Full Press Release Details
Ovid Therapeutics Reports First Quarter 2021 Financial Results and Provides Corporate Update
NEW YORK, May 13, 2021 - Ovid Therapeutics Inc. (NASDAQ: OVID) ("Ovid"), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological diseases, today reported financial results for the quarter ended March 31, 2021 and provided an overview of the Company's recent progress.
"During the first quarter of 2021, Ovid strengthened its balance sheet, focused its resources, advanced its current programs, and began to explore assets that will complement this next-generation neurosciences pipeline," said Jeremy M. Levin, DPhil, MB, BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. "Having closed the agreement with Takeda in March, and with the recent appointment of Dr. Robert Langer as Chair of the Scientific Advisory Board, we are adequately capitalized and have in place a validated world-class leadership team to drive forward our mission to impact rare neurological diseases."
First Quarter 2021 Financial Results
About Ovid Therapeutics
Ovid Therapeutics Inc. is a New York-based biopharmaceutical company using its BoldMedicine approach to develop medicines that transform the lives of patients with rare neurological disorders. We believe these disorders represent an attractive area for drug development as the understanding of the underlying biology has grown meaningfully over the last few years and today represents a substantial opportunity medically and commercially. Based on recent scientific advances in genetics and the biological pathways of the brain, we aim to identify, discover and acquire novel compounds for the treatment of rare neurological disorders. We have built a deep knowledge of such disorders, how to treat them and how to develop the clinically meaningful endpoints required for development of a compound in these disorders. We continue to execute on our strategy to build this pipeline by discovering, in-licensing and collaborating with leading biopharmaceutical companies and academic institutions. Ovid's emerging pipeline programs include OV329, a small molecule GABA aminotransferase inhibitor for seizures associated with Tuberous Sclerosis Complex and Infantile Spasms; OV882, a short hairpin RNA therapy approach for Angelman syndrome; OV815, a genetic therapy approach for KIF1A associated neurological disorder; and other non-disclosed research targets. Additionally, Ovid maintains a significant financial interest in a program directed to the exploitation of soticlestat, for which Takeda is responsible for the global development and commercialization, if soticlestat is successfully developed and commercialized. Two phase 3 trials for soticlestat in Dravet syndrome and Lennox-Gastaut syndrome are expected to begin in mid-2021.
For more information on Ovid, please visit www.ovidrx.com.
Forward-Looking Statements
This press release includes certain disclosures that contain "forward-looking statements," including, without limitation, statements regarding the development of Ovid's pipeline, the clinical and regulatory development and commercialization of soticlestat, the potential value and benefits of the Royalty, License and Termination Agreement with Takeda, Ovid's expectations regarding its operating expenses, and use of its cash, cash equivalents and short-term investments including to develop the Company's pipeline. You can identify forward-looking statements because they contain words such as "will," "appears," "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 include, Ovid's ability to discover and successfully complete preclinical and clinical development of, obtain regulatory approval for, and, if approved, successfully commercialize its current and future drug candidates in a timely manner, Takeda's ability to successfully complete clinical development of, obtain regulatory approval for and, if approved, successfully commercialize soticlestat, uncertainties in the development and regulatory approval processes, and the fact that initial data from pre-clinical and clinical trials may not be indicative, and are not guarantees, of the final results of the trials and are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and/or more patient data become available. Additional risks 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." Such risks may be amplified by the COVID-19 pandemic and its potential impact on Ovid's business and the global economy. 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 Statement of Operations
| For The Three | For The Three | ||
| Months Ended | Months Ended | ||
| March 31, | March 31, | ||
| 2021 | 2020 | ||
| Revenue: | |||
| License and other revenue | $ 12,382,779 | $ | |
| License revenue related party | 196,000,000 | ||
| Total revenue | 208,382,779 | ||
| Operating expenses: | |||
| Research and development | $ 16,248,909 | $ 14,625,367 | |
| General and administrative | 15,576,554 | 5,669,019 | |
| Total operating expenses | 31,825,463 | 20,294,386 | |
| Income (loss) from operations | 176,557,316 | (20,294,386) | |
| Other (expenses) income, net | (49,732) | 264,296 | |
| Income (loss) before provision for income taxes | 176,507,584 | (20,030,090) | |
| Provision for income taxes | 500,277 | ||
| Net income (loss) | $ 176,007,307 | $ (20,030,090) | |
| Net income (loss) per share, basic | $ 2.55 | $ (0.37) | |
| Net income (loss) per share, diluted | $ 2.53 | $ (0.37) | |
| Weighted average common shares outstanding, basic | 66,088,592 | 54,715,610 | |
| Weighted average common shares outstanding, diluted | 66,578,377 | 54,715,610 |
Selected Condensed Balance Sheet
| March 31, | December 31, | |||
| 2021 | 2020 | |||
| Cash, cash equivalents and short-term investments | $ 233,051,160 | $ 72,033,930 | ||
| Working capital 1 | 220,315,960 | 52,780,426 | ||
| Total Assets | 237,456,030 | 75,925,518 | ||
| Total stockholder's equity | 221,109,940 | 43,631,656 | ||
| 1 Working capital defined as current assets less current liabilities |
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