Ovid Therapeutics Inc. (Nasdaq: OVID), a New York-based biopharmaceutical company focused on developing small molecule medicines for brain conditions, has reported significant progress in its clinical pipeline and organizational structure as it prepares for key milestones in 2025-2026.
"Ovid is at an exciting inflection point. Our pipeline programs are moving into the next stage of clinical development and I believe our team is the strongest that it has been since the founding of the Company," said Dr. Jeremy Levin, Chairman and CEO of Ovid Therapeutics.
Strategic Leadership Appointments
The company has bolstered its leadership team with several key appointments:
Dr. Stelios Papadopoulos, a renowned scientist, investor, and entrepreneur with over 30 years of experience in the biotechnology industry, has joined Ovid's Board of Directors. Dr. Papadopoulos has previously served as Vice Chairman of Cowen & Co., LLC, and held leadership positions at PaineWebber and Drexel Burnham Lambert.
Additionally, Dr. Manal Morsy has been appointed as Chief Regulatory Officer, bringing three decades of global regulatory expertise from companies including J&J, Merck, PTC, and Athersys. Victoria "Tori" Fort has joined as Head of Corporate Affairs & Corporate Strategy, coming from Frontier Medicines where she guided the company's transition to a clinical-stage organization.
Pipeline Developments and Clinical Milestones
Ovid is advancing a differentiated pipeline of potential first-in-class and best-in-class small molecule medicines targeting neuronal hyperexcitability, which is associated with conditions such as seizures and psychosis.
OV329: Next-Generation GABA-AT Inhibitor
OV329 is being developed as a next-generation GABA aminotransferase (GABA-AT) inhibitor for drug-resistant epilepsies in both adult and pediatric patients. The compound aims to deliver optimal levels of GABA to reduce seizures while offering a better safety and tolerability profile compared to the first-generation inhibitor, vigabatrin.
Preclinical data suggests OV329 is 100-fold more potent than vigabatrin in animals and demonstrates several advantages:
- Delivers both synaptic and extra-synaptic inhibition
- Maintains lasting pharmacodynamic effect despite rapid tissue clearance
- Shows a favorable therapeutic index without inducing sedation at therapeutic doses
- Does not accumulate in the retina, unlike vigabatrin
Ovid is completing a Phase 1 single-ascending dose (SAD) and multiple ascending dose (MAD) study evaluating OV329's safety, tolerability, pharmacokinetics, and biomarkers. Topline results are expected in Q3 2025, with plans to initiate a Phase 2a patient study for drug-resistant epilepsies in Q1 2026.
KCC2 Direct Activator Programs
Ovid has initiated a first-in-human study for OV350, the first of multiple anticipated programs from its library of potassium chloride co-transporter 2 (KCC2) direct activators. The Phase 1 trial will evaluate safety, tolerability, and pharmacokinetic parameters of an intravenous formulation in healthy volunteers, with results expected in Q4 2025.
In preclinical and animal disease models, OV350 has demonstrated both antipsychotic and anticonvulsant effects. The initial indication for OV350 is psychosis associated with neuronal-synuclein diseases (NSD), including Parkinson's disease and Lewy body dementia.
The company is also advancing OV4071, its first oral KCC2 direct activator, with IND-enabling studies underway and human studies anticipated to begin in Q2 2026.
ROCK2 Inhibitor Program
Ovid and Graviton Bioscience have paused the initiation of a Phase 2 proof-of-concept study of OV888/GV101 capsule for cerebral cavernous malformations (CCM) following the completion of competitor trials. The companies are evaluating clinical design learnings and regulatory feedback to optimize future development approaches.
Financial Position
As of December 31, 2024, Ovid reported:
- Cash, cash equivalents, and marketable securities totaling $53.1 million
- Revenues from royalty agreements of $566,000 for the year ended December 31, 2024
- Research and development expenses of $36.8 million for the full year 2024
- General and administrative expenses of $25.7 million for the full year 2024
- Net loss of $26.4 million, or $0.37 per share, for the year ended December 31, 2024
The company expects its current cash position to support operations and clinical development programs into the second half of 2026, covering multiple anticipated pipeline and regulatory milestones.
Strategic Outlook
Ovid is managing its clinical development programs with fiscal discipline while exploring partnerships and co-development opportunities for select programs to accelerate development and offset costs. The company aims to become a leader in neurotherapeutics by addressing intractable brain disorders with significant unmet needs.
Dr. Levin emphasized the importance of the company's strengthened team in capturing the potential therapeutic and financial value of their pipeline, particularly OV329 for treatment-resistant epilepsies and their portfolio of first-in-class KCC2 activators.
If Ovid is unable to raise additional capital or secure partnerships as needed, the company may need to delay, reduce the scope of, or prioritize various research and development activities to extend its runway.
