Ovid Therapeutics Inc Financials

OVID

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Ovid Therapeutics Inc (OVID) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI OVID FY2025 2026-05-12

Ovid’s operating model is still cash-burn R&D, with equity funding rather than operating revenue carrying the balance sheet.

In FY2025, cash burn exceeded accounting loss: operating cash flow was -$38.3M versus net income of -$17.4M, so reported losses understated the cash needed to run the company. That gap sat alongside a $75.2M financing inflow and only $13.2M of cash at year-end, which means liquidity was being maintained by financing even while operations consumed cash.

This remains a development-stage cost structure: FY2025 revenue of $7.3M covered only a fraction of R&D spending at $25.6M, so the business is still being shaped more by research progress than by sales scale. With $24.1M of SG&A still close to R&D, it is funding both corporate infrastructure and research before revenue is large enough to support either.

The balance sheet is lightly leveraged, with total liabilities of $20.3M against equity of $130.7M, so solvency pressure is not coming from lenders. The tighter constraint is cash runway: because capex was $0, FY2025 free cash burn of -$38.3M was essentially operating burn rather than long-lived asset buildout.

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Ovid Therapeutics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Ovid Therapeutics Inc has an operating margin of -585.2%, meaning the company retains $-585 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -10933.8% the prior year.

Growth

100

Ovid Therapeutics Inc's revenue surged 1181.3% year-over-year to $7.3M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Ovid Therapeutics Inc carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 8.97, Ovid Therapeutics Inc holds $8.97 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Ovid Therapeutics Inc generated -$38.3M in operating cash flow, capex of $0 consumed most of it, leaving -$38.3M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Ovid Therapeutics Inc generates a -13.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -38.7% the prior year.

Piotroski F-Score Weak

3/9

Ovid Therapeutics Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Low Quality

2.20x

For every $1 of reported earnings, Ovid Therapeutics Inc generates $2.20 in operating cash flow (-$38.3M OCF vs -$17.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$7.3M

YoY+1181.3%

5Y CAGR-10.5%

Ovid Therapeutics Inc generated $7.3M in revenue in fiscal year 2025. This represents an increase of 1181.3% from the prior year.

EBITDA

-$42.2M

YoY+31.2%

Ovid Therapeutics Inc's EBITDA was -$42.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.2% from the prior year.

Net Income

-$17.4M

YoY+34.1%

Ovid Therapeutics Inc reported -$17.4M in net income in fiscal year 2025. This represents an increase of 34.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

-$38.3M

YoY+31.6%

Ovid Therapeutics Inc generated -$38.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 31.6% from the prior year.

Cash & Debt

$13.2M

YoY-50.0%

5Y CAGR-28.8%

10Y CAGR-15.4%

Ovid Therapeutics Inc held $13.2M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

130M

YoY+83.3%

5Y CAGR+14.6%

Ovid Therapeutics Inc had 130M shares outstanding in fiscal year 2025. This represents an increase of 83.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-585.2%

YoY+10348.5pp

5Y CAGR+60.2pp

Ovid Therapeutics Inc's operating margin was -585.2% in fiscal year 2025, reflecting core business profitability. This is up 10348.5 percentage points from the prior year.

Net Margin

-239.9%

YoY+4424.4pp

5Y CAGR+402.3pp

Ovid Therapeutics Inc's net profit margin was -239.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4424.4 percentage points from the prior year.

Return on Equity

-13.3%

YoY+25.4pp

5Y CAGR+172.4pp

10Y CAGR+6.0pp

Ovid Therapeutics Inc's ROE was -13.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 25.4 percentage points from the prior year.

Capital Allocation

R&D Spending

$25.6M

YoY-30.4%

5Y CAGR-16.6%

10Y CAGR+14.5%

Ovid Therapeutics Inc invested $25.6M in research and development in fiscal year 2025. This represents a decrease of 30.4% from the prior year.

Share Buybacks

N/A

Capital Expenditures

YoY-100.0%

Ovid Therapeutics Inc invested $0 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.

