Revenue remains highly erratic with a 100% decline in 2026Q1, while operating losses consistently exceed $10 million per quarter, indicating a lack of sustainable operating leverage.
| Sales/Revenue | 7.12M | 7.25M | 566K | 392K | 1.5M | 208.38M | 12.62M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 1199.63% | 1181.27% | 44.39% | -73.91% | -99.28% | 1551.57% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 35K | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 141.73K | 80.31K | 0 | 11.78K | 0 |
| COGS % of Revenue | - | 4.14% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 7.09M | 6.95M | 566K | 392K | 1.5M | 208.38M | 12.62M | 0 | -142K | -80.31K | -56.51K | -11.78K | 0 |
| Gross Margin % | 99.51% | 95.86% | 100% | 100% | 100% | 100% | 100% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 1128.27% | 44.39% | -73.91% | -99.28% | 1551.57% | - | 100% | -76.81% | -42.11% | -379.81% | - | - |
| Operating Expenses | 54.82M | 49.39M | 62.45M | 59.67M | 57.05M | 84.17M | 94.05M | 61.41M | 52.93M | 65.01M | 22.54M | 13.19M | 446.89K |
| OpEx % of Revenue | - | 681.07% | 11033.75% | 15222.7% | 3796.44% | 40.39% | 745.4% | - | - | - | - | - | - |
| Selling, General & Admin | 24.75M | 24.11M | 25.68M | 29.59M | 32.43M | 37.23M | 30.63M | 19.25M | 19.14M | 15.04M | 12.95M | 6.58M | 341.52K |
| SG&A % of Revenue | - | 332.45% | 4537.63% | 7547.19% | 2158.18% | 17.87% | 242.77% | - | - | - | - | - | - |
| Research & Development | 30.07M | 25.58M | 36.77M | 28.59M | 24.62M | 46.94M | 64.12M | 46.86M | 33.79M | 49.97M | 9.59M | 6.61M | 105.38K |
| R&D % of Revenue | - | 352.76% | 6495.94% | 7292.86% | 1638.23% | 22.53% | 508.17% | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -300K | 1K | 1.5M | 510 | 1.1K | -700K | -4.7M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -47.73M | -42.44M | -61.88M | -59.28M | -55.55M | 124.21M | -81.43M | -61.41M | -52.93M | -65.01M | -22.54M | -13.19M | -447K |
| Operating Margin % | -670.25% | -585.2% | -10933.75% | -15122.7% | -3696.44% | 59.61% | -645.4% | - | - | - | - | - | - |
| Operating Income Growth % | - | 31.42% | -4.39% | -6.72% | -144.72% | 252.53% | -32.6% | -16.02% | 18.58% | -188.48% | -70.85% | -2850.78% | - |
| EBITDA | -47.57M | -42.14M | -61.27M | -58.71M | -54.17M | 124.45M | -81.12M | -61.15M | -52.79M | -64.93M | -22.48M | -13.18M | -444.69K |
| EBITDA Margin % | -667.9% | -581.07% | -10825.44% | -14977.81% | -3604.5% | 59.72% | -642.96% | - | - | - | - | - | - |
| EBITDA Growth % | 15.66% | 31.23% | -4.36% | -8.39% | -143.53% | 253.4% | -32.65% | -15.84% | 18.69% | -188.84% | -70.57% | -2863.5% | - |
| D&A (Non-Cash Add-back) | 167K | 300K | 613K | 568K | 1.38M | 237.08K | 306.85K | 255K | 141.73K | 80.31K | 56.51K | 11.78K | 2.31K |
| EBIT | -47.73M | -42.44M | -58.38M | -57.58M | -55.55M | 124.21M | -81.43M | -61.41M | -52.93M | -64.81M | -22.54M | -13.19M | -447K |
| Net Interest Income | 0 | 0 | 3.9M | 4.9M | 0 | 0 | 395.4K | 948.22K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 3.9M | 4.9M | 0 | 0 | 395.4K | 948.22K | 952.07K | 201.51K | 0 | 30.28K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 23.57M | 25.02M | 35.45M | 6.94M | 1.38M | -45.69K | 395.4K | 948.22K | 952.07K | 201.51K | 120.82K | 30.28K | 0 |
| Pretax Income | -24.17M | -17.41M | -26.43M | -52.34M | -54.17M | 124.16M | -81.04M | -60.46M | -51.98M | -64.81M | -22.41M | -13.16M | -447K |
| Pretax Margin % | -339.33% | -240.13% | -4670.14% | -13351.79% | -3604.66% | 59.58% | -642.26% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 1.33M | 0 | 0 | 0 | -80.31K | -950 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 1.07% | 0% | 0% | 0% | 0.12% | 0% | 0% | 0% |
| Net Income | -24.17M | -17.41M | -26.43M | -52.34M | -54.17M | 122.83M | -81.04M | -60.46M | -51.98M | -64.81M | -22.41M | -13.16M | -447K |
| Net Margin % | -339.33% | -240.13% | -4670.14% | -13351.79% | -3604.66% | 58.95% | -642.26% | - | - | - | - | - | - |
| Net Income Growth % | 3.23% | 34.12% | 49.5% | 3.38% | -144.1% | 251.58% | -34.03% | -16.32% | 19.79% | -189.13% | -70.32% | -2844.07% | - |
