Axsome Therapeutics, Inc. Revenue Disclosure
Note 14. Revenues
The Company sells AUVELITY, SUNOSI, and SYMBRAVO in the United States through the Distributors. The Company also sells SUNOSI to Distributors in Canada and on a product supply basis to Pharmanovia. SUNOSI is subsequently sold by Pharmanovia in certain ex-U.S. markets. For the year ended December 31, 2025, the Company’s three largest customers represented approximately 35%, 31%, and 25% of the Company’s gross product sales.
License revenue consists of the recognition of the upfront payment the Company received from Pharmanovia in February 2023, royalty revenue related to the sales of SUNOSI by Pharmanovia in certain ex-U.S. markets, and a milestone revenue of $0.5 million related to an achievement of a regulatory milestone in China for SUNOSI from SK recorded in the fourth quarter of 2024.
The following table presents a summary of total revenues by product:
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Product sales, net |
|
|
|
|
|
|
|
|
|
|||
Auvelity |
|
$ |
507,093 |
|
|
$ |
291,378 |
|
|
$ |
130,072 |
|
Sunosi |
|
|
120,093 |
|
|
|
90,299 |
|
|
|
72,388 |
|
Symbravo |
|
|
6,610 |
|
|
|
— |
|
|
|
— |
|
Total product sales, net |
|
|
633,796 |
|
|
|
381,677 |
|
|
|
202,460 |
|
Sunosi license revenue |
|
|
— |
|
|
|
— |
|
|
|
65,735 |
|
Sunosi royalty and milestone revenue |
|
|
4,700 |
|
|
|
4,016 |
|
|
|
2,405 |
|
Total revenues |
|
$ |
638,496 |
|
|
$ |
385,693 |
|
|
$ |
270,600 |
|
The following table presents a summary of total revenues by geographic location:
|
|
Year ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Product sales, net |
|
|
|
|
|
|
|
|
|
|||
United States |
|
$ |
628,617 |
|
|
$ |
378,159 |
|
|
$ |
197,224 |
|
Outside of the United States |
|
|
5,179 |
|
|
|
3,518 |
|
|
|
5,236 |
|
Total product sales, net |
|
|
633,796 |
|
|
|
381,677 |
|
|
|
202,460 |
|
License revenue |
|
|
|
|
|
|
|
|
|
|||
Outside of the United States |
|
|
— |
|
|
|
— |
|
|
|
65,735 |
|
Royalty and milestone revenue |
|
|
|
|
|
|
|
|
|
|||
Outside of the United States |
|
|
4,700 |
|
|
|
4,016 |
|
|
|
2,405 |
|
Total revenues |
|
$ |
638,496 |
|
|
$ |
385,693 |
|
|
$ |
270,600 |
|
For the year ended December 31, 2025, product sales, net, include adjustments for provisions for product sales made in previous fiscal years resulting from changes in estimates of $1.0 million for AUVELITY and $0.9 million for SUNOSI. For the year ended December 31, 2024, product sales, net, include adjustments for provisions for product sales made in previous fiscal years resulting from changes in estimates of $0.8 million for AUVELITY and $0.6 million for SUNOSI.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 23, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.