Axsome Therapeutics, Inc. Segments Disclosure
Note 20. Segment Information
The Company views its operations and manages its business as one operating and reportable segment, which is the business of developing and delivering novel therapies for the management of CNS disorders. The Company’s focus centers around the CNS disorders market as its primary operating environment. Consistent with the operational structure, the , as the chief operating decision maker (“CODM”), manages and allocates resources on a consolidated basis. This decision-making process reflects the way in which the financial information is regularly reviewed and used by the CODM to evaluate performance, set operational targets, forecast future financial results, and allocate resources.
The Company’s CODM assesses financial performance and allocates resources based on consolidated net loss that also is reported on the consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM utilizes consolidated net loss by comparing actual results against budgeted amounts on a quarterly basis. As part of this process, consolidated net loss is a critical performance measure used to evaluate the Company’s operating performance and guide strategic decisions and resource allocations, including additional investments in research and development and commercialization activities.
The following table provides information about the Company’s one reportable segment and includes the reconciliation to consolidated net loss.
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|
Year ended December 31, |
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2025 |
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|
2024 |
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|
2023 |
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Total revenues |
|
$ |
638,496 |
|
|
$ |
385,693 |
|
|
$ |
270,600 |
|
Less: |
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|
|
|
|
|
|
|
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Cost of revenue (excluding amortization and depreciation) |
|
|
47,478 |
|
|
|
33,303 |
|
|
|
26,065 |
|
Research and development expense (excluding stock-based compensation expense): |
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|
|
|
|
|
|
|
|
|||
Solriamfetol |
|
|
42,106 |
|
|
|
53,678 |
|
|
|
18,232 |
|
AXS-05 |
|
|
55,312 |
|
|
|
62,877 |
|
|
|
34,011 |
|
AXS-07 |
|
|
21,421 |
|
|
|
15,587 |
|
|
|
8,101 |
|
AXS-12 |
|
|
8,482 |
|
|
|
9,362 |
|
|
|
10,431 |
|
AXS-14 |
|
|
8,485 |
|
|
|
11,881 |
|
|
|
7,091 |
|
Other research and development(a) |
|
|
20,645 |
|
|
|
12,274 |
|
|
|
5,998 |
|
General and administrative expense (excluding stock-based compensation expense) |
|
|
63,273 |
|
|
|
54,204 |
|
|
|
37,355 |
|
Selling and marketing expense (excluding stock-based compensation expense) |
|
|
440,402 |
|
|
|
293,355 |
|
|
|
237,228 |
|
Stock based compensation expense |
|
|
93,752 |
|
|
|
85,218 |
|
|
|
62,620 |
|
Loss (Gain) in fair value of contingent consideration |
|
|
(2,473 |
) |
|
|
28,124 |
|
|
|
48,918 |
|
Interest expense, net(b) |
|
|
6,557 |
|
|
|
6,569 |
|
|
|
6,453 |
|
Other segment items(c) |
|
|
16,230 |
|
|
|
6,477 |
|
|
|
7,335 |
|
Segment net loss |
|
$ |
(183,174 |
) |
|
$ |
(287,216 |
) |
|
$ |
(239,238 |
) |
|
|
|
|
|
|
|
|
|
|
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Reconciliation of net loss |
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|
|
|
|
|
|
|
|
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Adjustments and reconciling items |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consolidated net loss |
|
$ |
(183,174 |
) |
|
$ |
(287,216 |
) |
|
$ |
(239,238 |
) |
See Note 2. Summary of Significant Accounting Policies for further details on the products from which the Company derives its revenues.
See Note 14. Revenues for details of revenue from external customers by geography.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.