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).