olivLaw · US equity research
Axsome Therapeutics, Inc. AXSM
Pharmaceutical Preparations · SIC 2834 · Vertical: Pharmaceutical Preparations (SIC 2834)
Axsome Therapeutics is a biopharmaceutical company developing and commercializing medicines for central nervous system conditions, with three FDA-approved products: AUVELITY, SUNOSI and SYMBRAVO. The company reported total revenues of 638.5 million USD for 2025, and strong sales growth in the second quarter of 2026 keeps its commercial trajectory under close watch from investors and analysts.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Axsome Therapeutics, Inc. (AXSM) stock was 137.00 USD (−1.87% on the day), with market capitalisation 7.2 bn USD, beta 0.68, 52-week range 135.69–255.17 USD. Latest reported quarter (Q3 2026): revenue of 259.7 m USD (+51.9% YoY), net income of -12.9 m USD, diluted EPS -0.25 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 24.6
- oversold (≤ 30)
- Bollinger (20, 2)
- 131.34 – 173.16
- in the lower half of the band · %B 0.14 · band width 27.5%
- SMA 50 / 200
- 180.64 / 198.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -12.44 / -12.50
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −22.6% | −1.1% | −21.5 pp | — |
| 3 months | −35.6% | −0.5% | −35.2 pp | — |
| 6 months | −38.5% | +4.4% | −42.9 pp | — |
| Year to date | −25.0% | +12.3% | −37.3 pp | — |
| 1 year | +1.5% | +13.5% | −12.0 pp | +19.3% |
| 3 years | +110.3% | +76.4% | +33.9 pp | +13.0% |
| 5 years | +240.8% | +63.7% | +177.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 118.8 m | 121.5 m | 150.0 m | 171.0 m | 196.0 m | 191.2 m | 218.4 m | 259.7 m |
| Cost of revenue | 10.5 m | 9.8 m | 13.4 m | 11.9 m | 12.3 m | 14.7 m | 13.6 m | 17.8 m |
| Research & development | 55.0 m | 44.8 m | 49.5 m | 40.2 m | 48.8 m | 52.7 m | 46.2 m | 50.6 m |
| SG&A | 113.3 m | 120.8 m | 130.3 m | 150.2 m | 169.3 m | 185.0 m | 208.1 m | 203.1 m |
| Operating income | -72.6 m | -57.0 m | -36.7 m | -46.1 m | -27.0 m | -63.4 m | -49.6 m | -11.1 m |
| Interest expense | -5.4 m | 5.3 m | -4.1 m | -3.4 m | -3.2 m | 3.1 m | -3.2 m | -3.4 m |
| Pre-tax income | -74.8 m | -59.4 m | -48.9 m | -47.2 m | -28.1 m | -64.5 m | -51.2 m | -12.8 m |
| Income tax | 85.0 k | 0 | -960.0 k | 0 | 430.0 k | 0 | 128.0 k | 88.0 k |
| Net income | -74.9 m | -59.4 m | -48.0 m | -47.2 m | -28.6 m | -64.5 m | -51.3 m | -12.9 m |
| Diluted EPS | -1.54 ≈ | -1.22 | -0.97 | -0.94 | -0.56 ≈ | -1.26 | -0.99 | -0.25 |
| Operating cash flow | -26.2 m | -43.4 m | -32.4 m ≈ | 1.0 m ≈ | -18.7 m | -20.7 m | -33.0 m ≈ | -9.5 m ≈ |
| Capex | 30.0 k | 338.0 k | 13.0 k ≈ | 58.0 k ≈ | 71.0 k | 121.0 k | 450.0 k ≈ | 197.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | unavailable | 0 | 270.6 m | 385.7 m | 638.5 m |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +42.5% | +65.5% |
| Net income | -31.0 m | -68.3 m | -102.9 m | -130.4 m | -187.1 m | -239.2 m | -287.2 m | -183.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -2.77 | -3.47 | -4.60 | -5.27 | -5.99 | -3.68 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | unavailable | unavailable | -88.4% | -74.5% | -28.7% |
| Free cash flow | -30.1 m | -46.4 m | -78.5 m | -108.5 m | -117.2 m | -145.7 m | -128.7 m | -93.9 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 322.9 m USD
- Financial debt
- 187.7 m USD
- Net debt
- -135.2 m USD
- Equity
- 88.3 m USD
- Total assets
- 689.8 m USD
- Debt / equity
- 2.13x
- Current ratio
- 1.55x
- ROE
- -252.1%
- ROA
- -29.1%
- FCF margin
- -14.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | 0 | 270.6 m | 385.7 m | 638.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Cost of revenue | — | — | 5.2 m | 26.1 m | 33.3 m | 47.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Gross profit | — | — | -5.2 m ≈ | 244.5 m ≈ | 352.4 m ≈ | 591.0 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Research & development | 70.2 m | 58.1 m | 57.9 m | 97.9 m | 187.1 m | 183.3 m | SEC (XBRL)· 23 Feb 2026verified |
| SG&A | 28.9 m | 66.6 m | 159.3 m | 323.1 m | 411.4 m | 570.6 m | SEC (XBRL)· 23 Feb 2026verified |
