Axsome Therapeutics (AXSM)
Market Price (6/1/2026): $235.75 | Market Cap: $12.1 BilSector: Health Care | Industry: Biotechnology
Axsome Therapeutics (AXSM)
Market Price (6/1/2026): $235.75Market Cap: $12.1 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 64% Low stock price volatilityVol 12M is 41% Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Trading close to highsDist 52W High is -0.6%, Dist 3Y High is -0.6% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -177 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -25% Stock price has recently run up significantly12M Rtn12 month market price return is 123% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8% Key risksAXSM key risks include [1] its heavy reliance on the commercial performance of its limited approved products, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 64% |
| Low stock price volatilityVol 12M is 41% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Trading close to highsDist 52W High is -0.6%, Dist 3Y High is -0.6% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -177 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -25% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 123% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -10.0%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -10% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.8% |
| Key risksAXSM key risks include [1] its heavy reliance on the commercial performance of its limited approved products, Show more. |
Qualitative Assessment
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Updated on 5/1/2026
Axsome Therapeutics (AXSM) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. FDA Approval of Auvelity for Alzheimer's Disease Agitation.
Axsome Therapeutics received FDA approval for Auvelity (dextromethorphan HBr and bupropion HCl) on April 30, 2026, for the treatment of agitation associated with dementia due to Alzheimer's disease. This marked Auvelity as the first non-antipsychotic treatment for this condition, addressing a significant unmet medical need and positioning the company for substantial revenue growth in 2026. The stock surged 11.21% in pre-market trading on May 4, 2026, following this regulatory milestone.
2. Robust Q1 2026 Net Product Revenue Growth.
The company reported strong financial results for the first quarter of 2026, with total net product revenue reaching $191.2 million, representing a 57% increase year-over-year. This growth was primarily driven by the performance of its marketed products, including Auvelity, which generated $153.2 million (up 59% year-over-year), and Sunosi, which contributed $33.9 million (up 34% year-over-year).
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Axsome Therapeutics (AXSM) stock has gained about 45% since 2/28/2026 because of the following key factors:
1. FDA Approval of Auvelity for Alzheimer's Disease Agitation.
Axsome Therapeutics received FDA approval for Auvelity (dextromethorphan HBr and bupropion HCl) on April 30, 2026, for the treatment of agitation associated with dementia due to Alzheimer's disease. This marked Auvelity as the first non-antipsychotic treatment for this condition, addressing a significant unmet medical need and positioning the company for substantial revenue growth in 2026. The stock surged 11.21% in pre-market trading on May 4, 2026, following this regulatory milestone.
2. Robust Q1 2026 Net Product Revenue Growth.
The company reported strong financial results for the first quarter of 2026, with total net product revenue reaching $191.2 million, representing a 57% increase year-over-year. This growth was primarily driven by the performance of its marketed products, including Auvelity, which generated $153.2 million (up 59% year-over-year), and Sunosi, which contributed $33.9 million (up 34% year-over-year).
