstanding (Mil) | 71 | 136 | -47.8% |
| Cumulative Contribution | 27.5% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| OVID | 27.5% | |
| Market (SPY) | 9.9% | 13.9% |
| Sector (XLV) | -4.4% | 17.0% |
Fundamental Drivers
The 733.9% change in OVID stock from 5/31/2025 to 6/21/2026 was primarily driven by a 1199.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.27 | 2.27 | 733.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 7 | 1199.6% |
| P/S Multiple | 35.3 | 43.4 | 23.0% |
| Shares Outstanding (Mil) | 71 | 136 | -47.8% |
| Cumulative Contribution | 733.9% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| OVID | 733.9% | |
| Market (SPY) | 28.1% | 13.5% |
| Sector (XLV) | 14.6% | 15.2% |
Fundamental Drivers
The -35.9% change in OVID stock from 5/31/2023 to 6/21/2026 was primarily driven by a -97.9% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.54 | 2.27 | -35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 7 | 5672.3% |
| P/S Multiple | 2,022.5 | 43.4 | -97.9% |
| Shares Outstanding (Mil) | 70 | 136 | -48.2% |
| Cumulative Contribution | -35.9% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| OVID | -35.9% | |
| Market (SPY) | 85.7% | 20.3% |
| Sector (XLV) | 22.9% | 18.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| OVID Return | 39% | -42% | 73% | -71% | 75% | 48% | 5% |
| Peers Return | -10% | -14% | -14% | 63% | 124% | -2% | 137% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| OVID Win Rate | 42% | 33% | 50% | 50% | 58% | 50% | |
| Peers Win Rate | 35% | 53% | 48% | 45% | 63% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| OVID Max Drawdown | -30% | -59% | -25% | -83% | -74% | -25% | |
| Peers Max Drawdown | -56% | -51% | -55% | -34% | -43% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: XENE, HRMY, STOK, PRAX, IONS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | OVID | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.4% | -18.8% |
| % Gain to Breakeven | 129.5% | 23.1% |
| Time to Breakeven | 104 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.0% | -9.5% |
| % Gain to Breakeven | 17.6% | 10.5% |
| Time to Breakeven | 19 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.7% | -6.7% |
| % Gain to Breakeven | 24.5% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.6% | -24.5% |
| % Gain to Breakeven | 115.4% | 32.4% |
| Time to Breakeven | 195 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.9% | -33.7% |
| % Gain to Breakeven | 78.3% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -58.5% | -19.2% |
| % Gain to Breakeven | 140.9% | 23.8% |
| Time to Breakeven | 508 days | 105 days |
In The Past
Ovid Therapeutics's stock fell -56.4% during the 2025 US Tariff Shock. Such a loss loss requires a 129.5% gain to breakeven.
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| Event | OVID | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.4% | -18.8% |
| % Gain to Breakeven | 129.5% | 23.1% |
| Time to Breakeven | 104 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -53.6% | -24.5% |
| % Gain to Breakeven | 115.4% | 32.4% |
| Time to Breakeven | 195 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.9% | -33.7% |
| % Gain to Breakeven | 78.3% | 50.9% |
| Time to Breakeven | 41 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -58.5% | -19.2% |
| % Gain to Breakeven | 140.9% | 23.8% |
| Time to Breakeven | 508 days | 105 days |
In The Past
Ovid Therapeutics's stock fell -56.4% during the 2025 US Tariff Shock. Such a loss loss requires a 129.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ovid Therapeutics (OVID)
Ovid Therapeutics Inc. is a biopharmaceutical company dedicated to developing impactful medicines for patients and families affected by neurological disorders in the United States. Established in 2014 and headquartered in New York, the company focuses on advancing its pipeline of drug candidates through various stages of clinical trials to address significant unmet medical needs within this specialized medical field.
The company's primary product offerings consist of a diverse pipeline of investigational drug candidates targeting specific conditions. These include OV101, which is in Phase 2A clinical trials for Fragile X syndrome; OV329, a GABA aminotransferase inhibitor aimed at treating seizures associated with tuberous sclerosis complex and infantile spasms; and OV350, a small molecule designed for various epilepsies. Additionally, Ovid is developing OV882, a short hairpin RNA gene therapy for Angelman syndrome, and OV815 for kinesin-family of proteins associated neurological disorder.
