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Ovid Therapeutics Inc (OVID+3.12%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details financial results, including a net loss of $14.0 million for the three months ended September 30, 2024, compared to a net loss of $11.3 million for the same period in 2023.
Research and development expenses increased to $7.9 million from $5.3 million in the prior year quarter, primarily due to the acceleration of preclinical and clinical research and development activities.
General and administrative expenses decreased to $5.5 million from $6.8 million in the same quarter of the previous year, reflecting cost reduction measures.
Revenue for the quarter was $173,000, up from $109,000 in the same period last year, consisting of royalties on net sales pursuant to an out-licensing agreement.
Ovid's cash, cash equivalents, and marketable securities totaled $62.7 million as of September 30, 2024, with an accumulated deficit of $295.0 million.
The company announced an organizational restructuring in June 2024, which included a workforce reduction to prioritize programs and extend its cash runway.
Ovid is advancing its pipeline, including OV329, a GABA-aminotransferase inhibitor, and OV350, a KCC2 direct activator, with ongoing preclinical and clinical development activities.
The filing also reports on a $1.8 million fraudulent transfer due to a business email compromise, with efforts underway to recover the funds.
Ovid is subject to risks and uncertainties, including reliance on third-party manufacturers and collaborators, regulatory compliance, and market acceptance of its drug candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ovid Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.