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Stock Movement Drivers
Fundamental Drivers
The 43.1% change in AXSM stock from 2/28/2026 to 5/31/2026 was primarily driven by a 30.4% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 5312026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.89 | 234.48 | 43.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 638 | 708 | 10.9% |
| P/S Multiple | 13.0 | 17.0 | 30.4% |
| Shares Outstanding (Mil) | 51 | 51 | -1.1% |
| Cumulative Contribution | 43.1% |
Market Drivers
2/28/2026 to 5/31/2026| Return | Correlation | |
|---|---|---|
| AXSM | 43.1% | |
| Market (SPY) | 10.6% | 44.0% |
| Sector (XLV) | -6.3% | 58.1% |
Fundamental Drivers
The 54.8% change in AXSM stock from 11/30/2025 to 5/31/2026 was primarily driven by a 26.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 5312026 | Change |
|---|---|---|---|
| Stock Price ($) | 151.50 | 234.48 | 54.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 561 | 708 | 26.2% |
| P/S Multiple | 13.5 | 17.0 | 25.5% |
| Shares Outstanding (Mil) | 50 | 51 | -2.3% |
| Cumulative Contribution | 54.8% |
Market Drivers
11/30/2025 to 5/31/2026| Return | Correlation | |
|---|---|---|
| AXSM | 54.8% | |
| Market (SPY) | 11.3% | 18.7% |
| Sector (XLV) | -4.4% | 26.2% |
Fundamental Drivers
The 123.0% change in AXSM stock from 5/31/2025 to 5/31/2026 was primarily driven by a 63.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312025 | 5312026 | Change |
|---|---|---|---|
| Stock Price ($) | 105.16 | 234.48 | 123.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 432 | 708 | 63.9% |
| P/S Multiple | 11.9 | 17.0 | 42.5% |
| Shares Outstanding (Mil) | 49 | 51 | -4.5% |
| Cumulative Contribution | 123.0% |
Market Drivers
5/31/2025 to 5/31/2026| Return | Correlation | |
|---|---|---|
| AXSM | 123.0% | |
| Market (SPY) | 29.8% | 19.3% |
| Sector (XLV) | 14.7% | 23.9% |
Fundamental Drivers
The 217.8% change in AXSM stock from 5/31/2023 to 5/31/2026 was primarily driven by a 389.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312023 | 5312026 | Change |
|---|---|---|---|
| Stock Price ($) | 73.78 | 234.48 | 217.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 145 | 708 | 389.7% |
| P/S Multiple | 22.2 | 17.0 | -23.7% |
| Shares Outstanding (Mil) | 44 | 51 | -15.0% |
| Cumulative Contribution | 217.8% |
Market Drivers
5/31/2023 to 5/31/2026| Return | Correlation | |
|---|---|---|
| AXSM | 217.8% | |
| Market (SPY) | 88.1% | 24.3% |
| Sector (XLV) | 22.9% | 27.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AXSM Return | -54% | 104% | 3% | 6% | 116% | 27% | 186% |
| Peers Return | 4% | -16% | 35% | -18% | 162% | 15% | 190% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| AXSM Win Rate | 50% | 67% | 50% | 50% | 58% | 80% | |
| Peers Win Rate | 50% | 50% | 48% | 50% | 60% | 48% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| AXSM Max Drawdown | -76% | -53% | -36% | -33% | -31% | -18% | |
| Peers Max Drawdown | -38% | -55% | -42% | -43% | -51% | -24% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JAZZ, NBIX, HRMY, BHVN, RLMD. See AXSM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/29/2026 (YTD)
How Low Can It Go
| Event | AXSM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.7% | -18.8% |
| % Gain to Breakeven | 32.7% | 23.1% |
| Time to Breakeven | 151 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.4% | -9.5% |
| % Gain to Breakeven | 27.2% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.5% | -24.5% |
| % Gain to Breakeven | 74.0% | 32.4% |
| Time to Breakeven | 12 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.3% | -33.7% |
| % Gain to Breakeven | 123.7% | 50.9% |
| Time to Breakeven | 40 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -46.1% | -19.2% |
| % Gain to Breakeven | 85.5% | 23.8% |
| Time to Breakeven | 11 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -55.1% | -3.7% |
| % Gain to Breakeven | 122.5% | 3.9% |
| Time to Breakeven | 657 days | 6 days |
In The Past
Axsome Therapeutics's stock fell -24.7% during the 2025 US Tariff Shock. Such a loss loss requires a 32.7% gain to breakeven.
