# Ovid Therapeutics Inc.
Ovid Therapeutics Inc. is a New York-based, Delaware-incorporated biopharmaceutical company that develops small-molecule medicines for rare epilepsies and other brain conditions; it applied to list on the NASDAQ Global Market under the symbol OVID in connection with its initial public offering and remains an operating clinical-stage company as of 2026.[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm) Founded in April 2014 by neuroscientist [Matthew During](https://www.edgepedia.org/matthew-j-during) and Jeremy Levin, the former global CEO of Teva Pharmaceuticals, the company targets neurological conditions that larger pharmaceutical companies had ignored or failed to develop.[2](https://ovidrx.com/our-company/our-story/)
| Key facts | |
|---|---|
| Founded | April 2014 (operations commenced April 1, 2014), by Matthew During and Jeremy Levin[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm) • [2](https://ovidrx.com/our-company/our-story/) |
| Headquarters | New York, New York; incorporated in Delaware[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm) |
| Listing | Applied to list on the NASDAQ Global Market under symbol OVID (2017 IPO prospectus)[3](https://www.sec.gov/Archives/edgar/data/1636651/000119312517152270/d286200ds1a.htm) |
| Private capital raised (unverified) | $105.92 million per an aggregator profile (directory data, not independently verified)[4](https://www.cbinsights.com/company/ovid-therapeutics) |
| IPO | 5,000,000 shares at an expected $15.00–$17.00; estimated net proceeds ~$71.6 million[3](https://www.sec.gov/Archives/edgar/data/1636651/000119312517152270/d286200ds1a.htm) |
| Current pipeline (2026) | OV329 (GABA-AT inhibitor), OV4071, and KCC2-activator compounds[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm) • [5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx) |
| Cash position (March 31, 2026) | $165.6 million; accumulated deficit $338.7 million[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm) |
## What Ovid Therapeutics does
Ovid develops small-molecule medicines for rare developmental and epileptic encephalopathies and other brain disorders. As of its first-quarter 2026 filing, the company's focus is on developing OV329, OV4071, and other undisclosed potential medicines for brain disorders.[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm)
The scientific mechanisms span two pathways. OV329 is a next-generation inhibitor of GABA-aminotransferase (GABA-AT), an enzyme that breaks down GABA, the brain's principal inhibitory neurotransmitter; inhibiting it raises inhibitory tone. The company reports that cortical inhibition with OV329 has been established in human healthy volunteers, and the drug is in proof-of-concept studies for treatment-resistant focal onset seizures, tuberous sclerosis complex-associated seizures and infantile spasms.[5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx) OV4071 sits within a library of compounds that directly activate the KCC2 transporter, which helps maintain the chloride gradient that inhibitory signaling depends on.[5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx)
## Founding and founders
The company was founded in April 2014, in the living room of Dr. Matthew During, a neuroscientist, together with Dr. Jeremy Levin, a physician and executive who had just left his role as global CEO of Teva Pharmaceuticals, at the time the largest generic medicines company in the world.[2](https://ovidrx.com/our-company/our-story/) The two set out to create a company to treat rare neurological conditions, specifically focused on conditions that other, much larger pharmaceutical companies had ignored or failed to develop.[2](https://ovidrx.com/our-company/our-story/) The name comes from the Roman poet Ovid's poem "The Metamorphoses," reflecting the change the founders sought in medical science.[2](https://ovidrx.com/our-company/our-story/)
## Funding history and IPO
An aggregator profile lists total funding of $105.92 million, with a latest round of PIPE - II and investors including Balyasny Asset Management, Coastlands Capital, Eventide Asset Management, Ally Bridge Group, and Affinity Asset Advisors (these figures come from a directory profile and are not independently verified here).[4](https://www.cbinsights.com/company/ovid-therapeutics)
The company's IPO prospectus offered 5,000,000 shares at an expected price of $15.00 to $17.00 per share, with estimated net proceeds of approximately $71.6 million, or approximately $82.8 million if underwriters exercised in full their option to purchase up to 750,000 additional shares; Ovid applied to list on the NASDAQ Global Market under the symbol "OVID."[3](https://www.sec.gov/Archives/edgar/data/1636651/000119312517152270/d286200ds1a.htm)
