Full Press Release Details
Ovid Therapeutics Reports First Quarter 2019 Financial Results
Remains on track for all previously stated milestones expected throughout 2019
The STARS study selected as one of three abstracts featured at the 2019 AAN Top Science Press Conference
NEW YORK - May 07, 2019 - Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological disorders, today reported financial results for the first quarter ended March 31, 2019.
"We continue to execute on all fronts," said Jeremy Levin, DPhil, MB, BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. "We completed an equity offering which was supported by Takeda and top-tier financial investors. Our development programs advanced according to plan and as a result 2019 will be an active and eventful period at Ovid, with multiple clinical milestones expected across the pipeline. Additionally, we are very proud that our successful Phase 2 STARS study in Angelman syndrome was selected as one of three programs featured at the 2019 American Academy of Neurology (AAN) Top Science Press Conference, held on May 5th. The selection of our data underscores the fact that STARS is the first industrial clinical trial to show positive clinical results in Angelman syndrome where there are currently no approved medicines. This gives hope to patients, is an important recognition for Ovid and advances the field of study in Angelman syndrome."
Recent Progress and Upcoming Milestones
OV101 for Angelman Syndrome
OV101 for Fragile X Syndrome
First Quarter March 31, 2019 Financial Results
About Ovid Therapeutics
Ovid Therapeutics (NASDAQ: OVID) is a New York-based biopharmaceutical company using its BoldMedicine approach to develop medicines that transform the lives of patients with rare neurological disorders. Ovid has a broad pipeline of potential first-in-class medicines. The company's lead investigational medicine, OV101, is currently in development for the treatment of Angelman syndrome and Fragile X syndrome. Ovid is also developing OV935/TAK-935 in collaboration with Takeda Pharmaceutical Company Limited for the treatment of rare developmental and epileptic encephalopathies (DEE).
For more information on Ovid, please visit http://www.ovidrx.com/.
Forward-Looking Statements
This press release includes certain disclosures that contain "forward-looking statements," including, without limitation, statements regarding advancing Ovid's product candidates, progress, timing, scope and results of clinical trials for Ovid's product candidates, and the reporting of clinical data regarding Ovid's product candidates. You can identify forward-looking statements because they contain words such as "will," "believes" and "expects." Forward-looking statements are based on Ovid's current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Ovid's filings with the Securities and Exchange Commission under the caption "Risk Factors". Ovid assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Condensed Consolidated Statements of Operations
| Three Months Ended March 31, | Three Months Ended March 31, | |||||||
| 2019 | 2018 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 9,337,304 | $ | 8,474,557 | ||||
| General and administrative | 4,716,231 | 4,955,307 | ||||||
| Total operating expenses | 14,053,535 | 13,429,864 | ||||||
| Loss from operations | (14,053,535 | ) | (13,429,864 | ) | ||||
| Interest income | 253,340 | 247,106 | ||||||
| Net loss | $ | (13,800,195 | ) | $ | (13,182,758 | ) | ||
| Net loss attributable to common stockholders | $ | (13,800,195 | ) | $ | (13,182,758 | ) | ||
| Net loss per share attributable to common stockholders, basic and diluted | $ | (0.46 | ) | $ | (0.54 | ) | ||
| Weighted-average common shares outstanding basic and diluted | 30,329,640 | 24,609,050 |
| Selected Condensed Balance Sheet Data (Unaudited) | ||
| March 31, | December 31, | |
| 2019 | 2018 | |
| Cash, cash equivalents and short-term investments | $ 59,640,781 | $ 41,500,652 |
| Working capital 1 | $ 54,751,958 | $ 35,423,690 |
| Total assets | $ 66,655,592 | $ 47,649,602 |
| Total stockholders' equity | $ 57,245,801 | $ 38,805,145 |
1Working capital defined as current assets less current liabilities
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