Ovid Therapeutics primarily serves a market of patients suffering from rare and complex neurological conditions, including Fragile X syndrome, Tuberous Sclerosis Complex, infantile spasms, and Angelman syndrome, among others. To further its research and development and expand its capabilities, the company actively engages in strategic license and collaboration agreements with partners such as Healx, AstraZeneca AB, H. Lundbeck A/S, Northwestern University, and Marinus Pharmaceuticals, Inc.
AI Analysis | Feedback
Here are a few brief analogies for Ovid Therapeutics:
- Like an early-stage Biogen, but with a broader pipeline of neurological treatments.
- Similar to a Vertex Pharmaceuticals, but for neurological disorders instead of cystic fibrosis.
AI Analysis | Feedback
- OV101: A drug candidate in Phase 2A clinical trials for fragile X syndrome.
- OV329: A GABA aminotransferase inhibitor for treating seizures associated with tuberous sclerosis complex and infantile spasms.
- OV350: A small molecule in development for treating epilepsies.
- OV882: A short hairpin RNA gene therapy designed for the treatment of Angelman syndrome.
- OV815: A treatment candidate for kinesin-family of proteins associated neurological disorder.
AI Analysis | Feedback
Ovid Therapeutics (OVID) is a biopharmaceutical company primarily engaged in the development of drug candidates for neurological disorders. At its current stage, with drug candidates in clinical trials, the company does not have approved products on the market that it sells directly to individuals or to traditional pharmaceutical distributors. Instead, its revenue streams are primarily derived from license and collaboration agreements with other companies and institutions.
Therefore, Ovid Therapeutics' major "customers" or strategic partners from whom it derives significant revenue through these agreements include:
- AstraZeneca AB (A subsidiary of AstraZeneca PLC: AZN)
- H. Lundbeck A/S (HLUYY)
- Marinus Pharmaceuticals, Inc. (MRNS)
- Healx
- Northwestern University
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Meg Alexander, Chief Executive Officer
Meg Alexander was appointed Chief Executive Officer of Ovid Therapeutics effective January 1, 2026, previously serving as President and Chief Operating Officer. She has played a critical role in advancing over two dozen therapies from development to market throughout her career. Since joining Ovid in 2021, Ms. Alexander has been instrumental in shaping the company's pipeline and overseeing strategic initiatives and core operations. Her two decades of experience include guiding biopharmaceutical and Fortune 500 companies through growth phases, with a focus on product launches, risk mitigation, and enterprise value creation.
Jeffrey Rona, Chief Business and Financial Officer
Jeffrey Rona serves as the Chief Business and Financial Officer at Ovid Therapeutics, a role he expanded into after joining as consulting Chief Financial Officer in 2019. He leads the company's financial strategy, business development, and capital formation with investor groups. With over 25 years of experience, Mr. Rona has worked as an investment banker and a strategic financial executive, having held senior leadership positions at companies such as GlobeImmune (NASDAQ: GMIB), AlgoRx Pharmaceuticals, and Antigenics (NASDAQ: AGEN). He also previously formed a successful life sciences financial advisory practice.
Jeremy Levin, Executive Chairman of the Board and Co-founder
Jeremy Levin is the co-founder and Executive Chairman of the Board of Ovid Therapeutics, having transitioned from his role as Chairman and CEO on January 1, 2026. He co-founded Ovid with the vision of developing medicines for rare neurological diseases. Prior to Ovid, Dr. Levin served as President and CEO of Teva Pharmaceutical Industries Ltd., the world's largest generics drug company. He was also a member of the Executive Committee at Bristol-Myers Squibb, where he was the architect of the "String of Pearls" strategy, and held the position of Global Head of Strategic Alliances at Novartis. Dr. Levin has served on the boards of various public and private biopharmaceutical companies.
Zhong Zhong, Chief Scientific Officer
Zhong Zhong is the Chief Scientific Officer at Ovid Therapeutics Inc., where he is responsible for the company's scientific vision, strategy, and innovation across research and development, from early-stage discovery to clinical programs. He joined Ovid from Generation Bio, where he served as Senior Vice President and oversaw DNA Science and R&D operations from 2019 to 2022.
Manal Morsy, M.D., Ph.D., MBA, Chief Regulatory Officer
Dr. Manal Morsy joined Ovid Therapeutics in 2025 as Chief Regulatory Officer, overseeing all global regulatory activities for the company's therapeutic programs. She brings extensive regulatory leadership experience from biotech and pharmaceutical companies, with a history of expediting regulatory and product development paths leading to multiple commercial approvals. Before joining Ovid, Dr. Morsy served as Chief Regulatory Officer and Head of Global Regulatory Affairs at Vaxxinity Inc.
