Axsome Therapeut Financials
Axsome Therapeut (AXSM) reported $638.5M in revenue for fiscal year 2025, up 65.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Axsome’s commercial scaling is finally narrowing losses, because high gross margins are outrunning a still-heavy launch cost base.
From FY2023 to FY2025, revenue added$367.9M and gross profit added$346.5M , yet operating cash burn improved by only$51.7M ; that gap says the business is economically scaling, but much of each new gross-profit dollar is still being reinvested into selling infrastructure rather than converting to cash. The encouraging part is that capex stayed near zero at just$480K in FY2025, so the drag is commercial spending and working capital, not a plant-and-equipment treadmill.
The clearest pattern is the margin shape: gross margin rose from
Balance-sheet strain is now more about short-term funding than long-term asset needs: FY2025 cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Axsome Therapeut's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Axsome Therapeut has an operating margin of -26.1%, meaning the company loses $26 on every $100 of revenue. This results in a profitability score of 18/100. This is up from -72.7% the prior year.
Axsome Therapeut's revenue surged 65.5% year-over-year to $638.5M, reflecting rapid business expansion. This strong growth earns a score of 95/100.
Axsome Therapeut has a moderate D/E ratio of 1.33. This balance of debt and equity financing earns a leverage score of 40/100.
Axsome Therapeut's current ratio of 1.55 indicates adequate short-term liquidity, earning a score of 43/100. The company can meet its near-term obligations, though with limited headroom.
Axsome Therapeut's operations used $93.4M of cash, and capex of $480K added to the outflow, for a free cash flow shortfall of $93.9M. This results in a cash flow score of 11/100.
Axsome Therapeut posts a -207.5% return on equity (ROE), meaning it loses $207 for every $100 of shareholders' equity. This results in a returns score of 29/100. This is up from -503.8% the prior year.
Axsome Therapeut scores 8.58, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($10.8B) relative to total liabilities ($601.5M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Axsome Therapeut passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Axsome Therapeut reported a net loss of $183.2M while operations used $93.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Axsome Therapeut reported an operating loss of $166.8M against $15.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Axsome Therapeut generated $638.5M in revenue in fiscal year 2025. This represents an increase of 65.5% from the prior year.
Axsome Therapeut's EBITDA was -$157.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.2% from the prior year.
Axsome Therapeut reported -$183.2M in net income in fiscal year 2025. This represents an increase of 36.2% from the prior year.
Axsome Therapeut earned -$3.68 per diluted share (EPS) in fiscal year 2025. This represents an increase of 38.6% from the prior year.
Cash & Balance Sheet
Axsome Therapeut recorded an outflow of $93.9M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 27.0% from the prior year.
Axsome Therapeut held $322.9M in cash against $117.7M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Axsome Therapeut's gross margin was 92.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Axsome Therapeut's operating margin was -26.1% in fiscal year 2025, reflecting core business profitability. This is up 46.6 percentage points from the prior year.
Axsome Therapeut's net profit margin was -28.7% in fiscal year 2025, showing the share of revenue converted to profit. This is up 45.8 percentage points from the prior year.
Axsome Therapeut's ROE was -207.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 296.3 percentage points from the prior year.
Capital Allocation
Axsome Therapeut invested $183.3M in research and development in fiscal year 2025. This represents a decrease of 2.0% from the prior year.
Axsome Therapeut invested $480K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 77.8% from the prior year.
Not reported for fiscal year 2025.
