Axsome Therapeutics Reports Third Quarter 2026 Financial Results and Provides Business Update

AUVELITY prescriptions rose 40% year over year, while higher commercialization and clinical-program spending accompanied revenue growth.

Rhea-AI Summary

Axsome Therapeutics (AXSM) reported third-quarter 2026 net product revenue of $259.7 million, up 52% from the comparable 2025 period. AUVELITY sales reached $207.6 million, up 53%; SUNOSI revenue rose 47% to $48.2 million; and SYMBRAVO sales increased 88% to $3.9 million. Net loss narrowed to $12.9 million, or $0.25 per share, from $47.2 million, or $0.94 per share.

Cash totaled $313.9 million at September 30, versus $322.9 million at December 31, 2025. Axsome believes current cash can fund anticipated operations into cash flow positivity under its current operating plan. Research and development and administrative and selling expenses increased. The SUMMIT Phase 3 smoking-cessation trial began in August, with results expected in the second half of 2027. The AXS-12 application for cataplexy in narcolepsy is under FDA review, with a May 1, 2027 target action date.

22 points · 0 major

PositiveiHow this balance works

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter net product revenue grew 52% year over year to $259.7 million.
• Moderate pointThird-quarter net loss narrowed to $12.9 million, or $0.25 per share, from $47.2 million, or $0.94.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Current cash is sufficient to fund anticipated operations into cash flow positivity, Axsome believes, under its current operating plan.
• Minor pointAUVELITY third-quarter sales increased 53% year over year to $207.6 million.
• Minor pointSUNOSI third-quarter revenue increased 47% year over year to $48.2 million, including $8.5 million in milestones.

17 minor points

• Minor pointSYMBRAVO third-quarter sales increased 88% year over year to $3.9 million.
• Minor pointNine-month revenue increased to $669.269 million from $442.497 million in the comparable 2025 period.
• Minor pointNine-month operating loss narrowed to $124.071 million from $139.805 million in the comparable 2025 period.
• Minor pointAUVELITY prescriptions totaled approximately 302,000 in third-quarter 2026, up 40% year over year and 14% sequentially.
• Minor pointAUVELITY new patient starts increased 44% year over year and 21% sequentially in third-quarter 2026.
• Minor pointAUVELITY new patient starts among patients 65 and older rose 211% year over year and 99% sequentially.
• Minor pointAUVELITY total prescriptions among patients 65 and older rose 101% year over year and 43% sequentially.
• Minor pointSUNOSI U.S. prescriptions totaled approximately 64,400 in third-quarter 2026, up 15% year over year and 6% sequentially.
• Minor pointSYMBRAVO prescriptions totaled approximately 25,000 in third-quarter 2026, up 382% year over year and 7% sequentially.
• Minor point. Forward-looking: it has not happened yet and may not happen.SUMMIT Phase 3 began in August 2026; Axsome anticipates smoking-cessation results in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.ENGAGE Phase 3 reached target enrollment; Axsome anticipates binge-eating-disorder results in the first quarter of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.FOCUS-2 and FOCUS-3 Phase 3 ADHD results are anticipated by Axsome in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.SUSTAIN Phase 3 shift-work-disorder results are anticipated by Axsome in the second half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.CLARITY Phase 3 enrollment completion is anticipated by Axsome in the first half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.FORWARD Phase 3 fibromyalgia enrollment completion is anticipated by Axsome in the third quarter of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.AXS-17 Phase 1B epilepsy trial initiation is planned by Axsome for the first half of 2027.
• Minor point. Forward-looking: it has not happened yet and may not happen.AXS-20 pivotal Phase 3 schizophrenia trial initiation is planned by Axsome for the first half of 2027.

