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Axsome Therapeutics, Inc.
NASDAQ: AXSM Healthcare Pharma 🔎 Screen
🏹 Trader: | BRS 63 Forming View all →
$11.0B
Market Cap
P/E
PEG
-121.0%
ROCE
N/M
ROE
2.47
D/E
-26.5%
OPM
-15.1%
% from 52W High
85
α RS
🔍 AXSM is showing a high-conviction setup because it matches 3 of 39 tracked screener presets, Sector RRG has Technology in the Leading quadrant with the trail still rolling over, and RS Rating is 85. The main caution: margin_expansion's Backtest win rate is only 45.4%. Net: Mixed signal stack, not a recommendation. ? Conviction RRG RS Rating Backtest
Sources
Conviction 3/39 · Technology in Leading quadrant · RS Rating 85 · Backtest win rate 45.4%
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Currency-adjusted total returns for AXSM including FX impact
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📈 Price History
Ratio Health
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About

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.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding AXSM
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 424.8K $71.8M 0.09% Mar 2026
Jim Simons Renaissance Technologies LLC 164.3K $27.8M 0.04% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED Axsome posts Q1 revenue $191M (+57% YoY), raises AUVELITY peak to $8B.
Revenue & Profitability
Total revenue for Q1 2026 was $191.2 million, a 57% increase year-over-year. AUVELITY net product revenue was $153.2 million (+59% YoY), SUNOSI net product revenue was $33.9 million (+34% YoY), and SYMBRAVO net sales were $4.1 million. Net loss for the quarter was $64.5 million ($1.26 per share), compared to a net loss of $59.4 million ($1.22 per share) in Q1 2025. The company ended the quarter with $305 million in cash and cash equivalents.
Outlook
Management highlighted strong industry demand for CNS therapies, particularly in Alzheimer's disease agitation which affects 76% of 7 million Alzheimer's patients. They noted growing awareness of antipsychotic overuse in long-term care settings, which may accelerate adoption of AUVELITY. The wake-promoting agent market grew 1% year-over-year, and the antidepressant market grew 1% year-over-year, both indicating steady market conditions.
Growth Drivers
Key growth levers include the recent FDA approval of AUVELITY for Alzheimer's disease agitation (launch expected in June 2026), expansion of the AUVELITY sales force to ~630 representatives, and a major commercial payer contract for SYMBRAVO covering ~17 million lives. The company also expects continued growth from earlier-line use in MDD (first line/first switch now 56% of prescriptions) and from primary care prescribers (35% of AUVELITY prescribers). Additional pipeline catalysts include AXS-12 NDA submission for narcolepsy/cataplexy and solriamfetol phase III trials for binge eating disorder (top line 2H 2026) and other indications.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Gross-to-net discounts for AUVELITY and SUNOSI were in the low-to-mid 50% range in Q1 2026, with expectations to improve throughout the year. SYMBRAVO gross-to-net was in the high 70% range in the quarter and is expected to remain elevated near term as access builds. Management expects continued operating leverage as top-line revenue growth outpaces operating expense growth. SG&A increased in Q1 due to pre-launch activities, field force expansion, and DTC advertising, but is expected to level out after Q2.
Key Risks
Key risks include elevated gross-to-net discounts for SYMBRAVO and near-term uncertainty in payer coverage evolution. Management also noted potential IRA impact on AUVELITY is not expected until at least 2031 and is already factored into peak sales estimates. Analysts inquired about the risk of antipsychotic use in long-term care, but management saw this as an opportunity rather than a risk. Another risk flagged was the need for two positive trials for solriamfetol in MDD, with the CLARITY study using a randomized withdrawal design to minimize placebo response.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-10
Q2 2026 saw 46% revenue growth to $218M, led by AUVELITY and SUNOSI, with AUVELITY's Alzheimer's agitation launch and sales force expansion accelerating demand. The neuroscience pipeline advanced, and cash reserves remain strong to support ongoing growth and R&D.
Q1 2026 Q1 2026 2026-05-04
Q1 2026 saw 57% revenue growth, FDA approval of AUVELITY for Alzheimer's agitation, and expanded commercial infrastructure. Updated peak sales guidance for AUVELITY is at least $8 billion annually, with strong cash reserves supporting ongoing R&D and launches.
Q4 2025 Q4 2025 2026-02-23
Revenue grew 66% year-over-year to $639M, led by Auvelity, Sunosi, and Symbravo. Auvelity surpassed $500M in sales, with strong prescription growth and expanding primary care adoption. Pipeline progress includes a priority review for Auvelity in Alzheimer's agitation and multiple late-stage trials.
Q3 2025 Q3 2025 2025-11-03
Q3 2025 saw 63% year-over-year revenue growth to $171M, led by AUVELITY, SUNOSI, and SYMBRAVO. Pipeline progress included a supplemental NDA for AXS-05 in Alzheimer's agitation and multiple late-stage trials. Cash reserves of $325.3M support operations into cash flow positivity.
Q2 2025 Q2 2025 2025-08-04
Q2 2025 saw $150M in revenue, up 72% year-over-year, driven by Auvelity and Sunosi growth and the launch of Symbravo. Net loss narrowed to $48M, and major pipeline milestones remain on track, with expanded payer coverage and strong commercial execution expected to drive further growth.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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