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OVID 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. The company believes 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, Ovid aims to identify, discover and acquire novel compounds for the treatment of rare neurological disorders. Ovid has 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. As a result of this knowledge, Ovid has developed a robust pipeline of first-in-class compounds and programs. The company continues to execute on its strategy to build this pipeline by discovering, in-licensing and collaborating with leading biopharmaceutical companies and academic institutions. These pipeline programs include programs targeting rare epilepsies, Angelman syndrome and Fragile X syndrome, as well as early-stage programs into other monogenetic disorders. Ovid's most advanced pipeline programs include OV935 (soticlestat) in collaboration with Takeda and OV101 a δ-selective GABAA receptor agonist. 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 researched targets.

OVID stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

15 Aug 21
17 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
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Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
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Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 212.17M 212.17M 212.17M 212.17M 212.17M 212.17M
Cash burn (monthly) 6.96M (positive/no burn) 4.77M (positive/no burn) 6.47M (positive/no burn)
Cash used (since last report) 24.98M n/a 17.12M n/a 23.23M n/a
Cash remaining 187.18M n/a 195.04M n/a 188.94M n/a
Runway (months of cash) 26.9 n/a 40.9 n/a 29.2 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
6 Oct 21 Kevin Joseph Fitzgerald Stock Option Common Stock Grant Acquire A No No 3.44 30,000 103.2K 30,000
14 Jul 21 Amit Rakhit Common Stock Sell Dispose S No No 3.71 34,017 126.2K 726,823
14 Jul 21 Amit Rakhit Common Stock Option exercise Acquire M No No 1.89 34,017 64.29K 760,840
14 Jul 21 Amit Rakhit Stock Option Common Stock Option exercise Acquire M No No 1.89 34,017 64.29K 90,983
9 Jul 21 Robert Michael Poole Stock Option Common Stock Grant Acquire A No No 3.94 30,000 118.2K 30,000

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

67.9% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 83 91 -8.8%
Opened positions 21 22 -4.5%
Closed positions 29 17 +70.6%
Increased positions 19 26 -26.9%
Reduced positions 30 22 +36.4%
13F shares
Current Prev Q Change
Total value 179.26M 204.21M -12.2%
Total shares 46.1M 46.86M -1.6%
Total puts 52.7K 268.2K -80.4%
Total calls 321.2K 255.9K +25.5%
Total put/call ratio 0.2 1.0 -84.3%
Largest owners
Shares Value Change
Biotechnology Value Fund L P 6.63M $24.27M +46.6%
BVF 6.63M $25.93M +3.3%
EcoR1 Capital Fund 6.08M $24.45M 0.0%
EcoR1 Capital 6.08M $23.78M 0.0%
Vanguard 3.51M $13.71M +0.3%
Artal 2.5M $9.78M 0.0%
Stonepine Capital Management 2M $7.82M -19.5%
Acadian Asset Management 1.84M $7.19M +91.0%
BLK Blackrock 1.2M $4.7M -67.5%
Ikarian Capital 1.12M $4.4M 0.0%
Largest transactions
Shares Bought/sold Change
BLK Blackrock 1.2M -2.5M -67.5%
Biotechnology Value Fund L P 6.63M +2.11M +46.6%
STT State Street 156.85K -1.05M -87.0%
Globeflex Capital L P 1.01M +1.01M NEW
Acadian Asset Management 1.84M +875.77K +91.0%
Millennium Management 765.65K +765.65K NEW
GS Goldman Sachs 113.57K -637.99K -84.9%
Stonepine Capital Management 2M -483.06K -19.5%
NTRS Northern Trust 82.05K -399.81K -83.0%
Geode Capital Management 450.52K -313.31K -41.0%