Negative

• Moderate pointThird-quarter selling, general and administrative expenses rose to $203.1 million from $150.2 million a year earlier.
• Minor pointThird-quarter research and development expenses rose to $50.6 million from $40.2 million a year earlier.
• Minor pointThird-quarter cost of revenue rose to $17.8 million from $11.9 million a year earlier.
• Minor pointCash and cash equivalents fell to $313.9 million at September 30, 2026, from $322.9 million at year-end 2025.
• Minor pointThird-quarter stock-based compensation expense totaled $26.4 million.

2 minor points

• Minor pointThird-quarter net interest expense increased to $1.721 million from $1.120 million a year earlier.
• Minor pointAXS-12 approval remains pending, with FDA review targeting action on May 1, 2027.

News Explained

At September 30, 2026, Axsome reported 52,576,839 common shares outstanding, versus 50,882,766 at December 31, 2025; for a holder whose share count did not change, the higher total means a lower ownership percentage.

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Market Reaction – AXSM

$124.04 – $157.00 Day Range

$6.64B Mkt Cap at Last Price

On Nov 2, the day this news came out, the latest delayed price for AXSM is 12.19% below the previous close. Our momentum scanner has recorded 39 alerts for this stock so far that day. The latest delayed price is $126.82. Relative volume is exceptionally heavy at 8.1x what this stock usually trades by this time of day.

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Key Figures

Net product revenue: $259.7 million AUVELITY net product sales: $207.6 million SUNOSI net product revenue: $48.2 million +5 more

Net product revenue

$259.7 million

3Q 2026; 52% year-over-year growth

AUVELITY net product sales

$207.6 million

3Q 2026; 53% year-over-year growth

SUNOSI net product revenue

$48.2 million

3Q 2026; 47% year-over-year growth

SYMBRAVO net product sales

$3.9 million

3Q 2026; 88% year-over-year growth

Net loss

$12.9 million

3Q 2026, versus $47.2 million in 3Q 2025

Cash and cash equivalents

$313.9 million

At September 30, 2026

SUMMIT topline results

Second half of 2027

AXS-05 Phase 3 smoking cessation trial

PDUFA target action date

May 1, 2027

AXS-12 NDA for cataplexy in narcolepsy

Previous Earnings Reports

5 past events · Latest: Aug 10

Same Type 5 events

1. Aug 10

   Quarterly earnings

   24h Move

   +3.8%

   Reported 2Q 2026 net product revenue of $218.4 million, up 46% year over year.

2. May 04

   Quarterly earnings

   24h Move

   +8.3%

   Reported 1Q 2026 net product revenue of $191.2 million, up 57% year over year.

3. Feb 23

   Annual earnings

   24h Move

   -4.9%

   Reported 4Q 2025 net product revenue of $196.0 million, up 65% year over year.

4. Nov 03

   Quarterly earnings

   24h Move

   +0.6%

   Reported 3Q 2025 net product revenue of $171.0 million, up 63% year over year.

5. Aug 04

   Quarterly earnings

   24h Move

   +3.4%

   Reported 2Q 2025 net product revenue of $150.0 million, up 72% year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

nmda receptor antagonist, cyp2d6 inhibitor, nda, pdufa, +1 more

5 terms

nmda receptor antagonist medical

"investigational NMDA receptor antagonist, sigma-1 agonist"

A NMDA receptor antagonist is a type of drug that blocks a specific receptor in the brain involved in passing electrical signals between nerve cells; think of it as dimming an over-bright lamp to calm an overstimulated room. It matters to investors because these drugs can treat conditions from pain and anesthesia to certain psychiatric and neurological disorders, so clinical results, safety profiles, and regulatory decisions strongly affect a company’s market value and future sales potential.

cyp2d6 inhibitor medical

"aminoketone CYP2D6 inhibitor being developed for smoking cessation"

A CYP2D6 inhibitor is a drug or compound that reduces the activity of the liver enzyme cytochrome P450 2D6, which normally helps break down many medicines. By slowing or blocking CYP2D6, an inhibitor can raise blood levels and prolong the effects of drugs that are cleared by that enzyme; inhibitors can act reversibly or irreversibly and are categorized by strength (e.g., strong, moderate, weak) based on how much they increase the exposure of a sensitive CYP2D6 substrate. The practical consequence is potential drug–drug interactions when a CYP2D6 inhibitor is given with medications dependent on CYP2D6 for clearance, so regulatory guidance often defines interaction thresholds using changes in drug exposure (AUC or concentration).

