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Ovid Therapeutics Inc. (OVID+0.05%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $26.4 million for the year, compared to a net loss of $52.3 million in the previous year. The decrease in net loss was primarily due to a $30.0 million gain from the reduction in fair value of a royalty monetization liability.
Research and development expenses increased to $36.8 million from $28.6 million, driven by additional activities related to ongoing development programs, including OV350, OV888 (GV101), and OV329.
General and administrative expenses decreased to $25.7 million from $31.1 million, attributed to cost-cutting measures and a reduction in payroll and related expenses following an organizational restructuring.
The company reported $0.6 million in revenue, primarily from royalty agreements, compared to $0.4 million in the previous year.
Ovid Therapeutics ended the year with $53.1 million in cash, cash equivalents, and marketable securities, down from $105.8 million at the end of 2023.
The company expects its cash resources to fund operations into the second half of 2026, but acknowledges the need for additional funding through equity offerings, debt financings, or collaborations to sustain long-term operations.
Significant risks and uncertainties remain, including potential impacts from global economic conditions, geopolitical tensions, and regulatory challenges.
Ovid Therapeutics continues to focus on developing small molecule medicines for brain conditions with significant unmet need, with several programs in various stages of clinical development.
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. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.