Financial report summary

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Risks
  • We will require additional capital to finance our operations, which may not be available on acceptable terms, if at all. Failure to obtain this necessary capital when needed may force us to delay, limit or terminate certain of our drug development efforts or other operations.
  • Raising additional capital or acquiring or licensing assets by issuing equity or debt securities may cause dilution to our stockholders, and raising funds through lending and licensing arrangements may restrict our operations or require us to relinquish proprietary rights.
  • Our ability to use our net operating loss (“NOL”) carryforwards and certain other tax attributes to offset future taxable income may be subject to limitation.
  • Our future success is dependent on the successful clinical development, regulatory approval and commercialization of our current and future drug candidates. If we, or our licensees, are not able to obtain required regulatory approvals, we will not be able to commercialize our drug candidates, and our ability to generate revenue will be adversely affected.
  • Because the results of preclinical studies or earlier clinical trials are not necessarily predictive of future results, our drug candidates may not have favorable results in planned or future preclinical studies or clinical trials, or may not receive regulatory approval.
  • We may encounter substantial delays in our clinical trials or we may fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory authorities.
  • Angelman syndrome has no treatments approved by the U.S. Food and Drug Administration, and the primary clinical endpoint, CGI-I-AS, has not previously been used as a sole primary endpoint in a pivotal clinical trial.
  • We may need to develop a new liquid formulation of OV101 for use in infant patients if our existing formulation in capsules that can be opened and sprinkled on semi-solid foods is not acceptable to the regulatory authorities, and we may be unable to successfully develop an appropriate liquid formulation
  • If we are not successful in discovering, developing and commercializing additional drug candidates, our ability to expand our business and achieve our strategic objectives would be impaired.
  • Clinical trials are very expensive, time-consuming and difficult to design and implement.
  • Enrollment and retention of patients in clinical trials is an expensive and time-consuming process and could be made more difficult or rendered impossible by multiple factors outside our control.
  • Our drug candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial potential or result in significant negative consequences following any potential marketing approval.
  • If the market opportunities for our drug candidates are smaller than we believe they are, even assuming approval of a drug candidate, our business may suffer. Because the patient populations in the market for our drug candidates may be small, we must be able to successfully identify patients and acquire a significant market share to achieve profitability and growth.
  • We face substantial competition, which may result in others developing or commercializing drugs before or more successfully than us.
  • Even if our current or future drug candidates receive marketing approval, they may fail to achieve market acceptance by physicians, patients, third-party payors or others in the medical community necessary for commercial success.
  • If we are unable to establish sales and marketing capabilities, or enter into agreements with third parties to market and sell our current or any future drug candidates, we may be unable to generate any revenue from drug sales.
  • Even if we obtain and maintain approval for our current or future drug candidates from the FDA, we may never obtain approval for our current or future drug candidates outside of the United States, which would limit our market opportunities and could harm our business.
  • If we seek approval to commercialize our current or future drug candidates outside of the United States, in particular in the European Union and Israel, a variety of risks associated with international operations could harm our business.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any drug candidate that we may develop.
  • We are heavily dependent on our relationship with Takeda for the development and commercialization of OV935. Any disruption in our relationship with Takeda could lead to delays in, or the termination of, the development of OV935, which would materially harm our business.
  • We are dependent on our relationship with Angelini for the development and commercialization of OV101 in European Economic Area as well as Switzerland, the United Kingdom, Russia and Turkey. Any disruption in our relationship with Angelini could lead to delays in the development and achievement of regulatory approval in these countries, which would materially harm our business.
  • Risks associated with the in-licensing or acquisition of drug candidates could cause substantial delays in the preclinical and clinical development of our drug candidates.
  • We may be required to relinquish important rights to and control over the development and commercialization of our drug candidates to any future collaborators.
  • We may explore additional strategic collaborations that may never materialize or may fail.
  • Our relationships with customers, physicians, and third-party payors may be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws, health information privacy and security laws, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Coverage and adequate reimbursement may not be available for our current or any future drug candidates, which could make it difficult for us to sell profitably, if approved.
  • Healthcare legislative reform measures may have a negative impact on our business and results of operations.
  • We may not be able to obtain or maintain orphan drug designations or exclusivity for our drug candidates, which could limit the potential profitability of our drug candidates.
  • Although the FDA has granted Rare Pediatric Disease Designation for OV101 for the treatment of Angelman Syndrome, an NDA for OV101, if approved, may not meet the eligibility criteria for a priority review voucher.
