Ovid Therapeutics reports Q3 EPS (16c), consensus (19c)

Reports Q3 revenue $109,000, consensus $50,000 “We continue to execute on our scientific and financial strategy to advance our differentiated pipeline of potential first-in-class or best-in-class mechanisms of action targeting neuronal hyperexcitability. We anticipate our programs will achieve five clinical and regulatory milestones within the next 15 months. Supporting this pipeline advancement is the agreement that we recently entered into with Ligand Pharmaceuticals in which we monetized a 13% portion of the royalties and milestone payments we are eligible to receive from Takeda related to the potential approval and commercialization of soticlestat for $30 million. This infusion of non-dilutive capital is expected to extend our cash runway into 2026 while we retain an 87% interest in soticlestat’s potential future milestone payments and royalties,” said Dr. Jeremy Levin, D. Phil, MB BChir, Chairman and CEO of Ovid. “We have strengthened our balance sheet, which we intend to use to support additional potential indications and formulation expansion within our current pipeline programs. We believe that our pipeline and the potential financial asset that soticlestat represents provide our Company and our stockholders with exciting opportunities and optionality.”