Regulation FD Disclosure Form 8 K

Item 2.05 Costs Associated with Exit or Disposal Activities.

On June 27, 2024, the Board of Directors (the "Board") of Ovid Therapeutics Inc. (the "Company") approved a reduction of the Company's workforce to prioritize its programs and extend its cash runway. The Company will reduce its workforce by 17 people, or approximately 43% of the Company's existing headcount, to preserve cash resources. The workforce reduction was communicated to a majority of the impacted employees on June 28, 2024 and has an effective date of July 11, 2024 (the "Separation Date").

All employees affected by the workforce reduction will be eligible to receive, among other things, severance payments and the continuation of group health insurance coverage for a specified time period post-termination. Each affected employee's eligibility for severance benefits is contingent upon such employee's execution of a general release of claims against the Company.

The Company anticipates a one-timeseverance-related charge associated with the workforce reduction to be approximately $4.0 million, which represents cash expenditures related to employee severance and notice period payments, benefits and related costs that the Company expects to incur in connection with the workforce reduction. The Company expects that the execution of the workforce reduction will be substantially complete by the end of the third quarter of 2024 and that the majority of the cash payments related to the restructuring will be substantially complete by the end of the second quarter 2025. The estimates of the charges and cash expenditures that the Company expects to incur in connection with the workforce reduction, and the timing thereof, are subject to a number of assumptions and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the workforce reduction.