Persistent negative free cash flow, with quarterly burn rates frequently exceeding $10 million, highlights a structural inability to self-fund operations through current milestone-dependent revenue streams.
| Cash from Operations | -41.95M | -38.33M | -55.96M | -45.78M | -55.23M | 118.61M | -51.58M | -51.09M | -45.56M | -31.47M | -17.8M | -5.49M | -261.28K |
| Operating CF Margin % | - | -528.6% | -9886.22% | -11678.81% | -3675.08% | 56.92% | -408.84% | - | - | - | - | - | - |
| Operating CF Growth % | 41.54% | 31.49% | -22.23% | 17.1% | -146.56% | 329.94% | -0.97% | -12.14% | -44.77% | -76.78% | -224.53% | -1999.46% | - |
| Net Income | -24.17M | -17.41M | -26.43M | -52.34M | -54.17M | 119.84M | -81.04M | -60.46M | -51.98M | -64.81M | -22.41M | -13.16M | -446.89K |
| Depreciation & Amortization | 168K | 273K | 613K | 1.6M | 1.38M | 237K | 306.85K | 255K | 141.73K | 80.31K | 56.51K | 11.78K | 2.31K |
| Stock-Based Compensation | 2.41M | 4.81M | 6.28M | 7.29M | 6.56M | 0 | 7.53M | 5.21M | 7.06M | 6.4M | 3.64M | 1.46M | 33.09K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.61K | 0 | -3.64M | 0 | 0 |
| Other Non-Cash Items | -19.9M | -21.9M | -36.26M | -4.71M | -764.94K | 15.35M | -199.41K | -29.63K | -1.24K | 25.86M | 3.64M | 4.39M | 105.52K |
| Working Capital Changes | -469K | -4.1M | -150K | 2.39M | -8.23M | -16.81M | 21.82M | 3.94M | -787.91K | 996.85K | 914.4K | 1.81M | 44.69K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 141.76K | 989.38K | -531.04K | 0 | 7.37K | 50.26K | -69.22K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3.63M | -1.23M | -512K | 1.75M | -5.17M | 1.7M | 2.33M | -653.95K | 1.65M | 1.08M | 186.62K | 591.41K | 0 |
| Cash from Investing | -49.01M | -49.85M | 54.59M | -2.58M | -87.88M | -1.82M | 34.65M | -30.04M | -5.36M | -47.39K | -188.99K | -56.33K | -6.12K |
| Capital Expenditures | 0 | 0 | -71K | -40.31K | -1.42M | -189.41K | -127.24K | -57.16K | -352.02K | -47.39K | -188.99K | -56.33K | -1.78K |
| CapEx % of Revenue | 0% | - | 12.54% | 10.28% | 94.41% | 0.09% | 1.01% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | -10M | -2.5M | 0 | 0 | 0 | 318.15K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -89K | -97.15K | -1M | 0 | -263.44K | -186.89K | -318.15K | -8.48K | -158.62K | -24.25K | -4.33K |
| Cash from Financing | 164.18M | 75.21M | 622K | 30.54M | 180.66K | 904.08K | 47.07M | 86.54M | 286.14K | 66.7M | -13.67K | 70.64M | 6.73M |
| Debt Issued (Net) | 0 | 0 | 0 | 30M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 164.18M | 75.21M | 622K | 535.2K | 180.66K | 925.4K | 46.73M | 86.41M | 0 | 69.75M | 0 | 70.64M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | -21.31K | 341.04K | 131.9K | 286.14K | -3.05M | -13.67K | 0 | 6.73M |
| Net Change in Cash | 72.93M | -13.15M | -740K | -17.83M | -142.93M | 115.76M | 30.14M | 5.41M | -50.64M | 35.19M | -18M | 65.1M | 6.46M |
| Free Cash Flow | -41.95M | -38.33M | -56.03M | -45.92M | -56.65M | 118.43M | -51.97M | -51.33M | -45.91M | -31.52M | -17.99M | -5.54M | -263.06K |
| FCF Margin % | -589.06% | -528.6% | -9898.76% | -11713.87% | -3769.49% | 56.83% | -411.93% | - | - | - | - | - | - |
| FCF Growth % | 15.42% | 31.58% | -22.01% | 18.94% | -147.83% | 327.86% | -1.25% | -11.81% | -45.67% | -75.18% | -224.64% | -2006.64% | - |
| FCF per Share | -0.57 | -0.52 | -0.79 | -0.65 | -0.80 | 1.74 | -0.89 | -1.31 | -1.86 | -1.63 | -0.92 | -0.28 | -0.06 |
| FCF Conversion (FCF/Net Income) | 1.74x | 2.20x | 2.12x | 0.87x | 1.02x | 0.97x | 0.64x | 0.85x | 0.88x | 0.49x | 0.79x | 0.42x | 0.58x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution risk
As reported in financial statements, Ovid's operating cash flow consistently tracks below net income, with the OCF/NI ratio fluctuating wildly between 0.78 and 1.43, suggesting that accounting accruals provide little insight into the underlying reality of the company's persistent and significant quarterly cash outflows.
The lack of a stable relationship between net income and operating cash flow indicates that earnings are heavily influenced by non-cash items or timing differences related to milestone recognition. Investors should interpret this divergence as a sign that reported profitability metrics are disconnected from the actual liquidity requirements of the business.
Based on Ovid's reported figures, the company has failed to achieve positive free cash flow in any of the last ten quarters, with quarterly burn rates frequently exceeding $10 million, highlighting a structural inability to self-fund operations through current milestone-dependent revenue streams.
The consistent negative FCF margin, which reached as low as -132% in 2024Q4, underscores the company's reliance on external financing to sustain its research-heavy operating model. This trajectory suggests that without a major commercial milestone or capital injection, the current cash runway remains critically constrained.
According to recent SEC filings, Ovid's working capital changes are highly erratic, swinging from a $4.2 million inflow in 2024Q2 to a $1.7 million outflow in 2025Q3, reflecting the unpredictable nature of milestone-based receivables and the company's limited control over cash conversion cycles.
These fluctuations appear to be driven by the timing of contractual payments rather than operational efficiency in managing payables or receivables. The volatility in working capital suggests that liquidity management is reactive, leaving the company vulnerable to timing mismatches between research expenditures and partner payments.
Financial data indicates that Ovid's capital deployment is almost exclusively directed toward sustaining core research operations, with no evidence of dividends or share repurchases, as the company prioritizes the preservation of its limited $13.15 million cash balance to fund ongoing clinical development programs.
The absence of shareholder-friendly capital returns is expected given the company's pre-commercial status and high cash burn. Management's focus appears to be entirely on extending the runway, which may necessitate further dilutive equity raises if clinical milestones are not met in the near term.
Quick answers to the most common questions about buying OVID stock.
Ovid Therapeutics Inc. (OVID) generated $-38.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ovid Therapeutics Inc. (OVID) reported negative free cash flow of $38.3M in 2025, indicating capital requirements exceeded cash from operations.
Ovid Therapeutics Inc. (OVID) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.