10-Q · May 12, 2026
Ovid Therapeutics reported a total revenue of $0 for Q1 2026, marking a significant decline from the prior year when it generated $130,000. The company's net loss widened to $17 million compared to $10.2 million in Q1…
Earnings analysis · 10-Q
OVID earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Ovid’s second-quarter revenue was $733,000, down approximately 87.8% year over year, while diluted EPS was a $0.08 loss and the quarterly net loss was $15.0 million. Liquidity remains the principal positive, with $169.8…
Read full summary
Ovid’s second-quarter revenue was $733,000, down approximately 87.8% year over year, while diluted EPS was a $0.08 loss and the quarterly net loss was $15.0 million. Liquidity remains the principal positive, with $169.8 million of cash, cash equivalents and marketable securities and management expecting funding for at least 12 months. The company remains pre-commercial, has no approved drugs, expects continued operating losses and provides no numeric revenue or EPS guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.08
What stood out
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Revenue declined sharply year over year
Revenue was $733,000, down approximately 87.8% from $6.0 million in the prior-year quarter. The company has no drugs approved for commercialization and has never generated revenue from drug sales.
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Strong liquidity position
Cash, cash equivalents and marketable securities totaled $169.8 million at June 30, 2026, while management stated this balance should fund operating and capital expenditure requirements for at least 12 months.
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Quarterly EPS improved sequentially
Diluted EPS was a loss of $0.08. This improved by $0.04 from the prior-quarter loss of $0.12, but deteriorated by $0.02 from the prior-year loss of $0.06.
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Pipeline investment remains substantial
The quarterly net loss was $15.0 million and accumulated deficit was $353.7 million as of June 30, 2026, underscoring the company’s continued investment and cash-burn profile.
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Disclosure controls remained effective
Management concluded that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal controls that materially affected, or were reasonably likely to materially affect, financial reporting.
What to watch
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Ongoing losses and financing needs
The company reported a $15.0 million quarterly net loss and a $353.7 million accumulated deficit. Management expects operating losses to continue and states that additional capital may be needed sooner than planned if operating plans change.
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Tariffs and healthcare policy uncertainty
The filing highlights heightened macroeconomic and trade-policy exposure, including tariffs that could increase R&D costs and disrupt supply chains. The FDA approved Colorado’s drug-importation proposal on June 15, 2026, adding potential pricing and market-access uncertainty.
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NOL utilization may be restricted
The filing states that the company completed financings in October 2025 and March 2026 without conducting a formal Section 382 study. It also reports $214.9 million of federal NOL carryforwards, which may be significantly limited and unavailable to offset future taxable income.
Management's outlook
No numeric revenue or EPS guidance was provided. Management stated that cash, cash equivalents and marketable securities of $169.8 million as of June 30, 2026 are expected to fund operating and capital expenditure requirements through at least 12 months from issuance of the interim financial statements.
Earlier filings 4
10-K · March 18, 2026
Ovid positions itself as a small-molecule CNS specialist focused on treating neuronal hyperexcitability with a diversified pipeline (five clinical-stage programs, two advanced to late-stage). Recent clinical readouts…
10-Q · November 12, 2025
Ovid reported Q3 revenue of $132,000 and a net loss per share of $(0.17). Revenue and EPS both missed consensus (revenue $132,000 vs est. $238,228; EPS $(0.17) vs est. $(0.15)), while operating loss narrowed slightly…
10-Q · August 13, 2025
Ovid reported a sharp YoY increase in license revenue to $6.272 million in Q2 2025 (from $169 thousand in Q2 2024) while cutting operating expenses to $11.345 million (from $20.686 million). Despite operating…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.