Ovid Therapeutics (OVID) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-38085
Entity Registrant Name	Ovid Therapeutics Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5270895
Entity Address, Address Line One	441 Ninth Avenue
Entity Address, Address Line Two	14th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	646
Local Phone Number	661-7661
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	OVID
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,521,340
Entity Central Index Key	0001636651
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 63,051,928	$ 44,867,846
Marketable securities	54,668,093	84,133,565
Prepaid expenses and other current assets	1,799,343	2,379,280
Total current assets	119,519,364	131,380,691
Long-term equity investments	5,982,452	5,622,547
Restricted cash	1,930,253	1,930,753
Right-of-use asset, net	14,669,362	14,922,669
Property and equipment, net	1,053,063	1,147,963
Other assets	212,510	261,191
Total assets	143,367,004	155,265,814
Current liabilities:
Accounts payable	1,831,490	1,952,910
Accrued expenses	4,085,369	4,504,669
Current portion, lease liability	804,139	533,946
Total current liabilities	6,720,998	6,991,525
Long-term liabilities:
Lease liability	15,698,324	16,001,725
Total liabilities	22,419,322	22,993,250
Stockholders' equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; Series A convertible preferred stock, 10,000 shares designated, 1,250 shares issued and outstanding at March 31, 2023 and December 31, 2022	1	1
Common stock, $0.001 par value; 125,000,000 shares authorized; 70,491,510 and 70,466,885 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	70,492	70,467
Additional paid-in-capital	359,754,310	357,770,825
Accumulated other comprehensive income (loss)	5,630	(42,187)
Accumulated deficit	(238,882,751)	(225,526,542)
Total stockholders' equity	120,947,682	132,272,564
Total liabilities and stockholders' equity	$ 143,367,004	$ 155,265,814

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, share designated (in shares)	10,000	10,000
Preferred stock, shares outstanding (in shares)	1,250	1,250
Preferred stock, shares issued (in shares)	1,250	1,250
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	125,000,000	125,000,000
Common stock shares issued (in shares)	70,491,510	70,466,885
Common stock, shares outstanding (in shares)	70,491,510	70,466,885

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Revenue, Product and Service [Extensible Enumeration]	License [Member]	License [Member]
Total revenue	$ 66,160	$ 1,445,366
Operating expenses:
Research and development	6,614,717	7,832,269
General and administrative	8,343,748	9,880,203
Total operating expenses	14,958,465	17,712,472
Loss from operations	(14,892,305)	(16,267,106)
Other income (expense), net	1,536,095	209,050
Loss before provision for income taxes	(13,356,209)	(16,058,056)
Provision for income taxes	0	50,000
Net loss	$ (13,356,209)	$ (16,108,056)
Net loss per share, basic (in dollars per share)	$ (0.19)	$ (0.23)
Net loss per share, diluted (in dollars per share)	$ (0.19)	$ (0.23)
Weighted-average common shares outstanding, basic (in shares)	70,490,704	70,345,828
Weighted-average common shares outstanding, diluted (in shares)	70,490,704	70,345,828

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (13,356,209)	$ (16,108,056)
Other comprehensive income:
Unrealized gain on marketable securities	47,817	0
Comprehensive loss	$ (13,308,392)	$ (16,108,056)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity - USD ($)	Total	Preferred Stock Series A Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		1,250
Beginning balance at Dec. 31, 2021	$ 179,746,436	$ 1	$ 70,359	$ 351,033,589	$ 0	$ (171,357,513)
Beginning balance (in shares) at Dec. 31, 2021			70,364,912
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and purchases from employee stock purchase plan (in shares)			52,333
Issuance of common stock from exercise of stock options and purchases from employee stock purchase plan	33,079		$ 14	33,065
Stock-based compensation expense	1,324,812			1,324,812
Net (loss) income	(16,108,056)					(16,108,056)
Ending balance (in shares) at Mar. 31, 2022		1,250
Ending balance at Mar. 31, 2022	$ 164,996,271	$ 1	$ 70,373	352,391,466	0	(187,465,569)
Ending balance (in shares) at Mar. 31, 2022			70,417,245
Beginning balance (in shares) at Dec. 31, 2022	1,250	1,250
Beginning balance at Dec. 31, 2022	$ 132,272,564	$ 1	$ 70,467	357,770,825	(42,187)	(225,526,542)
Beginning balance (in shares) at Dec. 31, 2022	70,466,885		70,466,885
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock from exercise of stock options and purchases from employee stock purchase plan (in shares)			24,625
Issuance of common stock from exercise of stock options and purchases from employee stock purchase plan	$ 66,993		$ 25	66,968
Stock-based compensation expense	1,916,518			1,916,518
Other comprehensive income	47,817				47,817
Net (loss) income	$ (13,356,209)					(13,356,209)
Ending balance (in shares) at Mar. 31, 2023	1,250	1,250
Ending balance at Mar. 31, 2023	$ 120,947,682	$ 1	$ 70,492	$ 359,754,310	$ 5,630	$ (238,882,751)
Ending balance (in shares) at Mar. 31, 2023	70,491,510		70,491,510

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (13,356,209)	$ (16,108,056)
Adjustments to reconcile net loss to cash used in operating activities:
Non-cash consideration received in licensing agreement transaction	0	(945,366)
Unrealized gain on equity investment	(359,905)	(207,068)
Interest income and accretion of discount on marketable securities	(729,119)	0
Stock-based compensation expense	1,916,518	1,324,812
Depreciation and amortization expense	144,650	73,807
Amortization of right-of-use asset	253,307	0
Accretion of lease liability	288,501	88,291
Change in operating assets and liabilities:
Prepaid expenses and other current assets	258,228	262,437
Security deposit	12,491	(4,305)
Accounts payable	(121,420)	(4,870,271)
Accrued expenses	(419,302)	299,300
Net cash used in operating activities	(12,112,260)	(20,086,419)
Cash flows from investing activities:
Purchase of marketable securities	(9,757,591)	0
Sales/maturities of marketable securities	40,000,000	0
Issuance of short-term note receivable	0	(1,000,000)
Purchases of property and equipment	(13,560)	(45,935)
Software development and other costs	0	(30,230)
Net cash provided by (used in) investing activities	30,228,849	(1,076,165)
Cash flows from financing activities:
Proceeds from exercise of options and purchases from employee stock purchase plan	66,993	33,079
Net cash provided by financing activities	66,993	33,079
Net increase (decrease) in cash, cash equivalents and restricted cash	18,183,582	(21,129,505)
Cash, cash equivalents and restricted cash, at beginning of period	46,798,599	189,728,285
Cash, cash equivalents and restricted cash, at end of period	64,982,181	168,598,780
Non-cash investing and financing activities:
Right-of-use asset in exchange for lease liability	$ 0	$ 15,779,773

