Ovid Therapeutics Reports Fourth Quarter and Full Year 2018 Financial Results
“2018 was a highly productive year for Ovid, with important milestones achieved in our lead programs, OV101 for individuals with Angelman syndrome and OV935 for individuals with rare developmental epilepsies,” said
Fourth Quarter and Year Ended
- As of
December 31, 2018, cash, cash equivalents, and short-term investments totaled $41.5 million.
February 2019, the Company raised net proceeds of approximately $31.0 millionin a public offering, after deducting the underwriting discounts and commissions and estimated offering expenses.
- Research and development expenses were
$8.6 millionand $33.8 millionfor the fourth quarter and year ended December 31, 2018, respectively, as compared to $6.7 millionand $50.0 millionfor the same periods in 2017. The decrease for the year ended December 31, 2018was primarily due to a non-cash equity charge of $25.9 millionduring 2017, related to an upfront payment for the Takeda collaboration agreement, partially offset by an increase in development activities related to the Company’s ongoing development programs.
- General and administrative expenses were
$4.5 millionand $19.1 millionfor the fourth quarter and year ended December 31, 2018, respectively, as compared to $4.3 millionand $15.0 millionfor the same periods in 2017. The difference was primarily due to higher payroll and payroll-related expenses due to growth in headcount as the Company expanded its operations.
- The Company reported a net loss of
$12.9 million, or basic and diluted net loss per share attributable to common stockholders of $0.52, for the fourth quarter of 2018, as compared to a net loss of $11.0 million, or net loss per share attributable to common stockholders of $0.45, for the same period in 2017. Net loss for the year ended December 31, 2018was $52.0 million, or net loss per share attributable to common stockholders of $2.11, compared to a net loss of $64.8 million, or net loss per share attributable to common stockholders of $3.35, for the year ended December 31, 2017.
For more information on Ovid, please visit http://www.ovidrx.com/.
This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding advancing Ovid’s product candidates, progress, timing, scope and results of clinical trials for Ovid’s product candidates, and the reporting of clinical data regarding Ovid’s product candidates. You can identify forward-looking statements because they contain words such as “will,” “believes” and “expects.” Forward-looking statements are based on Ovid’s current expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements are set forth in Ovid’s filings with the
Investor Relations & Public Relations
Burns McClellan, Inc.
|Condensed Statements of Operations and Comprehensive Loss
|Three Months Ended
Research and development
|General and administrative||4,504,711||4,334,794||19,141,652||15,035,461|
|Total operating expenses||13,126,296||11,048,063||52,931,683||65,007,563|
|Loss from operations||(13,126,296||)||(11,048,063||)||(52,931,683||)||(65,007,563||)|
|Net loss and comprehensive loss||$||(12,899,932||)||$||(10,960,264||)||$||(51,979,610||)||$||(64,806,054||)|
|Net loss attributable to common stockholders||$||(12,899,932||)||$||(10,960,264||)||$||(51,979,610||)||$||(64,806,054||)|
|Net loss per share attributable to common stockholders, basic and diluted||$||(0.52||)||$||(0.45||)||$||(2.11||)||$||(3.35||)|
|Weighted-average common shares outstanding basic and diluted||24,635,038||24,604,303||24,631,011||19,344,355|
|OVID THERAPEUTICS INC.|
|Selected Condensed Balance Sheet Data
|Cash, cash equivalents and short-term investments||$||41,500,652||$||87,125,600|
|Total stockholders' equity||$||38,805,145||$||83,436,503|
1Working capital defined as current assets less current liabilities