Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

OVID THERAPEUTICS INC.

(OVID)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Ovid Therapeutics : Reports Fourth Quarter and Full Year 2020 Financial Results, Provides Corporate Update for 2021

03/15/2021 | 07:02am EDT
  • Announced signing of transaction transferring Ovid’s 50% of global rights to develop and commercialize soticlestat (TAK-935/OV935) to Takeda, under which Ovid is eligible to receive up to $856 million in payments, including an upfront payment of $196 million at closing
  • Two pivotal Phase 3 trials of soticlestat in Dravet syndrome and Lennox-Gastaut syndrome on track to commence in the second quarter of 2021, and upon the successful closing of the transaction, to be fully funded and conducted by Takeda
     
  • Cash balance, upon successful closing of the transaction, provides resources to develop and continue to build an exciting pipeline and platform of technologies

NEW YORK, March 15, 2021 (GLOBE NEWSWIRE) -- Ovid Therapeutics Inc. (NASDAQ: OVID) (“Ovid”), a biopharmaceutical company committed to developing medicines that transform the lives of people with rare neurological diseases, today reported financial results for the fourth quarter and full year ended December 31, 2020 and provided an overview of the Company’s recent progress.

“This new agreement with Takeda strategically positions Ovid, upon closing, to advance our next generation neuroscience pipeline, while demonstrating the value we helped to create for soticlestat by bringing it to the initiation of two pivotal Phase 3 trials,” said Jeremy M. Levin, DPhil, MB, BChir, Chairman and Chief Executive Officer of Ovid Therapeutics. “Importantly, we believe this is a positive outcome for patients, potentially accelerating soticlestat’s clinical development with the potential to make this new treatment commercially available in 2024. We are excited for next steps both for this asset and for our pipeline, as we work to file three INDs over the next three years and in tandem pursue an active business development initiative.”

Corporate Update       

  • In March 2021, Ovid announced that it entered into an agreement with Takeda Pharmaceutical Company Limited (“Takeda”) under which Takeda will secure global rights at closing from Ovid to develop and commercialize the investigational medicine soticlestat (TAK-935/OV935) for the treatment of developmental and epileptic encephalopathies (the “transaction”), including Dravet syndrome (DS) and Lennox-Gastaut syndrome (LGS). On closing, Takeda will assume sole responsibility for further worldwide development and commercialization, and Ovid will no longer have any financial obligation to Takeda. Ovid will receive an upfront payment of $196 million at closing and is eligible to receive up to an additional $660 million upon achieving development, regulatory and sales milestones. In addition, if soticlestat achieves regulatory approval, Ovid will receive tiered royalties beginning in the low double-digits and up to 20 percent on net sales of soticlestat, subject to standard reductions in certain circumstances. The new agreement is expected to close by end of March 2021 subject to the satisfaction of customary closing conditions, including review by the appropriate regulatory agencies under the Hart-Scott-Rodino Act.
     
  • Upon closing of the transaction with Takeda, all of Ovid’s financial obligations to Takeda and the soticlestat program will be terminated resulting in an estimated savings of at least $250 million. Ovid will not incur any additional expenditures relating to the development and commercialization of soticlestat.
     
  • As a result of the transaction with Takeda, Ovid expects to reduce its cash spend significantly at closing. The Company anticipates quarterly operating expenses, excluding non-cash expenses, to be in the range of $8 million to $10 million, following the closing of the transaction with Takeda.

Pipeline Update

  • OV101 (gaboxadol): In December 2020, Ovid announced that topline results from the Phase 3 NEPTUNE clinical trial of OV101 (gaboxadol) for the treatment of Angelman syndrome did not achieve the primary endpoint. Ovid is completing a full analysis of the study along with the open label extension study (ELARA), and will discuss these results with the U.S. Food and Drug Administration (FDA).
     
  • OV935/TAK935 (soticlestat): The two pivotal Phase 3 studies for both DS and LGS are currently on track to commence in the second quarter of 2021, and upon closing of the transaction will be fully operated and funded by Takeda. If successful, soticlestat could be commercially available as early as 2024.
     
  • Over the past 18 months, Ovid has assembled a robust early-stage pipeline and plans to submit three IND applications over the next three years starting next year.