NATURE OF OPERATIONS

NATURE OF OPERATIONS	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS	NATURE OF OPERATIONS Ovid Therapeutics Inc. (the “Company”) was incorporated under the laws of the state of Delaware and commenced operations on April 1, 2014 and maintains its principal executive office in New York, New York. The Company is a biopharmaceutical company committed to developing medicines that transform the lives of people with epilepsies and seizure-related disorders. Since its inception, the Company has devoted substantially all of its efforts to business development, research and development, recruiting management and technical staff, and raising capital, and has financed its operations through the issuance of convertible preferred stock, common stock and other equity instruments. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development and regulatory success, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and the ability to secure additional capital to fund operations. The Company’s major sources of cash have been licensing revenue, proceeds from various public and private offerings of its capital stock, option exercises and interest income. As of March 31, 2023, the Company had approximately $117.7 million in cash, cash equivalents and marketable securities. Since inception, the Company has generated $222.6 million in revenue, primarily from the Company’s royalty, license and termination agreement (“RLT Agreement”) with Takeda Pharmaceutical Company Limited (“Takeda”). Historically, the Company has incurred recurring losses, has experienced negative operating cash flows and requires significant cash resources to execute its business plans. The Company has an accumulated deficit of $238.9 million as of March 31, 2023, working capital of $112.8 million and had cash used in operating activities of $12.1 million for the three months ended March 31, 2023. The Company recorded a net loss of $13.4 million during the three months ended March 31, 2023, and expects to incur losses in subsequent periods for at least the next several years. The Company is highly dependent on its ability to find additional sources of funding through either equity offerings, debt financings, collaborations, strategic alliances, licensing agreements or a combination of any such transactions. Management believes that the Company’s existing cash, cash equivalents and marketable securities as of March 31, 2023 will be sufficient to fund its current operating plans through at least the next 12 months from the date of filing of the Company’s Quarterly Report on Form 10-Q. Adequate additional funding may not be available to the Company on acceptable terms or at all. The failure to raise capital as and when needed could have a negative impact on the Company’s financial condition and ability to pursue its business strategy. The Company may be required to delay, reduce the scope of or eliminate research and development programs, or obtain funds through arrangements with collaborators or others that may require the Company to relinquish rights to certain drug candidates that the Company might otherwise seek to develop or commercialize independently. The Company is subject to other challenges and risks specific to its business and its ability to execute on its strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development and commercial operations, including, without limitation, risks and uncertainties associated with: delays or problems in the supply of the Company's product candidates, loss of single source suppliers or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing additional products or product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; the challenges of protecting and enhancing intellectual property rights; complying with applicable regulatory requirements; and obtaining regulatory approval of any of the Company's product candidates.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 13, 2023. (A) Unaudited Interim Condensed Consolidated Financial Statements The interim condensed consolidated balance sheet at March 31, 2023 and the condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity for the three months ended March 31, 2023 and 2022 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP are condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three month periods ended March 31, 2023 and 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K. (B) Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in conformity with GAAP and include the accounts of Ovid Therapeutics Inc. and its wholly owned subsidiary, Ovid Therapeutics Hong Kong Limited. All intercompany transactions and balances have been eliminated in consolidation. (C) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ materially from those estimates. (D) Marketable Securities Marketable securities consist of investments in U.S. treasury instruments which are considered available-for-sale securities. The Company classifies its marketable securities with maturities of less than one year from the balance sheet date as current assets on its condensed consolidated balance sheets. The Company classifies its marketable securities with original maturities of less than three months as cash equivalents on its consolidated balance sheets. Unrealized gains and losses on these securities that are determined to be temporary are reported as a separate component of accumulated other comprehensive loss in stockholder's equity. (E) Restricted Cash The Company classifies as restricted cash all cash pledged as collateral to secure long-term obligations and all cash whose use is otherwise limited by contractual provisions. Amounts are reported as non-current unless restrictions are expected to be released in the next 12 months. (F) Long-Term Equity Investments Long-term equity investments consist of an equity investment in the preferred shares of Gensaic, Inc., formerly M13 Therapeutics, Inc. (“Gensaic”), a privately held corporation. The preferred shares are not considered in-substance common stock, and the investment is accounted for at cost, with adjustments for observable changes in prices or impairments, and is classified within long-term equity investments on our consolidated balance sheets with adjustments recognized in other (expense) income, net on our consolidated statements of operations. The Company has determined that the equity investment does not have a readily determinable fair value and elected the measurement alternative. Therefore, the equity investment’s carrying amount will be adjusted to fair value at the time of the next observable price change for the identical or similar investment of the same issuer or when an impairment is recognized. Each reporting period, the Company performs a qualitative assessment to evaluate whether the investment is impaired. The assessment includes a review of recent operating results and trends, recent sales/acquisitions of the investee's securities, and other publicly available data. If the investment is impaired, the Company writes it down to its estimated fair value. As of March 31, 2023 and December 31, 2022, the equity investment in Gensaic had a carrying value of $5.1 million. Long-term equity investments also consist of an equity investment in the common shares of Marinus Pharmaceuticals, Inc. (“Marinus”) that were received as non-cash consideration via the terms of a licensing agreement executed between the two companies effective March 2022. The equity shares are marked-to-market at each reporting date with changes in the fair value being reflected in the carrying value of the investment on the Company's consolidated balance sheets and other income (expense) on the Company's consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the equity investment in Marinus had a carrying value of approximately $0.9 million and $0.5 million, respectively. (G) Fair Value of Financial Instruments Financial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. The Company’s Level 1 assets consisted of investments in a U.S. treasury money market fund and equity securities totaling $61.6 million as of March 31, 2023. The Company's Level 1 assets totaled $42.5 million as of December 31, 2022. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. The Company's Level 2 assets consisted of U.S. treasury bills, totaling $54.7 million as of March 31, 2023 and $84.1 million as of December 31, 2022. • Level 3—Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. There were no Level 3 assets or liabilities as of March 31, 2023 or December 31, 2022. The carrying amounts reported in the balance sheets for cash and cash equivalents, other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments. (H) Leases The Company determines if an arrangement is a lease at inception and recognizes the lease in accordance with ASC 842. Operating leases are included in right-of-use “ROU”) assets, current liabilities, and long-term lease liability in the Company's consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The Company determines the portion of the lease liability that is current as the difference between the calculated lease liability at the end of the current period and the lease liability that is projected 12 months from the current period. (I) Property and Equipment Property and equipment are stated at cost and depreciated over their estimated useful lives of three years using the straight-line method. Repair and maintenance costs are expensed. The Company reviews the recoverability of all long-lived assets, including the related useful life, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. (J) Research and Development Expenses The Company expenses the cost of research and development as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and preclinical materials as well as contracted services, license fees, and other external costs. Research and development expenses also include the cost of licensing agreements acquired from third-parties. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received in accordance with ASC 730, Research and Development. (K) Stock-based Compensation The Company accounts for its stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which establishes accounting for stock-based awards granted to employees for services and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company estimates the fair value of all awards granted using the Black-Scholes valuation model. Key inputs and assumptions include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield, stock price and exercise price. Many of the assumptions require significant judgment and any changes could have an impact in the determination of stock-based compensation expense. The Company elected an accounting policy to record forfeitures as they occur. The Company recognizes employee stock-based compensation expense based on the fair value of the award on the date of the grant. The compensation expense is recognized over the vesting period under the straight-line method. The Company accounts for option awards granted to nonemployee consultants and directors in accordance with ASC 718. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock award at the earlier of the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. (L) Income Taxes The Company accounts for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as for net operating loss carryforwards and research and development credits. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The impact of a change in the tax laws is recorded in the period in which the law is enacted. (M) Net Loss per Share Net loss per common share is determined by dividing net loss attributable to common stockholders by the basic and diluted weighted-average common shares outstanding during the period. The Company applies the two-class method to allocate earnings between common stock and participating securities. When applicable, net income per diluted share attributable to common stockholders adjusts the basic earnings per share attributable to common stockholders and the weighted-average number of shares of common stock outstanding for the potential dilutive impact of stock options using the treasury-stock method and the potential impact of preferred stock using the if-converted method. (N) Revenue Recognition Under ASC 606, Revenue from Contracts with Customers, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. In applying ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the promises and performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) it satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services the Company transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. If there are multiple distinct performance obligations, the Company allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The standalone selling price is generally determined using expected cost and comparable transactions. Revenue for performance obligations recognized over time is recognized by measuring the progress toward complete satisfaction of the performance obligations using an input measure. Non-refundable upfront fees allocated to licenses that are not contingent on any future performance and require no consequential continuing involvement by the Company, are recognized as revenue when the license term commences and the licensed data, technology or product is delivered. The Company defers recognition of upfront license fees if the performance obligations are not satisfied. (O) Recent Accounting Pronouncements The Company has reviewed recently issued accounting standards and plans to adopt those that are applicable. The Company does not expect the adoption of those standards to have a material impact on its financial position, results of operations, or cash flows.

CASH, CASH EQUIVALENTS AND MARK

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES	CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES The following tables summarize the fair value of cash, cash equivalents and marketable securities as well as gross unrealized holding gains and losses as of March 31, 2023 and December 31, 2022: March 31, 2023 Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Cash $ 2,346,359 $ — $ — $ 2,346,359 Money market funds 60,705,569 — — 60,705,569 Marketable securities 54,662,463 5,630 — 54,668,093 Total cash, cash equivalents and marketable securities $ 117,714,391 $ 5,630 $ — $ 117,720,021 December 31, 2022 Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Cash $ 2,853,042 $ — $ — $ 2,853,042 Money market funds 42,014,804 — — 42,014,804 Marketable securities 84,175,752 — (42,187) 84,133,565 Total cash, cash equivalents and marketable securities $ 129,043,598 $ — $ (42,187) $ 129,001,411 The Company did not hold any securities that were in an unrealized loss position for more than 12 months as of March 31, 2023 and December 31, 2022. There were no material realized gains or losses on available-for-sale securities during the three months ended March 31, 2023 and 2022.

PROPERTY AND EQUIPMENT AND INTA

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS	PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS Property and equipment is summarized as follows: March 31, December 31, Furniture and equipment $ 1,436,592 $ 1,423,032 Leasehold improvements 306,312 306,312 Less accumulated depreciation (689,841) (581,381) Total property and equipment, net $ 1,053,063 $ 1,147,963 Depreciation expense was $108,460 and $30,839 for the three months ended March 31, 2023 and 2022, respectively.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
LEASES	LEASESDuring September 2021, the Company entered into a 10-year lease agreement for its corporate headquarters with a term commencing March 10, 2022, for approximately 19,000 square feet of office space at Hudson Commons in New York, New York. The lease provides for monthly rental payments over the lease term. The base rent under the lease is currently $2.3 million per year. Rent payments commenced 10 months following the commencement date of the lease, or January 10, 2023, and continue for 10 years following the rent commencement date. The Company issued a letter of credit in the amount of $1.9 million in association with the execution of the lease agreement; the letter of credit is characterized as restricted cash on the Company's condensed consolidated balance sheets. The Hudson Commons lease has a remaining lease term of approximately 10 years and includes a single renewal option for an additional five years. The Company did not include the renewal option in the lease term when calculating the lease liability as the Company is not reasonably certain that it will exercise the renewal option. The present value of the lease payments is calculated using an incremental borrowing rate of 7.02%. Lease expense is included in general and administrative and research and development expenses in the condensed consolidated statements of operations. ROU asset and lease liabilities related to the Company's operating lease are as follows: March 31, Right-of-use asset $ 14,669,362 Current lease liability 804,139 Long-term lease liability $ 15,698,324 The components of operating lease cost for the three months ended March 31, 2023 were as follows: March 31, Operating lease cost $ 541,808 Variable lease cost — Short-term lease cost — Future minimum commitments under the non-cancelable operating lease are as follows: 2023 1,351,177 2024 2,316,303 2025 2,316,303 2026 2,316,303 2027 2,316,303 Thereafter 12,347,235 $ 22,963,624

ACCRUED EXPENSES

ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES Accrued expenses consist of the following: March 31, December 31, Payroll and bonus accrual $ 1,895,602 $ 3,233,802 Research and development accrual 1,343,672 395,247 Professional fees accrual 675,234 682,664 Other 170,861 192,956 Total $ 4,085,369 $ 4,504,669

