Axsome Therapeut Financials

AXSM

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Financial Profile 33/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Axsome Therapeut has an operating margin of -72.7%, meaning the company retains $-73 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -85.7% the prior year.

Growth

100

Axsome Therapeut's revenue surged 42.5% year-over-year to $385.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

Axsome Therapeut has elevated debt relative to equity (D/E of 3.17), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Liquidity

Axsome Therapeut's current ratio of 2.11 indicates adequate short-term liquidity, earning a score of 64/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While Axsome Therapeut generated -$128.4M in operating cash flow, capex of $270K consumed most of it, leaving -$128.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Weak

3/9

Axsome Therapeut passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Low Quality

0.45x

For every $1 of reported earnings, Axsome Therapeut generates $0.45 in operating cash flow (-$128.4M OCF vs -$287.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-13.0x

Axsome Therapeut earns $-13.0 in operating income for every $1 of interest expense (-$280.6M vs $21.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Axsome Therapeut (AXSM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$385.7M

YoY+42.5%

Axsome Therapeut generated $385.7M in revenue in fiscal year 2024. This represents an increase of 42.5% from the prior year.

EBITDA

-$272.6M

YoY-21.2%

Axsome Therapeut's EBITDA was -$272.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 21.2% from the prior year.

Free Cash Flow

-$128.7M

YoY+11.7%

Axsome Therapeut generated -$128.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 11.7% from the prior year.

Net Income

-$287.2M

YoY-20.1%

Axsome Therapeut reported -$287.2M in net income in fiscal year 2024. This represents a decrease of 20.1% from the prior year.

EPS (Diluted)

$-5.99

YoY-13.7%

Axsome Therapeut earned $-5.99 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 13.7% from the prior year.

Cash & Debt

$315.4M

YoY-18.3%

5Y CAGR+7.5%

10Y CAGR+61.5%

Axsome Therapeut held $315.4M in cash against $180.7M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

49M

YoY+2.9%

5Y CAGR+5.7%

Axsome Therapeut had 49M shares outstanding in fiscal year 2024. This represents an increase of 2.9% from the prior year.

Gross Margin

91.4%

YoY+1.0pp

Axsome Therapeut's gross margin was 91.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.

Operating Margin

-72.7%

YoY+12.9pp

Axsome Therapeut's operating margin was -72.7% in fiscal year 2024, reflecting core business profitability. This is up 12.9 percentage points from the prior year.

Net Margin

-74.5%

YoY+13.9pp

Axsome Therapeut's net profit margin was -74.5% in fiscal year 2024, showing the share of revenue converted to profit. This is up 13.9 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$187.1M

YoY+91.0%

5Y CAGR+28.4%

10Y CAGR+45.9%

Axsome Therapeut invested $187.1M in research and development in fiscal year 2024. This represents an increase of 91.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$270K

YoY-53.6%

5Y CAGR+75.7%

Axsome Therapeut invested $270K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 53.6% from the prior year.