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| Event | AXSM | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.7% | -18.8% |
| % Gain to Breakeven | 32.7% | 23.1% |
| Time to Breakeven | 151 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -21.4% | -9.5% |
| % Gain to Breakeven | 27.2% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -42.5% | -24.5% |
| % Gain to Breakeven | 74.0% | 32.4% |
| Time to Breakeven | 12 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -55.3% | -33.7% |
| % Gain to Breakeven | 123.7% | 50.9% |
| Time to Breakeven | 40 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -46.1% | -19.2% |
| % Gain to Breakeven | 85.5% | 23.8% |
| Time to Breakeven | 11 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -55.1% | -3.7% |
| % Gain to Breakeven | 122.5% | 3.9% |
| Time to Breakeven | 657 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -38.6% | -12.2% |
| % Gain to Breakeven | 62.8% | 13.9% |
| Time to Breakeven | 35 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.6% | -6.8% |
| % Gain to Breakeven | 62.8% | 7.3% |
| Time to Breakeven | 35 days | 15 days |
In The Past
Axsome Therapeutics's stock fell -24.7% during the 2025 US Tariff Shock. Such a loss loss requires a 32.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Axsome Therapeutics (AXSM)
Axsome Therapeutics, Inc., a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. The company's product pipeline includes AXS-05, a therapeutic for the treatment of major depressive disorder and resistant depression disorders; and that is in the 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. It is also developing AXS-07, a novel, oral, rapidly absorbed, multi-mechanistic, and investigational medicine that has completed two Phase III trials for the acute treatment of migraine; AXS-12, a selective and potent norepinephrine reuptake inhibitor, which is in Phase III trial to treat narcolepsy; and AXS-14, a novel, oral, and investigational medicine that is in Phase III trial for the treatment of fibromyalgia. Axsome Therapeutics, Inc. has a research collaboration agreement with Duke University for evaluating AXS-05 in smoking cessation. The company was incorporated in 2012 and is based in New York, New York.
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Analogy 1: Think of it as an early-stage **Biogen**, focused on developing new medicines for various brain and nerve disorders, including depression and migraine.
Analogy 2: It's a biotech company striving to become a leader in central nervous system treatments, much like **Gilead Sciences** did for antiviral drugs, but for conditions like depression, migraine, and narcolepsy.
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- AXS-05: A therapeutic for major depressive disorder, resistant depression, and Alzheimer's disease agitation.
- AXS-07: An investigational medicine for the acute treatment of migraine.
- AXS-12: A selective and potent norepinephrine reuptake inhibitor for the treatment of narcolepsy.
- AXS-14: An investigational medicine for the treatment of fibromyalgia.
AI Analysis | Feedback
Based on the provided background information, Axsome Therapeutics (AXSM) is a biopharmaceutical company in the development stage. Its product pipeline consists of investigational medicines (AXS-05, AXS-07, AXS-12, AXS-14) that are currently in various phases of clinical trials (Phase II and Phase III) for the treatment of central nervous system disorders. These products have not yet received regulatory approval and are not commercialized.
Therefore, Axsome Therapeutics does not currently have major customers in the traditional sense, as its therapies are not yet available for sale to other companies or to individuals. The company's primary focus is on the research, development, and clinical testing of its drug candidates.
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Herriot Tabuteau, M.D., Chairman of the Board, President, Chief Executive Officer, FounderDr. Tabuteau founded Axsome Therapeutics in 2012. He brings nearly two decades of experience in healthcare finance, having worked at Goldman Sachs' healthcare investment banking group, Bank of America Securities, and as a partner at the hedge fund Healthco/S.A.C. Capital. He also managed his own investment funds. Dr. Tabuteau self-funded Axsome initially and took the company public in 2015, intentionally avoiding venture capital and focusing on in-house clinical trials to reduce costs. He holds an M.D. from Yale University School of Medicine and a Bachelor of Arts in molecular biology and biochemistry from Wesleyan University. He is the inventor on over 200 patents.
Nick Pizzie, CPA, MBA, Chief Financial Officer and Principal Accounting Officer
Mr. Pizzie joined Axsome Therapeutics as Chief Financial Officer in May 2018. Before joining Axsome, he served as the Vice President and Chief Financial Officer of Pierre Fabre USA, the U.S. affiliate of Pierre Fabre, a global pharmaceutical company. His prior experience also includes roles as Senior Finance Director at Immucor, Inc., and various finance and accounting positions at Merck and Pfizer. Mr. Pizzie began his career as a staff auditor at Arthur Andersen. He earned a BS in Accounting, a BA in Economics, and an MBA in Finance and Supply Side Logistics from Rutgers University.