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITYThe Company’s capital structure consists of common stock and convertible preferred stock. Pursuant to the Company’s amended and restated certificate of incorporation, as amended, the Company is authorized to issue up to 125,000,000 shares of common stock and 10,000,000 shares of preferred stock. The Company has designated 1,250 of the 10,000,000 authorized shares of preferred stock as non-voting Series A Convertible Preferred Stock (“Series A Preferred Stock”). The holders of common stock are entitled to one vote for each share held. The holders of common stock have no preemptive or other subscription rights, and there are no redemption or sinking fund provisions with respect to such shares. Subject to preferences that may apply to any outstanding series of preferred stock, holders of the common stock are entitled to receive ratably any dividends declared on a non-cumulative basis. The common stock is subordinate to all series of preferred stock with respect to rights upon liquidation, winding up and dissolution of the Company. The holders of common stock are entitled to liquidation proceeds after all liquidation preferences for the preferred stock are satisfied. There were 1,250 shares of Series A Preferred Stock outstanding as of March 31, 2023 and December 31, 2022. Each share of Series A Preferred Stock is convertible into 1,000 shares of common stock at any time at the holder’s option. However, the holder will be prohibited, subject to certain exceptions, from converting shares of Series A Preferred Stock into shares of common stock if, as a result of such conversion, the holder, together with its affiliates, would own more than, at the written election of the holder, either 9.99% or 14.99% of the total number of shares of common stock then issued and outstanding, which percentage may be changed at the holder’s election to any other number less than or equal to 19.99% upon 61 days’ notice to the Company; provided, however, that effective 61 days after delivery of such notice, such beneficial ownership limitations shall not be applicable to any holder that beneficially owns either 10.0% or 15.0%, as applicable based on the holder’s initial written election noted above, of the total number of shares of common stock issued and outstanding immediately prior to delivery of such notice. In the event of a liquidation, dissolution, or winding up of the Company, holders of Series A Preferred Stock will receive a payment equal to $0.001 per share of Series A Preferred Stock before any proceeds are distributed to the holders of common stock. In November 2020, the Company entered into a sales agreement (the “2020 ATM agreement”) with Cowen and Company, LLC (“Cowen”), under which the Company may offer and sell in “at the market offerings,” from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $75.0 million through Cowen acting as sales agent. As of March 31, 2023, the Company has not sold any shares of its common stock under the 2020 ATM agreement. Dividends Through March 31, 2023, the Company has not declared any dividends. No dividends on the common stock shall be declared and paid unless dividends on the preferred stock have been declared and paid.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION The Company's Board of Directors adopted, and the Company's stockholders approved, the 2017 Equity Incentive Plan (“2017 Plan”), which became effective on May 4, 2017. The initial reserve of shares of common stock issuable under the 2017 Plan was 3,052,059 shares. The 2017 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance-based stock awards, and other forms of stock-based awards. Additionally, the 2017 Plan provides for the grant of performance cash awards. The Company's employees, officers, directors, consultants and advisors are eligible to receive awards under the 2017 Plan. Following the adoption of the 2017 Plan, no further awards will be granted under the Company’s prior plan. Pursuant to the terms of the 2017 Plan, on each January 1st, the plan limit shall be increased by the lesser of (x) 5% of the number of shares of common stock outstanding as of the immediately preceding December 31 and (y) such lesser number as the Board of Directors may determine at its discretion. On January 1, 2023 and January 1, 2022 an additional 3,523,344 and 1,000,000 shares, respectively, were reserved for issuance under the 2017 Plan. As of March 31, 2023, there were 4,243,849 shares of the Company’s common stock reserved and available for issuance under the 2017 Plan. The Company's Board of Directors adopted, and the Company's stockholders approved, the 2017 Employee Stock Purchase Plan (“2017 ESPP”), which became effective on May 4, 2017. The initial reserve of shares of common stock issuable under the 2017 ESPP was 279,069 shares. The 2017 ESPP allows employees to purchase common stock of the Company at a 15% discount to the market price on designated semi-annual purchase dates. During the three months ended March 31, 2023 and 2022, 29,830 and 38,583 shares, respectively, were purchased under the 2017 ESPP, and the Company recorded expense of $15,154 and $21,019, respectively. The number of shares of common stock reserved for issuance under the 2017 ESPP automatically increases on January 1 of each year, beginning on January 1, 2018 and continuing through and including January 1, 2027, by the lesser of (i) 1% of the total number of shares of the Company’s common stock outstanding on December 31 of the preceding calendar year, (ii) 550,000 shares or (iii) such lesser number of shares determined by the Board. The Board acted prior to each of January 1, 2023 and January 1, 2022 to provide that there be no increase in the number of shares reserved for issuance under the 2017 ESPP on either such date. As of March 31, 2023, there were 386,777 shares of the Company’s common stock reserved and available for issuance under the 2017 ESPP. The Company’s Board of Directors adopted and the Company’s stockholder’s approved the 2014 Equity Incentive Plan (“2014 Plan”), which authorized the Company to grant shares of common stock in the form of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock and restricted stock units. The 2014 Plan was terminated as to future awards in May 2017, although it continues to govern the terms of options that remain outstanding under the 2014 Plan. No additional stock awards will be granted under the 2014 Plan, and all outstanding stock awards granted under the 2014 Plan that are repurchased, forfeited, expire or are cancelled will become available for grant under the 2017 Plan in accordance with its terms. As of March 31, 2023, options to purchase 1,663,597 shares of common stock were outstanding under the 2014 Plan. Unless specified otherwise in an individual option agreement, stock options granted under the prior plan and the 2017 Plan generally have a ten-year term and a four-year graded vesting period. The vesting requirement is generally conditioned upon the grantee’s continued service with the Company during the vesting period. Once vested, all options granted are exercisable from the date of grant until they expire. The option grants are non-transferable. Vested options generally remain exercisable for 90 days subsequent to the termination of the option holder’s service with the Company. In the event of the option holder’s death or disability while employed by or providing service to the Company, the exercisable period extends to 12 months. Performance-based option awards generally have similar terms, with vesting commencing on the date the performance condition is achieved and expire in accordance with the specific terms of the agreement. At March 31, 2023, there were 100,000 performance-based options outstanding and unvested that include options to be granted upon the achievement of certain research and development milestones. The fair value of options granted during the three months ended March 31, 2023 and 2022 was estimated using the Black-Scholes option valuation model. The inputs for the Black-Scholes option valuation model require significant assumptions that are detailed in the table below. The risk-free interest rates were based on the rate for U.S. Treasury securities at the date of grant with maturity dates approximately equal to the expected life at the grant date. The expected life was based on the simplified method in accordance with the SEC Staff Accounting Bulletin No. Topic 14D. Beginning in January 1, 2023, the expected volatility was estimated based on historical volatility information of the Company since the Company's initial public offering. All assumptions used to calculate the grant date fair value of nonemployee options are generally consistent with the assumptions used for options granted to employees. In the event the Company terminates any of its consulting agreements, the unvested options underlying the agreements would also be canceled. The Company did not grant any stock options to nonemployee consultants for services rendered during the three months ended March 31, 2023 and 2022. There were 125,303 and 175,938 unvested nonemployee options outstanding as of March 31, 2023 and 2022, respectively. Total expense recognized related to nonemployee stock options for the three months ended March 31, 2023 and 2022, was $108,585 and $195,000, respectively. Total unrecognized compensation expenses related to the nonemployee stock options was $518,392 as of March 31, 2023. The Company did not recognize any expense for nonemployee performance-based option awards during the three months ended March 31, 2023 or 2022. The Company granted 2,660,500 and 2,426,750 stock options to employees during the three months ended March 31, 2023 and 2022, respectively. There were 7,372,384 and 5,954,029 unvested employee options outstanding as of March 31, 2023, and 2022, respectively. Total expense recognized related to the employee stock options for the three months ended March 31, 2023 and 2022 was $1.8 million and $1.1 million, respectively. Total unrecognized compensation expense related to employee stock options was $14.2 million as of March 31, 2023. No expense for employee performance-based options was recognized during the three months ended in March 31, 2023 and 2022. The Company’s stock-based compensation expense was recognized in operating expenses as follows: Three Months Ended March 31, 2023 2022 Research and development $ 510,261 $ 395,492 General and administrative 1,406,257 929,320 Total $ 1,916,518 $ 1,324,812 Three Months Ended March 31, 2023 2022 Stock options $ 1,901,364 $ 1,303,793 Employee Stock Purchase Plan 15,154 21,019 Total $ 1,916,518 $ 1,324,812 The fair value of employee options granted during the three months ended March 31, 2023 and 2022 was estimated utilizing the following assumptions: Three Months Ended March 31, 2023 2022 Weighted Average Weighted Average Volatility 84.61 % 87.17 % Expected term in years 6.06 6.06 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.00 % 1.72 % Fair value of option on grant date $ 1.84 $ 2.00 The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Weighted Aggregate Options outstanding December 31, 2022 12,961,238 $ 4.13 7.42 $ 62,158 Granted 2,660,500 2.50 9.91 Exercised (9,625) 1.91 Forfeited or expired (193,936) 3.38 Options outstanding March 31, 2023 15,418,177 $ 3.86 7.57 $ 1,028,677 Vested and exercisable at March 31, 2023 7,920,490 $ 4.75 6.23 $ 694,303 At March 31, 2023 there was approximately $14.7 million of unrecognized stock–based compensation expense related to employee and nonemployee grants, which is expected to be recognized over a remaining average vesting period of 2.57 years.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s interim income tax provision consists of U.S. federal and state income taxes based on the estimated annual effective tax rate that the Company expects for the full year together with the tax effect of discrete items. Each quarter the Company updates its estimate of the annual effective tax rate and records cumulative adjustments as necessary. As of March 31, 2023, the Company was in a pre-tax loss position, and is anticipated to remain so throughout the year. For the three months ended March 31, 2023, the Company did not record any tax benefit or expense. In assessing the realizability of deferred tax assets, management evaluates whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. Management assesses all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. Based on these factors,

