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AXSM

Axsome Therapeutics, Inc.

AXSM

Axsome Therapeutics, Inc. • NASDAQ
$151.50 ▲ 0.34% (+0.52)
Market Cap $7.64 B
52w High $152.94
52w Low $75.56
Dividend Yield 0%
P/E -32.44
Volume 189.52K
Outstanding Shares 50.41M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $170.992M ▲ $205.189M ▲ $-47.229M ▲ -27.621% ▲ $-0.94 ▲ $-44.382M ▼
Q2-2025 $150.042M ▲ $173.308M ▲ $-47.973M ▲ -31.973% ▲ $-0.97 ▲ $-42.57M ▲
Q1-2025 $121.463M ▲ $168.656M ▼ $-59.413M ▲ -48.914% ▲ $-1.22 ▲ $-54.849M ▲
Q4-2024 $118.766M ▲ $180.869M ▲ $-74.912M ▼ -63.075% ▼ $-1.54 ▼ $-70.544M ▼
Q3-2024 $104.762M $158.949M $-64.602M -61.665% $-1.34 $-60.563M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $325.272M ▲ $669.25M ▲ $595.523M ▲ $73.727M ▲
Q2-2025 $303.016M ▲ $639.785M ▲ $566.71M ▲ $73.075M ▲
Q1-2025 $300.91M ▼ $596.671M ▲ $543.466M ▲ $53.205M ▼
Q4-2024 $315.353M ▼ $568.498M ▲ $511.483M ▲ $57.015M ▼
Q3-2024 $327.341M $561.458M $468.56M $92.898M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-47.229M ▲ $1.046M ▲ $-58K ▼ $21.268M ▼ $22.256M ▲ $988K ▲
Q2-2025 $-47.973M ▲ $-32.423M ▲ $-13K ▲ $34.542M ▲ $2.106M ▲ $-32.423M ▲
Q1-2025 $-59.413M ▲ $-43.375M ▼ $-338K ▼ $29.27M ▲ $-14.443M ▼ $-43.375M ▼
Q4-2024 $-74.912M ▼ $-26.202M ▼ $-30K ▲ $14.244M ▼ $-11.988M ▼ $-26.232M ▼
Q3-2024 $-64.602M $-18.631M $-90K $30.405M $11.684M $-18.481M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $200.00M ▲$120.00M ▼$150.00M ▲$170.00M ▲
Royalty
Royalty
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Axsome has moved from essentially no sales to a meaningful, fast‑growing revenue base over the last few years, which reflects the early success of its commercial launches. However, research, development, and commercialization costs still far exceed revenue, so operating losses remain sizable and have generally grown as the company invests more heavily. Gross margins look strong, suggesting the drugs themselves are profitable to produce once scale is reached, but the overall business is still firmly in the investment phase rather than the profit phase. The trend suggests a classic emerging biotech profile: rapid top‑line growth from a low base, paired with continued heavy spending to build a franchise in CNS disorders.

Balance Sheet

Balance Sheet The balance sheet has improved meaningfully over time, shifting from a weak, deficit‑like position a few years ago to positive equity more recently. Cash levels are solid for a company at this stage, though they have fluctuated as the firm funds operating losses and development work. Debt has increased but remains moderate relative to total assets, indicating some use of borrowing but not an overly leveraged structure. Overall, the financial foundation is stronger than in the past, yet still dependent on continued access to capital until the business turns sustainably profitable.

Cash Flow

Cash Flow Axsome consistently uses cash in its operations, reflecting ongoing losses as it builds out its pipeline and commercial footprint. Capital spending on physical assets is very light, so most of the cash burn is tied directly to research, clinical trials, and commercialization rather than factories or equipment. Free cash flow has been negative each year, with a gradual increase in cash usage as the company has scaled. This pattern is typical for a growing biotech but means the company must manage its cash runway carefully and periodically tap external funding unless cash flows improve materially.

Competitive Edge

Competitive Edge Axsome competes in a very crowded and complex CNS market but has carved out a differentiated niche with first‑in‑class or best‑in‑class mechanisms, especially in depression and sleep‑wake disorders. Strong patent protection and settlements that push out generic competition give its key products a long potential runway, which is an important strategic advantage. The company’s focused specialty in CNS, along with its data‑driven, digital‑centric commercialization model, helps it punch above its weight against much larger pharmaceutical rivals. The main competitive risks are dependence on a small number of flagship products, potential pushback from entrenched therapies, and the constant threat of new entrants with competing clinical data.

Innovation and R&D

Innovation and R&D Axsome’s story is heavily driven by innovation: it emphasizes novel mechanisms in areas where existing treatments are unsatisfying, such as major depression, agitation in Alzheimer’s disease, narcolepsy, fibromyalgia, and migraine. Its lead products showcase this approach by using different biological pathways or combinations, aiming for faster onset, better tolerability, or new indications. The late‑stage pipeline is relatively deep for a company of its size, offering multiple shots on goal across CNS conditions. The opportunity is significant if clinical and regulatory milestones are met, but execution risk is high, as setbacks in trials or approvals could quickly change the growth outlook.

Summary

Axsome looks like a classic high‑growth, high‑investment CNS biotech: revenues are rising quickly from a small base, but the company remains loss‑making and cash‑consuming as it funds development and commercialization. The balance sheet has strengthened versus a few years ago and currently supports ongoing operations, though the business is not yet self‑funding. Its competitive edge rests on differentiated CNS drugs, strong intellectual property, and a focused commercial strategy, offset by concentration risk and the uncertainties inherent in drug development. Future performance will hinge on continued uptake of its marketed products, successful label expansions, and positive outcomes from its late‑stage pipeline programs.

NEWS

November 20, 2025 · 7:00 AM UTC

Axsome Therapeutics to Participate in Upcoming Investor Conferences

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November 6, 2025 · 7:00 AM UTC

Axsome Therapeutics Acquires Subtype Selective GABA-A Receptor Positive Allosteric Modulator AZD7325 for the Treatment of Epilepsy

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October 24, 2025 · 11:20 AM UTC

Halper Sadeh LLC Encourages Axsome Therapeutics, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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October 9, 2025 · 7:00 AM UTC

Axsome Therapeutics Recognizes Mental Illness Awareness Week Along with the National Advocacy Community

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October 7, 2025 · 7:00 AM UTC

Axsome Therapeutics to Report Third Quarter 2025 Financial Results on November 3

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