Mark Jacobson, M.A., Chief Operating Officer
Mr. Jacobson became Chief Operating Officer of Axsome Therapeutics in March 2020, having been with the company since April 2014. Prior to Axsome, he was the Director of Corporate Development at Stemline Therapeutics, Inc., where he played a key role in the company's growth, including its initial public offering and secondary public offering that collectively raised approximately $100 million. His responsibilities at Stemline spanned corporate operations, investor relations, public relations, and intellectual property. He began his career in healthcare communications at Publicis Healthcare Communications Group. Mr. Jacobson holds a Master of Arts in Biotechnology from Columbia University and a Bachelor of Science in Biology from Iowa State University.
Hunter Murdock, General Counsel
Ari Maizel, Chief Commercial Officer
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Here are the key risks to Axsome Therapeutics (AXSM):
- Regulatory and Clinical Trial Failures: Axsome Therapeutics, like other biopharmaceutical companies, faces inherent risks associated with stringent regulatory requirements and the uncertain outcomes of clinical trials. The company's future success heavily depends on its ability to navigate the regulatory landscape and achieve positive clinical trial results for its product candidates. Adverse regulatory decisions or clinical setbacks could significantly hinder product approvals and delay or prevent market entry. This risk is underscored by past challenges, such as the complete response letter (CRL) received for AXS-07 due to chemistry, manufacturing, and controls (CMC) issues, and mixed results in some AXS-05 trials for Alzheimer's disease agitation, as well as the PARADIGM Phase 3 trial for solriamfetol in major depressive disorder not meeting its primary endpoint.
- Commercialization Challenges and Intense Competition: Even with successful regulatory approvals, Axsome Therapeutics faces risks related to the commercial success and market acceptance of its products. The CNS therapeutic area is highly competitive, with numerous companies vying for market share. Lower-than-expected commercial success can result from this intense competition, a crowded market for CNS disorders, and the potential for new safety or efficacy signals to emerge post-approval. Furthermore, the company's current financial success relies heavily on a limited number of products, such as Auvelity, Sunosi, and Symbravo, making it vulnerable to setbacks in their market performance or challenges in achieving broad market acceptance and favorable pricing and reimbursement.
- Financial Condition and Need for Additional Funding: Axsome Therapeutics has incurred significant losses since its inception and anticipates continuing to experience losses as it develops its product candidates and expands commercialization efforts. As of December 31, 2025, the company had an accumulated deficit of $1,306.0 million. While Axsome believes its current cash resources are sufficient to fund anticipated operations into cash flow positivity, there is an ongoing need for substantial expenditures on research and development, and the company may require additional funding to conduct future clinical trials and complete the development and commercialization of its product candidates. A failure to raise capital when needed could force the company to delay, reduce, or eliminate product development programs or commercialization efforts.
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Here are the addressable market sizes for Axsome Therapeutics' main products and services:
- AXS-05 (for Major Depressive Disorder):
- The U.S. market for Major Depressive Disorder was approximately USD 5.6 billion in 2023. This market is projected to grow from USD 6.26 billion in 2025 to USD 6.44 billion in 2026.
- Across the eight major markets (8MM: U.S., France, Germany, Italy, Spain, UK, Japan, and Canada), the Major Depressive Disorder market is projected to grow from USD 4.7 billion in 2019 to USD 9.6 billion in 2029.
- Axsome Therapeutics anticipates peak sales for their product Auvelity (AXS-05) in Major Depressive Disorder to be between USD 1 billion and USD 3 billion.
- AXS-05 (for Resistant Depression Disorders):
- The U.S. market for Treatment-Resistant Depression was approximately USD 2.4 billion in 2022.
- The market size for Treatment-Resistant Depression across the seven major markets (7MM: U.S., EU4, UK, Japan) was approximately USD 3.1 billion in 2022.
- The global Treatment-Resistant Depression therapeutics market size is forecast to increase from USD 2.16 billion in 2025 to USD 3.36 billion by 2031.