AXSM Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$385.7M+42.5%	$270.6M+440.8%	$50.0M	N/A	N/A	N/A
Cost of Revenue	$33.3M+27.8%	$26.1M+401.3%	$5.2M	N/A	N/A	N/A
Gross Profit	$352.4M+44.1%	$244.5M+445.4%	$44.8M	N/A	N/A	N/A
R&D Expenses	$187.1M+91.0%	$97.9M+69.0%	$57.9M-0.2%	$58.1M-17.3%	$70.2M+30.9%	$53.6M
SG&A Expenses	$411.4M+27.3%	$323.1M+102.9%	$159.3M+139.0%	$66.6M+130.6%	$28.9M+112.5%	$13.6M
Operating Income	-$280.6M-21.0%	-$231.8M-28.9%	-$179.8M-44.2%	-$124.7M-25.8%	-$99.1M-47.4%	-$67.2M
Interest Expense	-$21.6M-7.7%	-$20.0M-107.4%	-$9.7M	N/A	N/A	N/A
Income Tax	$85K-91.1%	$960K	$0	$0	$0	$0
Net Income	-$287.2M-20.1%	-$239.2M-27.8%	-$187.1M-43.5%	-$130.4M-26.7%	-$102.9M-50.6%	-$68.3M
EPS (Diluted)	$-5.99-13.7%	$-5.27-14.6%	$-4.60-32.6%	$-3.47-25.3%	$-2.77	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$171.0M+14.0%	$150.0M+23.5%	$121.5M+2.3%	$118.8M+36.3%	$87.2M+16.2%	$75.0M+4.8%	$71.5M+23.8%	$57.8M
Cost of Revenue	$11.9M-11.4%	$13.4M+37.4%	$9.8M-6.9%	$10.5M+30.5%	$8.1M+27.9%	$6.3M-14.7%	$7.4M+13.0%	$6.5M
Gross Profit	$159.1M+16.5%	$136.6M+22.3%	$111.7M+3.2%	$108.3M+36.8%	$79.1M+15.2%	$68.7M+7.1%	$64.2M+25.1%	$51.3M
R&D Expenses	$40.2M-18.9%	$49.5M+10.6%	$44.8M-18.6%	$55.0M+10.3%	$49.9M+35.4%	$36.8M+19.6%	$30.8M+7.1%	$28.8M
SG&A Expenses	$150.2M+15.3%	$130.3M+7.9%	$120.8M+6.6%	$113.3M+9.4%	$103.6M+4.6%	$99.0M+14.0%	$86.8M+4.4%	$83.2M
Operating Income	-$46.1M-25.6%	-$36.7M+35.6%	-$57.0M+21.5%	-$72.6M+7.0%	-$78.0M-16.0%	-$67.3M+31.5%	-$98.3M-58.2%	-$62.1M
Interest Expense	-$3.4M+17.4%	-$4.1M+22.3%	-$5.3M+3.2%	-$5.4M-6.9%	-$5.1M+6.0%	-$5.4M	N/A	N/A
Income Tax	$0+100.0%	-$960K	$0-100.0%	$85K	$0	$0+100.0%	-$325K+52.1%	-$678K
Net Income	-$47.2M+1.6%	-$48.0M+19.3%	-$59.4M+20.7%	-$74.9M+5.6%	-$79.3M-16.1%	-$68.4M+30.7%	-$98.7M-58.6%	-$62.2M
EPS (Diluted)	$-0.94+3.1%	$-0.97+20.5%	$-1.22+20.8%	$-1.54+7.8%	$-1.67-16.0%	$-1.44+33.0%	$-2.15-62.9%	$-1.32

AXSM Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$568.5M-3.4%	$588.2M+77.5%	$331.5M+277.6%	$87.8M-52.8%	$186.1M-15.6%	$220.5M
Current Assets	$485.1M-3.8%	$504.3M+105.3%	$245.6M+183.9%	$86.5M-53.0%	$184.0M-16.5%	$220.4M
Cash & Equivalents	$315.4M-18.3%	$386.2M+92.3%	$200.8M+132.3%	$86.5M-53.0%	$183.9M-16.4%	$220.0M
Inventory	$15.7M+3.9%	$15.1M+250.3%	$4.3M	N/A	N/A	N/A
Accounts Receivable	$142.0M+49.8%	$94.8M+151.5%	$37.7M	N/A	N/A	N/A
Goodwill	$12.0M0.0%	$12.0M+16.8%	$10.3M	N/A	N/A	N/A
Total Liabilities	$511.5M+28.8%	$397.3M+79.0%	$221.9M+207.6%	$72.2M-0.3%	$72.3M+73.0%	$41.8M
Current Liabilities	$230.1M+65.7%	$138.9M+43.8%	$96.6M+318.6%	$23.1M-1.6%	$23.4M-4.3%	$24.5M
Long-Term Debt	$180.7M+1.5%	$178.1M+88.9%	$94.3M+92.0%	$49.1M+1.6%	$48.3M+178.8%	$17.3M
Total Equity	$57.0M-70.1%	$191.0M+74.3%	$109.6M+600.9%	$15.6M-86.3%	$113.8M-36.3%	$178.7M
Retained Earnings	-$1.1B-34.4%	-$835.6M-40.1%	-$596.3M-45.7%	-$409.2M-46.8%	-$278.8M-58.5%	-$175.9M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$669.3M+4.6%	$639.8M+7.2%	$596.7M+5.0%	$568.5M+3.7%	$548.2M+0.5%	$545.7M-7.2%	$588.2M-2.1%	$600.9M
Current Assets	$565.3M+5.4%	$536.6M+8.5%	$494.6M+2.0%	$485.1M+4.8%	$463.0M+0.6%	$460.5M-8.7%	$504.3M-1.5%	$511.8M
Cash & Equivalents	$325.3M+7.3%	$303.0M+0.7%	$300.9M-4.6%	$315.4M-0.1%	$315.7M-4.8%	$331.4M-14.2%	$386.2M-7.3%	$416.6M
Inventory	$23.8M+28.9%	$18.4M+13.0%	$16.3M+3.7%	$15.7M+3.4%	$15.2M-2.3%	$15.6M+3.0%	$15.1M+51.6%	$10.0M
Accounts Receivable	$196.5M-1.2%	$198.8M+23.2%	$161.4M+13.7%	$142.0M+18.0%	$120.3M+18.6%	$101.4M+7.0%	$94.8M+20.9%	$78.4M
Goodwill	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M0.0%	$12.0M
Total Liabilities	$595.5M+5.1%	$566.7M+4.3%	$543.5M+6.3%	$511.5M+14.8%	$445.4M+10.9%	$401.7M+1.1%	$397.3M+19.9%	$331.3M
Current Liabilities	$360.3M+5.3%	$342.1M+40.3%	$243.9M+6.0%	$230.1M+23.3%	$186.6M+29.5%	$144.0M+3.7%	$138.9M+21.1%	$114.7M
Long-Term Debt	$117.6M+0.1%	$117.5M-35.2%	$181.4M+0.4%	$180.7M+0.8%	$179.3M+0.4%	$178.7M+0.3%	$178.1M+0.4%	$177.4M
Total Equity	$73.7M+0.9%	$73.1M+37.3%	$53.2M-6.7%	$57.0M-44.6%	$102.9M-28.6%	$144.0M-24.6%	$191.0M-29.1%	$269.5M
Retained Earnings	-$1.3B-3.8%	-$1.2B-4.1%	-$1.2B-5.3%	-$1.1B-14.2%	-$983.3M-8.8%	-$903.9M-8.2%	-$835.6M-13.4%	-$736.9M