    • OV329: A highly selective small molecule GABA aminotransferase (GABA-AT) inhibitor that will be developed for the treatment of seizures associated with tuberous sclerosis complex and infantile spasms. IND-enabling studies are anticipated in 2021 and the Company plans to submit an IND in the first half of 2022.

    • OV882: This asset explores short hairpin RNA and its ability to interfere with UBE3A antisense that blocks UBE3A gene expression in neurons. In partnership with the University of Connecticut, Ovid is exploring the use of OV882 as a noncoding RNA construct that reduces expression of UBE3a-antisense and restores UBE3A expression via the paternal gene. Based on encouraging discovery data to date, the Company expects to select and name a development candidate by the end of 2021 and enter IND-enabling studies.

    • OV815: Currently in target validation, OV815 is a gene-modulation approach focused on the kinesin family of proteins initially targeting KIF1A. This asset is part of a collaboration with the Genomics Center at Columbia University.

Fourth Quarter and Year Ended December 31, 2020 Financial Results

  • As of December 31, 2020, cash, cash equivalents and short-term investments totaled $72.0 million, including the receipt of a $5.0 million milestone payment from Angelini Pharma Rare Diseases AG (“Angelini”) during the fourth quarter, for the completion of the technology transfer and compound delivery of OV101 in Angelman syndrome in accordance with Ovid’s license agreement with Angelini.
     
  • Revenue of $5.7 million was recognized during the fourth quarter of 2020, as compared to zero for the same period in 2020. Revenue of $12.6 million was recognized for the full year 2020, as compared to zero for the same period in 2020. Revenue recognized during 2020 was related to Ovid’s license agreement with Angelini.
     
  • Research and development expenses were $16.9 million and $63.4 million for the fourth quarter and year ended December 31, 2020, respectively, as compared to $12.1 million and $42.2 million for the same periods in 2019. The increase for the year ended December 31, 2020, was primarily due to an increase in development activities related to our OV101 and OV935 development programs.
     
  • General and administrative expenses were $10.4 million and $30.6 million for the fourth quarter and year ended December 31, 2020, respectively, as compared to $5.2 million and $19.3 million for the same periods in 2019. The difference was primarily due to increases in legal fees, compliance and pre-commercialization expenses and professional fees.
     
  • The Company reported a net loss of $22.0 million, or basic and diluted net loss per share attributable to common stockholders of $0.34, for the fourth quarter of 2020, as compared to a net loss of $17.0 million, or basic and diluted net loss per share attributable to common stockholders of $0.35, for the same period in 2019. The Company reported a net loss of $81.0 million, or basic and diluted net loss per share attributable to common stockholders of $1.39 for the year ended December 31, 2020, compared to a net loss of $60.5 million, or basic and diluted net loss per share attributable to common stockholders of $1.54, for the year ended December 31, 2019.

About 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.  We believe 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, we aim to identify, discover and acquire novel compounds for the treatment of rare neurological disorders. We have 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. We continue to execute on our 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 GABAreceptor 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. For more information on Ovid, please visit www.ovidrx.com.

Forward-Looking Statements

This press release includes certain disclosures that contain “forward-looking statements,” including, without limitation, statements regarding the potential benefits, clinical and regulatory development and commercialization of soticlestat and Ovid’s other programs and potential programs, the closing of the  Royalty, License and Termination Agreement and the potential value, benefits, and outcome of the collaboration with Takeda. You can identify forward-looking statements because they contain words such as “will,” “appears,” “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 include uncertainties in the development and regulatory approval processes, the fact that initial data from clinical trials may not be indicative, and are not guarantees, of the final results of the clinical trials and are subject to the risk that one or more of the clinical outcomes may materially change as patient enrollment continues and/or more patient data become available, and the ability to commercialize soticlestat. Additional risks that could cause actual results to differ materially from those in the forward-looking statements are set forth in Ovid’s filings with the Securities and Exchange Commission under the caption “Risk Factors.” Such risks may be amplified by the COVID-19 pandemic and its potential impact on Ovid’s business and the global economy. Ovid assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.


