Axsome Therapeutics, Inc., a biopharmaceutical company, develops and delivers novel therapies for the management of central nervous system (CNS) disorders in the United States. The company's commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist, sigma-1 receptor agonist, aminoketone, and CYP2D6 inhibitor indicated for the treatment of major depressive disorder in adults; Sunosi (solriamfetol), a dopamine and norepinephrine reuptake inhibitor, trace amine-associated receptor 1 agonist, and 5-HT1A agonist indicated for the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea; and Symbravo (MoSEIC meloxicam rizatriptan), or AXS-07, a rapidly absorbed, multi-mechanistic, selective COX-2 inhibitor, and 5-HT1B/1D agonist indicated for the acute treatment of migraine with or without aura. It also develops AXS-05 (dextromethorphan-bupropion), an investigational N-methyl-D-aspartate receptor antagonist, which has completed Phase III clinical trial to treat Alzheimer's disease agitation, as well as that has completed phase II clinical trial for the treatment of smoking cessation; AXS-12 (reboxetine), a highly selective and potent norepinephrine reuptake inhibitor and cortical dopamine modulator, which has completed Phase II trial to treat narcolepsy; AXS-14 (esreboxetine), a selective and potent norepinephrine reuptake inhibitor that has completed Phase III trial for the treatment of fibromyalgia and other conditions; and Solriamfetol, a dopamine and norepinephrine reuptake inhibitor, which is in Phase III trial for treating attention deficit hyperactivity, major depressive, binge eating, and excessive sleepiness associated with shift work disorder. It has a research collaboration agreement with Duke University for evaluating AXS-05 in a Phase 2 clinical trial in smoking cessation treatment. The company was incorporated in 2012 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $638M | $-168M | $-183M | $-94M | -207.5% | 65.5% | - |
| 2024 | $386M | $-273M | $-287M | $-129M | -503.8% | 42.5% | - |
| 2023 | $271M | $-225M | $-239M | $-146M | -125.3% | 440.8% | - |
| 2022 | $50M | $-175M | $-187M | $-117M | -170.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 50.04 | 270.60 | 385.69 | 638.50 |
| Cost Of Revenue | 5.20 | 26.07 | 33.30 | 47.48 |
| Gross Profit | 44.84 | 244.53 | 352.39 | 591.02 |
| Operating Expense | 221.34 | 427.44 | 604.83 | 760.25 |
| Operating Income | -176.50 | -182.91 | -252.44 | -169.24 |
| EBITDA | -175.40 | -224.99 | -272.60 | -168.08 |
| EBIT | -179.80 | -231.82 | -280.56 | -177.15 |
| Pretax Income | -187.13 | -238.28 | -287.13 | -183.70 |
| Tax Provision | 0 | 0.96 | 0.09 | -0.53 |
| Net Income | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income Common Stockholders | -187.13 | -239.24 | -287.22 | -183.17 |
| Total Expenses | 226.54 | 453.51 | 638.13 | 807.73 |
| Interest Expense | 7.33 | 6.45 | 6.57 | 6.56 |
| Research And Development | 57.95 | 97.94 | 187.08 | 183.28 |
| Selling General And Administration | 159.25 | 323.12 | 411.36 | 570.60 |
| Normalized EBITDA | -172.10 | -176.07 | -244.48 | -160.17 |
| Normalized Income | -183.84 | -200.59 | -259.09 | -175.29 |
| Basic EPS | -4.60 | -5.27 | -5.99 | -3.68 |
| Diluted EPS | -4.60 | -5.27 | -5.99 | -3.68 |
| Tax Effect Of Unusual Items | 0 | -10.27 | 0 | -0.02 |
| Tax Rate For Calcs | 0 | 0.21 | 0 | 0 |
| Total Unusual Items | -3.30 | -48.92 | -28.12 | -7.91 |
| Total Unusual Items Excluding Goodwill | -3.30 | -48.92 | -28.12 | -7.91 |
| Net Income From Continuing Operation Net Minority Interest | -187.13 | -239.24 | -287.22 | -183.17 |
| Reconciled Depreciation | 4.40 | 6.83 | 7.96 | 9.06 |
| Reconciled Cost Of Revenue | 4.93 | 25.61 | 31.74 | 44.79 |
| Net Interest Income | -7.33 | -6.45 | -6.57 | -6.56 |
| Net Income From Continuing And Discontinued Operation | -187.13 | -239.24 | -287.22 | -183.17 |
| Total Operating Income As Reported | -179.80 | -231.82 | -280.56 | -166.76 |
| Diluted Average Shares | 40.66 | 45.43 | 47.91 | 49.75 |
| Basic Average Shares | 40.66 | 45.43 | 47.91 | 49.75 |
| Diluted NI Availto Com Stockholders | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income Including Noncontrolling Interests | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income Continuous Operations | -187.13 | -239.24 | -287.22 | -183.17 |
| Other Income Expense | -3.30 | -48.92 | -28.12 | -7.91 |
| Special Income Charges | -3.30 | -48.92 | -28.12 | -7.91 |
| Other Special Charges | 0 | 0 | 0 | 10.38 |
| Restructuring And Mergern Acquisition | 3.30 | 48.92 | 28.12 | -2.47 |
| Net Non Operating Interest Income Expense | -7.33 | -6.45 | -6.57 | -6.56 |
| Interest Expense Non Operating | 7.33 | 6.45 | 6.57 | 6.56 |
| Other Taxes | 0 | 0 | 0 | 0 |
| Depreciation Amortization Depletion Income Statement | 4.14 | 6.38 | 6.39 | 6.38 |
| Depreciation And Amortization In Income Statement | 4.14 | 6.38 | 6.39 | 6.38 |
| Amortization | 4.14 | 6.38 | 6.39 | 6.38 |
| Amortization Of Intangibles Income Statement | 4.14 | 6.38 | 6.39 | 6.38 |
| General And Administrative Expense | 0 | 0 | 0 | 0 |
| Other Gand A | 0 | 0 | 0 | 0 |
| Operating Revenue | 50.04 | 270.60 | 385.69 | 638.50 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Axsome Therapeutics, Inc.this co. | AXSM | $9.5B | - | 106.02 | -207.5% | -58.09 |
| Guardant Health, Inc. | GH | $11.1B | - | -109.75 | 419.2% | -28.87 |
| The Ensign Group, Inc. | ENSG | $10.9B | 31.92 | 4.82 | 15.4% | 23.43 |
| Praxis Precision Medicines, Inc. | PRAX | $9.0B | - | 9.27 | -34.5% | -25.77 |
| Vaxcyte, Inc. | PCVX | $8.3B |
| - |
| 2.80 |
| -28.5% |
| -7.50 |
| Nuvalent, Inc. | NUVL | $7.8B | - | 6.21 | -34.1% | - |
| Cytokinetics, Incorporated | CYTK | $7.4B | - | -11.11 | 119.0% | -13.11 |
| Apogee Therapeutics, Inc. | APGE | $7.3B | - | 6.21 | -28.3% | -17.34 |
| ImmunityBio, Inc. | IBRX | $7.2B | - | -14.06 | 70.3% | -32.25 |
| Peer Median | - | 31.92 | 3.81 | -6.5% | -17.34 | |