nda regulatory

"Axsome’s NDA for AXS-12 for the treatment of cataplexy in narcolepsy"

An NDA, or nondisclosure agreement, is a legal contract that keeps certain information private between parties. It’s like a promise not to share sensitive details, helping protect business ideas, strategies, or data from being leaked or used without permission. For investors, NDAs help ensure that confidential information remains secure, enabling trust and open communication during business discussions.

pdufa regulatory

"The PDUFA target action date is May 1, 2027."

PDUFA is the Prescription Drug User Fee Act, the U.S. law under which drug companies pay fees that fund the FDA's review of new medicines. In company news the term usually appears as the PDUFA date, the target deadline by which the FDA aims to decide on a drug application; that date tells investors when to expect the approval or rejection decision for the product.

placebo-controlled medical

"Phase 3, randomized, double-blind, active- and placebo-controlled"

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Total 3Q 2026 net product revenue of $259.7 million, representing 52% year-over-year growth

AUVELITY^® 3Q 2026 net product sales of $207.6 million, representing 53% year-over-year growth

SUNOSI^® 3Q 2026 net product revenue of $48.2 million, representing 47% year-over-year growth

SYMBRAVO^® 3Q 2026 net product sales of $3.9 million, representing 88% year-over-year growth

SUMMIT Phase 3 trial of AXS-05 for smoking cessation initiated

Company to host conference call today at 8:00 AM Eastern Time

NEW YORK, Nov. 02, 2026 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced financial results for the third quarter of 2026 and provided a general business update.

“Axsome delivered 52% year-over-year total revenue growth in the third quarter, surpassing a one-billion-dollar annual run rate. We expect sustained momentum driven by strong underlying demand for Auvelity in major depressive disorder, and continued acceleration of new patient initiations in Alzheimer’s disease agitation,” said Herriot Tabuteau, MD, Chief Executive Officer of Axsome Therapeutics. “Our industry-leading neuroscience pipeline continued to advance, leading to multiple anticipated regulatory and clinical trial milestones in the coming quarters. Our commercial and research and development performance positions us to continue to deliver innovation targeting significant unmet needs in brain health, with the potential to improve the lives of millions of patients.”

Third Quarter 2026 Financial Highlights

• Total net product revenue was $259.7 million for the third quarter of 2026, representing 52% year-over-year growth. Total net product revenue for the comparable period in 2025 was $171.0 million.
• AUVELITY net product sales were $207.6 million for the third quarter of 2026, representing 53% year-over-year growth. AUVELITY net product sales for the comparable period in 2025 were $136.1 million.
• SUNOSI net product revenue was $48.2 million for the third quarter of 2026, representing 47% year-over-year growth, which consisted of $38.5 million in net product sales, $1.2 million in royalty revenue associated with SUNOSI sales in out-licensed territories, and $8.5 million in milestone revenue. SUNOSI net product revenue for the comparable period in 2025 was $32.8 million, which consisted of $31.6 million in net product sales and $1.2 million in royalty revenue.
• SYMBRAVO net product sales were $3.9 million for the third quarter of 2026, representing 88% year-over-year growth. SYMBRAVO net product sales for the comparable period in 2025 were $2.1 million.
• Total cost of revenue was $17.8 million for the third quarter of 2026. Total cost of revenue for the comparable period in 2025 was $11.9 million.
• Research and development (R&D) expenses were $50.6 million for the third quarter of 2026, compared to $40.2 million for the comparable period in 2025. The increase primarily reflects costs for the ongoing clinical programs for solriamfetol, AXS-14, and AXS-05.
• Selling, general, and administrative (SG&A) expenses were $203.1 million for the third quarter of 2026, compared to $150.2 million for the comparable period in 2025. The increase primarily reflects commercialization activities for AUVELITY and SYMBRAVO.
• Net loss for the third quarter of 2026 was $12.9 million, or $(0.25) per share, compared to a net loss of $47.2 million, or $(0.94) per share, for the comparable period in 2025. The net loss in the third quarter of 2026 includes $26.4 million in stock-based compensation expense.
• Cash and cash equivalents totaled $313.9 million at September 30, 2026, compared to $322.9 million at December 31, 2025.
• Shares of common stock outstanding were 52,576,839 at September 30, 2026.
  
