Ovid Therapeutics Inc.
OVIDHealthcare|Biotechnology|US
$2.85
+0.27 (+10.47%)
Tangible Book / Share
$2.85
Cash / Share
$1.59
Financials
Financial Snapshot
Market Cap
$556.6M
Enterprise Value
$558.0M
Revenue (TTM)
$1.6M
Net Income (TTM)
-$34.5M
Cash & Investments
$117.2M
Net Cash
$104.5M
Free Cash Flow (TTM)
-$54.8M
Operating CF (TTM)
-$54.8M
Debt/Equity
0.06
Cash Runway & Burn Rate
Cash on Hand
$117.2M
Quarterly Burn
$13.7M
Monthly Burn
$4.6M
Est. Runway
~8.6 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $51.9M | $87.1M | $41.5M | $76.7M | $72.0M | $187.8M | $129.0M | $105.8M | $53.1M | $69.6M | $117.2M | |
| Operating Cash Flow | -$17.8M | -$31.5M | -$45.6M | -$51.1M | -$51.6M | $118.6M | -$55.2M | -$45.8M | -$56.0M | -$38.3M | -$54.8M | |
| Free Cash Flow | -$18.0M | -$31.5M | -$45.9M | -$51.3M | -$52.0M | $118.4M | -$56.6M | -$45.9M | -$56.0M | -$38.3M | -$54.8M | |
| Capital Expenditure | -$189.0K | -$47.4K | -$352.0K | -$244.0K | -$390.7K | -$189.4K | -$1.4M | -$137.5K | -$71.0K | $0.00 | $0.00 | |
| Financing Cash Flow | -$13.7K | $66.7M | $286.1K | $86.5M | $47.1M | $904.1K | $180.7K | $30.5M | $622.0K | $75.2M | $185.8M |
R&D Spending
R&D (TTM)
$33.6M
R&D Intensity
2122.4%
R&D Growth vs Prior
+31.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $12.6M | $208.4M | $1.5M | $392.0K | $566.0K | $7.3M | $1.6M | |
| R&D Expense | $9.6M | $50.0M | $33.8M | $46.9M | $64.1M | $46.9M | $24.6M | $28.6M | $36.8M | $25.6M | $33.6M | |
| R&D % of Revenue | — | — | — | — | 508.2% | 22.5% | 1638.2% | 7292.9% | 6495.9% | 352.8% | 2122.4% | |
| SG&A | $12.9M | $15.0M | $19.1M | $19.3M | $30.6M | $37.2M | $32.4M | $29.6M | $25.7M | $24.1M | $26.0M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $12.6M | $208.4M | $1.5M | $392.0K | $566.0K | $7.3M | $1.6M | |
| Cost of Revenue | $0.00 | $80.3K | $141.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $300.0K | $0.00 | |
| Gross Profit | -$56.5K | -$80.3K | -$142.0K | $0.00 | $12.6M | $208.4M | $1.5M | $392.0K | $566.0K | $7.0M | $1.6M | |
| R&D | $9.6M | $50.0M | $33.8M | $46.9M | $64.1M | $46.9M | $24.6M | $28.6M | $36.8M | $25.6M | $33.6M | |
| SG&A | $12.9M | $15.0M | $19.1M | $19.3M | $30.6M | $37.2M | $32.4M | $29.6M | $25.7M | $24.1M | $26.0M | |
| Operating Income | -$22.5M | -$65.0M | -$52.9M | -$61.4M | -$81.4M | $124.2M | -$55.5M | -$59.3M | -$61.9M | -$42.4M | -$58.4M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$22.4M | -$64.8M | -$52.0M | -$60.5M | -$81.0M | $124.2M | -$54.2M | -$52.3M | -$26.4M | -$17.4M | -$34.5M | |
| Net Income | -$22.4M | -$64.8M | -$52.0M | -$60.5M | -$81.0M | $122.8M | -$54.2M | -$52.3M | -$26.4M | -$17.4M | -$34.5M | |
| EPS (Diluted) | -1.14 | -3.35 | -2.11 | -1.51 | -1.39 | 1.76 | -0.77 | -0.74 | -0.37 | -0.24 | -0.48 | |
| EBITDA | -$22.5M | -$64.7M | -$52.8M | -$61.2M | -$81.1M | $124.4M | -$54.2M | -$57.0M | -$57.8M | -$17.1M | -$35.7M | |
| Shares Out. (M) | 19.60 | 19.34 | 24.63 | 39.22 | 58.45 | 68.07 | 70.42 | 70.58 | 70.91 | 73.74 | 73.74 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $51.9M | $87.1M | $36.5M | $41.9M | $72.0M | $187.8M | $44.9M | $27.0M | $26.3M | $13.2M | $11.3M | |