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- The primary risk to Ovid Therapeutics' business is the inherent uncertainty and high failure rate associated with the clinical development and regulatory approval of its drug candidates. As a biopharmaceutical company with multiple programs in early to mid-stage clinical trials (e.g., OV101 in Phase 2A for fragile X syndrome, OV329 for seizures, OV350 for epilepsies, and gene therapies like OV882 for Angelman syndrome), the company's future success is entirely dependent on these candidates demonstrating efficacy and safety in human trials and subsequently receiving marketing authorization from regulatory bodies. Failures at any stage of development, including clinical trial setbacks, safety concerns, or an inability to meet regulatory requirements, would significantly jeopardize the company's prospects and financial viability.
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Ovid Therapeutics (symbol: OVID) is developing treatments for several neurological disorders. The addressable market sizes for their main products are as follows:
- OV101 for Fragile X Syndrome: The global Fragile X syndrome treatment market was estimated at $1.92 billion in 2024 and is projected to reach $2.08 billion in 2025, with an anticipated growth to $2.81 billion by 2029. The market across the top 7 major markets (US, EU4, UK, and Japan) was valued at USD 44.9 million in 2024, with expectations to reach USD 71.2 million by 2035. Specifically, the US and German Fragile X syndrome market is projected to grow from $28.7 million in 2025 to $111.9 million by 2030, with the US market alone expected to reach $108.3 million by 2030.
-
OV329 for Tuberous Sclerosis Complex and Infantile Spasms:
- Tuberous Sclerosis Complex: The global tuberous sclerosis drug market was valued between USD 831.20 million in 2023 and USD 891.29 million in 2024, with projections to reach approximately USD 1557.94 million to USD 1560.56 million by 2032. Another report indicates the global market was valued at US$ 721.3 Million in 2024 and is expected to reach US$ 4,647.7 Million in 2033. North America held the largest revenue share of 38.9% in the tuberous sclerosis drug market in 2024.
- Infantile Spasms: The global infantile spasms therapeutics market size reached USD 3.9 billion in 2025 and is expected to reach USD 5.3 billion by 2034. Another estimate placed the global market at USD 4.18 billion in 2024, expected to reach USD 8.96 billion by 2032. Lower estimates suggest the global market was USD 184.78 million in 2026, projected to reach USD 227.54 million by 2031, and USD 0.18 billion in 2026, projected to grow to USD 0.24 billion by 2035. The North America market for infantile spasms therapeutics was USD 65.56 million in 2025.
- OV350 for Epilepsies: The global epilepsy treatment drugs market was estimated at USD 8.3 billion in 2024, with a projected increase to USD 13 billion by 2034. Other estimates for the global epilepsy treatment market in 2024 ranged from USD 4.61 billion to USD 11,132.4 million, with projections up to USD 15,475.0 million by 2030 or USD 11.16 billion by 2032. The North America epilepsy treatment drugs market held a 41% share in 2024, with the U.S. market valued at USD 3.1 billion in 2024. The total Epilepsy Treatment Drugs Market Size in the 7MM (US, EU4, UK, Japan) was approximately USD 9 billion in 2023, with the US accounting for approximately USD 4.3 billion.
- OV882 for Angelman Syndrome: The market size for Angelman syndrome across the 7 major markets (United States, Germany, France, the United Kingdom, Italy, Spain, and Japan) reached USD 109.5 million in 2024 and is expected to reach USD 172.8 million by 2035. The global Angelman syndrome treatment market was USD 143.77 million in 2022, projected to reach USD 220.64 million by 2030. In 2017, the United States alone accounted for the largest market size for Angelman Syndrome with USD 110 million.
- OV815 for Kinesin-family of proteins associated neurological disorder: Null
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- Clinical Advancement and Potential Commercialization of OV329: Ovid Therapeutics' lead program, OV329, a next-generation GABA-aminotransferase inhibitor for drug-resistant epilepsies, is a key revenue driver. Following positive Phase 1 results in Q3 2025, the company plans to initiate a Phase 2a clinical study in Q2 2026, with topline data anticipated by mid-2027. Successful progression through clinical trials could lead to significant milestone payments from partners or eventual market commercialization, generating substantial revenue.
