Axsome Therapeutics, Inc.

Listed Company

AXSMCIK 0001579428NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$638.50M

Net Income

$-183.17M

Total Assets

$689.80M

Equity

$88.30M

Shares Out

51.15M

Op. Cash Flow

$-93.41M

Business

Axsome Therapeutics, Inc. is a biopharmaceutical company focused on developing and delivering transformative medicines for central nervous system (CNS) conditions. It develops and commercializes innovative small‑molecule therapies, including approved products Auvelity, Sunosi, and Symbravo, and investigational candidates AXS‑05, AXS‑12, AXS‑14 and solriamfetol across indications such as major depressive disorder, narcolepsy, migraine, fibromyalgia, ADHD, binge eating disorder and shift work disorder. The business includes research and development, clinical development, regulatory strategy, intellectual property management and a U.S. commercial organization. Products are sold and distributed primarily in the United States, with selective licensing and partnering for Europe, Middle East/North Africa and other international territories.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	638	386	271	50	—
Cost of revenue (excluding amortization and depreciation)	47	33	26	5	—
Research and development	183	187	98	58	58
Selling, general and administrative	571	411	323	159	67
Loss (Gain) in fair value of contingent consideration	−2	28	49	3	—
Intangible asset amortization	6	6	6	4	—
Total operating expenses	805	666	502	230	125
Loss from operations	−167	−281	−232	−180	−125
Interest expense, net	−7	−7	−6	−7	−6
Loss on debt extinguishment	−10	—	—	—	—
Loss before income taxes	−184	−287	−238	−187	−130
Income tax benefit (expense)	500,000	−85,000	−960,000	—	—
Net loss	−183	−287	−239	−187	−130
Net loss per common share, basic	−3.68	−5.99	−5.27	−4.6	−3.47
Net loss per common share, diluted	−3.68	−5.99	−5.27	−4.6	−3.47
Weighted average common shares outstanding, basic	50	48	45	41	38
Weighted average common shares outstanding, diluted	50	48	45	41	38

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	323	315	386	201	86
Accounts receivable, net	224	142	95	38	—
Inventories, net	28	16	15	4	—
Prepaid and other current assets	14	12	8	3	45,286
Total current assets	589	485	504	246	87
Equipment, net	562,000	584,000	846,000	722,000	283,846
Right-of-use asset	21	5	7	420,000	660,162
Goodwill	12	12	12	10	—
Intangible asset, net	41	47	53	60	—
Non-current inventory and other assets	27	19	11	15	322,910
Total assets	690	568	588	331	88
Accounts payable	66	72	41	39	13
Accrued expenses and other current liabilities	233	148	91	52	9
Operating lease liability, current portion	434,000	2	1	425,000	620,675
Contingent consideration, current	10	8	6	6	—
Short-term borrowings	70	0	—	—	—
Total current liabilities	379	230	139	97	23
Contingent consideration, non-current	78	92	73	31	—
Loan payable, long-term	118	181	178	94	49
Operating lease liability, long-term	23	6	7	—	—
Finance lease liability, long-term	4	3	—	—	—
Total liabilities	602	511	397	222	72
Preferred stock, $0.0001 par value per share (10,000,000 shares authorized, none issued and outstanding)	—	—	—	—	—
Common stock, $0.0001 par value per share (150,000,000 shares authorized, 50,882,766 and 48,667,587 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively)	5,000	5,000	5,000	4,000	3,782
Additional paid-in capital	1,394	1,180	1,027	706	425
Accumulated deficit	−1,306	−1,123	−836	−596	−409
Total stockholders equity	88	57	191	110	16
Total liabilities and stockholders equity	690	568	588	331	88

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−183	−287	−239	−187	−130
Stock-based compensation expense	94	85	63	38	21
Amortization of debt discount	1	3	3	1	1
Depreciation	503,000	532,000	459,000	263,000	76,000
Gain from lease modification	−2	—	—	—	—
Non-cash lease expense	3	1	1	1	1
Right-of-use asset amortization for finance lease	2	1	—	—	—
Accounts receivable, net	−82	−47	−57	−38	—
Inventories, net	−11	744,000	−8	−1	—
Prepaid expenses and other current assets	−2	−4	−5	−3	103,000
Non-current inventory and other assets	−5	−3	4	−4	−6,000
Accounts payable	−6	31	2	25	−355,000
Accrued expenses and other current liabilities	84	56	36	44	582,000
Operating lease liability	−535,000	−422,000	154,000	—	—
Net cash used in operating activities	−93	−128	−145	−117	−108
Purchases of equipment	−480,000	−270,000	−582,000	−702,000	−308,000
Net cash used in investing activities	−480,000	−270,000	−582,000	−54	−308,000
Proceeds from draw down of debt	330	—	85	45	—
Payment of debt issuance costs	−4	—	−1	−487,000	−309,000
Repayment of debt	−332	—	—	—	—
Payments on principal portion of finance lease obligation	−2	−990,000	—	—	—
Proceeds from issuance of common stock upon financing	68	41	259	244	7
Cash paid for common stock issuance costs	−1	−816,000	−16	−7	−223,000
Proceeds from issuance of common stock upon exercise of options and under employee stock purchase plan	60	31	12	6	—
Payment of contingent consideration	−10	−8	−6	−2	—
Payments of tax withholdings on stock awards	−7	−4	−2	−532,000	−176,000
Net cash provided by financing activities	101	58	331	285	11
Net increase (decrease) in cash	8	−71	185	114	−97
Interest paid	15	20	17	8	5
Operating lease right-of-use asset obtained in exchange for operating lease liability	24	—	8	561,000	—
Finance lease right-of-use asset obtained in exchange for finance lease liability	5	5	—	—	—
Decrease in operating lease right-of-use asset due to lease modification	5	—	—	—	—
Decrease in operating lease liability due to lease modification	8	—	—	—	—
Issuance of warrants in connection with debt financing	—	—	2	0	—

Filings

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