Ovid Therapeutics cuts workforce 43%, suspends OV329 IV, reports Q2 net income of $8.5M on $77M cash

Ovid Therapeutics Inc.

2024-Q2 EPS reported -$0.04 revenue$223,200,000

Reduced headcount by 17 employees (43%) to prioritize core programs; expects $3.4M cash restructuring costs through mid-2025.
Suspended OV329 IV program for refractory status epilepticus; oral OV329 Phase 1 MAD results due H2 2024.
Appointed Dr. Amanda Banks as Chief Development Officer in July 2024.
Q2 2024 net income of $8.5M ($0.12 EPS) vs net loss of $12.4M ($0.18 loss) in 2023, aided by $29M fair value gain on royalty liability.
Cash and marketable securities of $77.0M expected to fund operations and 5 clinical/regulatory milestones through late H1 2026.

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