- Progression of the KCC2 Direct Activator Pipeline, notably OV4071: Ovid is advancing a portfolio of KCC2 direct activators, which target neuronal hyperexcitability. The first oral candidate from this library, OV4071, is expected to submit for regulatory clearance in Q1 2026 and begin Phase 1/1b clinical studies in Q2 2026. OV4071 is being developed for psychosis associated with Parkinson's disease, Lewy body dementia, and schizophrenia, representing a large market opportunity with a novel mechanism of action. The company anticipates successive regulatory submissions from this KCC2 library annually over the next three to four years, indicating a sustained pipeline for future growth.
- Milestone Payments and Royalties from Pipeline Progression and Collaboration Agreements: Ovid currently generates revenue from royalty agreements, which stood at $566,000 for the full year 2024. The company's strategy involves the potential for milestone payments and royalties as its drug candidates, both proprietary and those under collaboration agreements, advance through development and towards commercialization. For example, Ovid has historically received significant upfront and potential milestone payments from licensing agreements for its pipeline assets. The successful achievement of clinical and regulatory milestones for its current and future pipeline candidates, including OV329 and the KCC2 activators, could trigger additional payments and future royalties, contributing to revenue growth.
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Share Issuance
- In October 2025, Ovid Therapeutics announced a private placement (PIPE) financing with initial gross proceeds of approximately $81 million, and a potential for up to $175 million in total gross proceeds upon the exercise of warrants.
- This PIPE financing involved the sale of Series B non-voting convertible preferred stock, Series A warrants, Series B warrants, and pre-funded warrants.
- The Series B preferred stock is convertible into approximately 57.7 million shares of common stock, and the Series A and Series B warrants, if fully exercised, would provide an additional $94.3 million in gross proceeds at an exercise price of $1.40 per share.
Inbound Investments
- Ovid Therapeutics completed a private investment in public equity (PIPE) financing in October 2025, with an initial closing generating approximately $81 million in gross proceeds.
- The PIPE financing was supported by new investors, including Janus Henderson Investors, RA Capital Management, and Eventide Asset Management, as well as existing investors like ADAR1 Capital Management and Affinity Healthcare Fund, LP.
- The total potential gross proceeds from the PIPE financing, including the exercise of all warrants, could reach up to $175 million.
Outbound Investments
- Ovid Therapeutics holds long-term equity investments in the preferred shares of privately held companies, specifically Gensaic, Inc. (formerly M13 Therapeutics, Inc.) and Graviton Bioscience Corporation.
Capital Expenditures
- The net proceeds from the October 2025 PIPE financing are intended to fund research and development, general corporate expenses, and working capital needs, extending the company's operational runway into 2028.
- Research and development expenses were $5.9 million for the third quarter ended September 30, 2025, a decrease from $7.9 million for the same period in 2024, partly due to organizational restructuring to re-prioritize clinical and preclinical pipeline programs.
- The company's capital allocation is primarily focused on advancing its wholly-owned small molecule pipeline, including programs like OV329, OV350, and OV4071.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Ovid Therapeutics Earnings Notes | 12/16/2025 | |
| Ovid Therapeutics Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 43.09 |
| Mkt Cap | 3.3 |
| Rev LTM | 20 |
| Op Inc LTM | -269 |
| FCF LTM | -215 |
| FCF 3Y Avg | -118 |
| CFO LTM | -215 |
| CFO 3Y Avg | -118 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -31.2% |
| Rev Chg 3Y Avg | 130.5% |
| Rev Chg Q | -96.1% |
| QoQ Delta Rev Chg LTM | -1.8% |
| Op Inc Chg LTM | -21.8% |
| Op Inc Chg 3Y Avg | -15.5% |
| Op Mgn LTM | -305.4% |
| Op Mgn 3Y Avg | -369.4% |
| QoQ Delta Op Mgn LTM | -44.0% |
| CFO/Rev LTM | -271.9% |
| CFO/Rev 3Y Avg | -282.2% |
| FCF/Rev LTM | -276.4% |
| FCF/Rev 3Y Avg | -288.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Developing medicines for brain disorders | 7 | 1 | 0 | 2 | 208 |
| Total | 7 | 1 | 0 | 2 | 208 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing medicines for brain disorders | -42 | -62 | -59 |
| Total | -42 | -62 | -59 |
| $ Mil | 2025 | 2024 | 2023 |
|---|---|---|---|
| Developing medicines for brain disorders | -17 | -26 | -52 |