  

Financial Guidance

• Axsome believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
  
  

Commercial Highlights

AUVELITY

AUVELITY is a first‑in‑class oral N-methyl-D-aspartate (NMDA) receptor antagonist and sigma‑1 receptor agonist approved in the U.S. for the treatment of major depressive disorder in adults, and for the treatment of agitation associated with dementia due to Alzheimer’s disease.

• Approximately 302,000 total prescriptions were written for AUVELITY in the third quarter of 2026, representing year-over-year and quarter-over-quarter increases of 40% and 14%, respectively. New-to-brand prescriptions, representing new AUVELITY patient starts, increased by 44% year-over-year and 21% quarter-over-quarter.
• Third quarter AUVELITY new-to-brand and total prescriptions among patients aged 65 years and older increased by 211% and 101%, respectively, compared to the third quarter of 2025. Third quarter AUVELITY new-to-brand and total prescriptions among patients aged 65 years and older increased by 99% and 43%, respectively, compared to the second quarter of 2026.
• Payer coverage for AUVELITY across all channels is currently at approximately 89% of all lives covered. The proportion of lives covered in the commercial and government (Medicare and Medicaid) channels are approximately 82% and 100%, respectively.
  
  

SUNOSI

SUNOSI is the first and only dopamine and norepinephrine reuptake inhibitor (DNRI) approved for the treatment of excessive daytime sleepiness associated with obstructive sleep apnea or narcolepsy.

• Approximately 64,400 prescriptions were written for SUNOSI in the U.S. in the third quarter of 2026, a 15% increase compared to the same period in 2025, and a 6% increase compared to the second quarter of 2026.
• Payer coverage for SUNOSI across all channels is at approximately 82% of all lives covered, including approximately 97% of commercial lives and 59% of government lives.
  
  

SYMBRAVO

SYMBRAVO is an oral, rapidly absorbed, multi-mechanistic, COX-2 preferential inhibitor and 5-HT_1B/1D agonist approved in the U.S. for the acute treatment of migraine with or without aura in adults.

• Approximately 25,000 prescriptions were written for SYMBRAVO in the third quarter of 2026, a 382% increase compared to the same period in 2025, and a 7% increase compared to the second quarter of 2026.
• Payer coverage for SYMBRAVO across all channels is at approximately 57% of all lives covered, including approximately 56% of commercial lives and 57% of government lives.
  
  

Development Pipeline

Axsome is advancing an industry-leading neuroscience pipeline of multiple, innovative product candidates addressing a broad range of serious psychiatric and neurological conditions. Recent and anticipated progress for key pipeline programs is summarized below.

AXS-05

AXS-05 (dextromethorphan-bupropion) is Axsome’s novel, oral, investigational NMDA receptor antagonist, sigma-1 agonist, and aminoketone CYP2D6 inhibitor being developed for smoking cessation.

• Smoking Cessation: In August 2026, Axsome initiated the SUMMIT study, a Phase 3, randomized, double-blind, active- and placebo-controlled, multicenter trial to assess the efficacy and safety of AXS-05 for the treatment of smoking cessation. The Company anticipates topline results from the SUMMIT Phase 3 trial in the second half of 2027.
  