| Operating income | -99.1 m | -124.7 m | -179.8 m | -231.8 m | -280.6 m | -166.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Interest expense | — | — | -9.7 m | -20.0 m | -21.6 m | -15.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Pre-tax income | — | -130.4 m | -187.1 m | -238.3 m | -287.1 m | -183.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Income tax | 0 | 0 | 0 | 960.0 k | 85.0 k | -530.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Net income | -102.9 m | -130.4 m | -187.1 m | -239.2 m | -287.2 m | -183.2 m | SEC (XBRL)· 23 Feb 2026verified |
| Diluted EPS | -2.77 | -3.47 | -4.60 | -5.27 | -5.99 | -3.68 | SEC (XBRL)· 23 Feb 2026verified |
| Weighted average diluted shares | 37.2 m | 37.6 m | 40.7 m | 45.4 m | 47.9 m | 49.7 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 183.9 m | 86.5 m | 200.8 m | 386.2 m | 315.4 m | 322.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Receivables | — | — | 37.7 m | 94.8 m | 142.0 m | 224.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Inventories | — | — | 4.3 m | 15.1 m | 15.7 m | 27.9 m | SEC (XBRL)· 23 Feb 2026verified |
| Current assets | 184.0 m | 86.5 m | 245.6 m | 504.3 m | 485.1 m | 589.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Property, plant & equipment, net | 52.6 k | 283.8 k | 722.0 k | 846.0 k | 584.0 k | 562.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Goodwill | — | — | 10.3 m | 12.0 m | 12.0 m | 12.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Intangibles (excl. goodwill) | — | — | 59.7 m | 53.3 m | 46.9 m | 40.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Total assets | 186.1 m | 87.8 m | 331.5 m | 588.2 m | 568.5 m | 689.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Accounts payable | 13.5 m | 13.1 m | 38.6 m | 40.7 m | 72.0 m | 65.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Short-term debt | — | — | — | — | 0 | 70.0 m | SEC (XBRL)· 23 Feb 2026verified |
| Long-term debt | 48.3 m | 49.1 m | 94.3 m | 178.1 m | 180.7 m | 117.7 m | SEC (XBRL)· 23 Feb 2026verified |
| Current liabilities | 23.4 m | 23.1 m | 96.6 m | 138.9 m | 230.1 m | 378.8 m | SEC (XBRL)· 23 Feb 2026verified |
| Total liabilities | 72.3 m | 72.2 m | 221.9 m | 397.3 m | 511.5 m | 601.5 m | SEC (XBRL)· 23 Feb 2026verified |
| Equity | 113.8 m † | 15.6 m † | 109.6 m † | 191.0 m † | 57.0 m † | 88.3 m † | SEC (XBRL)· 23 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -78.5 m | -108.2 m | -116.5 m | -145.1 m | -128.4 m | -93.4 m | SEC (XBRL)· 23 Feb 2026verified |
| Capex | 45.9 k | 308.0 k | 702.0 k | 582.0 k | 270.0 k | 480.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Free cash flow | -78.5 m ≈ | -108.5 m ≈ | -117.2 m ≈ | -145.7 m ≈ | -128.7 m ≈ | -93.9 m ≈ | SEC (XBRL)· 23 Feb 2026derived |
| Investing cash flow | -45.9 k | -308.0 k | -53.7 m | -582.0 k | -270.0 k | -480.0 k | SEC (XBRL)· 23 Feb 2026verified |
| Financing cash flow | 42.4 m | 11.1 m | 284.6 m | 331.0 m | 57.8 m | 101.5 m | SEC (XBRL)· 23 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.2 bn USD
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -18.2% | 41 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -22.4x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 1.4x | 52 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.1% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet21/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial41/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
AXSOME THERAPEUTICS, INC. (AXSM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 638.5 m USD in 2025; YoY growth 65.5%; net margin -18.2%; ROE -175.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Interest coverage: -22.4x
- FCF yield: -1.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Pharmaceutical Preparations (SIC 2834) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LLYEli Lilly And Company | 1,334.0 bn | 46.0 | 86.1% | 31.9% | +44.7% | +32% / +140% |
| JNJJohnson & Johnson | 665.2 bn | 41.9 | 20.0% | 16.2% | +6.0% | +34% / +79% |