Condensed Consolidated Statements of Operations
(Unaudited)

 For the Three
Months Ended
December 31,
 For the Three
Months Ended
December 31,
 For the Year Ended
December 31,
 For the Year Ended
December 31,
  2020   2019   2020   2019 
Revenue:       
     License revenue$            5,703,187  $                           -  $             12,617,221  $                           - 
Operating expenses:       
     Research and development$          16,883,784  $          12,105,209  $           63,417,394  $          42,157,641 
     General and administrative 10,410,644   5,162,720   30,630,804   19,251,826 
           Total operating expenses 27,294,428   17,267,929   94,048,198   61,409,467 
Loss from operations (27,294,428)  (17,267,929)  (81,430,977)  (61,409,467)
Other (expense) income, net (438,260)  298,720   395,401   948,224 
Net loss$        (22,029,501) $        (16,969,209) $          (81,035,576) $         (60,461,243)
Net loss attributable to common stockholders$        (22,029,501) $        (16,969,209) $          (81,035,576) $         (60,461,243)
Net loss per share attributable to common stockholders, basic and diluted$                   (0.34) $                   (0.35) $                     (1.39) $                    (1.54)
Weighted-average common shares outstanding basic and diluted 64,004,719   49,142,504   58,451,293   39,217,223 



Selected Condensed Balance Sheet Data 

 (Unaudited)

 December 31 December 31,
  2020  2019
    
Cash, cash equivalents and short-term investments$                    72,033,930 $                       76,739,113
Working capital1 52,780,426  69,279,584
Total Assets 75,925,518  80,843,731
Total stockholder's equity 43,631,656  70,023,561

1Working capital defined as current assets less current liabilities.



Contacts

Ovid Investors and Media
Ovid Therapeutics Inc.
Investor Relations & Public Relations
irpr@ovidrx.com

Or

Ovid Investors:
Argot Partners
Maeve Conneighton/Dawn Schottlandt
212-600-1902
Ovid@argotpartners.com

Ovid Media
Dan Budwick
1AB
dan@1abmedia.com 


Primary Logo

Source: Ovid Therapeutics Inc.

2021 GlobeNewswire, Inc., source Press Releases

All news about OVID THERAPEUTICS INC.
10/07OVID THERAPEUTICS INC. : Change in Directors or Principal Officers (form 8-K)
AQ
10/07OVID THERAPEUTICS : Appoints Dr. Kevin Fitzgerald to Board of Directors
GL
10/07Ovid Therapeutics Appoints Dr. Kevin Fitzgerald to Board of Directors
CI
09/07OVID THERAPEUTICS : to Present at the H.C. Wainwright 23rd Annual Global Investment Confer..
AQ
08/25OVID THERAPEUTICS : Citigroup Adjusts Ovid Therapeutics' Price Target to $4 from $4.50, Ke..
MT
08/18OVID THERAPEUTICS INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form..
AQ
08/17OVID THERAPEUTICS : Reports Second Quarter 2021 Financial Results and Corporate Highlights
AQ
08/16OVID THERAPEUTICS : Reports Second Quarter 2021 Financial Results and Corporate Highlights..
PU
08/16OVID THERAPEUTICS INC. : Results of Operations and Financial Condition, Financial Statemen..
AQ
08/16OVID THERAPEUTICS : Reports Second Quarter 2021 Financial Results and Corporate Highlights
AQ
More news
Analyst Recommendations on OVID THERAPEUTICS INC.
More recommendations
Financials (USD)
Sales 2021 208 M - -
Net income 2021 135 M - -
Net Debt 2021 - - -
P/E ratio 2021 1,91x
Yield 2021 -
Capitalization 244 M 244 M -
Capi. / Sales 2021 1,17x
Capi. / Sales 2022 -
Nbr of Employees 60
Free-Float 70,9%
Chart OVID THERAPEUTICS INC.
Duration : Period :
Ovid Therapeutics Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends OVID THERAPEUTICS INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 3,59 $
Average target price 5,00 $
Spread / Average Target 39,3%
EPS Revisions
Managers and Directors
Jeremy Max Levin Chairman, President & Chief Executive Officer
Jeffrey A. Rona Chief Financial, Accounting & Business Officer
Claude Nicaise Head-Research & Development
Julia Tsai Senior VP-Clinical Development & Medical Affairs
Jason Tardio Chief Operating Officer
Sector and Competitors
1st jan.Capi. (M$)
OVID THERAPEUTICS INC.55.41%246
GILEAD SCIENCES, INC.15.41%83 993
BIONTECH SE241.44%69 162
WUXI APPTEC CO., LTD.24.51%65 142
REGENERON PHARMACEUTICALS18.47%59 196
VERTEX PHARMACEUTICALS-22.35%48 536