- AXS-05 (for Alzheimer's Disease Agitation):
- While a specific market size for "agitation in Alzheimer's disease" as a standalone monetary value is not explicitly provided across all sources, the U.S. Alzheimer's drugs market was worth USD 1.62 billion in 2022 and is projected to grow at a CAGR of 5.5% during the forecast period. The U.S. held a significant share of the overall 7MM Agitation in Alzheimer's Disease market in 2023.
- Axsome Therapeutics anticipates peak sales for Auvelity (AXS-05) in Alzheimer's Disease Agitation to be between USD 1.5 billion and USD 3 billion.
- AXS-05 (for Smoking Cessation):
- The global Smoking Cessation Aids market was valued at USD 33.124 billion in 2024 and is expected to reach USD 91.379 billion by 2031.
- The North America smoking cessation and nicotine de-addictions market was valued at USD 74.27 billion in 2024 and is projected to reach USD 425.98 billion by 2032.
- AXS-07 (for acute treatment of migraine):
- The U.S. migraine market was approximately USD 6.79 billion in 2023.
- The U.S. Migraine Treatment Market was valued at USD 4.85 billion in 2024 and is expected to reach USD 12.08 billion by 2032.
- The total migraine market size in the seven major markets (7MM) was approximately USD 10.88 billion in 2023.
- The global migraine drugs market reached a value of USD 4.2 billion in 2023 and is expected to reach USD 6.3 billion by 2032.
- AXS-12 (for narcolepsy):
- The U.S. narcolepsy market exceeded USD 2 billion in 2024.
- The total market size of narcolepsy in the seven major markets (7MM) was approximately USD 2.5 billion in 2024.
- The global narcolepsy therapeutics market was valued at approximately USD 3.6 billion in 2023 and is estimated to grow to USD 7.3 billion by 2032.
- AXS-14 (for fibromyalgia):
- The U.S. fibromyalgia treatment market was valued at USD 907.2 million in 2024.
- The global fibromyalgia treatment market was estimated at USD 2.3 billion in 2024 and is expected to grow to USD 3.4 billion in 2034.
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Axsome Therapeutics (AXSM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and product advancements:
-
Continued strong growth of Auvelity (AXS-05) for Major Depressive Disorder (MDD): Auvelity is Axsome's leading commercial product and has demonstrated significant sales uptake since its launch. In 2025, Auvelity sales surpassed $500 million, reflecting strong year-over-year growth. The company is expanding its sales force to increase market penetration, particularly within the primary care segment, which is expected to further boost prescription volume and revenue.
-
Potential approval and launch of Auvelity (AXS-05) for Alzheimer's Disease (AD) Agitation: A supplemental New Drug Application (sNDA) for Auvelity in Alzheimer's disease agitation has received priority review from the FDA, with a decision anticipated by April 30, 2026. This represents a significant near-term regulatory catalyst, and analysts project substantial peak sales potential for this indication, which would considerably expand Auvelity's addressable market and revenue base.
-
Growing sales of Sunosi (solriamfetol) for narcolepsy and obstructive sleep apnea: Sunosi continues to be a meaningful contributor to Axsome's revenue, with sales reaching $124.8 million in 2025, a 32% increase from the prior year. The drug is expected to maintain its incremental sales growth, diversifying the company's commercial portfolio.
-
Commercialization and uptake of Symbravo (AXS-07) for acute migraine: Symbravo received FDA approval in January 2025 for the acute treatment of migraine and was launched in the United States in June 2025. As a recently launched product, its commercialization and increasing adoption in the migraine treatment market are expected to become a growing revenue driver over the next 2-3 years.
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Potential approval and launch of AXS-12 for cataplexy in narcolepsy: Axsome plans to submit a New Drug Application (NDA) for AXS-12 in January 2026, following positive feedback from the FDA. Given its Orphan Drug Designation, a potential approval and subsequent launch would introduce a new, differentiated treatment option for patients with cataplexy in narcolepsy, providing an additional revenue stream and contributing to the company's specialized CNS portfolio.
