Ovid Therapeutics Inc., a biopharmaceutical company focused on developing treatments for brain conditions, announced its financial results for the first quarter of 2025. As of March 31, 2025, the company reported $43.0 million in cash, cash equivalents, and marketable securities. Revenues from royalty agreements were $130,000, reflecting a decrease from $148,000 in the same period the previous year. The company reported a net loss of $10.2 million for the first quarter, compared to a net loss of $11.7 million during the same period in 2024. Research and development expenses were reduced to $6.7 million from $10.4 million in the prior year's first quarter, attributed to organizational restructuring. General and administrative expenses also decreased to $6.0 million from $7.2 million in 2024, driven by cost-reduction efforts. Total operating expenses were reported at $12.7 million, down from $17.6 million in the previous year. In terms of business updates, Ovid's lead program, OV329, is on track to provide key safety and biomarker data later in 2025, and the company has initiated a Phase 1 study of OV350, with safety and tolerability results expected by year-end. The company anticipates its cash reserves will support operations and development programs into the second half of 2026.