  

Solriamfetol

Solriamfetol is Axsome’s DNRI, TAAR1 agonist, and 5-HT_1A agonist being developed for the treatment of attention deficit hyperactivity disorder (ADHD), major depressive disorder (MDD) with EDS symptoms, binge eating disorder (BED), and excessive sleepiness associated with shift work disorder (SWD).

• Attention Deficit Hyperactivity Disorder: Axsome is conducting the FOCUS-2 and FOCUS-3 Phase 3, randomized, double-blind, placebo-controlled, multicenter trials evaluating the efficacy and safety of solriamfetol as a treatment for children and adolescents in ADHD, respectively. The Company anticipates topline results from both studies in the second half of 2027.
• Binge Eating Disorder: Axsome is conducting the ENGAGE study, a Phase 3, randomized, double-blind, placebo-controlled, multicenter trial evaluating the efficacy and safety of solriamfetol in BED. Target enrollment in the trial has been reached, and the Company anticipates topline results in the first quarter of 2027.
• Shift Work Disorder: Axsome is conducting the SUSTAIN study, a Phase 3, randomized, double-blind, placebo-controlled, multicenter trial evaluating the efficacy and safety of solriamfetol in SWD in adults. The Company anticipates topline results from SUSTAIN in the second half of 2027.
• Major Depressive Disorder: Axsome is conducting the CLARITY study, a Phase 3, double-blind, placebo-controlled, multicenter, randomized withdrawal trial evaluating the efficacy and safety of solriamfetol for the treatment of MDD with EDS symptoms. The Company anticipates completion of enrollment in CLARITY in the first half of 2027.
  
  

AXS-12

AXS-12 (reboxetine) is Axsome’s novel, oral, investigational, highly selective and potent norepinephrine reuptake inhibitor and cortical dopamine modulator being developed for the treatment of narcolepsy. AXS-12 has been granted FDA Orphan Drug designation for narcolepsy.

• Narcolepsy: Axsome’s NDA for AXS-12 for the treatment of cataplexy in narcolepsy is currently under review by the FDA. The PDUFA target action date is May 1, 2027.
  
  

AXS-14

AXS-14 (esreboxetine) is Axsome’s novel, oral, investigational, highly selective and potent norepinephrine reuptake inhibitor being developed for the management of fibromyalgia. Esreboxetine is the SS-enantiomer of reboxetine.

• Fibromyalgia: Axsome is conducting the FORWARD study, a Phase 3, double-blind, placebo-controlled, multicenter, randomized withdrawal trial evaluating the efficacy and safety of AXS-14 for the management of fibromyalgia. The Company anticipates completion of enrollment in the FORWARD Phase 3 trial in the third quarter of 2027.
  
  

AXS-17

AXS-17 is Axsome’s novel oral GABA_A receptor α2,3 subtype-selective positive allosteric modulator (PAM) being developed for the treatment of epilepsy.

• Epilepsy: Axsome plans to initiate clinical trials of AXS-17 in epilepsy in the first half of 2027.
  
  

AXS-20

AXS-20 (balipodect) is Axsome’s novel oral, potent, and selective phosphodiesterase 10A (PDE10A) inhibitor being developed for the treatment of schizophrenia.

• Schizophrenia: Axsome plans to initiate a pivotal Phase 3 trial of AXS-20 in schizophrenia in the first half of 2027.
  
  

Anticipated Milestones

• Clinical Trial Initiations:
  • Phase 1B trial of AXS-17 in epilepsy (1H 2027)
  • Phase 3 trial of AXS-20 in schizophrenia (1H 2027)
• Clinical Trial Topline Results:
  • Phase 3 ENGAGE trial of solriamfetol in binge eating disorder (1Q 2027)
  • Phase 3 SUSTAIN trial of solriamfetol in shift work disorder (2H 2027)
  • Phase 3 FOCUS-2 trial of solriamfetol in children with ADHD (2H 2027)
  • Phase 3 FOCUS-3 trial of solriamfetol in adolescents with ADHD (2H 2027)
  • Phase 3 SUMMIT trial of AXS-05 in smoking cessation (2H 2027)
• Regulatory and Commercial:
  • AXS-12 for cataplexy in narcolepsy, PDUFA target action (May 1, 2027)
    
    

Conference Call Information

Axsome will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss its third quarter 2026 financial results and provide a business update. To participate in the live conference call, please dial (877) 405-1239 (toll-free domestic) or +1 (201) 389-0851 (international). A live webcast of the conference call can be accessed on the “Webcasts & Presentations” page of the “Investors” section of the Company’s website at axsome.com. A replay of the conference call will be available for approximately 30 days following the live event.

