Ovid Therapeutics Inc. (OVID) announced on Monday that Takeda Pharmaceutical Company Ltd.'s (TAK) Phase 3 Skyline and Skyway studies on Soticlestat for treating Dravet syndrome and Lennox-Gastaut syndrome did not meet their primary endpoints.
Dravet syndrome and Lennox-Gastaut syndrome are rare developmental and epileptic encephalopathies that are highly resistant to many anti-seizure medications, as stated by Takeda.
According to the biotechnology company, the Skyline study did not achieve its primary endpoint of reducing convulsive seizure frequency. Similarly, the Skyway study failed to reduce major motor drop seizures.
However, Takeda will engage in discussions with regulatory authorities since soticlestat demonstrated safety and tolerability in both studies.
Ovid Therapeutics will evaluate its potential milestones and royalty payment guidelines concerning its royalty, license, and termination agreement with Takeda.
Additionally, the company noted that its current cash reserves are expected to sustain operations into the first half of 2026.
As of now, Ovid's stock has plummeted 67.78%, dropping to $1.06 from the previous close of $3.29 on the Nasdaq.
