Ovid Therapeutics is a clinical-stage biopharmaceutical company developing small molecule drugs for neurological and psychiatric disorders, with no approved products and no product revenue. Ovid's pipeline centers on two programs. OV329 is a GABA-aminotransferase inhibitor targeting drug-resistant epilepsies, designed to improve on vigabatrin, an older approved drug limited by irreversible ocular toxicity. OV329 has completed Phase 1 with a clean safety profile, and Phase 2 studies are being planned. The second program is a portfolio of KCC2 direct activators, led by oral candidate OV4071, in-licensed from AstraZeneca in 2021. KCC2 activators target a CNS-specific protein central to synaptic inhibition, with an initial focus on psychosis in Parkinson's disease and Lewy body dementia, and broader potential in schizophrenia. OV4071 Phase 1 initiation is targeted for Q2 2026. Ovid funds operations through equity raises and occasional business development transactions. The long-term model is to advance programs to approval and commercialize directly in the U.S., while out-licensing regional or non-core rights to generate non-dilutive capital. Ovid outsources all manufacturing and operates with only 23 employees, keeping its cost structure lean. Ovid's strategy focuses on targeting rare, treatment-resistant conditions first to generate proof-of-concept quickly and potentially qualify for orphan drug designations before expanding to larger indications.