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% | -36.2% |
| 2024 | $386M | $-273M | $-287M | $-129M | -503.8% | 42.5% | 20.1% |
| 2023 | $271M | $-225M | $-239M | $-146M | -125.3% | 440.8% | 27.8% |
| 2022 | $50M | $-175M | $-187M | $-117M | -170.8% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 50.04 | 270.60 | 385.69 | 638.50 |
| Operating Revenue | - | 50.04 | 270.60 | 385.69 | 638.50 |
| Cost Of Revenue | - | 5.20 | 26.06 | 33.30 | 47.48 |
| Gross Profit | - | 44.84 | 244.54 | 352.39 | 591.02 |
| Operating Expense | - | 221.34 | 427.44 | 604.83 | 760.25 |
| Research And Development | - | 57.95 | 97.94 | 187.08 | 183.28 |
| Selling General And Administration | - | 159.25 | 323.12 | 411.36 | 570.60 |
| Total Expenses | - | 226.54 | 453.51 | 638.13 | 807.73 |
| Operating Income | - | -176.50 | -182.91 | -252.44 | -169.24 |
| Total Operating Income As Reported | - | -179.80 | -231.82 | -280.56 | -166.76 |
| EBITDA | - | -175.40 | -224.99 | -272.60 | -168.08 |
| Normalized EBITDA | - | -172.10 | -176.07 | -244.48 | -160.17 |
| EBIT | - | -179.80 | -231.82 | -280.56 | -177.15 |
| Interest Expense | - | 7.34 | 6.45 | 6.57 | 6.56 |
| Net Interest Income | - | -7.34 | -6.45 | -6.57 | -6.56 |
| Other Income Expense | - | -3.30 | -48.92 | -28.12 | -7.91 |
| Interest Expense Non Operating | - | 7.34 | 6.45 | 6.57 | 6.56 |
| Net Non Operating Interest Income Expense | - | -7.34 | -6.45 | -6.57 | -6.56 |
| Pretax Income | - | -187.13 | -238.28 | -287.13 | -183.70 |
| Tax Provision | - | 0 | 0.96 | 0.08 | -0.53 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -10.27 | 0 | -0.02 |
| Net Income Continuous Operations | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income From Continuing And Discontinued Operation | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income From Continuing Operation Net Minority Interest | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income Common Stockholders | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Net Income Including Noncontrolling Interests | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Normalized Income | - | -183.84 | -200.59 | -259.09 | -175.29 |
| Diluted NI Availto Com Stockholders | - | -187.13 | -239.24 | -287.22 | -183.17 |
| Basic Average Shares | - | 40.66 | 45.43 | 47.91 | 49.75 |
| Diluted Average Shares | - | 40.66 | 45.43 | 47.91 | 49.75 |
| Reconciled Depreciation | - | 4.40 | 6.83 | 7.96 | 9.06 |
| Reconciled Cost Of Revenue | - | 4.93 | 25.61 | 31.74 | 44.79 |
| Total Unusual Items | - | -3.30 | -48.92 | -28.12 | -7.91 |
| Total Unusual Items Excluding Goodwill | - | -3.30 | -48.92 | -28.12 | -7.91 |
| Special Income Charges | - | -3.30 | -48.92 | -28.12 | -7.91 |
| Other Special Charges | - | - | - | - | 10.38 |
| Restructuring And Mergern Acquisition | - | 3.30 | 48.92 | 28.12 | -2.47 |
| 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 |
| General And Administrative Expense | 66.65 | - | - | - | - |
| Other Gand A | 66.65 | - | - | - | - |
| Amortization | - | 4.14 | 6.38 | 6.39 | 6.38 |
| Amortization Of Intangibles Income Statement | - | 4.14 | 6.38 | 6.39 | 6.38 |
| Other Taxes | 0 | 0 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Axsome Therapeutics, Inc.this co. | AXSM | $11.9B | -65.03 | 134.91 | -207.5% | -70.25 |
| BridgeBio Pharma, Inc. | BBIO | $13.2B | -18.19 | -6.32 | 34.7% | -26.38 |
| Madrigal Pharmaceuticals, Inc. | MDGL | $11.4B | -39.41 | 18.85 | -47.8% | -43.53 |
| Arrowhead Pharmaceuticals, Inc. | ARWR | $10.6B | -6491.00 | 22.72 | -0.3% | 65.92 |
| Cytokinetics, Incorporated | CYTK |
| - |
| - |
| - |
| - |
| - |
| - |
| $9.8B |
| - |
| - |
| 119.0% |
| - |
| The Ensign Group, Inc. | ENSG | $9.6B | 27.92 | 4.30 | 15.4% | 19.90 |
| ImmunityBio, Inc. | IBRX | $7.6B | -21.73 | -15.26 | 70.2% | -36.08 |
| Nuvalent, Inc. | NUVL | $7.4B | -17.46 | 5.95 | -34.1% | - |
| Praxis Precision Medicines, Inc. | PRAX | $7.4B | -24.34 | 8.41 | -34.5% | -21.54 |
| Peer Median | - | -21.73 | 5.95 | 7.5% | -23.96 | |