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An announcement from Ovid Therapeutics (OVID) is now available.
Ovid Therapeutics Inc. is slashing its workforce by 43% to streamline operations and extend its financial horizon. The cut affects 17 employees, who will receive severance and health insurance benefits post-termination, incurring an estimated one-time cost of $4 million for the company. This move is anticipated to be largely finalized by the end of the third quarter of 2024, with most cash payouts completed by the second quarter of 2025. Additionally, two executives will depart, with possible consulting roles to ease the transition. These efforts are expected to sustain the company’s cash flow into the first half of 2026.
Learn more about OVID stock on TipRanks’ Stock Analysis page.