About Axsome Therapeutics

Axsome Therapeutics is a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and develop differentiated products with a focus on novel mechanisms of action that enable meaningful advancements in patient outcomes. Our industry-leading neuroscience portfolio includes FDA-approved treatments for major depressive disorder, agitation associated with dementia due to Alzheimer’s disease, excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and migraine, as well as multiple novel product candidates addressing a broad range of serious neurological and psychiatric conditions that impact over 150 million people in the United States. Together, we are on a mission to solve some of the brain’s biggest problems so patients and their loved ones can flourish. For more information, please visit us at www.axsome.com and follow us on LinkedIn and X.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements.” The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. In particular, the Company’s statements regarding trends and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the commercial success of the Company’s SUNOSI^®, AUVELITY^®, and SYMBRAVO^® products and the success of the Company’s efforts to obtain any additional indication(s) with respect to solriamfetol and/or AXS-05; the Company’s ability to maintain and expand payer coverage; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund the Company’s disclosed clinical trials, which assumes no material changes to the Company’s currently projected revenues or expenses), futility analyses and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials, and/or data readouts, and the number or type of studies or nature of results necessary to support the filing of a new drug application (“NDA”) for any of the Company’s current product candidates; the Company’s ability to fund additional clinical trials to continue the advancement of the Company’s product candidates; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration (“FDA”) or other regulatory authority approval of, or other action with respect to, the Company’s product candidates, including statements regarding the timing of any NDA submission; the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the Company’s ability to successfully resolve any intellectual property litigation, and even if such disputes are settled, whether the applicable federal agencies will approve of such settlements; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s products and product candidates, if approved; the Company’s anticipated capital requirements, including the amount of capital required for the commercialization of SUNOSI, AUVELITY, and SYMBRAVO and for the Company’s commercial launch of its other product candidates, if approved, and the potential impact on the Company’s anticipated cash runway; the Company’s ability to convert sales to recognized revenue and maintain a favorable gross to net sales; unforeseen circumstances or other disruptions to normal business operations arising from or related to domestic political climate, geo-political conflicts or a global pandemic and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Axsome Therapeutics, Inc. Selected Consolidated Financial Data Axsome Therapeutics, Inc. Consolidated Balance Sheets (In thousands, except share and per share amounts)
		September 30, 2026				December 31, 2025
		(Unaudited)
Assets
Current assets:
Cash and cash equivalents		$	313,859			$	322,933
Accounts receivable, net			343,114				224,464
Inventories, net			42,579				27,938
Prepaid and other current assets			25,084				13,651
Total current assets			724,636				588,986
Equipment, net			943				562
Right-of-use asset - operating lease			18,284				20,858
Goodwill			12,042				12,042
Intangible asset, net			35,751				40,519
Non-current inventory and other assets			35,117				26,838
Total assets		$	826,773			$	689,805
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable		$	96,075			$	65,537
Accrued expenses and other current liabilities			331,756				232,853
Operating lease liability, current portion			663				434
Contingent consideration, current			11,225				10,012
Short-term borrowings			70,000				70,000
Total current liabilities			509,719				378,836
Contingent consideration, non-current			63,610				77,540
Loan payable, long-term			118,069				117,746
Operating lease liability, long-term			20,748				23,182
Finance lease liability, long-term			9,193				4,206
Total liabilities			721,339				601,510
Stockholders’ equity:
Preferred stock, $0.0001 par value per share (10,000,000 shares authorized, none issued and outstanding)			—				—
Common stock, $0.0001 par value per share (150,000,000 shares authorized, 52,576,839 and 50,882,766 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively)			5				5
Additional paid-in capital			1,540,123				1,394,251
Accumulated deficit			(1,434,694	)			(1,305,961	)
Total stockholders’ equity			105,434				88,295
Total liabilities and stockholders’ equity		$	826,773			$	689,805

