Ovid Therapeutics Inc., a biopharmaceutical company focused on developing treatments for brain conditions, reported a net loss of $4.7 million for the second quarter ended June 30, 2025, compared to a net income of $8.5 million in the same period in 2024. The company noted a significant increase in revenues from royalty agreements, totaling $6.3 million for the quarter, up from $169,000 in the second quarter of 2024. Total operating expenses decreased to $11.3 million from $20.7 million in the prior year period. This reduction in expenses is attributed to an organizational restructuring aimed at reprioritizing clinical and preclinical pipeline programs. Research and development expenses dropped to $6.5 million from $12.6 million, and general and administrative expenses fell to $4.9 million from $8.1 million. Ovid's cash, cash equivalents, and marketable securities stood at $38.3 million as of June 30, 2025, which are expected to support operations and development programs into early second half of 2026. The company anticipates releasing topline results from the OV329 Phase 1 study in the third quarter of 2025, and is preparing for first-in-human studies of the OV4071 compound in the second quarter of 2026. Additionally, Ovid has signed a $7.0 million royalty monetization agreement with Immedica Pharma AB, providing capital from future ganaxolone royalties.