Axsome shares fall 5.9% despite 52% Q3 revenue growth
Shares fell 5.9% in regular trading. Axsome lost 25 cents per share against a 60-cent Finnhub consensus, and revenue of $259.69 million was above the $254.93 million estimate compiled by Finnhub.
Key takeaways
- Axsome Therapeutics (AXSM) said Nov. 2 that third-quarter total revenue rose 52% to $259.69 million from $170.99 million a year earlier. Shares fell 5.9% in regular trading. Net product sales of Auvelity rose 53%. The company said its current cash is sufficient to fund operations into cash flow positivity.
Axsome Therapeutics (AXSM) said on Nov. 2 in its third-quarter results that total revenue rose 52% to $259.69 million from $170.99 million a year earlier. The company is a biopharmaceutical company with three marketed products: Auvelity, SUNOSI and SYMBRAVO.
Shares fell 5.9% in regular trading as of 3:59 p.m. ET, from a regular-session close of $144.43.
A regulatory filing on Nov. 2 included the company's press release with the results. Axsome reported a net loss of $12.9 million, or 25 cents per share, for the quarter, compared with a loss of 94 cents per share a year earlier. The loss was smaller than the 60-cent consensus estimate compiled by Finnhub.
Here's how the company did:
- Total revenue: $259.69 million vs. $170.99 million a year earlier, above the $254.93 million consensus estimate compiled by Finnhub
- Loss per share: 25 cents vs. 94 cents a year earlier, against a 60-cent loss estimate compiled by Finnhub
CEO Herriot Tabuteau said: "Axsome delivered 52% year-over-year total revenue growth in the third quarter, surpassing a one-billion-dollar annual run rate." He added that the company expects sustained momentum from Auvelity in major depressive disorder and from new patient starts in Alzheimer's disease agitation.
Product sales
Auvelity net product sales were $207.6 million, up 53% from $136.1 million a year earlier.
SUNOSI net product revenue was $48.2 million, up 47% from $32.8 million, and included $8.5 million in milestone revenue.
SYMBRAVO net product sales were $3.9 million, up 88% from $2.1 million.
Operating expenses
Research and development expenses were $50.6 million, up from $40.2 million a year earlier.
Selling, general and administrative expenses were $203.1 million, up from $150.2 million. The company said the increase reflects commercialization activities for Auvelity and SYMBRAVO.
Cash and guidance
Axsome believes its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
Cash and cash equivalents totaled $313.9 million at Sept. 30, 2026, compared with $322.9 million at Dec. 31, 2025.
Pipeline milestones
Axsome started the SUMMIT Phase 3 trial of AXS-05 for smoking cessation in August 2026. The company expects topline results in the second half of 2027.
The company expects topline results from the ENGAGE Phase 3 trial of solriamfetol in binge eating disorder in the first quarter of 2027. The FDA target action date for AXS-12 in cataplexy in narcolepsy is May 1, 2027.
The company also updated its corporate presentation and posted it to its website.