OVIDNasdaqPharmaceutical PreparationsUS GAAP · USD

Ovid Therapeutics Inc.

Ovid Therapeutics Inc. is a U.S.-based biopharmaceutical company focused on developing small-molecule medicines for brain conditions with significant unmet need. Its business centers on discovering, developing, and seeking regulatory approval for therapies in epilepsy and other neurological disorders, often through internal programs and licensing or collaboration arrangements.

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Revenue7.3m USD
+1,181.3 %y/y
Operating profit (EBIT)-42.4m USD
+31.4 %y/y
EBIT margin-585.2%
+10,348.5 ppy/y
Net income-17.4m USD
+34.1 %y/y
Free cash flow-38.3m USD
+31.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300m USD2020: 13 m USD2020: EBIT -81 m USD20202021: 208 m USD2021: EBIT 124 m USD20212022: 1.5 m USD2022: EBIT -56 m USD20222023: 0.39 m USD2023: EBIT -59 m USD20232024: 0.57 m USD2024: EBIT -62 m USD20242025: 7.3 m USD2025: EBIT -42 m USD20257.3-42
RevenueOperating profit (EBIT)
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Business

Share of revenue
Neurology drug candidates0 %

Small-molecule therapies being developed for epilepsy and other brain disorders.

Licensing and collaboration revenue100 %

Upfront, milestone, royalty, and other payments from partnered programs.

Research and development programs0 %

Internal discovery, preclinical, and clinical development activities for pipeline assets.

Customers

Ovid does not sell commercial drugs today; its economic counterparties are primarily licensing partners, collaborators, and research counterparties that fund or support development programs. If approved products are commercialized in the future, customers would shift to physicians, patients, and third-party payors in the relevant neurological disease markets.

Licensing and collaboration partners

Biopharma counterparties that license rights to Ovid programs or share development economics.

Future prescribers

Neurologists and other specialists who would prescribe approved therapies based on efficacy and safety.

Future patients and caregivers

Patients with epilepsy and other neurological disorders who would use approved medicines.

Third-party payors

Commercial and government payors that influence access, coverage, and reimbursement.

Strategy

Ovid’s strategy is to advance a focused pipeline of small-molecule medicines for brain conditions with significant unmet need, using scientific and clinical data to decide which programs to fund. The company also seeks to create value through licensing and collaboration structures that can support development while preserving optionality for future commercialization.

Advance clinical and preclinical neuroscience programsMedium term

Pipeline progress is the main driver of future value in a development-stage biotech model.

Use collaborations and licensing to fund developmentShort term

Partnership economics can provide non-dilutive capital and external validation.

Allocate capital selectively across programsShort term

A focused funding approach helps concentrate resources on the most promising assets.

Geography

Ovid is headquartered in the United States and operates as a U.S.-based development-stage biopharmaceutical company. Its clinical and commercial exposure is primarily U.S.-centric, although clinical trials, regulatory interactions, and partnering activities may involve multiple countries.

Risks

Ovid faces the core risks of a development-stage biotech company: clinical failure, regulatory delay, and uncertainty over whether approved therapies will gain market acceptance. It also depends on third parties for manufacturing and on external payors and regulators for reimbursement and commercialization, while competition in neuroscience can reduce the chance of success.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Need for additional capital1Clinical development failure2Regulatory approval risk3Third-party manufacturing dependence4Competitive pressure5Reimbursement and market access risk6
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Need for additional capitalImpact: HighLikelihood: High

    Development-stage operations require ongoing funding and capital may not be available on acceptable terms.

    Exposure: Operations and pipeline funding

  2. Clinical development failureImpact: HighLikelihood: High

    Drug candidates can fail on efficacy, safety, enrollment, or trial design.

    Exposure: Pipeline programs

  3. Regulatory approval riskImpact: HighLikelihood: High

    FDA and other regulators may delay, restrict, or deny approval.

    Exposure: All product candidates

  4. Third-party manufacturing dependenceImpact: HighLikelihood: Medium

    The company does not own manufacturing facilities and relies on external suppliers.

    Exposure: Clinical and future commercial supply

  5. Competitive pressureImpact: HighLikelihood: Medium

    Larger pharma and biotech firms may develop better or faster therapies.

    Exposure: Neurology and epilepsy programs

  6. Reimbursement and market access riskImpact: MediumLikelihood: Medium

    Payor coverage and pricing can limit adoption even if a drug is approved.

    Exposure: Future commercial products

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Accounting

Judgemental items
Revenue recognition for licensing and collaboration agreements

Revenue depends on contract terms, performance obligations, milestones, and royalties.

Impact: Can create uneven revenue recognition across periods

Accrued clinical and development expenses

Clinical trial and CRO costs often require estimates before invoices are received.

Impact: Affects R&D expense and liabilities

Stock-based compensation

A meaningful non-cash expense for a small public biotech company.

Impact: Impacts operating loss and comparability

Royalty monetization or collaboration-related liabilities

Valuation changes can flow through other income/expense.

Impact: Can add volatility below operating income

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Last updated: 24/09/2026

Ovid Therapeutics Inc. (Nasdaq) – Pharmaceutical Preparations | Financial Analysis – Clarifo