Axsome Therapeut SEC Filings

Axsome Therapeutics, Inc. (AXSM) Form 144 notice shows a proposed sale of 20,000 common shares to be executed on 08/28/2025 through Charles Schwab & Co., Inc., with an aggregate market value of $2,432,004.00. The filing reports the filer acquired 14,648 shares on 03/29/2017 and 5,352 shares on 03/19/2019 via exercise and paid cash. It also discloses recent sales by the same person totaling 56,694 shares during August 2025, generating gross proceeds of $6,851,308.00 across sales on 08/22/2025, 08/26/2025, and 08/27/2025. The filing includes a representation that the seller is not aware of undisclosed material adverse information.

Axsome Therapeutics (AXSM) Form 144 notice reports proposed sale of 20,000 common shares through Charles Schwab & Co., with an aggregate market value of $2,446,052.00 and an approximate sale date of 08/27/2025. The issuer has 49,901,487 shares outstanding. The shares being offered were acquired by exercise on 03/15/2017 (3,298 shares) and 03/29/2017 (16,702 shares), paid in cash to Axsome Therapeutics, Inc.

The filing also discloses prior sales by the same account in the past three months: 08/22/2025 sale of 16,694 shares for $2,004,598.00 and 08/26/2025 sale of 20,000 shares for $2,400,658.00, seller address listed as Roger Jeffs at One World Trade Center, New York.

Axsome Therapeutics director Roger Jeffs reported two open-market sales of common stock under a pre-approved 10b5-1 plan. On 08/22/2025 he sold 16,694 shares at a weighted average price of $120.08, and on 08/26/2025 he sold 20,000 shares at a weighted average price of $120.03, for total shares sold of 36,694. After the 08/22 sale he beneficially owned 150,974 shares; after the 08/26 sale he beneficially owned 130,974 shares. The filings state the sold shares were underlying previously exercised options.

Form 144 notice for Axsome Therapeutics, Inc. (AXSM) shows a proposed sale of 20,000 common shares through Charles Schwab & Co., Inc. on 08/26/2025 with an aggregate market value of $2,400,658. The filing lists total outstanding shares of 49,901,487. The shares were originally acquired by exercise and hold on 05/27/2016 (1,298 shares) and 03/15/2017 (18,702 shares) from Axsome Therapeutics, Inc., both paid in cash. The filing also discloses a prior sale on 08/22/2025 of 16,694 shares for $2,004,598 by the seller identified as Roger Jeffs. The notice includes the seller's representation that they are not aware of any undisclosed material adverse information about the issuer.

Form 144 notice for Axsome Therapeutics, Inc. (AXSM) records a proposed sale of 16,694 common shares through Charles Schwab & Co., Inc. on 08/22/2025 on NASDAQ with an aggregate market value of $2,004,598. The filing reports total shares outstanding of 49,901,487. The securities to be sold were acquired by exercise and hold on 09/16/2014 (3,672 shares), 11/19/2015 (9,127 shares) and 05/27/2016 (3,895 shares), each paid in cash. The form states there were no securities sold in the past three months for the account. Several header fields identifying the filer and issuer appear blank in the provided content.

RTW Investments, LP and Roderick Wong disclose a 3.1% stake in Axsome Therapeutics. The filing reports ownership of 1,516,903 shares, calculated from 49,236,365 shares outstanding as of April 28, 2025. The shares are held directly by RTW Funds, for which RTW Investments acts as investment adviser, and Dr. Wong is identified as Managing Partner and Chief Investment Officer with shared voting and dispositive power over the reported position. The statement affirms the holdings were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. Because the position is below 5%, it does not cross the threshold that typically requires more detailed disclosure of control intentions.

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.