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Share Issuance
- Axsome Therapeutics completed an underwritten public offering in 2025, raising $211.3 million, with an additional $31.7 million from the exercise of underwriters' options.
- The company has utilized an at-the-market offering program to raise additional capital.
- The number of shares issued and outstanding increased from 48,667,587 at December 31, 2024, to 50,882,766 at December 31, 2025.
Outbound Investments
- In November 2025, Axsome acquired Baergic Bio, Inc., securing global rights to AZD7325 for potential epilepsy treatment.
- Axsome acquired global rights to deuterium-stabilized S-bupropion from DeuteRx.
- The company entered into a licensing agreement with Pharmanovia to commercialize SUNOSI in Europe and the Middle East.
Capital Expenditures
- Axsome Therapeutics' annual capital expenditures were $0.48 million in 2025, $0.27 million in 2024, $0.58 million in 2023, $0.70 million in 2022, and $0.31 million in 2021.
- Forecasted capital expenditures for the next fiscal year (2026) are $1.065 million.
- Capital expenditures are expected to average $1.769 million over the next five fiscal years.
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| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
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| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 94.95 |
| Mkt Cap | 6.9 |
| Rev LTM | 804 |
| Op Inc LTM | 65 |
| FCF LTM | 150 |
| FCF 3Y Avg | 104 |
| CFO LTM | 150 |
| CFO 3Y Avg | 104 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 24.7% |
| Rev Chg 3Y Avg | 24.4% |
| Rev Chg Q | 30.7% |
| QoQ Delta Rev Chg LTM | 6.2% |
| Op Inc Chg LTM | 27.7% |
| Op Inc Chg 3Y Avg | 17.8% |
| Op Mgn LTM | 20.8% |
| Op Mgn 3Y Avg | 19.9% |
| QoQ Delta Op Mgn LTM | 2.5% |
| CFO/Rev LTM | 28.9% |
| CFO/Rev 3Y Avg | 29.6% |
| FCF/Rev LTM | 26.2% |
| FCF/Rev 3Y Avg | 27.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.9 |
| P/S | 4.2 |
| P/Op Inc | 3.6 |
| P/EBIT | -6.4 |
| P/E | 5.0 |
| P/CFO | 1.3 |
| Total Yield | -0.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 1.2% |
| D/E | 0.1 |
| Net D/E | -0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 13.9% |
| 3M Rtn | 22.1% |
| 6M Rtn | 21.9% |
| 12M Rtn | 73.8% |
| 3Y Rtn | 78.4% |
| 1M Excs Rtn | 12.8% |
| 3M Excs Rtn | 11.9% |
| 6M Excs Rtn | 12.1% |
| 12M Excs Rtn | 46.1% |
| 3Y Excs Rtn | -7.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Auvelity | 291 | 130 | 5 | ||
| Sunosi | 90 | 72 | 45 | ||
| Sunosi royalty revenue | 4 | 2 | 0 | ||
| Sunosi license revenue | 0 | 66 | 0 | ||
| Total | 386 | 271 | 50 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Business of developing and delivering novel therapies for the management of CNS disorders | 88 | 186 | |||
| Total | 88 | 186 |
Price Behavior
Price Behavior
| Market Price | $234.48 | |
| Market Cap ($ Bil) | 12.0 | |
| First Trading Date | 11/19/2015 | |
| Distance from 52W High | -0.6% | |
| 50 Days | 200 Days | |
| DMA Price | $196.05 | $159.30 |
| DMA Trend | up | up |
| Distance from DMA | 19.6% | 47.2% |
| 3M | 1YR | |
| Volatility | 43.1% | 41.7% |
| Downside Capture | 55.83 | 12.45 |
| Upside Capture | 167.67 | 104.31 |
| Correlation (SPY) | 44.4% | 19.9% |
AXSM Betas & Captures as of 5/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.31 | 1.36 | 1.31 | 0.74 | 0.68 | 0.71 |
