Every 10-Q that Axsome Therapeut (AXSM) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow AXSM and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full AXSM filings page.
Axsome Therapeutics reported continued strong top-line growth but remained unprofitable for the quarter ended June 30, 2026. Total revenues for the quarter were $218.4 million, up from $150.0 million a year earlier, driven primarily by product sales of $216.4 million. For the first six months of 2026, revenues were $409.6 million versus $271.5 million in the prior-year period, reflecting the commercial ramp of AUVELITY, SUNOSI, and SYMBRAVO and new AADDAD and migraine launches.
Expenses increased significantly as Axsome scaled its commercial and R&D operations. Total operating expenses for the first half were $522.6 million compared with $365.2 million a year ago, including selling, general and administrative costs of $393.1 million and research and development of $98.9 million. The company recorded a six‑month operating loss of $113.0 million and a net loss of $115.9 million, with an accumulated deficit of $1,421.8 million.
Axsome ended the quarter with $319.9 million in cash and cash equivalents, total assets of $761.4 million, and total liabilities of $678.1 million, including a $120.0 million term loan and $70.0 million drawn on its revolving credit facility. Management states that existing cash is expected to fund anticipated operating requirements for at least twelve months while commercialization and pipeline investments continue.
Axsome Therapeutics reported first‑quarter 2026 results, showing rapid top‑line growth but continued losses as it invests in commercialization and pipeline expansion.
Total revenue reached $191.2 million, up from $121.5 million a year earlier, driven mainly by product sales of $189.4 million. Net loss widened modestly to $64.5 million, or $1.26 per share, as selling, general and administrative expenses increased to support AUVELITY, SUNOSI, and SYMBRAVO.
Cash and cash equivalents were $305.1 million at March 31, 2026, and operating activities used $20.7 million of cash, an improvement versus the prior‑year period. Total assets were $713.6 million and stockholders’ equity declined to $54.6 million, reflecting the cumulative deficit of $1.37 billion. The company believes its existing cash will fund operations for at least twelve months while it scales three commercial CNS products and advances new assets such as AXS‑17 and AXS‑20.
Axsome Therapeutics (AXSM) reported Q3 2025 results showing strong top-line growth while continuing to invest in commercialization. Total revenues were $170.992M, up from $104.762M a year ago, driven by product sales of $169.784M.
Operating expenses rose to $217.101M as selling, general and administrative costs increased with broader market presence, including advertising of $41.4M in the quarter. The company posted a net loss of $47.229M versus $64.602M last year, narrowing losses as scale improves. Cash and cash equivalents were $325.272M at quarter-end, supporting ongoing commercialization and pipeline work.
Axsome ended the quarter with $595.523M in total liabilities, including a new first‑lien term loan of $120.0M and a revolving credit facility balance of $70.0M under its Blackstone agreement (Term Loans at SOFR + 4.75%, Revolver at SOFR + 4.00%). Shares outstanding were 50,307,834 as of September 30, 2025; 50,412,640 were outstanding as of October 27, 2025.
Axsome Therapeutics’ Q2-25 10-Q shows fast topline growth, narrower losses and a refinancing that reshapes the balance sheet.
- Revenue: Q2 product sales surged 72 % YoY to $148.9 M (Sunosi, Auvelity, launch-quarter Symbravo) lifting total revenue to $150.0 M. 1H-25 revenue rose 67 % to $271.5 M.
- Profitability: Q2 operating loss narrowed to $36.7 M vs. $78.0 M; net loss improved to $48.0 M (-$0.97/sh) from $79.3 M (-$1.67/sh). 1H net loss was $107.4 M. Gross margin remained high (cost of product 9 % of sales).
- Expenses: SG&A climbed 26 % YoY to $130.3 M (marketing for three brands); R&D essentially flat at $49.5 M. Advertising spend YTD $63.7 M.
- Cash & liquidity: Cash/cash equivalents $303.0 M (-$12.3 M YTD). Operating cash burn $75.8 M, improved vs. $83.6 M prior year.
- Capital structure: May 2025 Blackstone facility (up to $570 M) replaced Hercules debt. At 6-30-25: $120 M term loan (9.6 % SOFR+4.75%) and $70 M revolver (SOFR+4.0%) drawn; long-term debt net of discount $117.5 M (down from $180.7 M). Loss on extinguishment $10.4 M recorded.
- Equity: Shares outstanding 49.9 M (+2 % YTD). Stockholders’ equity up to $73.1 M from $57.0 M.
- Outlook: Management believes current cash covers operations ≥12 months while commercialization spending rises for Auvelity, Sunosi and newly launched Symbravo.
Key takeaways: Rapid revenue expansion and refinancing reduce financing risk, but sustained operating losses, heavy SG&A and rising receivables remain watch points.