| ONCBeone Medicines Ltd. | 558.4 bn | 869.9 | 14.7% | 10.7% | +40.2% | +11% / +102% |
| ABBVAbbVie Inc. | 521.1 bn | 50.7 | — | 15.7% | +8.6% | +29% / +107% |
| MRKMerck & Co., Inc. | 370.7 bn | 154.7 | 5.1% | 3.6% | +1.3% | +43% / +47% |
| ABTAbbott Laboratories | 200.1 bn | 43.0 | 9.2% | 9.7% | +5.7% | −10% / +11% |
| PFEPfizer Inc | 175.5 bn | 43.9 | 4.4% | 6.3% | −1.6% | +20% / +1% |
| VRTXVertex Pharmaceuticals Inc | 139.2 bn | 35.3 | 20.8% | 30.7% | +8.9% | +27% / +55% |
| BMYBristol-Myers Squibb Company | 131.2 bn | 14.2 | 44.1% | 18.5% | −0.2% | +30% / +30% |
| TEVATeva Pharmaceutical Industries Limited | 48.8 bn | 97.4 | 6.6% | 3.6% | +4.3% | +56% / +326% |
| ZTSZoetis Inc. | 36.9 bn | 14.7 | 64.4% | 27.5% | +2.3% | −30% / −50% |
| ROIVRoivant Sciences Ltd. | 27.6 bn | — | -6.2% | -3,535.0% | −71.6% | +84% / +300% |
| RPRXRoyalty Pharma plc | 26.2 bn | 47.7 | 6.9% | 25.7% | +5.1% | +69% / +150% |
| UTHRUnited Therapeutics Corporation | 25.9 bn | 23.0 | 19.1% | 38.6% | +10.6% | +25% / +154% |
| INSMInsmed Inc | 24.1 bn | — | -72.5% | -39.9% | +66.7% | −47% / +340% |
| VTRSViatris Inc. | 22.1 bn | — | -23.6% | -23.9% | −3.0% | +80% / +109% |
| ALNYAlnylam Pharmaceuticals, Inc. | 21.6 bn | 8.1 | 126.6% | 52.8% | +65.2% | −64% / −4% |
| TGTXTg Therapeutics, Inc. | 9.4 bn | 22.5 | 100.3% | 55.2% | +87.3% | +85% / +381% |
| AXSMAxsome Therapeutics, Inc. | 7.2 bn | — | -175.6% | -18.2% | +65.5% | +2% / +110% |
| BLRXBioLineRx Ltd | 4.9 bn | — | -12.8% | -171.7% | −95.9% | −46% / −97% |
| BHCBausch Health Companies Inc. | 3.1 bn | — | — | -7.6% | +6.7% | +31% / +17% |
| ANABAnaptysbio, Inc. | 1.4 bn | 11.5 | — | 82.4% | +157.0% | +71% / +404% |
| KURAKura Oncology, Inc. | 677.0 m | — | -167.7% | -384.3% | +25.2% | −37% / −21% |
| DMACDiaMedica Therapeutics Inc. | 580.8 m | — | -114.6% | — | unavailable | +25% / +341% |
| PHATPhathom Pharmaceuticals, Inc. | 461.7 m | — | — | -30.2% | +216.9% | −64% / −19% |
1- and 3-year price returns: for AXSM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Axsome Therapeutics is a biopharmaceutical company developing and commercializing medicines for central nervous system conditions, with three FDA-approved products: AUVELITY, SUNOSI and SYMBRAVO. The company reported total revenues of 638.5 million USD for 2025, and strong sales growth in the second quarter of 2026 keeps its commercial trajectory under close watch from investors and analysts.
SWOT
Strengths
- The company has three FDA-approved products and rapid commercial revenue growth, supported by indication expansion 13. Proprietary formulation technologies offer a differentiation advantage 1.
- The portfolio spans several CNS conditions with unmet needs, providing a base for future extensions 12.
- The company has expanded its sales force and the payer access of its main products is already considerable 3.
Weaknesses
- The company has not yet reached profitability and continues to record net losses and a large accumulated deficit 12.
- Its commercial track record is short and experience commercializing products is limited, making performance hard to predict 2.
- Payer coverage for SYMBRAVO remains limited, which could slow product uptake 3.
Opportunities
Threats
- Failure to achieve objectives in clinical studies could delay or halt important pipeline programs 1.
- Pricing pressure and payer policies could limit revenue from already marketed products 1.
- Dependence on the success of a few products means difficulties with any one of them could significantly affect the whole company 1.
Risks
- Continuing net losseshigh
The company has not yet achieved profitability and may never do so, which could limit investment and business development 12.
- Need for additional fundinghigh
Clinical programs and commercialization could require additional capital, and failure to raise it in time could force programs to be delayed or reduced 1.
- Restrictions in the loan agreementmedium
Covenants tied to the loan facility with Blackstone could restrict operations, and on an event of default early repayment could have serious effects 1.
