Axsome Therapeutics, Inc. Earnings Per Share Disclosure
Note 13. Net Loss per Common Share
The following table sets forth the computation of basic and diluted net loss per common share:
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Basic and diluted net loss per common share: |
|
|
|
|
|
|
|
|
|
|||
Net loss |
|
$ |
(183,174 |
) |
|
$ |
(287,216 |
) |
|
$ |
(239,238 |
) |
Weighted average common shares outstanding—basic and diluted |
|
|
49,747,178 |
|
|
|
47,914,253 |
|
|
|
45,425,212 |
|
Net loss per common share—basic and diluted |
|
$ |
(3.68 |
) |
|
$ |
(5.99 |
) |
|
$ |
(5.27 |
) |
The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive:
|
|
December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Stock options |
|
|
7,034,278 |
|
|
|
8,439,121 |
|
|
|
8,462,294 |
|
Restricted stock units |
|
|
1,507,374 |
|
|
|
906,944 |
|
|
|
804,150 |
|
Performance stock units |
|
|
64,281 |
|
|
|
— |
|
|
|
— |
|
Warrants |
|
|
79,220 |
|
|
|
79,220 |
|
|
|
79,220 |
|
ESPP |
|
|
79,525 |
|
|
|
64,886 |
|
|
|
56,760 |
|
Total |
|
|
8,764,678 |
|
|
|
9,490,171 |
|
|
|
9,402,424 |
|
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.