Axsome Therapeutics, Inc. Consolidated Statements of Operations (Unaudited) (In thousands, except share and per share amounts)
		Three months ended September 30,								Nine months ended September 30,
		2026				2025				2026				2025
Revenues:
Product sales, net		$	249,951			$	169,784			$	655,706			$	439,101
Royalty revenue and milestone revenue			9,740				1,208				13,563				3,396
Total revenues			259,691				170,992				669,269				442,497
Operating expenses:
Cost of revenue (excluding amortization and depreciation)			17,804				11,912				46,093				35,149
Research and development			50,617				40,162				149,521				134,488
Selling, general and administrative			203,111				150,235				596,244				401,302
Loss (Gain) in fair value of contingent consideration			(2,380	)			13,185				(3,286	)			6,595
Intangible asset amortization			1,607				1,607				4,768				4,768
Total operating expenses			270,759				217,101				793,340				582,302
Loss from operations			(11,068	)			(46,109	)			(124,071	)			(139,805	)
Interest expense, net			(1,721	)			(1,120	)			(4,446	)			(5,385	)
Loss on debt extinguishment			—				—				—				(10,385	)
Loss before income taxes			(12,789	)			(47,229	)			(128,517	)			(155,575	)
Income tax benefit (expense)			(88	)			—				(216	)			960
Net loss		$	(12,877	)		$	(47,229	)		$	(128,733	)		$	(154,615	)
Net loss per common share, basic and diluted		$	(0.25	)		$	(0.94	)		$	(2.48	)		$	(3.13	)
Weighted average common shares outstanding, basic and diluted			52,445,193				50,021,851				51,818,984				49,449,220

Investors:

Ashley Dong
Senior Director, Investor Relations
(929) 687-1614
adong@axsome.com

Media:

Darren Opland
Senior Director, Corporate Communications
(929) 837-1065
dopland@axsome.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Axsome Therapeutics' third-quarter 2026 revenue and earnings?

Axsome reported $259.7 million in net product revenue and a net loss of $12.9 million, or $0.25 per share. Revenue grew 52% year over year, while net loss narrowed from $47.2 million, or $0.94 per share, in third-quarter 2025.

When is the FDA target action date for Axsome's AXS-12?

The FDA target action date for AXS-12 is May 1, 2027. The new drug application for treating cataplexy in narcolepsy is under review.

What is payer coverage for Axsome's AUVELITY, SUNOSI and SYMBRAVO?

Payer coverage across all channels is approximately 89% for AUVELITY, 82% for SUNOSI and 57% for SYMBRAVO. Commercial and government coverage are approximately 82% and 100% for AUVELITY, 97% and 59% for SUNOSI, and 56% and 57% for SYMBRAVO, respectively.

Why did Axsome's research and commercialization expenses increase in third-quarter 2026?

Higher expenses primarily reflected clinical-program costs and commercialization activities. Research and development spending increased primarily because of ongoing solriamfetol, AXS-14 and AXS-05 programs. Selling, general and administrative spending increased primarily because of AUVELITY and SYMBRAVO commercialization activities.

What indications are being studied in Axsome's CLARITY and FORWARD trials?

CLARITY studies solriamfetol for major depressive disorder with excessive daytime sleepiness symptoms, while FORWARD studies AXS-14 for fibromyalgia management. Both are Phase 3, double-blind, placebo-controlled, multicenter randomized withdrawal trials, which evaluate treatment after participants are assigned to continue treatment or receive placebo.