- Dependence on third partiesmedium
The company relies on third parties for manufacturing, warehousing, distribution and clinical studies, and their failures could delay commercialization 1.
- Market acceptancemedium
If products do not achieve broad acceptance, revenues could remain below expectations, particularly for products in their early commercial phase 1.
Investment thesis
What would need to be true (bull case)
- Rapid growth in AUVELITY sales, supported by the new indication and rising new prescriptions, could strengthen the company's position if the trend continues 23.
- A diversified portfolio with approved products and several Phase 3 programs could reduce dependence on a single product over the medium term 23.
- If sales force investments convert into prescriptions, operating margins could improve in the following period 3.
What would break the thesis
- Persistent net losses and the accumulated deficit could force the company into costly or dilutive additional financing 12.
- Commercialization costs have risen sharply, and if revenues do not keep pace, pressure on results could persist 3.
- A failed Phase 3 study or delayed approvals could reduce the pipeline's potential and weigh on investor confidence 12.
What to watch
- Evolution of AUVELITY prescriptions for Alzheimer's agitationQ3 2026
- Start of the AXS-05 Phase 2/3 smoking cessation studyQ3 2026
- Topline results of the ENGAGE study of solriamfetol in binge eating disorderQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Financially, the company reported a net loss of 183.2 million USD in 2025 and an accumulated deficit of 1,421.8 million USD at June 30, 2026, so profitability remains a goal still being built 12. The company states its current cash is sufficient to fund operations into cash flow positivity, based on the current operating plan 3.
Trends
- Expansion of AUVELITY indicationstailwind
The approval and launch of AUVELITY for Alzheimer's agitation opens a new market for an already marketed product, and early new-prescription data suggest early adoption 23. If this trend holds, it could support revenue growth in the coming quarters.
- Investment in the sales forcemixed
Expanding the sales force for AUVELITY and SYMBRAVO raised commercialization costs, and selling, general and administrative expenses increased markedly in 2026 3. The effect on revenue is still uncertain and depends on how quickly the investment converts into prescriptions 3.
- Pressure from net lossesheadwind
The company continues to report net losses and a growing accumulated deficit, which could limit its ability to fund new programs without additional capital 12. This context is a constraint on expansion plans.
- Progress of the CNS pipelinetailwind
Several Phase 3 programs and filings under review could extend the portfolio over the medium term, particularly in narcolepsy and psychiatric disorders 23. Future results nevertheless remain uncertain.
Competitive position
In excessive sleepiness, SUNOSI is described as the first and only DNRI approved for this indication, giving it a distinctive position, though competition in the category remains 2. In migraine and depression the company implicitly competes with established treatments already on the market 1.
- Pharmaceutical companies developing antipsychotics used in Alzheimer's agitation
Antipsychotics are frequently used off-label in this population despite a mortality warning, making them de facto competitors in the indication 1.
- Makers of approved treatments for shift work disorder
The filing notes that only two products are approved for sleepiness associated with shift work disorder and that no new treatments have been approved since 2007 1.
- Makers of treatments for binge eating disorder
Few products are approved in this field, which describes a limited competitive landscape for the solriamfetol program 1.
- Developers of acute migraine treatments
The acute migraine market has numerous competitors, and the company supports SYMBRAVO with a rapidly absorbed multi-mechanism profile 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Axsome Sees AUVELITY Prescriptions Accelerate as Alzheimer’s Launch Gains TractionYahoo Finance — News · 19 Sept 2026 · EN
- Axsome Therapeutics Highlights Auvelity Growth, Pipeline Progress at H.C. Wainwright ConferenceYahoo Finance — News · 19 Sept 2026 · EN
- Analysts Think Axsome Therapeutics Stock Could Soar 35% Over the Next 12 Months. Is the Stock a No-Brainer Buy?Yahoo Finance — News · 18 Sept 2026 · EN
- Is Axsome Therapeutics a Buy on the Dip?Yahoo Finance — News · 18 Sept 2026 · EN
- Amgen vs. Axsome Therapeutics: Which Healthcare Stock Is a Better Buy in 2026?Yahoo Finance — News · 29 Aug 2026 · EN
- Axsome Therapeutics Stock Is Up 16% Year to Date. Why Wall Street Thinks It Has Even More Room to RunYahoo Finance — News · 23 Aug 2026 · EN
The latest news item in our archive is from 19 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report02 Nov 2026
- Current report02 Nov 2026Results of operations · Other events · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Other events · Financial statements and exhibits
- Current report15 Jul 2026Other events · Financial statements and exhibits
- Current report09 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report09 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report03 Jun 2026Other events · Financial statements and exhibits
- Quarterly report04 May 2026
- Current report04 May 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Axsome Therapeutics, Inc. · 23 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Axsome Therapeutics, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Axsome Therapeutics, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.