AXSM Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$128.4M+11.5%	-$145.1M-24.5%	-$116.5M-7.7%	-$108.2M-37.9%	-$78.5M-69.2%	-$46.4M
Capital Expenditures	$270K-53.6%	$582K-17.1%	$702K+127.9%	$308K+571.2%	$46K+184.7%	$16K
Free Cash Flow	-$128.7M+11.7%	-$145.7M-24.3%	-$117.2M-8.0%	-$108.5M-38.3%	-$78.5M-69.2%	-$46.4M
Investing Cash Flow	-$270K+53.6%	-$582K+98.9%	-$53.7M-17335.7%	-$308K-571.2%	-$46K-184.7%	-$16K
Financing Cash Flow	$57.8M-82.5%	$331.0M+16.3%	$284.6M+2456.9%	$11.1M-73.8%	$42.4M-83.2%	$252.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.0M+103.2%	-$32.4M+25.2%	-$43.4M-65.5%	-$26.2M+13.0%	-$30.1M+43.7%	-$53.5M-76.1%	-$30.4M+43.3%	-$53.5M
Capital Expenditures	$58K+346.2%	$13K-96.2%	$338K+1026.7%	$30K-42.3%	$52K-46.9%	$98K+1300.0%	$7K-98.1%	$371K
Free Cash Flow	$988K+103.0%	-$32.4M+25.8%	-$43.7M-66.6%	-$26.2M+13.0%	-$30.2M+43.7%	-$53.6M-76.4%	-$30.4M+43.7%	-$53.9M
Investing Cash Flow	-$58K-346.2%	-$13K+96.2%	-$338K-1026.7%	-$30K+42.3%	-$52K+46.9%	-$98K-1300.0%	-$7K+98.1%	-$371K
Financing Cash Flow	$21.3M-38.4%	$34.5M+18.0%	$29.3M+105.5%	$14.2M-0.9%	$14.4M+1311.3%	-$1.2M-59250.0%	-$2K-100.0%	$33.4M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