| Net Income (Continuing) | -24.17M | -17.41M | -26.43M | -52.34M | -54.17M | 122.83M | -81.04M | -60.46M | -51.98M | -64.81M | -22.41M | -13.16M | -447K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33 | -0.24 | -0.37 | -0.74 | -0.77 | 1.76 | -1.39 | -1.51 | -2.11 | -3.35 | -1.14 | -0.67 | -0.09 |
| EPS Growth % | 1.17% | 35.14% | 50% | 3.9% | -143.75% | 226.62% | 7.95% | 28.44% | 37.01% | -193.86% | -70.15% | -612.77% | - |
| EPS (Basic) | - | -0.24 | -0.37 | -0.74 | -0.77 | 1.78 | -1.39 | -1.51 | -2.11 | -3.35 | -1.14 | -0.67 | -0.09 |
| Diluted Shares Outstanding | 73.74M | 73.74M | 70.91M | 70.58M | 70.42M | 68.07M | 58.45M | 39.22M | 24.63M | 19.34M | 19.6M | 19.6M | 4.75M |
| Basic Shares Outstanding | 73.74M | 73.74M | 70.91M | 70.58M | 70.42M | 67.48M | 58.45M | 39.22M | 24.63M | 19.34M | 19.6M | 19.6M | 4.75M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As reported in financial statements, Ovid's revenue trajectory remains highly erratic, characterized by a 100% year-over-year decline in 2026Q1, reflecting the absence of recurring commercial sales and a heavy reliance on the timing of unpredictable clinical milestone payments from strategic partners like Takeda and Lundbeck.
The revenue profile is essentially binary, oscillating between periods of milestone recognition and near-zero inflows. This lack of organic commercial scaling suggests that the company's top-line performance is not a reliable indicator of operational health but rather a reflection of contractual accounting events.
Based on Ovid's reported figures, the company maintains a rigid cost structure where R&D expenses consistently consume the majority of capital, with quarterly R&D spend averaging approximately $8.5 million over the last ten quarters, regardless of the significant fluctuations observed in quarterly top-line revenue recognition.
The persistence of high R&D spending despite the lack of consistent revenue indicates a fixed-cost burden that is difficult to scale down without compromising the pipeline. This expense discipline appears focused on maintaining clinical momentum, yet it leaves the company highly exposed to cash depletion during periods of milestone inactivity.
According to recent SEC filings, Ovid's operating income remains deeply negative, with the company failing to demonstrate any meaningful operating leverage as quarterly operating losses frequently exceed $10 million, highlighting the disconnect between current research-heavy expenditures and the company's limited ability to generate sustainable, recurring operating income.
The absence of operating leverage is a direct consequence of the pre-commercial business model, where SG&A and R&D costs are not offset by a stable gross profit base. Investors should monitor whether the company can transition to a leaner operating profile or if it will remain perpetually dependent on external capital to fund its fixed overhead.
Financial data suggests that Ovid's reliance on non-recurring milestone payments creates a precarious financial position, as evidenced by the 2026Q1 period where the company reported zero revenue and a $17.8 million operating loss, underscoring the significant risk of insolvency without immediate, successful clinical trial readouts.
Short-term observers may argue that the company's current cash position is insufficient to sustain its high burn rate, necessitating dilutive equity raises. The reliance on external partners for late-stage development success introduces a layer of execution risk that could render the current income statement structure unsustainable if clinical milestones are delayed or missed.
Quick answers to the most common questions about buying OVID stock.
For fiscal year 2025, Ovid Therapeutics Inc. (OVID) reported total revenue of $7.3M.
Ovid Therapeutics Inc. (OVID) reported a net loss of $17.4M for the fiscal year ending 2025.
Ovid Therapeutics Inc. (OVID) reported an operating income of $-42.4M, resulting in an operating profit margin of -585.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Ovid Therapeutics Inc. (OVID) generated $7.0M in gross profit for the year, representing a gross profit margin of 95.9%. This demonstrates the company's core pricing power and production efficiency.