Detailed financial statements for Ovid Therapeutics Inc. (OVID): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Ovid Therapeutics Inc. is a biopharmaceutical firm dedicated to creating significant treatments for individuals and families impacted by neurological disorders across the United States. The company's robust pipeline features several key therapeutic candidates: OV101, a drug candidate currently undergoing Phase 2A clinical trials for Fragile X syndrome; OV329, an inhibitor targeting GABA aminotransferase, aimed at managing seizures linked to tuberous sclerosis complex and infa...
Analysis Summary
Ovid Therapeutics Inc. reported revenue of $7.3M in the most recent fiscal year, growing at a 5-year CAGR of -10.5%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -36.9%, net margin -21.8%.
At the current price of $2.68, OVID has negative trailing earnings (P/E not meaningful) and an ROE of -23.64%. Market capitalisation stands at $500M.
Balance sheet quality for OVID: current ratio of 10.9, net cash position of $56.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | $12.6M | $208.4M | $1.5M | $392000 | $566000 | $7.3M |
| Cost of Revenue | 0 | $80310 | $141733 | 0 | 0 | 0 | 0 | 0 | 0 | $300000 |
| Gross Profit | -$56512 | -$80310 | -$142000 | 0 | $12.6M | $208.4M | $1.5M | $392000 | $566000 | $7.0M |
| Research & Development | $9.6M | $50.0M | $33.8M | $46.9M | $64.1M | $46.9M | $24.6M | $28.6M | $36.8M | $25.6M |
| Selling, General & Admin | $12.9M | $15.0M | $19.1M | $19.3M | $30.6M | $37.2M | $32.4M | $29.6M | $25.7M | $24.1M |
| Operating Expenses | $22.5M | $65.0M | $52.9M | $61.4M | $94.0M | $84.2M | $57.1M | $59.7M | $62.5M | $49.4M |
| Operating Income | -$22.5M | -$65.0M | -$52.9M | -$61.4M | -$81.4M | $124.2M | -$55.5M | -$59.3M | -$61.9M | -$42.4M |
| EBITDA | -$22.5M | -$64.7M | -$52.8M | -$61.2M | -$81.1M | $124.4M | -$54.2M | -$57.0M | -$57.8M | -$17.1M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$22.4M | -$64.8M | -$52.0M | -$60.5M | -$81.0M | $124.2M | -$54.2M | -$52.3M | -$26.4M | -$17.4M |
| Income Tax | -$950 | -$80310 | 0 | 0 | 0 | $1.3M | 0 | 0 | 0 | 0 |
| Net Income | -$22.4M | -$64.8M | -$52.0M | -$60.5M | -$81.0M | $122.8M | -$54.2M | -$52.3M | -$26.4M | -$17.4M |
| EPS | $-1.14 | $-3.35 | $-2.11 | $-1.51 | $-1.39 | $1.78 | $-0.77 | $-0.74 | $-0.37 | $-0.24 |
| EPS (Diluted) | $-1.14 | $-3.35 | $-2.11 | $-1.51 | $-1.39 | $1.76 | $-0.77 | $-0.74 | $-0.37 | $-0.24 |
| Shares Outstanding (Diluted) | $19.6M | $19.3M | $24.6M | $39.2M | $58.5M | $68.1M | $70.4M | $70.6M | $70.9M | $73.7M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $132000 | $718000 | 0 | $733000 |
| Gross Profit | $132000 | $718000 | 0 | $733000 |
| Operating Income | -$12.5M | -$12.3M | -$17.8M | -$15.7M |
| EBITDA | -$12.1M | $9.7M | -$17.8M | -$15.4M |
| Net Income | -$12.2M | $9.7M | -$17.0M | -$15.0M |
| EPS | $-0.17 | $0.12 | $-0.23 | $-0.20 |
| EPS (Diluted) | $-0.17 | $0.12 | $-0.23 | $-0.20 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $51.9M | $87.1M | $36.5M | $41.9M | $72.0M | $187.8M | $44.9M | $27.0M | $26.3M | $13.2M |
| Short-term Investments | 0 | 0 | $5.0M | $34.8M | 0 | 0 | $84.1M | $78.8M | $26.8M | $56.5M |
| Receivables | $7369 | 0 | 0 | $1.1M | $141763 | 0 | 0 | 0 | 0 | 0 |
| Inventory | $242673 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $52.4M | $88.6M | $44.3M | $79.8M | $74.8M | $190.5M | $131.4M | $109.6M | $55.9M | $90.4M |
| Property, Plant & Equipment | $43591 | $51775 | $69867 | $68363 | $135620 | $242757 | $16.1M | $14.7M | $13.2M | 0 |
| Goodwill | 0 | 0 | 0 | -$247 | $100 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $110074 | $124194 | $391872 | $467247 | $318900 | $164000 | $222100 | $200000 | $92000 | 0 |
| Total Assets | $53.0M | $89.5M | $47.6M | $80.8M | $75.9M | $194.5M | $155.3M | $144.0M | $92.2M | $150.9M |
| Accounts Payable | $857169 | $2.0M | $3.8M | $3.3M | $5.4M | $7.1M | $2.0M | $3.7M | $3.2M | $2.0M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $3.7M | $6.0M | $8.8M | $10.5M | $22.1M | $14.8M | $7.0M | $11.5M | $10.5M | $8.3M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $3.7M | $6.0M | $8.8M | $10.8M | $32.3M | $14.8M | $23.0M | $56.2M | $23.9M | $20.3M |
