Axsome Therapeutics, Inc. AXSM
We are a fully integrated biopharmaceutical company focused on developing innovative medicines for people impacted by central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and developing differentiated products with a focus on novel mechanisms of action, that have the potential to transform patient outcomes.
Our innovative CNS portfolio is anchored by three U.S. Food and Drug Administration (FDA) approved commercial products: AUVELITY® for the treatment of major depressive disorder (MDD), SUNOSI® for the treatment of excessive daytime sleepiness (EDS) associated with obstructive sleep apnea or narcolepsy, and SYMBRAVO® for the acute treatment of migraine with or without aura in adults. Total revenues from our three commercial products totaled $638.5 million for 2025, representing 66% annual growth compared to 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $638.5M | $385.7M | $270.6M | $50.0M | — | — | — | — | — | — |
| Cost of revenue | — | — | — | $5.2M | — | — | — | — | — | — |
| Gross profit | — | — | — | $44.8M | — | — | — | — | — | — |
| R&D | $183.3M | $187.1M | $97.9M | $57.9M | $58.1M | $70.2M | $53.6M | $23.5M | $20.0M | $21.2M |
| SG&A | $570.6M | $411.4M | $323.1M | $159.3M | $66.6M | $28.9M | $13.6M | $9.4M | $7.2M | $6.3M |
| Total operating expenses | $805.3M | $666.3M | $502.4M | $229.8M | $124.7M | $99.1M | $67.2M | $32.8M | $27.2M | $27.5M |
| Operating income | -$166.8M | -$280.6M | -$231.8M | -$179.8M | -$124.7M | -$99.1M | -$67.2M | -$32.8M | -$27.2M | -$27.5M |
| Interest expense | $15.9M | $21.6M | $20.0M | $9.7M | — | — | — | — | — | — |
| Pre-tax income | -$183.7M | -$287.1M | -$238.3M | -$187.1M | -$130.4M | -$102.9M | -$68.3M | -$31.0M | -$28.9M | -$27.2M |
| Income tax | $530.0K | $85.0K | $960.0K | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$183.2M | -$287.2M | -$239.2M | -$187.1M | -$130.4M | -$102.9M | -$68.3M | -$31.0M | -$28.9M | -$27.2M |
| EPS, basic | -3.68 | -5.99 | -5.27 | -4.60 | -3.47 | -2.77 | — | — | — | — |
| EPS, diluted | -3.68 | -5.99 | -5.27 | -4.60 | -3.47 | -2.77 | -2.01 | -1.15 | -1.27 | -1.42 |
| Shares, diluted (wtd. avg.) | $49.7M | $47.9M | $45.4M | $40.7M | $37.6M | $37.2M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $322.9M | $315.4M | $386.2M | $200.8M | $86.5M | $183.9M | $220.0M | — | — | — |
| Receivables | $224.5M | $142.0M | $94.8M | $37.7M | — | — | — | — | — | — |
| Inventory | $27.9M | $15.7M | $15.1M | $4.3M | — | — | — | — | — | — |
| Total current assets | $589.0M | $485.1M | $504.3M | $245.6M | $86.5M | $184.0M | $220.4M | $15.2M | $35.3M | $38.0M |
| Property, plant and equipment | $562.0K | $584.0K | $846.0K | $722.0K | $283.8K | $52.6K | $30.6K | $51.8K | $68.1K | $100.7K |
| Goodwill | $12.0M | $12.0M | $12.0M | $10.3M | — | — | — | — | — | — |
| Other intangibles | $40.5M | $46.9M | $53.3M | $59.7M | — | — | — | — | — | — |
| Total assets | $689.8M | $568.5M | $588.2M | $331.5M | $87.8M | $186.1M | $220.5M | $15.4M | $35.6M | $38.2M |
| Accounts payable | $65.5M | $72.0M | $40.7M | $38.6M | $13.1M | $13.5M | $10.9M | $3.7M | $3.4M | $4.1M |
| Short-term debt | $70.0M | $0 | — | — | — | — | $2.6M | $3.3M | $3.3M | $269.2K |
| Total current liabilities | $378.8M | $230.1M | $138.9M | $96.6M | $23.1M | $23.4M | $24.5M | $10.8M | $12.2M | $7.2M |
| Long-term debt | $117.7M | $180.7M | $178.1M | $94.3M | $49.1M | $48.3M | $17.3M | $3.6M | $6.7M | $9.5M |
| Total liabilities | $601.5M | $511.5M | $397.3M | $221.9M | $72.2M | $72.3M | $41.8M | $14.4M | $18.8M | $16.6M |
| Retained earnings | -$1.31B | -$1.12B | -$835.6M | -$596.3M | -$409.2M | -$278.8M | -$175.9M | -$107.6M | -$76.6M | -$47.6M |
| Total equity | $88.3M | $57.0M | $191.0M | $109.6M | $15.6M | $113.8M | $178.7M | $937.9K | $16.7M | $21.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$93.4M | -$128.4M | -$145.1M | -$116.5M | -$108.2M | -$78.5M | -$46.4M | -$30.1M | -$26.5M | -$21.3M |
| Depreciation and amortisation | $503.0K | $532.0K | $459.0K | $263.0K | $76.0K | $23.9K | $37.3K | $48.9K | $42.6K | $20.5K |
| Stock-based compensation | $93.8M | $85.2M | $62.6M | $37.7M | $20.8M | $14.8M | $6.1M | $1.8M | $2.1M | $2.0M |
| Capital expenditure | $480.0K | $270.0K | $582.0K | $702.0K | $308.0K | $45.9K | $16.1K | $32.7K | $9.9K | $104.6K |
| Investing cash flow | -$480.0K | -$270.0K | -$582.0K | -$53.7M | -$308.0K | -$45.9K | -$16.1K | -$32.7K | -$9.9K | -$104.6K |
| Financing cash flow | $101.5M | $57.8M | $331.0M | $284.6M | $11.1M | $42.4M | $252.4M | $10.0M | $23.9M | $10.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177610.
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