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES License Agreements Northwestern University License Agreement In December 2016, the Company entered into a license agreement with Northwestern University, (“Northwestern”), pursuant to which Northwestern granted the Company an exclusive, worldwide license to patent rights of certain inventions (“Northwestern Patent Rights”) which relate to a specific compound and related methods of use for such compound, along with certain Know-How related to the practice of the inventions claimed in the Northwestern Patents. The Company is developing OV329 under this agreement. Under the Northwestern agreement, the Company was granted exclusive rights to research, develop, manufacture and commercialize products utilizing the Northwestern Patent Rights for all uses. The Company has agreed that it will not use the Northwestern Patent Rights to develop any products for the treatment of cancer, but Northwestern may not grant rights in the technology to others for use in cancer. The Company also has an option, exercisable during the term of the agreement to an exclusive license under certain intellectual property rights covering novel compounds with the same or similar mechanism of action as the primary compound that is the subject of the license agreement. Northwestern has retained the right, on behalf of itself and other non-profit institutions, to use the Northwestern Patent Rights and practice the inventions claimed therein for educational and research purposes and to publish information about the inventions covered by the Northwestern Patent Rights. Upon entry into the Northwestern agreement, the Company paid an upfront non-creditable one-time license issuance fee of $75,000, and is required to pay an annual license maintenance fee of $20,000, which will be creditable against any royalties payable to Northwestern following first commercial sale of licensed products under the agreement. The Company is responsible for all ongoing costs of filing, prosecuting and maintaining the Northwestern Patents, but also has the right to control such activities using its own patent counsel. In consideration for the rights granted to the Company under the Northwestern agreement, the Company is required to pay to Northwestern up to an aggregate of $5.3 million upon the achievement of certain development and regulatory milestones for the first product covered by the Northwestern Patents, and upon commercialization of any such products, will be required to pay to Northwestern a tiered royalty on net sales of such products by the Company, its affiliates or sublicensees, at percentages in the low to mid single-digits, subject to standard reductions and offsets. The Company’s royalty obligations continue on a product-by-product and country-by-country basis until the later of the expiration of the last-to-expire valid claim in a licensed patent covering the applicable product in such country and 10 years following the first commercial sale of such product in such country. If the Company sublicenses a Northwestern Patent Right, it will be obligated to pay to Northwestern a specified percentage of sublicense revenue received by the Company, ranging from the high single digits to the low-teens. The Northwestern agreement requires that the Company use commercially reasonable efforts to develop and commercialize at least one product that is covered by the Northwestern Patent Rights. Unless earlier terminated, the Northwestern agreement will remain in force until the expiration of the Company’s payment obligations thereunder. The Company has the right to terminate the agreement for any reason upon prior written notice or for an uncured material breach by Northwestern. Northwestern may terminate the agreement for the Company’s uncured material breach or insolvency. AstraZeneca AB License Agreement On December 30, 2021, the Company entered into an exclusive license agreement with AstraZeneca AB (“AstraZeneca”), for a library of early-stage small molecules targeting the KCC2 transporter, including lead candidate OV350. Upon execution of the agreement, the Company was obligated to pay an upfront cash payment of $5.0 million and issued shares of the Company's common stock in an amount that equaled $7.3 million based on the volume-weighted average price of shares of the Company's common stock for the 30 business days immediately preceding the execution date of the transaction. Since the intangibles acquired in the AstraZeneca license agreement do not have an alternative future use, all costs incurred were treated as research and development expense. The Company recorded a total of $12.3 million as research and development expense related to this agreement during December 2021. Pursuant to the AstraZeneca license agreement, the Company agreed to potential milestone payments of up to $203.0 million upon the achievement of certain developmental, regulatory and sales milestones. The first payment of $3.0 million is due upon the successful completion of the first Phase 2 clinical study of a licensed product following a positive biomarker readout in a Phase 1 clinical study. Gensaic Collaboration and Option Agreement In August 2022, the Company entered into a collaboration and option agreement (“Collaboration Agreement”) with Gensaic. The Collaboration Agreement involves the research and development of phage-derived particle (“PDP”) products on Gensaic's proprietary platform for certain central nervous system rare disorder targets. Under the Collaboration Agreement, Gensaic grants the Company an exclusive option to obtain an exclusive license with respect to certain identified lead PDP products, which are exercisable at any time prior to the expiration of the option period. Once a product is identified by the Company that demonstrates sufficient efficacy, the Company may exercise its option with respect to the specific research program for that PDP product. The Company shall reimburse Gensaic for Gensaic's research costs related to the specific research plan for PDP products identified, The research plan and budget shall be mutually agreed upon by the parties and shall not exceed $3.0 million in any research year. The Company will record these reimbursement payments as research and development costs in the period the research costs are incurred. If a product is ultimately commercialized under this agreement, the Company shall make tiered royalty payments to Gensaic in the mid-single to low double-digit range based on the net sales of all licensed PDP products during the royalty term. The Company is also responsible for potential tiered milestone payments of up to $452.0 million based upon the achievement of certain sales milestone events and developmental milestone approvals for three or more products. Gensaic also has the option to become a collaborative partner in the development and commercialization of PDP products in exchange for a fee based on a percentage of the costs incurred by the Company through the date Gensaic exercises its option. The Company would no longer be required to pay Gensaic royalty or milestone payments if Gensaic elects to exercise its option. The Company may terminate this agreement by providing written notice to Gensaic 90 days in advance of the termination date. As of March 31, 2023, none of these contingent payments were considered probable. Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with loss contingencies are expensed as incurred. The Company is not currently involved in any legal matters arising in the normal course of business. Under the terms of their respective employment agreements, certain of our executive officers are eligible to receive severance payments and benefits upon a termination without “cause” or due to “permanent disability,” or upon “resignation for good reason,” contingent upon the executive officer’s delivery to the Company of a satisfactory release of claims, and subject to the executive officer’s compliance with non-competition and non-solicitation restrictive covenants.

