Highlights

  • Second quarter revenues were USD 218.4 million, including net product sales of USD 216.4 million, versus USD 150.0 million.
  • Net loss was USD 51.3 million, or USD 0.99 per share, against USD 48.0 million, or USD 0.97.
  • The FDA approved AUVELITY for Alzheimer's agitation in April 2026, and the commercial launch began in June.
  • Cash and cash equivalents were USD 319.9 million at June 30, and the FDA accepted the AXS-12 NDA in July.

Axsome Therapeutics, Inc. (NASDAQ: AXSM) shares closed at USD 145.04 on October 23, 2026, down 7.07%. The company's most recent quarterly report on file is its Form 10-Q for the period ended June 30, 2026, filed on August 10.

Axsome is a Delaware biopharmaceutical company with principal executive offices at One World Trade Center in New York. It develops and commercializes medicines for central nervous system conditions and markets AUVELITY, SUNOSI and SYMBRAVO. Its pipeline includes AXS-12 for cataplexy in narcolepsy and AXS-14. The company reports on a calendar year.

Second Quarter 2026 Results

Axsome reported total revenues of USD 218.4 million for the three months ended June 30, 2026, compared with USD 150.0 million in the same period of 2025. Net product sales were USD 216.4 million against USD 149.0 million, and royalty and milestone revenue was USD 2.0 million against USD 1.1 million.

Cost of revenue was USD 13.6 million. Research and development expense was USD 46.2 million against USD 49.5 million, and selling, general and administrative expense was USD 208.1 million against USD 130.3 million. The net loss was USD 51.3 million, or USD 0.99 per share, compared with USD 48.0 million, or USD 0.97.

For the six months, total revenues were USD 409.6 million against USD 271.5 million, and the net loss was USD 115.9 million, or USD 2.25 per share, against USD 107.4 million, or USD 2.18. The accumulated deficit was USD 1,421.8 million at June 30, 2026.

Products and Regulatory Developments

The FDA approved AUVELITY for the treatment of agitation associated with dementia due to Alzheimer's disease in April 2026, and the company began the commercial launch in June. AUVELITY was first approved for major depressive disorder in adults in August 2022.

The filing states that an NDA for AXS-12 in cataplexy in narcolepsy was accepted for filing by the FDA in July 2026. It also states that AXS-14 received a Refuse to File letter from the FDA and that the company plans to resubmit.

Balance Sheet and Tariff Disclosure

Cash and cash equivalents were USD 319.9 million at June 30, 2026, compared with USD 322.9 million at December 31, 2025. Accounts receivable were USD 277.5 million and inventories were USD 37.9 million. Total stockholders' equity was USD 83.3 million, and 52,299,889 shares were outstanding.

The company states that it does not currently anticipate a material impact from tariffs on imported patented pharmaceuticals under a presidential proclamation issued on April 2, 2026, and is reviewing the proclamation and implementation guidance.

Legal Proceedings

The company is pursuing a patent infringement action against Apotex Inc. in the New Jersey federal court relating to Apotex's abbreviated new drug application for SYMBRAVO. Apotex filed a motion for judgment on the pleadings on March 10, 2026, which is fully briefed, and the case is in fact discovery.

The company states that it believes its assertions have merit and that it does not expect these matters to have a material adverse effect on its financial position.