| Short-Term Investments | $0.00 | $0.00 | $5.0M | $34.8M | $0.00 | $0.00 | $84.1M | $78.8M | $26.8M | $56.5M | $105.9M | |
| Total Current Assets | $52.4M | $88.6M | $44.3M | $79.8M | $74.8M | $190.5M | $131.4M | $109.6M | $55.9M | $90.4M | $123.6M | |
| Total Assets | $53.0M | $89.5M | $47.6M | $80.8M | $75.9M | $194.5M | $155.3M | $144.0M | $92.2M | $150.9M | $232.0M | |
| Total Current Liabilities | $3.7M | $6.0M | $8.8M | $10.5M | $22.1M | $14.8M | $7.0M | $11.5M | $10.5M | $8.3M | $10.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $3.7M | $6.0M | $8.8M | $10.8M | $32.3M | $14.8M | $23.0M | $56.2M | $23.9M | $20.3M | $22.1M | |
| Stockholders' Equity | $49.3M | $83.4M | $38.8M | $70.0M | $43.6M | $179.7M | $132.3M | $87.8M | $68.2M | $130.7M | $209.9M | |
| Retained Earnings | -$61.8M | -$100.7M | -$152.7M | -$213.2M | -$294.2M | -$171.4M | -$225.5M | -$277.9M | -$304.3M | -$321.7M | -$353.7M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$17.8M | -$31.5M | -$45.6M | -$51.1M | -$51.6M | $118.6M | -$55.2M | -$45.8M | -$56.0M | -$38.3M | -$54.8M | |
| Capital Expenditure | -$189.0K | -$47.4K | -$352.0K | -$244.0K | -$390.7K | -$189.4K | -$1.4M | -$137.5K | -$71.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$18.0M | -$31.5M | -$45.9M | -$51.3M | -$52.0M | $118.4M | -$56.6M | -$45.9M | -$56.0M | -$38.3M | -$54.8M | |
| Investing Cash Flow | -$189.0K | -$47.4K | -$5.4M | -$30.0M | $34.6M | -$1.8M | -$87.9M | -$2.6M | $54.6M | -$49.9M | -$147.8M | |
| Financing Cash Flow | -$13.7K | $66.7M | $286.1K | $86.5M | $47.1M | $904.1K | $180.7K | $30.5M | $622.0K | $75.2M | $185.8M | |
| Issuance of Stock | $0.00 | $69.8M | $286.1K | $86.4M | $46.7M | $925.4K | $180.7K | $535.2K | $622.0K | $75.2M | $185.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $30.0M | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.6M | $6.4M | $7.1M | $5.2M | $7.5M | $5.1M | $6.6M | $7.3M | $6.3M | $4.8M | $2.6M | |
| Net Change in Cash | -$18.0M | $35.2M | -$50.6M | $5.4M | $30.1M | $117.7M | -$142.9M | -$17.8M | -$740.0K | -$13.1M | -$17.1M |
Dilution Tracker
Shares outstanding grew 26.1% over 5 years — significant dilution
Shares Outstanding
195M
5-Year Share Growth
+26.1%
Stock Issuance (TTM)
$185.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.60 | 19.34 | 24.63 | 39.22 | 58.45 | 68.07 | 70.42 | 70.58 | 70.91 | 73.74 | 73.74 | |
| Change vs Prior % | — | -1.3% | 27.3% | 59.2% | 49.0% | 16.5% | 3.5% | 0.2% | 0.5% | 4.0% | 0.0% | |
| Stock Issuance | $0.00 | $69.8M | $286.1K | $86.4M | $46.7M | $925.4K | $180.7K | $535.2K | $622.0K | $75.2M | $185.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.6M | $6.4M | $7.1M | $5.2M | $7.5M | $5.1M | $6.6M | $7.3M | $6.3M | $4.8M | $2.6M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 95.9% | 100.0% | |
| Operating Margin % | — | — | — | — | -645.4% | 59.6% | -3696.4% | -15122.7% | -10933.7% | -585.2% | -3686.7% | |
| Net Margin % | — | — | — | — | -642.3% | 58.9% | -3604.7% | -13351.8% | -4670.1% | -240.1% | -2178.9% | |
| EBITDA Margin % | — | — | — | — | -643.0% | 59.7% | -3604.5% | -14544.1% | -10207.1% | -236.4% | -2252.4% | |