By March 31, 2026, the company had an accumulated deficit of $338.7 million, working capital of $144.4 million, and $165.6 million in cash, cash equivalents, and marketable securities. It recorded a net loss of $17.0 million in the first quarter of 2026, against $10.2 million in the first quarter of 2025, with net cash used in operating activities of $13.9 million for the quarter. Management stated that cash as of March 31, 2026 is sufficient to fund operations through at least 12 months from issuance of the financial statements.[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm)
## Clinical programs: OV101, soticlestat and the Takeda relationship
At IPO, Ovid's most advanced candidate was OV101, which had commenced a Phase 2 safety and proof-of-concept trial in adults with [Angelman syndrome](https://www.edgepedia.org/angelman-syndrome), alongside a Phase 1 trial in adolescents with Angelman or [Fragile X syndrome](https://www.edgepedia.org/fragile-x-syndrome).[3](https://www.sec.gov/Archives/edgar/data/1636651/000119312517152270/d286200ds1a.htm)
In January 2017, Ovid entered into a collaboration and license agreement with Takeda Pharmaceutical Company Limited, effective January 6, 2017, to develop TAK-935, which Ovid referred to as OV935 and which is known as soticlestat, a potent selective cholesterol 24-hydroxylase (CH24H) inhibitor targeting rare epileptic encephalopathies including [Dravet syndrome](https://www.edgepedia.org/dravet-syndrome), Lennox-Gastaut syndrome, and tuberous sclerosis complex.[3](https://www.sec.gov/Archives/edgar/data/1636651/000119312517152270/d286200ds1a.htm) Since inception, Ovid has generated its revenue primarily from its royalty, license, and termination agreement (RLT Agreement) with Takeda.[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm)
The program has since left both companies' hands. In 2026, Ovid and Takeda assigned global intellectual property rights in soticlestat to a new privately held company (NewCo) launched by [Perceptive Advisors](https://www.edgepedia.org/perceptive-advisors) to develop and commercialize the program for all potential indications, including developmental and epileptic encephalopathies such as Dravet syndrome.[5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx) Under the transaction, Ovid is eligible to receive up to $294.5 million in potential clinical, regulatory, and commercial milestone payments, a portion of which is payable to Ligand under Ovid's previously disclosed royalty monetization agreement, as amended, plus possible low- to mid-single-digit royalties on net sales.[5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx) [Soticlestat](https://www.edgepedia.org/soticlestat) has received Orphan Drug and Rare Pediatric Disease designation from the U.S. [Food and Drug Administration](https://www.edgepedia.org/food-and-drug-administration).[5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx)
## Current pipeline and recent results (since 2023)
Ovid's pipeline as of 2026 centers on OV329, the next-generation GABA-AT inhibitor advancing into tuberous sclerosis complex-associated seizures and infantile spasms, alongside OV4071 and the KCC2-activator library.[1](https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm) • [5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx)
In July 2026, Ovid strengthened its executive team to support what the company called its next phase of development: Kevin Norrett, MS, MBA, was appointed Chief Business Officer; Charles Carter, MS, MBA, was promoted to Chief Financial Officer, succeeding Jeffrey Rona, who remains an advisor through the end of 2027; Eliseo Salinas joined as Executive R&D Advisor; and Victoria Fort was promoted to Chief Strategy Officer.[5](https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx)
## References
1. Ovid Therapeutics Form 10-Q, Nature of Operations (Q1 2026), SEC EDGAR. https://www.sec.gov/Archives/edgar/data/1636651/000162828026033864/R8.htm
2. Our Story, Ovid Therapeutics. https://ovidrx.com/our-company/our-story/
3. Ovid Therapeutics Amendment to Form S-1 (IPO prospectus, 2017), SEC EDGAR. https://www.sec.gov/Archives/edgar/data/1636651/000119312517152270/d286200ds1a.htm
4. Ovid Therapeutics, CB Insights profile (directory data, unverified). https://www.cbinsights.com/company/ovid-therapeutics
5. Ovid Therapeutics Reports Business Updates and Second Quarter 2026 Financial Results. https://investors.ovidrx.com/news/news-details/2026/Ovid-Therapeutics-Reports-Business-Updates-and-Second-Quarter-2026-Financial-Results/default.aspx
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*Topic: Encyclopedia › Society and history › Economics and business › Business and work › Business and work overview › Companies and corporations › Venture-backed startups and growth companies › Health, biotech, and medtech startups › Small-molecule and chemical drug developers › Neuroscience and psychiatric drug developers*
*Initially written Sep 17, 2026 · Edited: Oct 11, 2026; Oct 15, 2026*
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License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license