Ovid Therapeutics Says Takeda's Phase 3 Studies For Soticlestat Misses Primary Endpoint; Stock Tanks

(RTTNews) - Ovid Therapeutics Inc. (OVID) Monday announced that Takeda Pharmaceutical Company Ltd.'s (TAK) phase 3 Skyline and Skyway studies on Soticlestat for the treatment of Dravet syndrome and Lennox-Gastaut syndrome have failed to achieve primary endpoints.

Dravet syndrome and Lennox-Gastaut syndrome are types of developmental and epileptic encephalopathies, a group of rare epilepsy syndromes that are highly resistant to many anti-seizure medications, according to Takeda.

The biotechnology company said that Skyline study missed its primary endpoint of reducing convulsive seizure frequency, whereas Skyway study failed to reduce major motor drop seizures.

However, Takeda will discuss the data with regulatory authorities as soticlestat proved to be safe and tolerable in both studies.

Meanwhile, Ovid will review its potential milestones and royalty payments guidelines regarding the company's royalty, license and termination agreement with Takeda.

Also, the company stated that its cash runway is expected to last into the first half of 2026.

Currently, Ovid's stock is plummeting 67.78 percent, to $1.06 over the previous close of $3.29 on the Nasdaq.