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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 reported first-quarter 2026 results with total net product revenue of $191.2M, up 57% year over year. Growth was led by AUVELITY, which generated $153.2M in net product revenue, a 59% increase, while SUNOSI contributed $33.9M and SYMBRAVO $4.1M.
Total operating expenses rose as Axsome expanded commercial efforts and R&D, including pre-launch spending for AUVELITY’s new indication and pipeline development. The company posted a net loss of $64.5M, or $1.26 per share, and ended March 31, 2026 with cash and cash equivalents of $305.1M.
AUVELITY received U.S. FDA approval for agitation associated with dementia due to Alzheimer’s disease, with a U.S. commercial launch planned for June 2026. Axsome also highlighted a broad late-stage neuroscience pipeline, including an NDA submission for AXS-12 in narcolepsy and multiple Phase 3 programs for solriamfetol.
Axsome Therapeutics announced that the U.S. Food and Drug Administration approved AUVELITY (dextromethorphan HBr/bupropion HCl) for the treatment of agitation associated with dementia due to Alzheimer’s disease. This makes Auvelity a first-in-class oral therapy for this indication, targeting NMDA and sigma‑1 receptors.
The approval follows Phase 3 ADVANCE-1 and ACCORD-2 trials, where Auvelity showed statistically significant improvement in agitation symptoms versus placebo and a longer time to relapse in responders. Agitation affects up to 76% of Alzheimer’s patients in a population of more than 7 million Americans, highlighting the clinical need addressed by this new indication.
Axsome Therapeutics is asking stockholders to vote at its 2026 Annual Meeting, a fully virtual event scheduled for June 5, 2026 at 9:00 a.m. EDT. Holders of common stock at the close of business on April 14, 2026, when 51,439,952 shares were outstanding, may attend online, submit questions, and vote.
Stockholders will elect two Class II directors to terms ending in 2029, ratify Deloitte & Touche LLP as independent auditor for 2026, and cast a non-binding advisory vote on named executive officer compensation. The board unanimously recommends voting “FOR” all three proposals. The proxy statement also details board composition, diversity data, executive and director pay, committee structures, and Axsome’s ESG and governance practices.
Jacobson Mark L. reported acquisition or exercise transactions in this Form 4 filing.
Axsome Therapeutics, Inc. reported that Chief Operating Officer Mark L. Jacobson received a grant of 8,669 Performance Stock Units (PSUs). Each PSU represents a contingent right to receive one share of Axsome common stock.
The PSUs will vest only if specified sales and commercial launch milestones are achieved and if Jacobson remains in service through each vesting date. Following this grant, he holds 8,669 PSUs directly as part of his equity-based compensation.
TABUTEAU HERRIOT reported acquisition or exercise transactions in this Form 4 filing.
Axsome Therapeutics, Inc. disclosed that Chief Executive Officer Herriot Tabuteau received a grant of 24,081 Performance Stock Units (PSUs) tied to the company’s common stock. Each PSU represents a contingent right to receive one share of common stock if specific sales and commercial launch milestones are achieved.
The PSUs will vest only upon meeting these milestones and require the CEO’s continued service on each vesting date. Following this grant, the reported holding for this PSU award is 24,081 units, reflecting a compensation-related equity incentive rather than an open-market share purchase or sale.
Axsome Therapeutics’ Chief Commercial Officer Ari Maizel reported an exercise-and-sell transaction involving 7,500 shares of common stock. He exercised stock options to acquire 7,500 shares at $70.73 per share, then sold the same 7,500 shares in open-market trades at a weighted average price of $182.42 per share.
The filing notes these sales were made under a pre-approved Rule 10b5-1 trading plan, indicating they were pre-scheduled rather than timed discretionarily. Following the transactions, Maizel reported no directly held common shares and 23,710 stock options (right to buy) remaining outstanding.
Maizel Ari reported acquisition or exercise transactions in this Form 4 filing.
Axsome Therapeutics, Inc. reported that Chief Commercial Officer Ari Maizel received a grant of 7,224 Performance Stock Units (PSUs). Each PSU represents a contingent right to one share of common stock.
The PSUs vest only if specified sales and commercial launch milestones are achieved and if Maizel remains in service on each vesting date, making this a performance-based, at-risk equity award rather than an immediate share issuance.
Pizzie Nick reported acquisition or exercise transactions in this Form 4 filing.
Axsome Therapeutics, Inc. reported that its Chief Financial Officer, Nick Pizzie, received a grant of 8,188 Performance Stock Units (PSUs). Each PSU represents a contingent right to receive one share of Axsome common stock.
The PSUs will vest only if certain sales and commercial launch milestones are achieved and if Pizzie continues in service on each vesting date. Following this award, he holds 8,188 PSUs tied to Axsome common stock.