Ovid Therapeutics Inc. has announced a private placement financing expected to raise up to $175 million in gross proceeds. The initial closing will provide approximately $81 million, which is projected to fund the company's operating plan and clinical pipeline into 2028. The financing includes the issuance of Series B Preferred Stock, as well as Series A Warrants, Series B Warrants, and Pre-Funded Warrants. Additional gross proceeds of up to $94 million may be realized upon the exercise of the issued warrants. Ovid has entered into agreements with investors, including a registration rights agreement to register the resale of the underlying shares with the SEC. The company anticipates issuing up to 125 million shares of common stock in connection with this transaction, pending warrant exercise and preferred stock conversion.