| FCF Margin % | — | — | — | — | -411.9% | 56.8% | -3769.5% | -11713.9% | -9898.8% | -528.6% | -3460.1% | |
| ROE % | -45.5% | -77.7% | -134.0% | -86.3% | -185.7% | 68.3% | -41.0% | -59.6% | -38.7% | -13.3% | -23.6% | |
| ROA % | -42.3% | -72.4% | -109.1% | -74.8% | -106.7% | 63.1% | -34.9% | -36.3% | -28.7% | -11.5% | -14.9% | |
| ROIC % | -45.7% | -77.8% | -136.4% | -87.3% | -151.2% | 68.4% | -37.3% | -44.3% | -74.6% | -29.5% | -26.1% | |
| R&D / Revenue % | — | — | — | — | 508.2% | 22.5% | 1638.2% | 7292.9% | 6495.9% | 352.8% | 2122.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1551.6% | -99.3% | -73.9% | 44.4% | 1181.3% | |
| Gross Profit | -379.8% | -42.1% | -76.8% | 100.0% | 0.0% | 1551.6% | -99.3% | -73.9% | 44.4% | 1128.3% | |
| Operating Income | -70.8% | -188.5% | 18.6% | -16.0% | -32.6% | 252.5% | -144.7% | -6.7% | -4.4% | 31.4% | |
| Net Income | -70.3% | -189.1% | 19.8% | -16.3% | -34.0% | 251.6% | -144.1% | 3.4% | 49.5% | 34.1% | |
| EPS (Diluted) | -70.1% | -193.9% | 37.0% | 28.4% | 7.9% | 226.6% | -143.8% | 3.9% | 50.0% | 35.1% | |
| Operating Cash Flow | -224.5% | -76.8% | -44.8% | -12.1% | -1.0% | 329.9% | -146.6% | 17.1% | -22.2% | 31.5% | |
| Free Cash Flow | -224.6% | -75.2% | -45.7% | -11.8% | -1.2% | 327.8% | -147.8% | 18.9% | -22.0% | 31.6% | |
| R&D Expense | 45.0% | 421.3% | -32.4% | 38.7% | 36.8% | -26.8% | -47.6% | 16.1% | 28.6% | -30.4% | |
| SG&A Expense | 96.9% | 16.1% | 27.3% | 0.6% | 59.1% | 21.6% | -12.9% | -8.8% | -13.2% | -6.1% | |
| Total Assets | -24.7% | 68.7% | -46.7% | 69.7% | -6.1% | 156.2% | -20.2% | -7.2% | -36.0% | 63.8% | |
| Book Value / Share | -27.6% | 71.5% | -63.5% | 13.3% | -58.2% | 256.8% | -29.5% | -33.8% | -22.6% | 84.2% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -3.2% | -7.8% | -9.1% | |
| Diluted Shares | 0.0% | -1.3% | 27.3% | 59.2% | 49.0% | 16.5% | 3.5% | 0.2% | 0.5% | 4.0% |
Valuation
P/E (TTM)At Loss
P/S351.61
10Y Low / Med / High1.04 / 87.17 / 579.77
P/B1.00
10Y Low / Med / High0.92 / 2.29 / 4.87
EV/EBITDAAt Loss
EV/Revenue352.49
10Y Low / Med / High0.14 / 68.31 / 551.61
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$2.85
Net Current Assets / Share
$0.52
Graham Net-Net
$1.29
Cash / Share
$1.59
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -10.75 | -2.95 | -1.15 | -2.75 | -1.66 | 1.80 | -2.42 | -4.35 | -2.52 | -6.79 | -5.94 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 10.70 | 1.04 | 87.17 | 579.77 | 116.97 | 16.57 | 351.61 | |
| P/B Ratio | 4.87 | 2.29 | 1.54 | 2.32 | 3.09 | 1.21 | 0.99 | 2.59 | 0.97 | 0.92 | 1.00 | |
| EV/EBITDA | -8.37 | -1.60 | -0.44 | -1.98 | -0.78 | 0.23 | -1.90 | -3.79 | -0.95 | -7.03 | -15.65 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 4.99 | 0.14 | 68.31 | 551.61 | 96.57 | 16.61 | 352.49 |
Analyst Estimates & Quality
Altman Z-Score
13.07
Safe
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $793.8K | $470.3K | $17.8M |
| Net Income | -$27.3M | -$30.7M | -$27.7M |
| EPS | $-0.36 | $-0.39 | $-0.40 |
| # Analysts (EPS) | 10 | 10 | 9 |
Revenue Segments
By Product
| Segment | 2021 | 2022 | 2025 |
|---|---|---|---|
| License | $12.4M | $1.5M | — |
| Related Party | $196.0M | — | — |
| Reportable Segment | — | — | $7.3M |