OVID THERAPEUTICS Reports Q2 Earnings for FY2023 as of June 30 2023
August 13, 2023
🌥️Earnings Overview
On August 4 2023, OVID THERAPEUTICS ($NASDAQ:OVID) reported their Q2 earnings results for FY2023, as of June 30 2023. Total revenue for the quarter was USD 0.1 million, representing an increase from the 0.0 million reported in the same quarter in the previous year. Net income for the quarter was USD -12.4 million, decreasing from -14.6 million in the same quarter of the year prior.
Price History
This news was met with an overwhelmingly positive response from investors and the stock market. The stock opened at $3.4 and closed at $3.5, with a 5.4% increase in price from its previous closing of $3.3. This spike in stock price reflects investors’ confidence in OVID THERAPEUTICS and their potential for future growth. This was largely due to increased sales of their products as well as improved operational efficiencies.
Overall, the financial results released by OVID THERAPEUTICS indicate a strong outlook for the company and investor confidence in the future of the business. The stock market responded positively to this news, which is a testament to the company’s success. It will be interesting to see how OVID THERAPEUTICS performs in the coming quarters and whether they can continue to build on this success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ovid Therapeutics. More…
| Total Revenues | Net Income | Net Margin |
| 0.2 | -49.24 | -24799.3% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ovid Therapeutics. More…
| Operations | Investing | Financing |
| -45.67 | 44.17 | 0.32 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ovid Therapeutics. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 136.23 | 25.53 | 1.57 |
Key Ratios Snapshot
Some of the financial key ratios for Ovid Therapeutics are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 0.0% | – | -27218.6% |
| FCF Margin | ROE | ROA |
| -23109.6% | -29.2% | -24.8% |
Analysis
As GoodWhale, we recently undertook a task of analyzing OVID Therapeutics‘s fundamentals. Using our Star Chart, we found that OVID has strong assets and growth, and is of medium profitability and weak dividend. We classified the company as ‘rhino’, which means that it has achieved moderate revenue or earnings growth. With this being said, investors who are looking for steady growth and asset appreciation may find OVID’s fundamentals attractive. Furthermore, with an intermediate health score of 4/10 considering its cashflows and debt, OVID is likely to be able to pay off its debt and fund future operations without any problems. More…
Peers
Ovid Therapeutics Inc is a clinical-stage biopharmaceutical company. The company is engaged in the development of medicines for patients and families living with rare neurological disorders. The company’s lead product candidate, OV101, is a first-in-class, orally-available gamma-secretase modulator (GSMM) in development for the treatment of Angelman syndrome, a rare neurodevelopmental disorder. The company’s second product candidate, OV935, is an orally-available, small molecule inhibitor of adenosine monophosphate-activated protein kinase (AMPK) in development for the treatment of rare mitochondrial disorders.
The company’s competitors include Novan Inc, QSAM Biosciences Inc, NextCure Inc.
– Novan Inc ($NASDAQ:NOVN)
Novan Inc. is a pharmaceutical company that focuses on the development and commercialization of drugs to treat skin diseases. The company’s drugs are based on nitric oxide, which is a molecule that plays a role in the regulation of blood flow, cell proliferation, and inflammation. Novan’s lead product is SB204, a topical cream that is being investigated for the treatment of acne, skin infections, and other skin conditions. SB204 is currently in clinical trials. Novan has also developed other nitric oxide-based drugs that are in preclinical testing for the treatment of various diseases, including cancer.
Novan’s market cap is $22.98 million as of 2022. The company’s return on equity is -250.57%.
Novan is a pharmaceutical company focused on developing drugs to treat skin diseases. The company’s drugs are based on nitric oxide, which is a molecule that plays a role in the regulation of blood flow, cell proliferation, and inflammation. Novan’s lead product is SB204, a topical cream that is being investigated for the treatment of acne, skin infections, and other skin conditions. SB204 is currently in clinical trials. Novan has also developed other nitric oxide-based drugs that are in preclinical testing for the treatment of various diseases, including cancer.
– QSAM Biosciences Inc ($OTCPK:QSAM)
QSAM Biosciences Inc is a clinical-stage biopharmaceutical company focused on the development of novel therapeutics for the treatment of cancer and other serious diseases. The company’s lead product candidate is QBT301, a first-in-class, orally-administered small molecule inhibitor of the protein tyrosine kinase 6 (PTK6) that is in development for the treatment of several cancers, including non-small cell lung cancer (NSCLC), gastric cancer, and triple-negative breast cancer (TNBC). QBT301 has demonstrated potent activity in preclinical models of cancer, and the company is currently conducting a Phase 1/2 clinical trial of QBT301 in patients with advanced solid tumors.
– NextCure Inc ($NASDAQ:NXTC)
NextCure, Inc. is a clinical-stage biopharmaceutical company, which focuses on discovering and developing immunomedicines to treat patients with cancer and other intractable diseases. Its product pipeline includes NC401, NC610, and others. The company was founded by Pavan Cheruvu and Michael J. Davidson on April 28, 2016 and is headquartered in Beltsville, MD.
Summary
OVID Therapeutics‘ Q2 earnings results for FY2023, ending June 30 2023, revealed total revenue of $0.1 million, representing an increase from the same quarter of the previous year. Net income was -$12.4 million, a decrease from the year prior. This news led to an increase in the company’s stock price on the same day. Investors should consider this data when weighing OVID Therapeutics’ potential for future growth and financial stability.
It is important to note that one quarter of financial results may not provide enough evidence for a thorough investing analysis. Factors such as market trends, product offerings, and competitive landscape should also be taken into account.
Related Posts
Recent Posts
