Ovid Therapeutics (OVID) presented an update on its epilepsy and KCC2 programs at the 12th Annual Cantor Fitzgerald Global Healthcare Conference on Wednesday, Sept. 9, 2026, with CEO Meg Alexander detailing clinical timelines and commercial potential across its drug candidates.
The company's OV329, a GABA-AT inhibitor being developed for focal-onset seizures, is slated for a Phase II registrational-quality study in 2025. A 7-milligram dose was selected to balance pharmacology and tolerability, with 5-mg and 9-mg doses available as backup options based on data from the photosensitivity proof-of-concept study. Ovid also confirmed a pediatric granule and sachet formulation has been developed for weight-based dosing, distinct from the adult version.
Alexander noted that approximately 30% of people with epilepsy continue to experience breakthrough seizures despite existing treatments. Even assuming less than 10% penetration in the treatment-resistant focal-onset seizure market, she said OV329 represents a more than $1 billion opportunity for that indication alone.
On the KCC2 front, Ovid's OV4071 is described as the first oral direct KCC2 activator, with more than 40 pharmacodynamic studies completed to date. The Phase I study for OV4071 is being conducted in elderly healthy volunteers in Australia, while a ketamine challenge study is designed to simulate a disease-like brain state in healthy participants. Early 2025 readouts are expected for both the Phase I study and the ketamine challenge study, ahead of a planned Phase II acute schizophrenia proof-of-concept study.
Data from an open-label photoparoxysmal response proof-of-concept study was expected by year-end 2024, alongside a launch of the tuberous sclerosis complex pediatric study. Over the next six to 24 months, Alexander outlined four to six proof-of-concept and proof-of-signal readouts across the epilepsy and KCC2 programs.
Ovid's stock closed regular-session trading at $2.70, down 1.82% from the prior close of $2.75, with after-hours trading flat. The shares have traded between $1.12 and $3.105 over the past 52 weeks, giving the company a market capitalization of $527 million. The stock has gained 116% over the past year and 66% year-to-date, according to the source. InvestingPro analysts cited price targets ranging from $4 to $9.
During the session, Alexander also touched on Ovid's broader portfolio history, including the co-development of soticlestat with Takeda — later acquired by Perceptive Advisors — and comparisons to peers such as Xenon and Praxis in the epilepsy space.