| Retained Earnings | -$61.8M | -$100.7M | -$152.7M | -$213.2M | -$294.2M | -$171.4M | -$225.5M | -$277.9M | -$304.3M | -$321.7M |
| Total Equity | $49.3M | $83.4M | $38.8M | $70.0M | $43.6M | $179.7M | $132.3M | $87.8M | $68.2M | $130.7M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | $16.5M | $16.0M | $14.8M | $13.4M |
| Net Debt | -$51.9M | -$87.1M | -$41.5M | -$76.7M | -$72.0M | -$187.8M | -$112.5M | -$89.8M | -$38.3M | -$56.2M |
| Working Capital | $48.7M | $82.6M | $35.4M | $69.3M | $52.8M | $175.7M | $124.4M | $98.1M | $45.4M | $82.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $20.6M | $13.2M | $94.1M | $11.3M |
| Total Assets | $63.8M | $150.9M | $225.6M | $232.0M |
| Total Liabilities | $19.1M | $20.3M | $27.4M | $22.1M |
| Total Equity | $44.7M | $130.7M | $198.3M | $209.9M |
| Total Debt | $13.8M | $13.4M | $1.5M | $12.7M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$22.4M | -$64.8M | -$52.0M | -$60.5M | -$81.0M | $122.8M | -$54.2M | -$52.3M | -$26.4M | -$17.4M |
| Depreciation & Amortization | $56512 | $80310 | $141733 | $255002 | $306848 | $237079 | $1.4M | $1.6M | $613000 | $273000 |
| Stock-based Compensation | $3.6M | $6.4M | $7.1M | $5.2M | $7.5M | $5.1M | $6.6M | $7.3M | $6.3M | $4.8M |
| Change in Working Capital | $914403 | $996851 | -$787914 | $3.9M | $21.8M | -$16.8M | -$8.2M | $2.4M | -$150000 | -$4.1M |
| Operating Cash Flow | -$17.8M | -$31.5M | -$45.6M | -$51.1M | -$51.6M | $118.6M | -$55.2M | -$45.8M | -$56.0M | -$38.3M |
| Capital Expenditure | -$188987 | -$47387 | -$352019 | -$244045 | -$390680 | -$189408 | -$1.4M | -$137455 | -$71000 | 0 |
| Acquisitions | 0 | 0 | $318148 | 0 | 0 | -$1.6M | -$2.5M | -$10.0M | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.0M | -$31.5M | -$45.9M | -$51.3M | -$52.0M | $118.4M | -$56.6M | -$45.9M | -$56.0M | -$38.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$12.9M | -$10.4M | -$13.9M | -$17.6M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$12.9M | -$10.4M | -$13.9M | -$17.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $1.2M | 0 | $1.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +1551.6% | -99.3% | -73.9% | +44.4% | +1181.3% | |||||
| Net Income Growth (YoY) | -189.1% | +19.8% | -16.3% | -34.0% | +251.6% | -144.1% | +3.4% | +49.5% | +34.1% | |
| EPS Growth (YoY) | -193.9% | +37.0% | +28.4% | +7.9% | +228.1% | -143.3% | +3.9% | +50.0% | +35.1% | |
| Shares Change (YoY) | -1.3% | +27.3% | +59.2% | +49.0% | +16.5% | +3.5% | +0.2% | +0.5% | +4.0% | |
| FCF Growth (YoY) | -75.2% | -45.7% | -11.8% | -1.2% | +327.8% | -147.8% | +18.9% | -22.0% | +31.6% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 95.9% | ||||
| Operating Margin | -645.4% | 59.6% | -3696.4% | -15122.7% | -10933.7% | -585.2% | ||||
| EBITDA Margin | -643.0% | 59.7% | -3604.5% | -14544.1% | -10207.1% | -236.0% | ||||
| Net Margin | -642.3% | 58.9% | -3604.7% | -13351.8% | -4670.1% | -240.1% | ||||
| FCF Margin | -411.9% | 56.8% | -3769.5% | -11713.9% | -9898.8% | -528.6% | ||||
| Effective Tax Rate | 0.0% | 0.1% | -0.0% | -0.0% | -0.0% | 1.1% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.92 | $-1.63 | $-1.86 | $-1.31 | $-0.89 | $1.74 | $-0.80 | $-0.65 | $-0.79 | $-0.52 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $19.6M | $19.3M | $24.6M | $39.2M | $58.5M | $67.5M | $70.4M | $70.6M | $70.9M | $73.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -23.64% |
| Return on Invested Capital | -26.11% |
| Return on Assets | -14.87% |
| Gross Margin | 100.00% |
| Operating Margin | -3686.67% |
| Net Margin | -2178.90% |
Financial Health
| Debt / Equity | 0.06 |
| Current Ratio | 12.39 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -10.75 | -2.95 | -1.15 | -2.75 | -1.66 | 1.80 | -2.42 | -4.35 | -2.52 | -6.79 |
| P/B | 4.87 | 2.29 | 1.54 | 2.32 | 3.09 | 1.21 | 0.99 | 2.59 | 0.97 | 0.92 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 10.70 | 1.04 | 87.17 | 579.77 | 116.97 | 16.57 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 95.9% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -645.4% | 59.6% | -3696.4% | -15122.7% | -10933.7% | -585.2% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -642.3% | 58.9% | -3604.7% | -13351.8% | -4670.1% | -240.1% |
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