Ovid Therapeutics Inc at Ladenburg Thalmann Virtual Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : So thanks for the run-through. We've got some decent time here, 15 minutes or so to go through a bit, which is great. So let me just start with a general question before we go in a little bit more detail. Why focus on neurosciences? You touched upon it a bit in your comments, but if you could elaborate on that. Thanks.

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : Yes, for sure. Thank you. That's a very good recap. I will come back to some of those comments you've made, but just to go along the theme of -- starting at a broad level with neuroscience to more so boots on the ground with you guys in particular, you've undergone quite a few changes in the last six months or so. You've announced some personnel changes since last week. What has Ovid to do now going forward than it's done in the past? How does it evolve and adjust? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 14, 2021 / 1:30PM, OVID.OQ - Ovid Therapeutics Inc at Ladenburg Thalmann Virtual Healthcare Conference

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : That's great. I'm going to adjust my questions. Just want to keep an eye on your comments here. You mentioned where to invest and you go through four different things. And the first one you mentioned is tech platforms to deliver payloads to the brain. And you, towards the end of your comments, mentioned Bob Langer. I'm going to put those two together because my experience with Bob Langer, I'm very fortunate to be one of those that -- one of the many, I suppose, that he will pick up the phone and take a call from because he's just -- unlike most early drug developers, he will talk to a guy like me 15 years or so ago, went to his [Maui] conference, and now I go routinely. It's really a great way to get some insights as to what's happening. And he is a drug delivery guy at his core. He has done so many things outside of that, but really trying to connect a target with some change engine, let's say, in a broader scale. That's Bob. So fair to say that Bob is involved with delivering payloads to the brain, blood-brain barrier issues being solved. As you nod your head, I will have you comment on those two coming together. Thanks.

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : Makes a lot of sense. Thank you. Thanks for opening up a little bit more. Timing on this I think is TBD. We are looking for Ovid 2.0 to continue to unfold, so we will stay tuned for that. So you mentioned earlier the evolution of the Company, the significant economics in these soticlestat program with Takeda. Just to recap, [over $600 million] of milestones, up to 20% royalties, and which of the $500 million to $1 billion revenue products. Potential for more of course, but reasonable in US, Europe to just start with that. And that is $100 million, $200 million expense freight per year. Your EVs hovering just over 50; your outbacks is around the same level. What do you think it's going to take for investors to actually get some attention on this program and give it some value? Because currently given the data we've seen so far, it's pretty strong, but you are kind of hanging here at this valuation and it's fairly cheap. What are your thoughts?

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : Remind me. I have got some numbers down on paper for pre-commercialization milestones. Remind me, have you spoken of those publicly? Do we know what those are? And if so, what might be coming in before approval? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JULY 14, 2021 / 1:30PM, OVID.OQ - Ovid Therapeutics Inc at Ladenburg Thalmann Virtual Healthcare Conference

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : We haven't touched enough on Angelman's so far, and we have got probably two minutes -- a minute or two left. You guys have developed scales, you have developed real insights as to the differences in Angelman's patients by age. Is it fair to say that you are looking at Angelman's asset to bring in for Ovid 2.0?

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : That's great. I will take that to mean you are not looking away from that program and likely to look for others in that space. So you've been very open, added a few things here that I had not known before, and we've had many conversations in the last few months. So this is very helpful. Thanks for -- thank you for participating in the conference and being so open on this.

Question: Michael Higgins - Ladenburg Thalmann & Co. Inc. - Analyst : Will do. And thanks to the investors out there as well. Bye for now.