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Ovid Therapeutics

OVID Rare disease Lead: Phase 2 ★ Read the deep dive → 6 Biotech Distilled articles ↓ 19 filings & releases ↓ Cash $11.3M (Jun 30, 2026) ↓ 6 verdicts ↓
Neurology Small Molecule

Market cap $557M 195.3M shares (10-Q, Aug 11, 2026) × $2.85 close Nov 6, 2026

Most recent annual filing: 2026-03-15

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. OV4041 IND filing2H 2026OV4041 IND filing, 2H 2026, notable
  2. OV4071 Ph1 start2H 2026OV4071 Ph1 start, 2H 2026, routine
  3. OV329 readoutnear year end 2026OV329 readout, near year end 2026, notable
  4. OV329 topline2H 2027OV329 topline, 2H 2027, thesis-defining

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Technology platforms

KCC2 Direct Activator Library · AstraZeneca

Portfolio of more than 100 small molecules that directly activate the KCC2 potassium-chloride cotransporter, exclusively expressed in the CNS. Programs emerging from the library are being evaluated for psychosis, schizophrenia, mood disorders, and seizures, including neurodegenerative and neurodevelopmental conditions. In-licensed from AstraZeneca in 2021.

Targets: KCC2

Gensaic Intracellular Delivery Platform · Gensaic

Proprietary tissue-selective intracellular delivery platform for genetic medicines targeting neurological indications. Collaboration with Gensaic to potentially develop up to three genetic medicines for neurological indications of interest to Ovid.

Gensaic PDP Platform · Gensaic

Gensaic's proprietary phage-derived particle (PDP) platform for rare central nervous system (CNS) disorder targets; Ovid holds an option to obtain an exclusive license for identified lead PDP products.

Discontinued (1)

Capital (as filed)

Cash
$11.3M cash and cash equivalents · Jun 30, 2026 (10-Q)
Short-term investments
$106M Jun 30, 2026
Long-term investments
$52.5M Jun 30, 2026
Operating cash flow
−$17.6M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$170M cash, runway 2029 per the update of Aug 13, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (6)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (6 calls)

Every verdict Biotech Distilled has published on Ovid Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-27 Speculative buy speculative Ovid Therapeutics (OVID): Scientific Deep Dive for OV329 and Pipeline Products Post-balance-sheet-repair, Ovid offers asymmetric risk/reward on validated GABA-AT and novel KCC2 mechanisms with a 2-year runway to critical Phase 2a readouts, but remains high-risk early-stage science.
  2. 2026-03-22 Speculative buy speculative UPDATE: Ovid Therapeutics (OVID) - $60M Double Down and the Death of the Dilution Gap A second $60M PIPE from the same top-tier syndicate buries the dilution gap and funds Ovid through its 2027 clinical readouts, though the science remains highly speculative.
  3. 2026-04-27 Speculative buy speculative UPDATE: Ovid Therapeutics (OVID) - The Warrants Print, the CEO Changes, the Thesis Tightens Warrant exercise adds ~$54M cementing a ~$175M+ cash fortress through all key catalysts, but a quiet CEO transition to Meg Alexander introduces execution risk to watch ahead of Q2 trial initiations.
  4. 2026-05-12 Speculative buy speculative UPDATE: Ovid Therapeutics (OVID) - The KCC2 Switch Gets Flipped (in a Human) OV4071 dosed its first human on time, OV329 cleared 9 mg cleanly, and two new pediatric indications (TSC, infantile spasms) expand the catalyst surface — execution is tracking but the binary 2027 readout still decides the name.
  5. 2026-07-08 Speculative buy speculative UPDATE: Ovid Therapeutics (OVID) - A New CBO Who Just Sold a Company to Neurocrine Hiring a CBO whose resume is a sequence of strategic transactions operationalizes the M&A optionality thesis, while cash and science remain unchanged ahead of the 2027 Phase 2a readout.
  6. 2026-08-14 Speculative buy speculative UPDATE: Ovid Therapeutics (OVID) - The Free Look Just Got Scheduled The PPR photosensitivity readout scheduled for year-end 2026 compresses the catalyst clock by nine months, the Phase 2 was upgraded to registrational-grade design, and soticlestat returned as free optionality — but the Vigabatrin Paradox and KCC2 nausea question remain unanswered.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (19)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 12, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

18 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)