Axsome Therapeutics Inc

Latest Results (20.02.2026):

Axsome Therapeutics, Inc. reported third quarter 2025 results showing strong commercial growth: total net product revenue of $171.0 million (63% year‑over‑year, 14% sequential), driven primarily by AUVELITY, with continued launches and pipeline progress across CNS programs.

Financial snapshot

Total net product revenue was $171.0 million in Q3 2025 (63% YoY; +14% vs Q2 2025). Product sales plus royalty revenue totaled $171.0M (product sales $169.8M; royalties $1.2M). Q3 2025 net loss was $47.2 million, or $(0.94) per share, improved from a net loss of $64.6M, or $(1.34), in Q3 2024.

Product performance

AUVELITY: $136.1M in Q3 2025 net product sales (+69% YoY; +14% sequential). SUNOSI: $32.8M in Q3 2025 net product revenue (+35% YoY; +9% sequential), of which $31.6M was U.S. net product sales and $1.2M was royalty revenue. SYMBRAVO: $2.1M in Q3 2025 (first full quarter following June 2025 launch).

Expenses and drivers of loss

Q3 2025 cost of revenue was $11.9M. R&D was $40.2M (down from $45.4M YoY). SG&A rose to $150.2M from $95.6M YoY, driven by AUVELITY commercialization (sales force expansion, DTC advertising) and the SYMBRAVO launch. Q3 loss includes $23.1M stock‑based compensation and a $13.2M non‑cash contingent consideration charge.

Cash, balance sheet and shares

Cash and cash equivalents were $325.3M at September 30, 2025 (vs. $315.4M at Dec 31, 2024). Shares outstanding were 50,307,834 at Sept 30, 2025. Total current assets $565.3M and total liabilities $595.5M (per the company’s consolidated balance sheet).

Commercial metrics and coverage

Prescriptions: ~209,000 for AUVELITY in Q3 2025 (+46% YoY; +9% vs Q2). ~53,000 prescriptions for SUNOSI (+12% YoY; +5% vs Q2). ~5,000 prescriptions for SYMBRAVO in its first full commercial quarter. Payer coverage: AUVELITY ~85% lives, SUNOSI ~83%, SYMBRAVO ~52% (as of Oct 1).

Pipeline and regulatory progress

Key filings and starts: sNDA submitted for AXS‑05 in Alzheimer’s disease agitation; planned Phase 2/3 start of AXS‑05 for smoking cessation (4Q 2025); planned Phase 3 initiations for solriamfetol (pediatric ADHD and MDD with EDS) and AXS‑14 in fibromyalgia in 4Q 2025; planned NDA submission for AXS‑12 (cataplexy in narcolepsy) in 4Q 2025. ENGAGE and SUSTAIN Phase 3 topline results anticipated in 2026.

Guidance and outlook

Company states current cash is sufficient to fund anticipated operations into cash‑flow positivity under the current operating plan. Management emphasizes continued commercial execution and pipeline advancement as drivers of sustained growth.

Other items

Axsome hosted a conference call on Nov 3, 2025 to discuss results and provided the usual forward‑looking statement disclosures. CONTENT SOURCED: Axsome Therapeutics, Inc. Q3 2025 press release and financial tables.