AXSM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $776.6M | $638.5M+65.5% | $385.7M+42.5% | $270.6M+440.8% | $50.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | $52.5M | $47.5M+42.6% | $33.3M+27.8% | $26.1M+401.3% | $5.2M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $724.0M | $591.0M+67.7% | $352.4M+44.1% | $244.5M+445.4% | $44.8M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $187.9M | $183.3M-2.0% | $187.1M+91.0% | $97.9M+69.0% | $57.9M-0.2% | $58.1M-17.3% | $70.2M+30.9% | $53.6M+128.3% | $23.5M+17.7% | $20.0M-5.9% | $21.2M+212.8% | $6.8M+58.4% | $4.3M |
| SG&A Expenses | $712.7M | $570.6M+38.7% | $411.4M+27.3% | $323.1M+102.9% | $159.3M+139.0% | $66.6M+130.6% | $28.9M+112.5% | $13.6M+45.4% | $9.4M+29.8% | $7.2M+13.6% | $6.3M+162.2% | $2.4M+73.7% | $1.4M |
| Operating Income | -$186.1M | -$166.8M+40.6% | -$280.6M-21.0% | -$231.8M-28.9% | -$179.8M-44.2% | -$124.7M-25.8% | -$99.1M-47.4% | -$67.2M-104.7% | -$32.8M-20.9% | -$27.2M+1.4% | -$27.5M-199.5% | -$9.2M-62.1% | -$5.7M |
| Interest Expense | -$17.2M | -$15.9M+26.2% | -$21.6M-7.7% | -$20.0M-107.4% | -$9.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $558K | -$530K-723.5% | $85K-91.1% | $960K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | N/A | N/A |
| Net Income | -$191.6M | -$183.2M+36.2% | -$287.2M-20.1% | -$239.2M-27.8% | -$187.1M-43.5% | -$130.4M-26.7% | -$102.9M-50.6% | -$68.3M-120.7% | -$31.0M-7.0% | -$28.9M-6.4% | -$27.2M-122.8% | -$12.2M-103.5% | -$6.0M |
| EPS (Diluted) | — | -$3.68+38.6% | -$5.99-13.7% | -$5.27-14.6% | -$4.60-32.6% | -$3.47-25.3% | -$2.77 | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AXSM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $689.8M+21.3% | $568.5M-3.4% | $588.2M+77.5% | $331.5M+277.6% | $87.8M-52.8% | $186.1M-15.6% | $220.5M+1334.1% | $15.4M-56.7% | $35.6M-7.0% | $38.2M-22.1% | $49.1M | N/A |
| Current Assets | $589.0M+21.4% | $485.1M-3.8% | $504.3M+105.3% | $245.6M+183.9% | $86.5M-53.0% | $184.0M-16.5% | $220.4M+1348.4% | $15.2M-56.9% | $35.3M-7.1% | $38.0M-22.5% | $49.0M | N/A |
| Cash & Equivalents | $322.9M+2.4% | $315.4M-18.3% | $386.2M+92.3% | $200.8M+132.3% | $86.5M-53.0% | $183.9M-16.4% | $220.0M+1474.7% | $14.0M-58.9% | $34.0M-7.1% | $36.6M-23.8% | $48.0M+1735.0% | $2.6M |
| Inventory | $27.9M+77.6% | $15.7M+3.9% | $15.1M+250.3% | $4.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $224.5M+58.1% | $142.0M+49.8% | $94.8M+151.5% | $37.7M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $12.0M0.0% | $12.0M0.0% | $12.0M+16.8% | $10.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $601.5M+17.6% | $511.5M+28.8% | $397.3M+79.0% | $221.9M+207.6% | $72.2M-0.3% | $72.3M+73.0% | $41.8M+189.6% | $14.4M-23.3% | $18.8M+13.2% | $16.6M+532.3% | $2.6M | N/A |
| Current Liabilities | $378.8M+64.6% | $230.1M+65.7% | $138.9M+43.8% | $96.6M+318.6% | $23.1M-1.6% | $23.4M-4.3% | $24.5M+126.3% | $10.8M-11.1% | $12.2M+69.8% | $7.2M+172.5% | $2.6M | N/A |
| Long-Term Debt | $117.7M-34.8% | $180.7M+1.5% | $178.1M+88.9% | $94.3M+92.0% | $49.1M+1.6% | $48.3M+178.8% | $17.3M+378.9% | $3.6M-45.7% | $6.7M-29.6% | $9.5M | N/A | N/A |
| Total Equity | $88.3M+54.9% | $57.0M-70.1% | $191.0M+74.3% | $109.6M+600.9% | $15.6M-86.3% | $113.8M-36.3% | $178.7M+18955.2% | $938K-94.4% | $16.7M-22.5% | $21.6M-53.6% | $46.4M+1550.2% | -$3.2M |
| Retained Earnings | -$1.3B-16.3% | -$1.1B-34.4% | -$835.6M-40.1% | -$596.3M-45.7% | -$409.2M-46.8% | -$278.8M-58.5% | -$175.9M-63.5% | -$107.6M-40.4% | -$76.6M-60.8% | -$47.6M-133.1% | -$20.4M | N/A |
AXSM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$71.3M | -$93.4M+27.3% | -$128.4M+11.5% | -$145.1M-24.5% | -$116.5M-7.7% | -$108.2M-37.9% | -$78.5M-69.2% | -$46.4M-54.3% | -$30.1M-13.5% | -$26.5M-24.4% | -$21.3M-186.1% | -$7.4M-61.8% | -$4.6M |
| Capital Expenditures | $700K | $480K+77.8% | $270K-53.6% | $582K-17.1% | $702K+127.9% | $308K+571.2% | $46K+184.7% | $16K-50.7% | $33K+230.3% | $10K-90.5% | $105K+417.8% | $20K | N/A |
| Free Cash Flow | -$72.0M | -$93.9M+27.0% | -$128.7M+11.7% | -$145.7M-24.3% | -$117.2M-8.0% | -$108.5M-38.3% | -$78.5M-69.2% | -$46.4M-54.2% | -$30.1M-13.6% | -$26.5M-23.8% | -$21.4M-186.7% | -$7.5M | N/A |
| Investing Cash Flow | -$700K | -$480K-77.8% | -$270K+53.6% | -$582K+98.9% | -$53.7M-17335.7% | -$308K-571.2% | -$46K-184.7% | -$16K+50.7% | -$33K-230.3% | -$10K+90.5% | -$105K-417.8% | -$20K | N/A |
