Ovid Therapeutics Inc. (NASDAQ: OVID) announced it has entered into a securities purchase agreement for a private investment in public equity financing expected to generate gross proceeds of $60 million before fees and expenses. The financing is scheduled to close on or about March 19, 2026, subject to customary closing conditions.

Point72 led the financing with participation from existing investors including Adage Capital Management, ADAR1 Capital Management, Affinity Asset Advisors, Ally Bridge Group, Balyasny Asset Management, Coastlands Capital, Eventide Asset Management, Janus Henderson Investors and RA Capital Management.

Under the agreement terms, the biopharmaceutical company will sell 19,154,321 shares of common stock at $2.01 per share and pre-funded warrants to purchase up to 10,701,710 shares at $2.009 per warrant. The pre-funded warrants carry an exercise price of $0.001 per share and are immediately exercisable.

The company stated it intends to use net proceeds, combined with existing cash and securities, to support expansion of OV329 development into additional indications including tuberous sclerosis complex and infantile spasms, plus general research and development expenses. OV329 is described as a next-generation GABA-aminotransferase inhibitor.

Leerink Partners serves as lead placement agent for the financing, with Oppenheimer & Co. and LifeSci Capital acting as co-placement agents. The securities are being sold in a private transaction not involving a public offering and have not been registered under the Securities Act of 1933.

The company and investors entered into a registration rights agreement requiring Ovid to file a registration statement with the Securities and Exchange Commission for resale of the shares and warrant-related securities sold in the financing.