| Up Beta | -0.60 | 1.61 | 1.52 | 1.50 | 1.50 | 0.68 |
| Down Beta | 2.58 | 2.26 | 1.48 | 0.27 | 0.25 | 0.79 |
| Up Capture | 50% | 175% | 184% | 111% | 99% | 62% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 8 | 20 | 34 | 62 | 132 | 379 |
| Down Capture | -304% | -11% | 58% | 11% | 8% | 78% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 12 | 20 | 28 | 61 | 116 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXSM | |
|---|---|---|---|---|
| AXSM | 120.8% | 41.5% | 2.01 | - |
| Sector ETF (XLV) | 15.8% | 14.6% | 0.78 | 24.6% |
| Equity (SPY) | 30.3% | 11.8% | 1.94 | 20.2% |
| Gold (GLD) | 37.5% | 26.7% | 1.17 | 5.8% |
| Commodities (DBC) | 39.6% | 18.8% | 1.63 | -10.6% |
| Real Estate (VNQ) | 12.5% | 13.1% | 0.64 | 13.4% |
| Bitcoin (BTCUSD) | -32.0% | 41.6% | -0.82 | 5.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXSM | |
|---|---|---|---|---|
| AXSM | 32.6% | 70.3% | 0.70 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 21.8% |
| Equity (SPY) | 14.3% | 17.0% | 0.66 | 21.8% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 4.7% |
| Commodities (DBC) | 10.2% | 19.4% | 0.41 | 5.7% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 21.2% |
| Bitcoin (BTCUSD) | 14.5% | 54.6% | 0.46 | 6.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXSM | |
|---|---|---|---|---|
| AXSM | 36.6% | 90.7% | 0.69 | - |
| Sector ETF (XLV) | 9.9% | 16.5% | 0.49 | 18.6% |
| Equity (SPY) | 15.9% | 17.9% | 0.76 | 19.5% |
| Gold (GLD) | 13.3% | 16.0% | 0.69 | 3.8% |
| Commodities (DBC) | 7.3% | 17.9% | 0.33 | 8.9% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.24 | 17.6% |
| Bitcoin (BTCUSD) | 66.9% | 66.9% | 1.06 | 3.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated N/A/N/A/N/A| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/4/2026 | 8.3% | 5.3% | |
| 2/23/2026 | -4.9% | -10.8% | -14.6% |
| 11/3/2025 | 0.6% | 2.3% | 9.5% |
| 8/4/2025 | 3.4% | 1.7% | 19.9% |
| 5/5/2025 | 3.8% | -4.0% | -1.9% |
| 2/18/2025 | -2.3% | -0.3% | -4.9% |
| 11/12/2024 | 9.4% | 1.6% | 7.4% |
| 8/5/2024 | -1.4% | -1.6% | 6.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 17 | 13 | 13 |
| # Negative | 8 | 12 | 11 |
| Median Positive | 4.9% | 3.4% | 14.7% |
| Median Negative | -3.6% | -3.7% | -14.6% |
| Max Positive | 10.2% | 17.2% | 39.8% |
| Max Negative | -46.5% | -55.3% | -48.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/04/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/04/2025 | 10-Q |
| 03/31/2025 | 05/05/2025 | 10-Q |
| 12/31/2024 | 02/18/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/05/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/06/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Maizel, Ari | Chief Commercial Officer | Direct | Sell | 4232026 | 182.42 | 7,500 | Form | ||
| 2 | Coleman, Mark | Direct | Sell | 2272026 | 161.11 | 25,000 | 4,027,750 | 7,594,725 | Form | |
| 3 | Jacobson, Mark L | Chief Operating Officer | Direct | Sell | 2272026 | 161.88 | 35,378 | Form | ||
| 4 | Tabuteau, Herriot | Chief Executive Officer | Direct | Sell | 2022026 | 185.60 | 32,410 | 6,015,296 | 1,341,702 | Form |
| 5 | Pizzie, Nick | Chief Financial Officer | Direct | Sell | 1232026 | 187.92 | 12,000 | 2,255,040 | 8,003,137 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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Core Cache Last Updated: 5/31/2026