| Financing Cash Flow | $88.8M | $101.5M+75.4% | $57.8M-82.5% | $331.0M+16.3% | $284.6M+2456.9% | $11.1M-73.8% | $42.4M-83.2% | $252.4M+2415.3% | $10.0M-58.0% | $23.9M+139.6% | $10.0M-81.1% | $52.9M+931.5% | $5.1M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
AXSM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.6%+1.2pp | 91.4%+1.0pp | 90.4%+0.8pp | 89.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -26.1%+46.6pp | -72.7%+12.9pp | -85.7% | -359.3% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -28.7%+45.8pp | -74.5%+13.9pp | -88.4% | -374.0% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -207.5%+296.3pp | -503.8%-378.5pp | -125.3%+45.5pp | -170.8%+663.4pp | -834.3%-743.8pp | -90.4%-52.2pp | -38.2%+3263.3pp | -3301.5%-3128.4pp | -173.1%-47.0pp | -126.1%-99.8pp | -26.3% | N/A |
| Return on Assets | -26.6%+24.0pp | -50.5%-9.8pp | -40.7%+15.8pp | -56.5%+92.1pp | -148.6%-93.3pp | -55.3%-24.3pp | -31.0%+170.4pp | -201.3%-120.0pp | -81.4%-10.2pp | -71.2%-46.3pp | -24.9% | N/A |
| Current Ratio | 1.55-0.6x | 2.11-1.5x | 3.63+1.1x | 2.54-1.2x | 3.75-4.1x | 7.85-1.1x | 9.00+7.6x | 1.41-1.5x | 2.90-2.4x | 5.30-13.3x | 18.63 | N/A |
| Debt-to-Equity | 1.33-1.8x | 3.17+2.2x | 0.93+0.1x | 0.86-2.3x | 3.14+2.7x | 0.42+0.3x | 0.10-3.8x | 3.86+3.5x | 0.400.0x | 0.44+0.4x | 0.06 | N/A |
| FCF Margin | -14.7%+18.7pp | -33.4%+20.5pp | -53.8% | -234.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Axsome Therapeut Ranks
Frequently Asked Questions
What is Axsome Therapeut's annual revenue?
Axsome Therapeut (AXSM) reported $638.5M in total revenue for fiscal year 2025. This represents a 65.5% 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 65.5% year-over-year, from $385.7M to $638.5M in fiscal year 2025.
Is Axsome Therapeut profitable?
No, Axsome Therapeut (AXSM) reported a net income of -$183.2M in fiscal year 2025, with a net profit margin of -28.7%.
What is Axsome Therapeut's EBITDA?
Axsome Therapeut (AXSM) had EBITDA of -$157.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Axsome Therapeut have?
As of fiscal year 2025, Axsome Therapeut (AXSM) had $322.9M in cash and equivalents against $117.7M in long-term debt.
What is Axsome Therapeut's gross margin?
Axsome Therapeut (AXSM) had a gross margin of 92.6% in fiscal year 2025, 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 -26.1% in fiscal year 2025, 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 -28.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Axsome Therapeut's return on equity (ROE)?
Axsome Therapeut (AXSM) has a return on equity of -207.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Axsome Therapeut's free cash flow?
Axsome Therapeut (AXSM) recorded an outflow of $93.9M in free cash flow during fiscal year 2025. This represents a 27.0% 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) recorded an outflow of $93.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Axsome Therapeut's total assets?
Axsome Therapeut (AXSM) had $689.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Axsome Therapeut's capital expenditures?
Axsome Therapeut (AXSM) invested $480K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Axsome Therapeut spend on research and development?
Axsome Therapeut (AXSM) invested $183.3M in research and development during fiscal year 2025.
What is Axsome Therapeut's current ratio?
Axsome Therapeut (AXSM) had a current ratio of 1.55 as of fiscal year 2025, which is generally considered healthy.
What is Axsome Therapeut's debt-to-equity ratio?
Axsome Therapeut (AXSM) had a debt-to-equity ratio of 1.33 as of fiscal year 2025, 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 -26.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Axsome Therapeut's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Axsome Therapeut (AXSM) held $322.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $93.4M over that year. Dividing the one by the other, the reported balance equals about 41 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Axsome Therapeut's Altman Z-Score?
Axsome Therapeut (AXSM) has an Altman Z-Score of 8.58, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Axsome Therapeut's Piotroski F-Score?
Axsome Therapeut (AXSM) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 to 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) reported a net loss of $183.2M while operations used $93.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $166.8M against $15.9M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 39 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.