| Total | -17 | -26 | -52 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Developing medicines for brain disorders | 195 | 76 | 81 | 48 | 89 |
| Total | 195 | 76 | 81 | 48 | 89 |
Price Behavior
| Market Price | $2.27 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 05/05/2017 | |
| Distance from 52W High | -23.3% | |
| 50 Days | 200 Days | |
| DMA Price | $2.61 | $1.88 |
| DMA Trend | up | up |
| Distance from DMA | -13.2% | 20.7% |
| 3M | 1YR | |
| Volatility | 68.1% | 114.2% |
| Downside Capture | 190.29 | 51.62 |
| Upside Capture | 53.09 | 271.72 |
| Correlation (SPY) | 9.2% | 14.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.71 | 0.59 | -0.06 | 1.05 | 1.38 | 1.31 |
| Up Beta | -2.83 | -1.69 | -0.38 | 1.39 | 0.96 | 1.06 |
| Down Beta | 4.18 | 2.45 | -2.79 | -1.50 | 0.94 | 1.65 |
| Up Capture | 55% | 176% | 198% | 266% | 773% | 86% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 22 | 32 | 59 | 125 | 351 |
| Down Capture | 208% | 248% | -23% | 134% | 25% | 107% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 10 | 18 | 29 | 59 | 111 | 359 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OVID | |
|---|---|---|---|---|
| OVID | 568.4% | 113.4% | 2.17 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 17.1% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 14.6% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 3.0% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | 2.3% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 14.8% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 13.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OVID | |
|---|---|---|---|---|
| OVID | -14.9% | 79.9% | 0.23 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 16.9% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 21.0% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 2.0% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 4.4% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 16.9% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 12.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with OVID | |
|---|---|---|---|---|
| OVID | -16.6% | 85.6% | 0.21 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 18.6% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 22.1% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 1.5% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 9.6% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 15.6% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 8.8% |
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Returns Analyses
Earnings Returns History
Updated 6/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/18/2026 | 14.4% | 20.4% | 39.3% |
| 11/12/2025 | -2.2% | -2.2% | 21.5% |
| 5/14/2024 | 7.0% | 4.0% | 6.0% |
| 11/3/2023 | 1.1% | -10.2% | -9.3% |
| 5/5/2023 | -0.5% | -3.3% | 5.2% |
| 8/9/2022 | -0.9% | 2.7% | -5.9% |
| 5/10/2022 | -1.4% | -24.8% | -33.7% |
| 3/15/2022 | -2.2% | -5.9% | -0.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 5 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 7.7% | 9.0% | 21.5% |
| Median Negative | -1.8% | -5.9% | -10.7% |
| Max Positive | 14.4% | 20.4% | 39.3% |
| Max Negative | -7.4% | -24.8% | -51.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/18/2026 | 14.4% | 20.4% | 39.3% |
| 11/12/2025 | -2.2% | -2.2% | 21.5% |
| 5/14/2024 | 7.0% | 4.0% | 6.0% |
| 11/3/2023 | 1.1% | -10.2% | -9.3% |
| 5/5/2023 | -0.5% | -3.3% | 5.2% |
| 8/9/2022 | -0.9% | 2.7% | -5.9% |
| 5/10/2022 | -1.4% | -24.8% | -33.7% |
| 3/15/2022 | -2.2% | -5.9% | -0.3% |
| 11/10/2021 | -3.0% | -1.4% | -9.4% |
| 8/16/2021 | -7.4% | -13.1% | -15.8% |
| 5/13/2021 | 8.5% | 16.7% | 34.8% |
| 3/15/2021 | 0.5% | 9.0% | -10.7% |
| 11/12/2020 | 11.4% | 12.7% | -51.3% |
| 8/10/2020 | -0.7% | 4.3% | -23.5% |
| SUMMARY STATS | |||
| # Positive | 6 | 7 | 5 |
| # Negative | 8 | 7 | 9 |
| Median Positive | 7.7% | 9.0% | 21.5% |
| Median Negative | -1.8% | -5.9% | -10.7% |
| Max Positive | 14.4% | 20.4% | 39.3% |
| Max Negative | -7.4% | -24.8% | -51.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/18/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 03/18/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/13/2025 | 10-Q |
| 12/31/2024 | 03/11/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 03/13/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/15/2021 | 10-K |
| 09/30/2020 | 11/13/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
| 06/30/2019 | 08/07/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q4 2025 Earnings Reported 3/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | 2,028 | ||||||
| 2026 Potential Gross Proceeds from Warrants | 53.90 Mil | ||||||
Prior: Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | |||||||
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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