Axsome Therapeutics, Inc. (AXSM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$776.6M

Revenue growth

56.9%

Net income, last twelve months

-$191.6M

Earnings per share

-$3.75

Gross margin

93.2%

Operating margin

-24.0%

Net margin

-24.7%

Free cash flow

-$72.0M

Return on equity

-230.1%

Market value

$7.5B

Cash

$319.9M

Debt

$188.0M

Debt to equity

2.26

Shares outstanding

52.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 10 August 2026.

• Total product revenue up 46%. Total net product revenue reached $218.4 million, compared with $150.0 million in the comparable 2025 period.
• AUVELITY sales drove growth. AUVELITY net product sales were $180.3 million, up from $119.6 million a year earlier, making it the largest of the three marketed products by sales.
• Net loss rose to $51.3 million. Net loss was $51.3 million, or $(0.99) per share, compared with a net loss of $48.0 million, or $(0.97) per share, in the 2025 period.
• Alzheimer’s agitation new starts climbed. New-to-brand prescriptions among patients 65 and older rose 126% in the first eight weeks after the June launch. The company said this is a leading indicator of growth.
• Total AUVELITY prescriptions up 34%. About 266,000 AUVELITY prescriptions were written in the quarter, up 34% year over year and 12% from the first quarter. Overall new-to-brand prescriptions rose 26% from the first quarter.
• AUVELITY sales force expansion completed. Management said the AUVELITY sales force expansion was completed in the second quarter, and linked it to the early impact on new-to-brand prescriptions.
• SUNOSI revenue up 20%. SUNOSI net product revenue was $35.8 million, including $33.8 million of net product sales, $1.5 million of royalty revenue and $0.5 million of milestone revenue.
• SUNOSI prescriptions up 14%. About 61,000 SUNOSI prescriptions were written in the U.S. in the quarter, up 14% from the same period in 2025 and 8% from the first quarter of 2026.
• SYMBRAVO sales reached $2.3 million. SYMBRAVO net product sales were $2.3 million, compared with $0.4 million in the 2025 quarter in which the product launched.
• SYMBRAVO prescriptions up 30%. About 23,500 SYMBRAVO prescriptions were written in the second quarter, a 30% increase from the first quarter of 2026.
• AUVELITY coverage rose to 89%. AUVELITY coverage across all channels was about 89% of lives, up from about 86% in the first quarter. Commercial coverage was about 82% and government coverage about 100%.
• SUNOSI coverage held near 82%. SUNOSI coverage across all channels was about 82% of lives, including about 96% of commercial lives and 59% of government lives.
• SYMBRAVO coverage unchanged at 57%. SYMBRAVO coverage across all channels was about 57% of lives, with about 56% of commercial lives and 57% of government lives, the same overall share as in the first quarter.
• SG&A rose on AUVELITY launch. SG&A expenses were $208.1 million, compared with $130.3 million a year earlier. The company attributed the increase to AUVELITY commercialization and launch activity, and to SYMBRAVO commercialization.

Revenue by segment

As the company reports it in the segment note of its annual report.

By product, FY2025

Company events

The newest 8-K filings of 231 held.

Every filing

The newest filings with the SEC of 336 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

547 funds held it at 30 Jun 2026: 284 added and 154 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Eli Lilly & Co. (LLY): revenue $79.7B, market value $1.21T
• Johnson & Johnson (JNJ): revenue $99.3B, market value $652.9B
• AbbVie Inc. (ABBV): revenue $64.4B, market value $506.1B
• Merck & Co., Inc. (MRK): revenue $66.6B, market value $348.1B
• Novartis AG (NVS): revenue $54.5B, market value $297.8B
• AstraZeneca PLC (AZN): revenue $58.7B, market value $263.1B
• Abbott Laboratories (ABT): revenue $46.6B, market value $177.7B
• Novo Nordisk A/S (NVO): revenue $46.8B, market value $171.0B
• Pfizer Inc. (PFE): revenue $63.7B, market value $168.0B
• Vertex Pharmaceuticals Inc. (VRTX): revenue $12.6B, market value $134.2B

What the company does

Axsome Therapeutics is a biopharmaceutical company focused on medicines for central nervous system (CNS) conditions. The company describes itself as fully integrated. It has three commercial products approved by the US Food and Drug Administration (FDA): AUVELITY for major depressive disorder (MDD), SUNOSI for excessive daytime sleepiness (EDS) associated with obstructive sleep apnea or narcolepsy, and SYMBRAVO for the acute treatment of migraine with or without aura in adults. It also runs a development pipeline of product candidates for neurological and psychiatric conditions.

What it sells

AUVELITY (dextromethorphan and bupropion) was developed by the company and approved by the FDA in August 2022 for MDD in adults. It launched in the United States in October 2022. The filing says approximately 21 million people in the United States live with MDD.

