This card looks like a serious competitive Standard card and maybe (at best) a fringe Modern card. That is all.
First the 2 mana mode (2/1 flier for 2) - it's all upside that you have the option, but it's not enough.
On the main mode. 3 + 2 mana is too much for a Negate and a pre-flipped Delver in this format. Mana Drain is better at countering spells and has a comparable upside, yet costs 2 mana not 5, and isn't widely run as a 4-of these days.