OVID Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$7.3M+1181.3%	$566K+44.4%	$392K-73.9%	$1.5M-99.3%	$208.4M+1551.6%	$12.6M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$25.6M-30.4%	$36.8M+28.6%	$28.6M+16.1%	$24.6M-47.6%	$46.9M-26.0%	$63.4M
SG&A Expenses	$24.1M-6.1%	$25.7M-17.4%	$31.1M-4.2%	$32.4M-12.9%	$37.2M+21.6%	$30.6M
Operating Income	-$42.4M+31.4%	-$61.9M-4.4%	-$59.3M-6.7%	-$55.5M-144.7%	$124.2M+252.5%	-$81.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0-100.0%	$1.3M	$0
Net Income	-$17.4M+34.1%	-$26.4M+49.5%	-$52.3M+3.5%	-$54.2M-144.1%	$122.8M+251.6%	-$81.0M
EPS (Diluted)	N/A	N/A	$-0.74+3.9%	$-0.77-143.8%	$1.76+226.6%	$-1.39

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	$0-100.0%	$718K+443.9%	$132K-97.9%	$6.3M+4724.6%	$130K+71.1%	$76K-56.1%	$173K+2.4%	$169K
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$11.2M+69.7%	$6.6M+12.2%	$5.9M-9.2%	$6.5M-2.9%	$6.7M+12.2%	$5.9M-24.5%	$7.9M-37.6%	$12.6M
SG&A Expenses	$6.7M+3.8%	$6.4M-5.3%	$6.8M+39.0%	$4.9M-19.0%	$6.0M+23.7%	$4.9M-12.2%	$5.5M-31.6%	$8.1M
Operating Income	-$17.8M-45.2%	-$12.3M+1.8%	-$12.5M-146.9%	-$5.1M+59.6%	-$12.6M-17.0%	-$10.7M+18.9%	-$13.2M+35.5%	-$20.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0	$0	$0	$0	$0	$0	$0
Net Income	-$17.0M-275.6%	$9.7M+179.6%	-$12.2M-159.6%	-$4.7M+54.2%	-$10.2M-11.0%	-$9.2M+34.2%	-$14.0M-264.4%	$8.5M
EPS (Diluted)	$-141.57	N/A	N/A	N/A	N/A	N/A	$-0.20-266.7%	$0.12

OVID Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$150.9M+63.8%	$92.2M-36.0%	$144.0M-7.2%	$155.3M-20.2%	$194.5M+156.2%	$75.9M
Current Assets	$74.4M+32.9%	$55.9M-49.0%	$109.6M-16.6%	$131.4M-31.0%	$190.5M+154.5%	$74.8M
Cash & Equivalents	$13.2M-50.0%	$26.3M-2.7%	$27.0M-39.7%	$44.9M-76.1%	$187.8M+160.7%	$72.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$20.3M-15.3%	$23.9M-57.4%	$56.2M+144.6%	$23.0M+55.4%	$14.8M-54.2%	$32.3M
Current Liabilities	$8.3M-21.2%	$10.5M-8.3%	$11.5M+64.1%	$7.0M-52.8%	$14.8M-32.9%	$22.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$130.7M+91.5%	$68.2M-22.3%	$87.8M-33.6%	$132.3M-26.4%	$179.7M+312.0%	$43.6M
Retained Earnings	-$321.7M-5.7%	-$304.3M-9.5%	-$277.9M-23.2%	-$225.5M-31.6%	-$171.4M+41.8%	-$294.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$225.6M+49.5%	$150.9M+136.4%	$63.8M-17.5%	$77.4M-5.2%	$81.7M-11.4%	$92.2M-10.2%	$102.7M-13.1%	$118.1M
Current Assets	$160.1M+115.3%	$74.4M+158.0%	$28.8M-31.5%	$42.1M-8.3%	$45.9M-17.9%	$55.9M-15.0%	$65.8M-18.6%	$80.9M
Cash & Equivalents	$94.1M+615.2%	$13.2M-36.2%	$20.6M-27.5%	$28.4M+34.4%	$21.1M-19.6%	$26.3M+75.1%	$15.0M-49.4%	$29.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$27.4M+34.9%	$20.3M+5.9%	$19.1M-11.5%	$21.6M-3.3%	$22.4M-6.5%	$23.9M-9.2%	$26.4M-9.7%	$29.2M
Current Liabilities	$15.7M+90.0%	$8.3M+22.0%	$6.8M-23.8%	$8.9M-4.1%	$9.3M-11.5%	$10.5M-9.5%	$11.6M-17.6%	$14.1M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$198.3M+51.7%	$130.7M+192.3%	$44.7M-19.9%	$55.8M-5.9%	$59.3M-13.1%	$68.2M-10.6%	$76.3M-14.2%	$88.9M
Retained Earnings	-$338.7M-5.3%	-$321.7M+2.9%	-$331.4M-3.8%	-$319.2M-1.5%	-$314.5M-3.4%	-$304.3M-3.1%	-$295.0M-5.0%	-$281.0M

