[Form 4] Axsome Therapeutics, Inc Insider Trading Activity

Rhea-AI Filing Summary

Roger Jeffs, a director of Axsome Therapeutics (AXSM), reported the sale of 13,464 shares of the company's common stock on 09/02/2025 at a weighted average price of $123.68 per share. The sales were executed as the final transactions under a pre-approved 10b5-1 plan and represent shares underlying previously exercised stock options. Following the reported disposition, Mr. Jeffs beneficially owns 57,510 shares, held directly.

Positive

• Transaction executed under a pre-approved 10b5-1 plan, indicating it followed an established trading program
• Full disclosure of transaction details including weighted average price and remaining direct holdings

Negative

• Director sold 13,464 shares, reducing direct holdings
• Remaining direct ownership is 57,510 shares, a factual decrease in insider stake

Insights

Financial Analyst

TL;DR: Insider sale executed under a pre-approved 10b5-1 plan; reduces director's direct stake but follows an established trading plan.

The sale of 13,464 shares at a weighted average price of $123.68 was performed pursuant to a completed 10b5-1 plan and consisted of shares from previously exercised options. Because the transactions were made under a pre-approved plan and disclosed on Form 4, they present routine liquidity by the director rather than a novel corporate development. The director's remaining direct ownership is 57,510 shares, which is a factual change in holdings investors can track.

Corporate Governance Expert

TL;DR: Transaction conforms to standard insider trading controls; documented use of 10b5-1 plan reduces governance concerns about timing.

The filing states the sale occurred pursuant to a pre-approved 10b5-1 plan and represents dispositions of shares underlying previously exercised options. Use of an established trading plan typically demonstrates procedural compliance and reduces questions about selective disclosure or opportunistic timing. The Form 4 clearly reports the post-transaction direct ownership of 57,510 shares, providing transparent disclosure of the director's current stake.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

JEFFS ROGER

(Last) (First) (Middle)

C/O AXSOME THERAPEUTICS, INC.

ONE WORLD TRADE CENTER, 29TH FLOOR

(Street)

NEW YORK NY 10007

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Axsome Therapeutics, Inc. [ AXSM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/02/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/02/2025		S(1)(2)		13,464	D	$123.68(3)	57,510	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents the sale of underlying shares of previously exercised stock options.

2. Such transaction was pursuant to a pre-approved 10b5-1 plan which has now been completed.

3. Represents the weighted average sale price of a series of open market transactions with sale prices ranging between $121.30 and $124.60.

	/s/ Nick Pizzie, Attorney-in-Fact	09/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 for AXSM report about Roger Jeffs?

The Form 4 reports that director Roger Jeffs sold 13,464 shares on 09/02/2025 at a weighted average price of $123.68, under a completed 10b5-1 plan, leaving 57,510 shares beneficially owned directly.

Were the sales by the AXSM director part of a pre-approved trading plan?

Yes. The filing states the transactions were pursuant to a pre-approved 10b5-1 plan which has now been completed.

Did the Form 4 indicate the shares sold were from exercised options?

Yes. The explanation states the sale represents the sale of underlying shares of previously exercised stock options.

What was the price range for the reported AXSM sales?

The filing reports a weighted average sale price of $123.68 with individual sale prices ranging between $121.30 and $124.60.

How many shares does Roger Jeffs beneficially own after the reported transactions?

After the reported dispositions, Mr. Jeffs beneficially owns 57,510 shares, held directly.