AXSM Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	91.4%+1.0pp	90.4%+0.8pp	89.6%	N/A	N/A	N/A
Operating Margin	-72.7%+12.9pp	-85.7%+273.7pp	-359.3%	N/A	N/A	N/A
Net Margin	-74.5%+13.9pp	-88.4%+285.6pp	-374.0%	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-50.5%-9.8pp	-40.7%+15.8pp	-56.5%+92.1pp	-148.6%-93.3pp	-55.3%-24.3pp	-31.0%
Current Ratio	2.11-1.5	3.63+1.1	2.54-1.2	3.75-4.1	7.85-1.1	9.00
Debt-to-Equity	3.17+2.2	0.93+0.1	0.86-2.3	3.14+2.7	0.42+0.3	0.10
FCF Margin	-33.4%+20.5pp	-53.8%+180.4pp	-234.2%	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	93.0%+2.0pp	91.0%-0.9pp	91.9%+0.8pp	91.1%+0.4pp	90.8%-0.8pp	91.6%+1.9pp	89.7%+1.0pp	88.7%
Operating Margin	-27.0%-2.5pp	-24.5%+22.4pp	-46.9%+14.2pp	-61.1%+28.4pp	-89.5%+0.2pp	-89.7%+47.7pp	-137.4%-29.9pp	-107.5%
Net Margin	-27.6%+4.3pp	-32.0%+16.9pp	-48.9%+14.2pp	-63.1%+27.9pp	-91.0%+0.1pp	-91.1%+46.8pp	-137.9%-30.3pp	-107.6%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-7.1%+0.4pp	-7.5%+2.5pp	-10.0%+3.2pp	-13.2%+1.3pp	-14.5%-1.9pp	-12.5%+4.2pp	-16.8%-6.4pp	-10.3%
Current Ratio	1.570.0	1.57-0.5	2.03-0.1	2.11-0.4	2.48-0.7	3.20-0.4	3.63-0.8	4.46
Debt-to-Equity	1.60-0.0	1.61-1.8	3.41+0.2	3.17+1.4	1.74+0.5	1.24+0.3	0.93+0.3	0.66
FCF Margin	0.6%+22.2pp	-21.6%+14.4pp	-36.0%-13.9pp	-22.1%+12.5pp	-34.6%+36.8pp	-71.4%-29.0pp	-42.5%+50.8pp	-93.3%

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Frequently Asked Questions

What is Axsome Therapeut's annual revenue?

Axsome Therapeut (AXSM) reported $385.7M in total revenue for fiscal year 2024. This represents a 42.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Axsome Therapeut's revenue growing?

Axsome Therapeut (AXSM) revenue grew by 42.5% year-over-year, from $270.6M to $385.7M in fiscal year 2024.

Is Axsome Therapeut profitable?

No, Axsome Therapeut (AXSM) reported a net income of -$287.2M in fiscal year 2024, with a net profit margin of -74.5%.

What is Axsome Therapeut's earnings per share (EPS)?

Axsome Therapeut (AXSM) reported diluted earnings per share of $-5.99 for fiscal year 2024. This represents a -13.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Axsome Therapeut's EBITDA?

Axsome Therapeut (AXSM) had EBITDA of -$272.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Axsome Therapeut have?

As of fiscal year 2024, Axsome Therapeut (AXSM) had $315.4M in cash and equivalents against $180.7M in long-term debt.

What is Axsome Therapeut's gross margin?

Axsome Therapeut (AXSM) had a gross margin of 91.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Axsome Therapeut's operating margin?

Axsome Therapeut (AXSM) had an operating margin of -72.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Axsome Therapeut's net profit margin?

Axsome Therapeut (AXSM) had a net profit margin of -74.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Axsome Therapeut's free cash flow?

Axsome Therapeut (AXSM) generated -$128.7M in free cash flow during fiscal year 2024. This represents a 11.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Axsome Therapeut's operating cash flow?

Axsome Therapeut (AXSM) generated -$128.4M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Axsome Therapeut's total assets?

Axsome Therapeut (AXSM) had $568.5M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Axsome Therapeut's capital expenditures?

Axsome Therapeut (AXSM) invested $270K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Axsome Therapeut spend on research and development?

Axsome Therapeut (AXSM) invested $187.1M in research and development during fiscal year 2024.

How many shares does Axsome Therapeut have outstanding?

Axsome Therapeut (AXSM) had 49M shares outstanding as of fiscal year 2024.

What is Axsome Therapeut's current ratio?

Axsome Therapeut (AXSM) had a current ratio of 2.11 as of fiscal year 2024, which is generally considered healthy.

What is Axsome Therapeut's debt-to-equity ratio?

Axsome Therapeut (AXSM) had a debt-to-equity ratio of 3.17 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Axsome Therapeut's return on assets (ROA)?

Axsome Therapeut (AXSM) had a return on assets of -50.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Axsome Therapeut's cash runway?

Based on fiscal year 2024 data, Axsome Therapeut (AXSM) had $315.4M in cash against an annual operating cash burn of $128.4M. This gives an estimated cash runway of approximately 29 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Axsome Therapeut's Piotroski F-Score?

Axsome Therapeut (AXSM) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Axsome Therapeut's earnings high quality?

Axsome Therapeut (AXSM) has an earnings quality ratio of 0.45x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Axsome Therapeut cover its interest payments?

Axsome Therapeut (AXSM) has an interest coverage ratio of -13.0x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Axsome Therapeut?

Axsome Therapeut (AXSM) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.