Ovid Therapeutics Inc. reported cash, cash equivalents and marketable securities of $25.6 million as of September 30, 2025. This was supplemented by an $81 million private placement in October 2025, with up to an additional $94 million possible from warrants. Revenue from royalty agreements for the third quarter was $0.1 million, compared to $0.2 million in the same period in 2024. Research and development expenses decreased to $5.9 million from $7.9 million, while general and administrative expenses increased to $6.8 million from $5.5 million. Total operating expenses were $12.7 million, down from $13.4 million a year earlier. The net loss for the quarter was $12.2 million, or $0.17 per share, compared to a net loss of $14.0 million, or $0.20 per share, in 2024. Key business developments include the appointment of Meg Alexander as CEO effective January 1, 2026, and advancement of OV329, a next-generation GABA-aminotransferase inhibitor, which showed strong Phase 1 results and will proceed to Phase 2 studies.