OVID Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$38.3M+31.5%	-$56.0M-22.2%	-$45.8M+17.1%	-$55.2M-146.6%	$118.6M+329.9%	-$51.6M
Capital Expenditures	$0-100.0%	$71K+77.5%	$40K-96.7%	$1.2M+565.4%	$184K+44.6%	$127K
Free Cash Flow	-$38.3M+31.6%	-$56.0M-22.3%	-$45.8M+18.8%	-$56.5M-147.7%	$118.4M+329.0%	-$51.7M
Investing Cash Flow	-$49.9M-191.3%	$54.6M+2215.2%	-$2.6M+97.1%	-$87.9M-4725.0%	-$1.8M-105.3%	$34.6M
Financing Cash Flow	$75.2M+11991.2%	$622K-98.0%	$30.5M+16802.1%	$181K-80.0%	$904K-98.1%	$47.1M
Dividends Paid	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$13.9M-33.5%	-$10.4M+19.1%	-$12.9M-169.6%	-$4.8M+53.6%	-$10.3M-2.7%	-$10.0M+33.3%	-$15.0M-5.3%	-$14.3M
Capital Expenditures	N/A	$0	$0	$0	$0-100.0%	$22K+650.0%	-$4K-111.8%	$34K
Free Cash Flow	N/A	-$10.4M+19.1%	-$12.9M-169.6%	-$4.8M+53.6%	-$10.3M-2.5%	-$10.0M+33.2%	-$15.0M-5.1%	-$14.3M
Investing Cash Flow	$6.0M+108.3%	-$72.1M-1526.1%	$5.1M-58.1%	$12.1M+136.2%	$5.1M-76.0%	$21.3M+7191.8%	$292K-97.7%	$12.8M
Financing Cash Flow	$89.0M+18.4%	$75.2M+501093.3%	$15K	$0-100.0%	$13K	$0-100.0%	$38K-89.3%	$356K
Dividends Paid	$0	$0	$0	$0	$0	$0	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

OVID Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-585.2%+10348.5pp	-10933.8%+4188.9pp	-15122.7%-11426.3pp	-3696.4%-3756.0pp	59.6%+705.0pp	-645.4%
Net Margin	-239.9%+4424.4pp	-4664.3%+8677.5pp	-13341.8%-9737.2pp	-3604.7%-3663.6pp	59.0%+701.2pp	-642.3%
Return on Equity	-13.3%+25.4pp	-38.7%+20.9pp	-59.6%-18.6pp	-40.9%-109.3pp	68.3%+254.1pp	-185.7%
Return on Assets	-11.5%+17.1pp	-28.6%+7.7pp	-36.3%-1.4pp	-34.9%-98.0pp	63.1%+169.9pp	-106.7%
Current Ratio	8.97+3.7	5.32-4.2	9.55-9.2	18.79+5.9	12.87+9.5	3.39
Debt-to-Equity	0.16-0.2	0.35-0.3	0.64+0.5	0.17+0.1	0.08-0.7	0.74
FCF Margin	-528.6%+9370.2pp	-9898.8%+1790.3pp	-11689.0%-7932.5pp	-3756.6%-3813.4pp	56.8%+466.7pp	-409.8%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-13727.7%-12015.6pp	-1712.1%+7775.0pp	-9487.1%-9406.2pp	-80.9%+9573.0pp	-9653.9%+4458.0pp	-14111.8%-6466.8pp	-7645.1%+4495.1pp	-12140.2%
Net Margin	-13067.7%-14415.5pp	1347.8%+10558.4pp	-9210.6%-9135.9pp	-74.7%+7798.4pp	-7873.1%+4259.8pp	-12132.9%-4036.9pp	-8096.0%-13138.0pp	5042.0%
Return on Equity	-8.6%-16.0pp	7.4%+34.6pp	-27.2%-18.8pp	-8.4%+8.9pp	-17.3%-3.8pp	-13.5%+4.8pp	-18.4%-27.9pp	9.6%
Return on Assets	-7.5%-13.9pp	6.4%+25.4pp	-19.0%-13.0pp	-6.0%+6.5pp	-12.5%-2.5pp	-10.0%+3.6pp	-13.6%-20.9pp	7.2%
Current Ratio	10.17+1.2	8.97+4.7	4.24-0.5	4.72-0.2	4.93-0.4	5.32-0.3	5.66-0.1	5.73
Debt-to-Equity	0.14-0.0	0.16-0.3	0.43+0.0	0.39+0.0	0.38+0.0	0.350.0	0.35+0.0	0.33
FCF Margin	N/A	-1449.6%+8301.9pp	-9751.5%-9675.4pp	-76.1%+7831.6pp	-7907.7%+5289.7pp	-13197.4%-4520.5pp	-8676.9%-221.9pp	-8455.0%