COLLABORATION AND LICENSE AGREE

COLLABORATION AND LICENSE AGREEMENTS	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATION AND LICENSE AGREEMENTS	COLLABORATION AND LICENSE AGREEMENTS Takeda Collaboration On January 6, 2017, the Company entered into a license and collaboration agreement with Takeda under which the Company licensed from Takeda certain exclusive rights to develop and commercialize soticlestat in certain territories. In March 2021, the Company entered into the RLT Agreement, pursuant to which Takeda secured rights to the Company’s 50% global share in soticlestat, and the Company granted to Takeda an exclusive worldwide license under the Company’s relevant intellectual property rights to develop and commercialize the investigational medicine soticlestat for the treatment of developmental and epileptic encephalopathies, including Dravet syndrome and Lennox-Gastaut syndrome. Under the RLT Agreement, all rights in soticlestat were owned by Takeda or exclusively licensed to Takeda by the Company. Takeda assumed all responsibility for, and costs of, both development and commercialization of soticlestat, and the Company will no longer have any financial obligation to Takeda under the original collaboration agreement, including milestone payments or any future development and commercialization costs. On March 29, 2021 upon the closing of the RLT Agreement, the Company received an upfront payment of $196.0 million and, if soticlestat is successfully developed, will be eligible to receive up to an additional $660.0 million upon Takeda achieving developmental, regulatory and sales milestones. In addition, the Company will be entitled to receive tiered royalties beginning in the low double-digits, and up to 20% on sales of soticlestat if regulatory approval is achieved. Royalties will be payable on a country-by-country and product-by-product basis for any indications that soticlestat is approved for and sold during the period beginning on the date of the first commercial sale of such product in such country and ending on the later to occur of the expiration of patent rights covering the product in such country and a specified anniversary of such first commercial sale. The Company identified the following material promises under the RLT Agreement: (1) no later than the second business day prior to the closing of the RLT Agreement (the “Closing Date”), the Company and Takeda were required to agree on an estimate of the development expenses that accrued, or would accrue, under the original collaboration agreement as of March 31, 2021; (2) on the Closing Date, the Company was required to (i) provide and transfer to Takeda the materials, information and data relating to the soticlestat program, including clinical trial data and results, as further set forth in the RLT Agreement, (ii) assign to Takeda certain agreements applicable to the soticlestat program, and (iii) assign to Takeda all of its right, title and interest in, to and under all intellectual property rights developed or created pursuant to the original collaboration agreement and owned jointly by the Company and Takeda as of the Closing Date; (3) within 45 days after March 31, 2021, the Company and Takeda were required to provide a written report to the finance officer designated by the other party setting forth a final total of the development expenses that accrued as of March 31, 2021 and, within 10 business days after receipt of such report, the finance officers shall agree on whether a net settlement payment is due from Takeda to the Company or from the Company to Takeda; and (4) within 75 days after the Closing Date, to the extent not provided on the Closing Date, Ovid shall provide to Takeda (i) any materials, information and data relating to the soticlestat program, including clinical trial data and results, as further set forth in the RLT Agreement, (ii) other documents (including all expired agreements and related data developed thereunder) to the extent relating to the soticlestat program that are necessary for the exploitation, development, commercialization and manufacture of soticlestat, as further set forth in the RLT Agreement and (iii) any tangible embodiment of the intellectual property rights controlled by Ovid that are reasonably necessary for, used in or held for use in Takeda’s exploitation of the soticlestat program. The Company determined the transaction price is equal to the upfront fee of $196.0 million and is associated with all four performance obligations identified above. It is noted that the incremental effort associated with performance obligations three and four is negligible and not material in the context of the RLT Agreement since all of the information is related to the collaboration period for which the Company already has the information readily available. Therefore, since they are not material in the context of the RLT Agreement, the full upfront fee was allocated to the two performance obligations satisfied at closing. During the three months ended March 31, 2023, no expense was recognized pursuant to the RLT Agreement. Healx License and Option Agreement On February 1, 2022, the Company entered an exclusive license option agreement (“Healx License and Option Agreement”) with Healx, Ltd. (“Healx”). Under the terms of the Healx License and Option Agreement, Healx has secured a one-year option to investigate gaboxadol (“OV101”) as part of a potential combination therapy for Fragile X syndrome in a Phase 2A clinical trial, as well as a treatment for other indications, for an upfront payment of $0.5 million, and fees to support prosecution and maintenance of our relevant intellectual property rights. At the end of the one-year option period, Healx has the option to secure rights to an exclusive license under the Company's relevant intellectual property rights, in exchange for an additional payment of $2.0 million, development and commercial milestone payments, and low to mid-tier double digit royalties. On February 1, 2023, the Company granted an extension of the option period for up to four months for Healx to continue to investigate gaboxadol. Royalties are payable on a country-by-country and product-by-product basis during the period beginning on the date of the first commercial sale of such product in such country and ending on the later to occur of the expiration of patent rights covering the product in such country and a specified anniversary of such first commercial sale. Healx will assume all responsibility for, and costs of, both development and commercialization of gaboxadol following the exercise of the option. The Company will retain the option to co-develop and co-commercialize the program with Healx (“Ovid Opt-In Right”) at the end of a positive readout of clinical Phase 2B and would share net profits and losses in lieu of the milestones and royalty payments. If the Ovid Opt-In Right were exercised, the Company would be required to pay Healx 50% of development costs. The Company does not plan to conduct further trials of gaboxadol. The term of the Healx License and Option Agreement will continue until the later of (a) the expiration of all relevant royalty terms, or in the event that Healx does not exercise its option during the option period defined in the Healx License and Option Agreement, or the Option Period, the expiration of such period, or (b) in the event that Healx does exercise its option during the Option Period, and the Company does not exercise the Ovid Opt-In Right during the period of time it has to opt-in, or the Opt-In Period, or the opt-in terms are otherwise terminated, upon the expiration of all payment obligations, or (c) in the event that Healx does exercise the Option during the Option Period, and the Company does exercise the Ovid Opt-In Right during the Opt-In Period, such time as neither Healx nor the Company is continuing to exploit gaboxadol. Further, if the Company exercises the Ovid Opt-In Right to co-develop and co-commercialize the program, it will owe a share of the net profit share to a third party with which it previously established a licensing agreement. If the Company does not exercise the Ovid Opt-In Right, it will owe the third party a share of all milestone and royalty payments. No revenue was recognized relating to this agreement during the three months ended March 31, 2023. During the three months ended March 31, 2022, the Company recorded revenue of $0.5 million associated with the Healx License and Option Agreement. Marinus Pharmaceuticals Out-License Agreement On March 1, 2022, the Company entered into an exclusive patent license agreement with Marinus (“Marinus License Agreement”). Under the Marinus License Agreement, the Company granted Marinus an exclusive, non-transferable (except as expressly provided therein), royalty-bearing right and license under certain Ovid patents relating to ganaxolone to develop, make, have made, commercialize, promote, distribute, sell, offer for sale and import licensed products in the territory (which consist of the United States, the European Economic Area, United Kingdom and Switzerland) for the treatment of CDKL5 deficiency disorders. Following the date of regulatory approval by the FDA of the first licensed product in the territory which was received on March 18, 2022, Marinus issued, at the Company's option, 123,255 shares of Marinus common stock, par value $0.001 per share, as payment. The Marinus License Agreement also provides for payment of royalties from Marinus to the Company in single digits on net sales of each such licensed product sold. The Company recorded revenue and an associated investment in equity securities of approximately $0.9 million related to the patent license agreement on March 18, 2022, based on the price of Marinus common stock on March 1, 2022. The Company had unrealized gains on the Marinus common stock of $0.4 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively, which were recorded as unrealized gains on equity securities and are reflected in other income (expense), net in the condensed consolidated statements of operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONSIn March 2021, the Company entered into the RLT Agreement with Takeda. For a description of the RLT Agreement, see Note 11.

NET LOSS PER SHARE

NET LOSS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
NET LOSS PER SHARE	NET LOSS PER SHARE Basic net loss per share is calculated based upon the weighted-average number of common shares outstanding during the period, excluding outstanding stock options that have not yet vested. For any period in which the Company records net income, diluted net income per share is calculated based upon the weighted-average number of common shares outstanding during the period plus the dilutive impact of weighted-average common equivalent shares outstanding during the period resulting from the assumed exercise of outstanding stock options determined under the treasury stock method and the assumed conversion of preferred stock into common shares determined using the if-converted method. Diluted net loss per share is equivalent to the basic net loss per share due to the exclusion of outstanding stock options and convertible preferred stock because the inclusion of these securities would result in an anti-dilutive effect on per share amounts. The basic and diluted net loss per common share is presented in conformity with the two-class method required for participating securities and multiple classes of shares. The Company considers its preferred stock to be participating securities. For any period in which the Company records net income, undistributed earnings allocated to the participating securities are subtracted from net income in determining net income attributable to common stockholders. The undistributed earnings have been allocated based on the participation rights of preferred stock and common shares as if the earnings for the year have been distributed. For periods in which the Company recognizes a net loss, undistributed losses are allocated only to common shares as the participating securities do not contractually participate in the Company’s losses. Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Participating securities are excluded from basic weighted-average common shares outstanding. The following table summarizes the calculation of basic and diluted net loss per share: For the Three Months Ended March 31, 2023 2022 Net loss $ (13,356,209) $ (16,108,056) Net loss attributable to participating securities — — Net loss attributable to common stockholders $ (13,356,209) $ (16,108,056) For the Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders $ (13,356,209) $ (16,108,056) Weighted average common shares outstanding used in computing net loss per share - basic 70,490,704 70,345,828 Weighted average common shares outstanding used in computing net loss per share - diluted 70,490,704 70,345,828 Net loss per share, basic $ (0.19) $ (0.23) Net loss per share, diluted $ (0.19) $ (0.23) The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: For the Three Months Ended March 31, 2023 2022 Stock options to purchase common stock 15,418,577 12,755,657 Common stock issuable upon conversion of Series A convertible preferred stock 1,250,000 1,250,000

SUBSEQUENT EVENT

SUBSEQUENT EVENT	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENT	SUBSEQUENT EVENTGraviton License Agreement and Equity Purchase On April 30, 2023, the Company entered into an agreement with Graviton Bioscience Corporation (“Graviton”), whereby it secured from Graviton an exclusive license to develop and commercialize Graviton's library of ROCK2 inhibitors including their lead program GV101 in rare central nervous system (“CNS”) disorders (excluding amyotrophic lateral sclerosis) worldwide (excluding China, Hong Kong, Macau and Taiwan). Under the agreement, the Company and Graviton plan to investigate GV101 in cerebral cavernous malformations as well as Graviton's library of ROCK2 inhibitors in other rare CNS disorders. The Company will be responsible for all development and commercialization costs of the products. Should the Company receive regulatory approval and commercialize any of Graviton’s ROCK2 inhibitors, it will pay Graviton tiered royalties on net sales ranging from the mid to high teens. As part of the collaboration the Company also purchased shared of Graviton's Series A Preferred Stock for $10 million