  • If we are unable to obtain and maintain patent protection for our current or any future drug candidates, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets.
  • We may be unable to prevent third parties from selling, making, promoting, manufacturing, or distributing alternative polymorphic forms of OV101.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Patent terms may be inadequate to protect our competitive position on our drug candidates for an adequate amount of time.
  • Intellectual property rights do not necessarily address all potential threats to our business.
  • Third parties may initiate legal proceedings alleging that we are infringing their intellectual property rights, the outcome of which would be uncertain and could have a negative impact on the success of our business.
  • We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • We may be involved in lawsuits to protect or enforce our patents, the patents of our licensors or our other intellectual property rights, which could be expensive, time consuming and unsuccessful.
  • Changes in U.S. patent law or the patent law of other countries or jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our current and any future drug candidates.
  • We may not be able to protect our intellectual property rights throughout the world, which could negatively impact our business.
  • Reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • We do not have our own manufacturing capabilities and will rely on third parties to produce clinical and commercial supplies of our current and any future drug candidates.
  • We intend to rely on third parties to conduct, supervise and monitor our preclinical studies and clinical trials, and if those third parties perform in an unsatisfactory manner, it may harm our business.
  • COVID-19 could adversely impact our business, including our clinical trials and access to capital.
  • We are highly dependent on the services of our senior management team, including our Chairman and Chief Executive Officer, Dr. Jeremy Levin, and if we are not able to retain these members of our management team or recruit and retain additional management, clinical and scientific personnel, our business will be harmed.
  • We may need to expand our organization, and we may experience difficulties in managing this growth, which could disrupt our operations.
  • Our employees, principal investigators, consultants and commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • Significant disruptions of our information technology systems or data security incidents could result in significant financial, legal, regulatory, business and reputational harm to us.
  • We may be subject to numerous and varying privacy and security laws, and our failure to comply could result in penalties and reputational damage.
  • We are an “emerging growth company” and a “smaller reporting company” and the reduced disclosure requirements applicable to such companies may make our common stock less attractive to investors.
  • We will continue to incur increased costs as a result of operating as a public company, and our management will devote substantial time to new compliance initiatives.
  • If we fail to maintain an effective system of internal control over financial reporting in the future, we may not be able to accurately report our financial condition, results of operations or cash flows, which may adversely affect investor confidence in us and, as a result, the value of our common stock.
  • We may sell additional equity or debt securities or enter into other arrangements to fund our operations, which may result in dilution to our stockholders and impose restrictions or limitations on our business.
  • Concentration of ownership of our common stock among our executive officers, directors and principal stockholders may prevent new investors from influencing significant corporate decisions.
  • If securities analysts do not publish research or reports about our business or if they publish negative evaluations of our stock, the price of our stock could decline.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • Provisions in our corporate charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
  • Some provisions of our charter documents and Delaware law may have anti-takeover effects that could discourage an acquisition of us by others, even if an acquisition would benefit our stockholders and may prevent attempts by our stockholders to replace or remove our current management.
  • If we engage in future acquisitions or strategic partnerships, this may increase our capital requirements, dilute our stockholders, cause us to incur debt or assume contingent liabilities and subject us to other risks.
  • Sales of a substantial number of shares of our common stock in the public market could cause the market price of our common stock to drop significantly.
Management Discussion
  • Total revenue was $12.6 million for the year ended December 31, 2020 as a result of revenue recorded in connection with the Angelini License Agreement. We did not generate any revenue during the year ended December 31, 2019.
  • Research and development expenses were $63.4 million for the year ended December 31, 2020 compared to $42.2 million for the year ended December 31, 2019. The increase of $21.3 million was primarily due to an increase in development activities related to our ongoing development programs. During the year ended December 31, 2020, total research and development expenses consisted of $43.6 million in preclinical and development expenses, including a credit of $0.7 million representing costs reimbursable to the Company from Takeda in respect of the Takeda collaboration, $15.4 million in payroll and payroll-related expenses, of which $2.8 million related to stock-based compensation, and $4.4 million in other expenses.  During the year ended December 31, 2019, total research and development expenses consisted of $27.0 million in preclinical and development expenses, including a credit of $4.7 million representing costs reimbursed to us from Takeda in respect of the Takeda collaboration, $11.5 million in payroll and payroll-related expenses, of which $2.4 million related to stock-based compensation, and $3.6 million in other expenses.
Content analysis
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H.S. junior Avg
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