Ovid Therapeutics Reports Second Quarter 2021 Financial Results and Corporate Highlights Company ends Q2 '21 with cash and cash equivalents of $212.2 million Recent appointments to Company leadership strongly position Ov

Ovid Therapeutics Reports Second Quarter 2021 Financial Results

and Corporate Highlights

NEW YORK, August 16, 2021 -- Ovid Therapeutics Inc. (NASDAQ: OVID), a biopharmaceutical company committed to developing medicines that transform the lives of people with neurological diseases, today reported financial results for the quarter ended June 30, 2021. The Company also provided an overview of recently announced leadership appointments that will guide and execute its strategy.

"The second quarter was extremely productive for Ovid. We appointed experts with deep neuroscience development and investment acumen to our board and advisory team. Coupled with our strong balance sheet and veteran leadership team, we are now poised to advance our current and future potential neuroscience programs," said Jeremy M. Levin, D.Phil, MB BChir, Chairman and Chief Executive Officer of Ovid Therapeutics.

Second Quarter 2021 Financial Results

Non-GAAP Financial Measures

This press release presents Non-GAAP Adjusted Operating Expenses on a historical and projected basis. For the periods presented, Non-GAAP Adjusted Operating Expenses exclude from Operating Expenses, as calculated and presented in accordance with GAAP, two non-recurring and one non-cash item: severance expenses, the wind-down of clinical development costs associated with OV101, and stock-based compensation, respectively. Non-GAAP Adjusted Operating Expenses is a financial measure that has not been prepared in accordance with GAAP. Accordingly, investors should consider Non-GAAP Adjusted Operating Expenses in addition to, but not as a substitute for, Operating Expenses that we calculate and present in accordance with GAAP. Among other things, our management uses Non-GAAP Adjusted Operating Expenses to [establish budgets and operational goals and to manage our business]. Other companies may define or use this measure in different ways. We believe that the presentation of Non-GAAP Adjusted Operating Expenses provides investors and management with helpful supplemental information relating to operating performance and trends. A table reconciling Non-GAAP Adjusted Operating Expenses to Operating Expenses for all historical periods presented is included below under the heading "Reconciliation of Non-GAAP Adjusted Operating Expenses to Operating Expenses." A quantitative reconciliation of projected Non-GAAP Adjusted Operating Expenses to Operating Expenses is not available without unreasonable effort primarily due to our inability to predict with reasonable certainty the amount of future stock-based compensation expense and non-recurring expenses.

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 neurological disorders. Ovid seeks to couple deep CNS experience with emerging advances in genetics and the pathways of the brain to build a leading, next-generation neuroscience pipeline. Ovid's current 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 disorders; and other non-disclosed research targets. Additionally, Ovid maintains a significant financial interest in the future regulatory development and potential commercialization of soticlestat, which Takeda is responsible for advancing globally. 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 Ovid's expectations regarding its operating

expenses and broad strategic initiatives, Ovid's pursuit of business development opportunities,

the development of Ovid's product candidate pipeline, and the clinical development and potential regulatory approval of soticlestat, and potential milestone payments that may become due to Ovid. 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, without limitation, Ovid's ability to identify strategic partners and uncertainties in the development and regulatory approval processes. 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

Reconciliation of Non-GAAP Adjusted Operating Expenses to Operating Expenses

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