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Unaudited Interim Condensed Consolidated Financial Statements	Unaudited Interim Condensed Consolidated Financial StatementsThe interim condensed consolidated balance sheet at March 31, 2023 and the condensed consolidated statements of operations, comprehensive loss, cash flows, and stockholders’ equity for the three months ended March 31, 2023 and 2022 are unaudited. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the SEC for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP are condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments that are necessary for a fair statement of its financial information. The results of operations for the three month periods ended March 31, 2023 and 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other future annual or interim period. The balance sheet as of December 31, 2022 included herein was derived from the audited financial statements as of that date. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K.
Basis of Presentation and Consolidation	Basis of Presentation and ConsolidationThe accompanying condensed consolidated financial statements have been prepared in conformity with GAAP and include the accounts of Ovid Therapeutics Inc. and its wholly owned subsidiary, Ovid Therapeutics Hong Kong Limited. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ materially from those estimates.
Marketable Securities	Marketable SecuritiesMarketable securities consist of investments in U.S. treasury instruments which are considered available-for-sale securities. The Company classifies its marketable securities with maturities of less than one year from the balance sheet date as current assets on its condensed consolidated balance sheets. The Company classifies its marketable securities with original maturities of less than three months as cash equivalents on its consolidated balance sheets. Unrealized gains and losses on these securities that are determined to be temporary are reported as a separate component of accumulated other comprehensive loss in stockholder's equity.
Restricted Cash	Restricted CashThe Company classifies as restricted cash all cash pledged as collateral to secure long-term obligations and all cash whose use is otherwise limited by contractual provisions. Amounts are reported as non-current unless restrictions are expected to be released in the next 12 months.
Long-Term Equity Investments	Long-Term Equity Investments Long-term equity investments consist of an equity investment in the preferred shares of Gensaic, Inc., formerly M13 Therapeutics, Inc. (“Gensaic”), a privately held corporation. The preferred shares are not considered in-substance common stock, and the investment is accounted for at cost, with adjustments for observable changes in prices or impairments, and is classified within long-term equity investments on our consolidated balance sheets with adjustments recognized in other (expense) income, net on our consolidated statements of operations. The Company has determined that the equity investment does not have a readily determinable fair value and elected the measurement alternative. Therefore, the equity investment’s carrying amount will be adjusted to fair value at the time of the next observable price change for the identical or similar investment of the same issuer or when an impairment is recognized. Each reporting period, the Company performs a qualitative assessment to evaluate whether the investment is impaired. The assessment includes a review of recent operating results and trends, recent sales/acquisitions of the investee's securities, and other publicly available data. If the investment is impaired, the Company writes it down to its estimated fair value. As of March 31, 2023 and December 31, 2022, the equity investment in Gensaic had a carrying value of $5.1 million. Long-term equity investments also consist of an equity investment in the common shares of Marinus Pharmaceuticals, Inc. (“Marinus”) that were received as non-cash consideration via the terms of a licensing agreement executed between the two companies effective March 2022. The equity shares are marked-to-market at each reporting date with changes in the fair value being reflected in the carrying value of the investment on the Company's consolidated balance sheets and other income (expense) on the Company's consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the equity investment in Marinus had a carrying value of approximately $0.9 million and $0.5 million, respectively.
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsFinancial Accounting Standards Board (“FASB”) guidance specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy are as follows: • Level 1—Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 1 primarily consists of financial instruments whose value is based on quoted market prices such as exchange-traded instruments and listed equities. The Company’s Level 1 assets consisted of investments in a U.S. treasury money market fund and equity securities totaling $61.6 million as of March 31, 2023. The Company's Level 1 assets totaled $42.5 million as of December 31, 2022. • Level 2—Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly (e.g., quoted prices of similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active). Level 2 includes financial instruments that are valued using models or other valuation methodologies. The Company's Level 2 assets consisted of U.S. treasury bills, totaling $54.7 million as of March 31, 2023 and $84.1 million as of December 31, 2022. • Level 3—Unobservable inputs for the asset or liability. Financial instruments are considered Level 3 when their fair values are determined using pricing models, discounted cash flows or similar techniques and at least one significant model assumption or input is unobservable. There were no Level 3 assets or liabilities as of March 31, 2023 or December 31, 2022. The carrying amounts reported in the balance sheets for cash and cash equivalents, other current assets, accounts payable and accrued expenses approximate their fair value based on the short-term maturity of these instruments.
Leases	LeasesThe Company determines if an arrangement is a lease at inception and recognizes the lease in accordance with ASC 842. Operating leases are included in right-of-use “ROU”) assets, current liabilities, and long-term lease liability in the Company's consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term. The Company determines the portion of the lease liability that is current as the difference between the calculated lease liability at the end of the current period and the lease liability that is projected 12 months from the current period.
Property and Equipment	Property and EquipmentProperty and equipment are stated at cost and depreciated over their estimated useful lives of three years using the straight-line method. Repair and maintenance costs are expensed. The Company reviews the recoverability of all long-lived assets, including the related useful life, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable.
Research and Development Expenses	Research and Development ExpensesThe Company expenses the cost of research and development as incurred. Research and development expenses are comprised of costs incurred in performing research and development activities, including clinical trial costs, manufacturing costs for both clinical and preclinical materials as well as contracted services, license fees, and other external costs. Research and development expenses also include the cost of licensing agreements acquired from third-parties. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received in accordance with ASC 730, Research and Development
Stock-based Compensation	Stock-based CompensationThe Company accounts for its stock-based compensation in accordance with ASC 718, Compensation—Stock Compensation, which establishes accounting for stock-based awards granted to employees for services and requires companies to expense the estimated fair value of these awards over the requisite service period. The Company estimates the fair value of all awards granted using the Black-Scholes valuation model. Key inputs and assumptions include the expected term of the option, stock price volatility, risk-free interest rate, dividend yield, stock price and exercise price. Many of the assumptions require significant judgment and any changes could have an impact in the determination of stock-based compensation expense. The Company elected an accounting policy to record forfeitures as they occur. The Company recognizes employee stock-based compensation expense based on the fair value of the award on the date of the grant. The compensation expense is recognized over the vesting period under the straight-line method. The Company accounts for option awards granted to nonemployee consultants and directors in accordance with ASC 718. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock award at the earlier of the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete.
Income Taxes	Income TaxesThe Company accounts for income taxes under the asset and liability method, which requires deferred tax assets and liabilities to be recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts and respective tax bases of existing assets and liabilities, as well as for net operating loss carryforwards and research and development credits. Valuation allowances are provided if it is more likely than not that some portion or all of the deferred tax assets will not be realized. The impact of a change in the tax laws is recorded in the period in which the law is enacted.
Net Loss Per Share	Net Loss per Share Net loss per common share is determined by dividing net loss attributable to common stockholders by the basic and diluted weighted-average common shares outstanding during the period. The Company applies the two-class method to allocate earnings between common stock and participating securities. When applicable, net income per diluted share attributable to common stockholders adjusts the basic earnings per share attributable to common stockholders and the weighted-average number of shares of common stock outstanding for the potential dilutive impact of stock options using the treasury-stock method and the potential impact of preferred stock using the if-converted method.
Revenue Recognition	Revenue Recognition Under ASC 606, Revenue from Contracts with Customers, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. In applying ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the promises and performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) it satisfies the performance obligations. The Company only applies the five-step model to contracts when it is probable that it will collect the consideration to which it is entitled in exchange for the goods or services the Company transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Prior to recognizing revenue, the Company makes estimates of the transaction price, including variable consideration that is subject to a constraint. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. If there are multiple distinct performance obligations, the Company allocates the transaction price to each distinct performance obligation based on its relative standalone selling price. The standalone selling price is generally determined using expected cost and comparable transactions. Revenue for performance obligations recognized over time is recognized by measuring the progress toward complete satisfaction of the performance obligations using an input measure. Non-refundable upfront fees allocated to licenses that are not contingent on any future performance and require no consequential continuing involvement by the Company, are recognized as revenue when the license term commences and the licensed data, technology or product is delivered. The Company defers recognition of upfront license fees if the performance obligations are not satisfied.
Recent Accounting Pronouncements	Recent Accounting PronouncementsThe Company has reviewed recently issued accounting standards and plans to adopt those that are applicable. The Company does not expect the adoption of those standards to have a material impact on its financial position, results of operations, or cash flows.The Company adopts new pronouncements relating to generally accepted accounting principles applicable to the Company as they are issued, which may be in advance of their effective date. Management does not believe that any recently issued, but not yet effective accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

CASH, CASH EQUIVALENTS AND MA_2

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Debt Securities, Available-for-Sale	The following tables summarize the fair value of cash, cash equivalents and marketable securities as well as gross unrealized holding gains and losses as of March 31, 2023 and December 31, 2022: March 31, 2023 Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Cash $ 2,346,359 $ — $ — $ 2,346,359 Money market funds 60,705,569 — — 60,705,569 Marketable securities 54,662,463 5,630 — 54,668,093 Total cash, cash equivalents and marketable securities $ 117,714,391 $ 5,630 $ — $ 117,720,021 December 31, 2022 Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Cash $ 2,853,042 $ — $ — $ 2,853,042 Money market funds 42,014,804 — — 42,014,804 Marketable securities 84,175,752 — (42,187) 84,133,565 Total cash, cash equivalents and marketable securities $ 129,043,598 $ — $ (42,187) $ 129,001,411
Schedule of Cash and Cash Equivalents	The following tables summarize the fair value of cash, cash equivalents and marketable securities as well as gross unrealized holding gains and losses as of March 31, 2023 and December 31, 2022: March 31, 2023 Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Cash $ 2,346,359 $ — $ — $ 2,346,359 Money market funds 60,705,569 — — 60,705,569 Marketable securities 54,662,463 5,630 — 54,668,093 Total cash, cash equivalents and marketable securities $ 117,714,391 $ 5,630 $ — $ 117,720,021 December 31, 2022 Amortized cost Gross unrealized holding gains Gross unrealized holding losses Fair value Cash $ 2,853,042 $ — $ — $ 2,853,042 Money market funds 42,014,804 — — 42,014,804 Marketable securities 84,175,752 — (42,187) 84,133,565 Total cash, cash equivalents and marketable securities $ 129,043,598 $ — $ (42,187) $ 129,001,411

PROPERTY AND EQUIPMENT AND IN_2

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment is summarized as follows: March 31, December 31, Furniture and equipment $ 1,436,592 $ 1,423,032 Leasehold improvements 306,312 306,312 Less accumulated depreciation (689,841) (581,381) Total property and equipment, net $ 1,053,063 $ 1,147,963

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of ROU Asset and Lease Liabilities Related to the Company Operating Lease	ROU asset and lease liabilities related to the Company's operating lease are as follows: March 31, Right-of-use asset $ 14,669,362 Current lease liability 804,139 Long-term lease liability $ 15,698,324
Schedule of Components of Operating Lease Cost	The components of operating lease cost for the three months ended March 31, 2023 were as follows: March 31, Operating lease cost $ 541,808 Variable lease cost — Short-term lease cost —
Schedule of Future Minimum Commitments Under the non-cancelable Operating Lease	Future minimum commitments under the non-cancelable operating lease are as follows: 2023 1,351,177 2024 2,316,303 2025 2,316,303 2026 2,316,303 2027 2,316,303 Thereafter 12,347,235 $ 22,963,624

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: March 31, December 31, Payroll and bonus accrual $ 1,895,602 $ 3,233,802 Research and development accrual 1,343,672 395,247 Professional fees accrual 675,234 682,664 Other 170,861 192,956 Total $ 4,085,369 $ 4,504,669

