Ovid Therapeutics Inc. announced on June 27, 2024, the board of directors (the board) of 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).

In connection with the workforce reduction, on the Separation Date, Thomas Perone will cease serving as the company?s general counsel, chief compliance officer and Corporate Secretary, and Jason Tardio will cease serving as the company?s chief operating officer.