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Frequently Asked Questions

What is Ovid Therapeutics Inc's annual revenue?

Ovid Therapeutics Inc (OVID) reported $7.3M in total revenue for fiscal year 2025. This represents a 1181.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ovid Therapeutics Inc's revenue growing?

Ovid Therapeutics Inc (OVID) revenue grew by 1181.3% year-over-year, from $566K to $7.3M in fiscal year 2025.

Is Ovid Therapeutics Inc profitable?

No, Ovid Therapeutics Inc (OVID) reported a net income of -$17.4M in fiscal year 2025, with a net profit margin of -239.9%.

What is Ovid Therapeutics Inc's EBITDA?

Ovid Therapeutics Inc (OVID) had EBITDA of -$42.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Ovid Therapeutics Inc's operating margin?

Ovid Therapeutics Inc (OVID) had an operating margin of -585.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ovid Therapeutics Inc's net profit margin?

Ovid Therapeutics Inc (OVID) had a net profit margin of -239.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Ovid Therapeutics Inc's return on equity (ROE)?

Ovid Therapeutics Inc (OVID) has a return on equity of -13.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ovid Therapeutics Inc's free cash flow?

Ovid Therapeutics Inc (OVID) generated -$38.3M in free cash flow during fiscal year 2025. This represents a 31.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ovid Therapeutics Inc's operating cash flow?

Ovid Therapeutics Inc (OVID) generated -$38.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ovid Therapeutics Inc's total assets?

Ovid Therapeutics Inc (OVID) had $150.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ovid Therapeutics Inc's capital expenditures?

Ovid Therapeutics Inc (OVID) invested $0 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ovid Therapeutics Inc spend on research and development?

Ovid Therapeutics Inc (OVID) invested $25.6M in research and development during fiscal year 2025.

How many shares does Ovid Therapeutics Inc have outstanding?

Ovid Therapeutics Inc (OVID) had 130M shares outstanding as of fiscal year 2025.

What is Ovid Therapeutics Inc's current ratio?

Ovid Therapeutics Inc (OVID) had a current ratio of 8.97 as of fiscal year 2025, which is generally considered healthy.

What is Ovid Therapeutics Inc's debt-to-equity ratio?

Ovid Therapeutics Inc (OVID) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ovid Therapeutics Inc's return on assets (ROA)?

Ovid Therapeutics Inc (OVID) had a return on assets of -11.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ovid Therapeutics Inc's cash runway?

Based on fiscal year 2025 data, Ovid Therapeutics Inc (OVID) had $13.2M in cash against an annual operating cash burn of $38.3M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Ovid Therapeutics Inc's Piotroski F-Score?

Ovid Therapeutics Inc (OVID) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ovid Therapeutics Inc's earnings high quality?

Ovid Therapeutics Inc (OVID) has an earnings quality ratio of 2.20x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Ovid Therapeutics Inc?

Ovid Therapeutics Inc (OVID) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.