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Recognized Stock-Based Compensation Expense	The Company’s stock-based compensation expense was recognized in operating expenses as follows: Three Months Ended March 31, 2023 2022 Research and development $ 510,261 $ 395,492 General and administrative 1,406,257 929,320 Total $ 1,916,518 $ 1,324,812
Schedule of Allocation of Stock-based Compensation Expense by Plan	Three Months Ended March 31, 2023 2022 Stock options $ 1,901,364 $ 1,303,793 Employee Stock Purchase Plan 15,154 21,019 Total $ 1,916,518 $ 1,324,812
Schedule of Assumptions Used to Compute Fair Value of Employee Option Granted	The fair value of employee options granted during the three months ended March 31, 2023 and 2022 was estimated utilizing the following assumptions: Three Months Ended March 31, 2023 2022 Weighted Average Weighted Average Volatility 84.61 % 87.17 % Expected term in years 6.06 6.06 Dividend rate 0.00 % 0.00 % Risk-free interest rate 4.00 % 1.72 % Fair value of option on grant date $ 1.84 $ 2.00
Schedule of Options Outstanding and Weighted Average Exercise Price	The following table summarizes the number of options outstanding and the weighted average exercise price: Number of Shares Weighted Weighted Aggregate Options outstanding December 31, 2022 12,961,238 $ 4.13 7.42 $ 62,158 Granted 2,660,500 2.50 9.91 Exercised (9,625) 1.91 Forfeited or expired (193,936) 3.38 Options outstanding March 31, 2023 15,418,177 $ 3.86 7.57 $ 1,028,677 Vested and exercisable at March 31, 2023 7,920,490 $ 4.75 6.23 $ 694,303

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the calculation of basic and diluted net loss per share: For the Three Months Ended March 31, 2023 2022 Net loss $ (13,356,209) $ (16,108,056) Net loss attributable to participating securities — — Net loss attributable to common stockholders $ (13,356,209) $ (16,108,056) For the Three Months Ended March 31, 2023 2022 Net loss attributable to common stockholders $ (13,356,209) $ (16,108,056) Weighted average common shares outstanding used in computing net loss per share - basic 70,490,704 70,345,828 Weighted average common shares outstanding used in computing net loss per share - diluted 70,490,704 70,345,828 Net loss per share, basic $ (0.19) $ (0.23) Net loss per share, diluted $ (0.19) $ (0.23)
Schedule of Potentially Dilutive Securities Excluded from Computations of Diluted Weighted Average Shares Outstanding	The following potentially dilutive securities have been excluded from the computations of diluted weighted-average shares outstanding as they would be anti-dilutive: For the Three Months Ended March 31, 2023 2022 Stock options to purchase common stock 15,418,577 12,755,657 Common stock issuable upon conversion of Series A convertible preferred stock 1,250,000 1,250,000

NATURE OF OPERATIONS - Addition

NATURE OF OPERATIONS - Additional Information (Detail) - USD ($)	3 Months Ended		108 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash, cash equivalents, and marketable securities	$ 117,720,021		$ 117,720,021	$ 129,001,411
Total revenue	66,160	$ 1,445,366	222,600,000
Accumulated deficit	238,882,751		238,882,751	$ 225,526,542
Working capital	112,800,000		$ 112,800,000
Cash used in operating activities	12,112,260	20,086,419
Net loss	$ 13,356,209	$ 16,108,056

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Summary of Significant Accounting Policy [Line Items]
Marketable securities, Fair value	$ 54,668,093	$ 84,133,565
Marinus Therapeutics, Inc
Summary of Significant Accounting Policy [Line Items]
Equity investments	900,000	500,000
Gensaic Therapeutics Inc
Summary of Significant Accounting Policy [Line Items]
Equity investments	5,100,000	5,100,000
Level 2
Summary of Significant Accounting Policy [Line Items]
Marketable securities, Fair value	54,700,000	84,100,000
Level 3
Summary of Significant Accounting Policy [Line Items]
Fair value assets	0	0
Fair value liabilities	0	0
Money Market Funds and Short-term Investments | Level 1
Summary of Significant Accounting Policy [Line Items]
Fair value assets	$ 61,600,000	$ 42,500,000

CASH, CASH EQUIVALENTS AND MA_3

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES - Summary of Fair Value of Cash and Cash Equivalents and Gross Unrealized Holding Gains and Losses (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash Amortized cost	$ 2,346,359	$ 2,853,042
Cash and cash equivalents, Amortized cost	60,705,569	42,014,804
Marketable securities, Amortized cost	54,662,463	84,175,752
Gross unrealized holding gains	5,630	0
Gross unrealized holding losses	0	(42,187)
Marketable securities, Fair value	54,668,093	84,133,565
Amortized cost	117,714,391	129,043,598
Fair value	$ 117,720,021	$ 129,001,411

CASH, CASH EQUIVALENTS AND MA_4

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Investment	Mar. 31, 2022 USD ($)	Dec. 31, 2022 Investment
Cash and Cash Equivalents [Abstract]
Number of securities in an unrealized loss position for more than 12 months | Investment	0		0
Gains or losses on available-for-sale securities | $	$ 0	$ 0

PROPERTY AND EQUIPMENT AND IN_3

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Summary of Property and Equipment (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less accumulated depreciation	$ (689,841)	$ (581,381)
Total property and equipment, net	1,053,063	1,147,963
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,436,592	1,423,032
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 306,312	$ 306,312

PROPERTY AND EQUIPMENT AND IN_4

PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 108,460	$ 30,839
Intangible assets, net of accumulated amortization	185,910		$ 222,100
Amortization expense	$ 36,190	$ 32,000

LEASES - Additional Information

LEASES - Additional Information (Detail) ft² in Thousands		3 Months Ended
	Mar. 10, 2022	Mar. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	10 years
Land subject to ground leases (sqft) | ft²		19
Rent lease		$ 2,300,000
Rent payments commencement following this period	10 months
Restricted cash		$ 1,930,253	$ 1,930,753
Remaining lease terms		10 years
Renewal option term		5 years
Lease incremental borrowing rate		7.02%
Letter of Credit
Lessee, Lease, Description [Line Items]
Restricted cash		$ 1,900,000

LEASES - Schedule of ROU Asset

LEASES - Schedule of ROU Asset and Lease Liabilities Related to the Company Operating Lease (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use asset	$ 14,669,362	$ 14,922,669
Current lease liability	804,139	533,946
Long-term lease liability	$ 15,698,324	$ 16,001,725

LEASES - Schedule of Components

LEASES - Schedule of Components of Operating Lease Cost (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($)
Leases [Abstract]
Operating lease cost	$ 541,808
Variable lease cost	0
Short-term lease cost	$ 0

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Commitments Under Under the Non-Cancelable Operating Lease (Detail)	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023	$ 1,351,177
2024	2,316,303
2025	2,316,303
2026	2,316,303
2027	2,316,303
Thereafter	12,347,235
Total operating lease, liability, to be paid	$ 22,963,624

ACCRUED EXPENSES - Schedule of

ACCRUED EXPENSES - Schedule of Accrued Expenses (Detail) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Payroll and bonus accrual	$ 1,895,602	$ 3,233,802
Research and development accrual	1,343,672	395,247
Professional fees accrual	675,234	682,664
Other	170,861	192,956
Total	$ 4,085,369	$ 4,504,669

STOCKHOLDERS_ EQUITY - Addition

STOCKHOLDERS’ EQUITY - Additional Information (Detail)	3 Months Ended	29 Months Ended
	Mar. 31, 2023 USD ($) vote $ / shares shares	Mar. 31, 2023 $ / shares shares	Dec. 31, 2022 shares	Nov. 30, 2020 USD ($)
Class Of Stock [Line Items]
Common stock, shares authorized (in shares)	125,000,000	125,000,000	125,000,000
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, share designated (in shares)	10,000	10,000	10,000
Number of votes per share | vote	1
Preferred stock, shares outstanding (in shares)	1,250	1,250	1,250
Dividends declared | $	$ 0
ATM Agreement | Cowen And Company, LLC | Common Stock
Class Of Stock [Line Items]
Number of shares issued (in shares)		0
ATM Agreement | Maximum | Cowen And Company, LLC
Class Of Stock [Line Items]
Net proceeds from offering, value | $				$ 75,000,000
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, share designated (in shares)	1,250	1,250
Preferred stock, shares outstanding (in shares)	1,250	1,250	1,250
Number of shares issued for each share of convertible preferred stock that is converted (in shares)	1,000	1,000
Maximum allowable owning percentage of outstanding common stock by associates or affiliates	9.99%
Maximum allowable voting right percentage of outstanding common stock holders	14.99%
Allowable voting right percentage of outstanding common stock holders	19.99%
Allowable voting right percentage of outstanding common stock holders upon notice of days	61 days
Preferred stock, liquidation preference per share (in usd per share) | $ / shares	$ 0.001	$ 0.001
Series A Convertible Preferred Stock | Minimum
Class Of Stock [Line Items]
Beneficial ownership limitations, percentage of issued and outstanding common stock	10%	10%
Series A Convertible Preferred Stock | Maximum
Class Of Stock [Line Items]
Beneficial ownership limitations, percentage of issued and outstanding common stock	15%	15%