SUNOSI (solriamfetol) is approved in the United States and Europe for EDS in adults with obstructive sleep apnea or narcolepsy. Axsome acquired the US rights from Jazz Pharmaceuticals plc in May 2022 and the rights outside the United States, excluding certain Asian markets, in November 2022. SK Biopharmaceuticals Co. Ltd., the originator, keeps rights in 12 Asian markets. A licence with Atnahs Pharma UK Limited, called Pharmanovia, gives that company the exclusive right to market SUNOSI in Europe and certain countries in the Middle East and North Africa.

SYMBRAVO (MoSEIC meloxicam-rizatriptan) was approved in January 2025 and launched in the United States in June 2025. The filing says approximately 39 million adults in the United States experience migraine.

What it is developing

AXS-05, the same combination as AUVELITY, is being developed for Alzheimer's disease agitation and for smoking cessation. In December 2025 the FDA accepted a supplemental new drug application for Alzheimer's disease agitation, granted Priority Review, and set a target action date of 30 April 2026. The FDA granted Breakthrough Therapy designation for this use in June 2020.

Solriamfetol is in Phase 3 development for attention deficit hyperactivity disorder, MDD with EDS symptoms, binge eating disorder, and excessive sleepiness associated with shift work disorder.

AXS-12 (reboxetine) is being developed for narcolepsy and has Orphan Drug Designation. In December 2025 the company received pre-NDA meeting minutes from the FDA supporting an NDA submission for cataplexy in narcolepsy.

AXS-14 (esreboxetine) is being developed for fibromyalgia. After the company submitted an NDA in 2025, the FDA issued a Refusal to File letter. Axsome started the FORWARD study to address the FDA's feedback.

AXS-17 is an epilepsy candidate. Axsome acquired Baergic Bio, Inc. in November 2025 to obtain global rights to it, originally licensed from AstraZeneca AB. The filing says it has been dosed in over 700 patients.

How it develops drugs

Axsome lists four proprietary capabilities: chiral chemistry and formulation, metabolic inhibition as a drug delivery method, the MoSEIC (Molecular Solubility Enhanced Inclusion Complex) technology, and proprietary chemical synthesis and analysis. MoSEIC is used in SYMBRAVO. Some candidates use chemical entities with long histories of clinical use. This lets the company consider the 505(b)(2) pathway, under which a new drug application can rely in part on the FDA's earlier findings or on published literature.

How it sells and gets paid

In the United States the company uses a targeted sales force supported by sales management, market access, distribution support and an internal marketing group. It says it may seek co-promotion partners. Outside the United States it says it intends to partner selectively with third parties.

Drug substance and drug product are made by third parties under FDA current Good Manufacturing Practice rules. The company owns and operates no manufacturing facilities for clinical or commercial production. It says it conducts periodic quality audits of its suppliers.

Sales depend on coverage and reimbursement from Medicare, Medicaid, managed care entities, private health insurers and pharmacy benefit managers.

Licences and patents

Under a January 2020 agreement, Pfizer Inc. granted Axsome an exclusive US licence for reboxetine, the active ingredient in AXS-12, and for esreboxetine (AXS-14) in fibromyalgia. Pfizer receives royalties on future sales. Antecip Bioventures II LLC, owned by the company's Chief Executive Officer and Chairman Herriot Tabuteau, licensed the AXS-05 patents to Axsome in 2012. Axsome pays Antecip a royalty of 3.0% of net sales of products containing the licensed technology, which the filing treats as a related party transaction. Axsome also pays Jazz royalties on US net sales of SUNOSI.

As of 16 February 2026, the portfolio contained more than 600 issued patents and more than 450 pending applications in the United States and worldwide. Patents covering AXS-05 products extend through 2043, those covering SYMBRAVO extend through 2045 in the United States and 2040 elsewhere, and those covering AXS-12 extend through 2039.

- AUVELITY: Teva may sell a generic on or after 31 March 2039 if pediatric exclusivity is granted, or on or after 30 September 2038 if it is not. - SUNOSI: Hetero and Hikma may begin selling generics on 1 September 2040, and Unichem on 30 June 2042. Each date may come earlier under certain circumstances.

Who it competes with

The company competes with pharmaceutical, specialty pharmaceutical and biotechnology companies, as well as academic and research institutions. Its filing names established antidepressants such as Prozac, Zoloft and Wellbutrin. In narcolepsy it names Xyrem, Xywav, Wakix and Provigil. In migraine it names triptans, Nurtec ODT and Ubrelvy. The filing says the key competitive factors are efficacy, safety, convenience, price, the level of branded and generic competition, and the availability of reimbursement.

*From Axsome Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1579428/000119312526064267/axsm-20251231.htm)*

From the company's 10-K.