STOCK-BASED COMPENSATION - Addi

STOCK-BASED COMPENSATION - Additional Information (Detail) - USD ($)				3 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	Jan. 01, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	May 04, 2017
Stock-Based Compensation [Line Items]
Share based compensation expense				$ 1,916,518	$ 1,324,812
Options outstanding (in shares)				15,418,177		12,961,238
Granted (in shares)				2,660,500
Unrecognized compensation expenses				$ 14,700,000
Unrecognized compensation not yet recognized, period for recognition				2 years 6 months 25 days
Performance-based Option Awards
Stock-Based Compensation [Line Items]
Performance based options outstanding (in shares)				100,000
Stock options
Stock-Based Compensation [Line Items]
Share based compensation expense				$ 1,901,364	1,303,793
Stock options | Share-Based Payment Arrangement, Nonemployee
Stock-Based Compensation [Line Items]
Share based compensation expense				$ 108,585	$ 195,000
Unvested stock options, outstanding (in shares)				125,303		175,938
Granted (in shares)				0	0
Unrecognized compensation expenses				$ 518,392
Stock options | Share-Based Payment Arrangement, Employee
Stock-Based Compensation [Line Items]
Share based compensation expense				$ 1,800,000	$ 1,100,000
Unvested stock options, outstanding (in shares)				7,372,384		5,954,029
Granted (in shares)				2,660,500	2,426,750
Unrecognized compensation expenses				$ 14,200,000
Non-employee Performance Based Option Awards | Share-Based Payment Arrangement, Nonemployee
Stock-Based Compensation [Line Items]
Share based compensation expense				$ 0	$ 0
Employee Performance Based Option Awards | Share-Based Payment Arrangement, Employee
Stock-Based Compensation [Line Items]
Share based compensation expense					$ 0
2017 Equity Incentive Plan
Stock-Based Compensation [Line Items]
Number of company's common stock reserved for issuance under the plan (in shares)				4,243,849			3,052,059
Percentage of number of shares of common stock outstanding (percent)				5%
Number of additional shares reserved for issuance under the plan (in shares)	3,523,344	1,000,000
Share based compensation, term of plan				10 years
Share based compensation, graded vesting period				4 years
2017 Equity Incentive Plan | Minimum
Stock-Based Compensation [Line Items]
Share based compensation, exercisable				90 days
2017 Equity Incentive Plan | Maximum
Stock-Based Compensation [Line Items]
Share based compensation, exercisable				12 months
2017 ESPP
Stock-Based Compensation [Line Items]
Number of company's common stock reserved for issuance under the plan (in shares)				386,777
Number of additional shares reserved for issuance under the plan (in shares)		0	0
Common stock, reserved for future issuance (in shares)				279,069
Share based compensation, percentage of discount from market price on purchase date				15%
Share based compensation, number of shares purchased (in shares)				29,830	38,583
Share based compensation expense				$ 15,154	$ 21,019
Percentage increase, outstanding stock maximum				1%
Common stock, reserved for future issuance increase (in shares)				550,000
2014 Employee Stock Purchase Plan
Stock-Based Compensation [Line Items]
Options outstanding (in shares)				1,663,597

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Recognized Stock-Based Compensation Expense (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation [Line Items]
Stock-based compensation expense, Total	$ 1,916,518	$ 1,324,812
Research and development
Stock-Based Compensation [Line Items]
Stock-based compensation expense, Total	510,261	395,492
General and administrative
Stock-Based Compensation [Line Items]
Stock-based compensation expense, Total	$ 1,406,257	$ 929,320

STOCK-BASED COMPENSATION - Sc_2

STOCK-BASED COMPENSATION - Schedule of Allocation of Stock-Based Compensation Expense by Plan (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation [Line Items]
Share based compensation expense	$ 1,916,518	$ 1,324,812
Stock options
Stock-Based Compensation [Line Items]
Share based compensation expense	1,901,364	1,303,793
Employee Stock Purchase Plan
Stock-Based Compensation [Line Items]
Share based compensation expense	$ 15,154	$ 21,019

STOCK-BASED COMPENSATION - Summ

STOCK-BASED COMPENSATION - Summary of Assumptions Used to Compute Fair Value of Options Granted (Detail) - Stock options - Share-Based Payment Arrangement, Employee - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation [Line Items]
Volatility	84.61%	87.17%
Expected term in years	6 years 21 days	6 years 21 days
Dividend rate	0%	0%
Risk-free interest rate	4%	1.72%
Fair value of option on grant date	$ 1.84	$ 2

STOCK-BASED COMPENSATION - Su_2

STOCK-BASED COMPENSATION - Summary of Options Outstanding and Weighted Average Exercise Price (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Shares
Options outstanding, beginning balance (in shares)	12,961,238
Granted (in shares)	2,660,500
Exercised (in shares)	(9,625)
Forfeited or expired (in shares)	(193,936)
Options outstanding, ending balance (in shares)	15,418,177	12,961,238
Vested and exercisable, ending balance (in shares)	7,920,490
Weighted Average Exercise Price
Options outstanding, beginning balance (in dollars per share)	$ 4.13
Granted (in dollars per share)	2.50
Exercised (in dollars per share)	1.91
Forfeited or expired (in dollars per share)	3.38
Options outstanding, ending balance (in dollars per share)	3.86	$ 4.13
Vested and exercisable (in dollars per share)	$ 4.75
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Life in Years, Options outstanding	7 years 6 months 25 days	7 years 5 months 1 day
Weighted Average Remaining Contractual Life in Years, Granted	9 years 10 months 28 days
Weighted Average Remaining Contractual Life in Years, Vested and exercisable	6 years 2 months 23 days
Aggregate intrinsic value, options outstanding	$ 1,028,677	$ 62,158
Aggregate intrinsic value, vested and exercisable	$ 694,303

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ 0	$ 50,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Detail)		1 Months Ended			3 Months Ended
	Dec. 30, 2021 USD ($) shares	Aug. 31, 2022 USD ($) product	Dec. 31, 2021 USD ($)	Dec. 31, 2016 USD ($) product	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 shares
Loss Contingencies [Line Items]
Common stock shares issued (in shares) | shares					70,491,510		70,466,885
Research and development					$ 6,614,717	$ 7,832,269
Research plan and budget, expected costs		$ 3,000,000
License agreement milestone payments (up to)	$ 203,000,000
License Agreement
Loss Contingencies [Line Items]
License agreement milestone payments (up to)		$ 452,000,000
Developmental milestone approvals, number of products (at least) | product		3
Advance written notice required to terminate agreement					90 days
Lundbeck
Loss Contingencies [Line Items]
First payment due upon completion of first phase	3,000,000
Northwestern University | License Agreement
Loss Contingencies [Line Items]
Upfront non-creditable one-time license issuance fee payment				$ 75,000
Annual license maintenance fee payable				$ 20,000
Minimum number of product covered under license agreement | product				1
Northwestern University | License Agreement | Maximum
Loss Contingencies [Line Items]
Consideration payable for rights grant				$ 5,300,000
Royalty obligation period				10 years
AstraZeneca
Loss Contingencies [Line Items]
Upfront cash payment	$ 5,000,000
Common stock shares issued (in shares) | shares	7,300,000
Days immediately preceding the execution date	30 days
Research and development			$ 12,300,000

COLLABORATION AND LICENSE AGR_2

COLLABORATION AND LICENSE AGREEMENTS - Additional Information (Detail) - USD ($)					3 Months Ended
	Feb. 01, 2023	Mar. 01, 2022	Feb. 01, 2022	Mar. 29, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 31, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock shares issued (in shares)					70,491,510		70,466,885
Common stock, par value (in dollars per share)					$ 0.001		$ 0.001
Collaborative Arrangement, Co-promotion | Takeda Pharmaceutical Company Limited
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment under royalty and termination agreement				$ 196,000,000
Aggregate milestone payments				$ 660,000,000
Up-front fee					$ 196,000,000
Related party transaction expenses recognized					$ 0
Collaborative Arrangement, Co-promotion | Takeda Pharmaceutical Company Limited | Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional payment on sales percentage				20%
Healx License and Option Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Upfront payment			$ 500,000
Development and commercial milestone payments			$ 2,000,000
Granted option extension period	4 months
Percentage of development costs					50%
Total revenue					$ 0	$ 500,000
Marinus License Agreement | Marinus Pharmaceuticals, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock shares issued (in shares)		123,255
Common stock, par value (in dollars per share)		$ 0.001
Unrealized loss on equity securities					$ 400,000	$ 200,000
Patent License Agreement | Marinus Pharmaceuticals, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Total revenue		$ 900,000
Takeda Pharmaceutical Company Limited | Collaborative Arrangement, Co-promotion
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement ownership share								50%

NET LOSS PER SHARE - Summary of

NET LOSS PER SHARE - Summary of Calculation of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (13,356,209)	$ (16,108,056)
Net loss attributable to participating securities	0	0
Net loss attributable to common stockholders	(13,356,209)	(16,108,056)
Net loss attributable to common stockholders	$ (13,356,209)	$ (16,108,056)
Weighted average common shares outstanding used in computing net loss per share - basic (in shares)	70,490,704	70,345,828
Weighted average common shares outstanding used in computing net loss per share - diluted (in shares)	70,490,704	70,345,828
Net loss per share, basic (in dollars per share)	$ (0.19)	$ (0.23)
Net loss per share, diluted (in dollars per share)	$ (0.19)	$ (0.23)

NET LOSS PER SHARE - Schedule o

NET LOSS PER SHARE - Schedule of Potentially Dilutive Securities Excluded from Computations of Diluted Weighted Average Shares Outstanding (Detail) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock options to purchase common stock
Dilutive Securities Included and Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities excluded from computations of diluted weighted average shares outstanding (in shares)	15,418,577	12,755,657
Common stock issuable upon conversion of Series A convertible preferred stock
Dilutive Securities Included and Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities excluded from computations of diluted weighted average shares outstanding (in shares)	1,250,000	1,250,000

SUBSEQUENT EVENT (Details)

SUBSEQUENT EVENT (Details) $ in Millions	Apr. 30, 2023 USD ($)
Subsequent Event | Graviton Bioscience Corporation
Subsequent Event [Line Items]
License agreement, equity purchased	$ 10