Axsome Therapeutics (AXSM)
Market Price (3/21/2026): $157.1 | Market Cap: $8.0 BilSector: Health Care | Industry: Biotechnology
Axsome Therapeutics (AXSM)
Market Price (3/21/2026): $157.1Market Cap: $8.0 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 66% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -169 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -27% |
| Low stock price volatilityVol 12M is 41% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Biotechnology & Genomics. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15% |
| 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 -6.3% | |
| 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 66% |
| 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. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -169 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -27% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -15%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -15% |
| 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 -6.3% |
| Key risksAXSM key risks include [1] its heavy reliance on the commercial performance of its limited approved products, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Axsome Therapeutics (AXSM) stock has gained about 5% since 11/30/2025 because of the following key factors:
1. Mixed Fourth Quarter and Full Year 2025 Financial Results Presented.
Axsome Therapeutics reported Q4 2025 earnings on February 23, 2026, which showed both strengths and weaknesses that contributed to the stock remaining largely at the same level. The company beat analyst estimates with an EPS of -$0.56 against a consensus of -$0.70 to -$0.72, and quarterly revenue increased by 65% year-over-year to $196 million, surpassing analyst expectations. Full year 2025 revenue also saw robust growth, reaching $638.5 million, a 66% increase year-over-year. Key product AUVELITY's sales surpassed $500 million for the full year. However, despite these positive top-line results, investor concerns over rising selling, general, and administrative (SG&A) expenses, which increased 39% year-over-year to $570.6 million for the full year 2025, and continued net losses ($28.6 million in Q4 2025 and $183.2 million for the full year), led to a 4.88% stock decline post-earnings. Additionally, increasing gross-to-net discounts for AUVELITY and SUNOSI, projected to rise to the mid-50% range in Q1 2026, also tempered enthusiasm.
2. Significant Pipeline Progress and Regulatory Catalysts.
Positive developments in Axsome's pipeline and upcoming regulatory milestones provided upward support for the stock, offsetting some financial concerns. In December 2025, the FDA granted Priority Review for the supplemental New Drug Application (sNDA) for AXS-05 (for Alzheimer's disease agitation), with a Prescription Drug User Fee Act (PDUFA) target action date of April 30, 2026. This news initially triggered a 22.75% increase in the stock price. The company also anticipates the New Drug Application (NDA) submission for AXS-12 (for narcolepsy) in the first quarter of 2026. These advancements, alongside the acquisition of AXS-17 (for epilepsy) in November 2025 and the initiation of the Phase 3 AXS-14 fibromyalgia trial in January 2026, demonstrate a robust and advancing central nervous system (CNS) pipeline, contributing to long-term growth prospects.
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1. Mixed Fourth Quarter and Full Year 2025 Financial Results Presented.
Axsome Therapeutics reported Q4 2025 earnings on February 23, 2026, which showed both strengths and weaknesses that contributed to the stock remaining largely at the same level. The company beat analyst estimates with an EPS of -$0.56 against a consensus of -$0.70 to -$0.72, and quarterly revenue increased by 65% year-over-year to $196 million, surpassing analyst expectations. Full year 2025 revenue also saw robust growth, reaching $638.5 million, a 66% increase year-over-year. Key product AUVELITY's sales surpassed $500 million for the full year. However, despite these positive top-line results, investor concerns over rising selling, general, and administrative (SG&A) expenses, which increased 39% year-over-year to $570.6 million for the full year 2025, and continued net losses ($28.6 million in Q4 2025 and $183.2 million for the full year), led to a 4.88% stock decline post-earnings. Additionally, increasing gross-to-net discounts for AUVELITY and SUNOSI, projected to rise to the mid-50% range in Q1 2026, also tempered enthusiasm.
2. Significant Pipeline Progress and Regulatory Catalysts.
Positive developments in Axsome's pipeline and upcoming regulatory milestones provided upward support for the stock, offsetting some financial concerns. In December 2025, the FDA granted Priority Review for the supplemental New Drug Application (sNDA) for AXS-05 (for Alzheimer's disease agitation), with a Prescription Drug User Fee Act (PDUFA) target action date of April 30, 2026. This news initially triggered a 22.75% increase in the stock price. The company also anticipates the New Drug Application (NDA) submission for AXS-12 (for narcolepsy) in the first quarter of 2026. These advancements, alongside the acquisition of AXS-17 (for epilepsy) in November 2025 and the initiation of the Phase 3 AXS-14 fibromyalgia trial in January 2026, demonstrate a robust and advancing central nervous system (CNS) pipeline, contributing to long-term growth prospects.
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Stock Movement Drivers
Fundamental Drivers
The 3.6% change in AXSM stock from 11/30/2025 to 3/20/2026 was primarily driven by a 13.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 151.50 | 156.92 | 3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 561 | 638 | 13.8% |
| P/S Multiple | 13.5 | 12.4 | -7.8% |
| Shares Outstanding (Mil) | 50 | 51 | -1.2% |
| Cumulative Contribution | 3.6% |
Market Drivers
11/30/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| AXSM | 3.6% | |
| Market (SPY) | -4.8% | 2.3% |
| Sector (XLV) | -7.8% | 6.8% |
Fundamental Drivers
The 29.4% change in AXSM stock from 8/31/2025 to 3/20/2026 was primarily driven by a 29.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 121.28 | 156.92 | 29.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 495 | 638 | 29.0% |
| P/S Multiple | 12.1 | 12.4 | 2.7% |
| Shares Outstanding (Mil) | 49 | 51 | -2.4% |
| Cumulative Contribution | 29.4% |
Market Drivers
8/31/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| AXSM | 29.4% | |
| Market (SPY) | 1.1% | 9.4% |
| Sector (XLV) | 6.2% | 13.7% |
Fundamental Drivers
The 23.0% change in AXSM stock from 2/28/2025 to 3/20/2026 was primarily driven by a 65.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282025 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 127.54 | 156.92 | 23.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 386 | 638 | 65.5% |
| P/S Multiple | 16.1 | 12.4 | -22.5% |
| Shares Outstanding (Mil) | 49 | 51 | -4.1% |
| Cumulative Contribution | 23.0% |
Market Drivers
2/28/2025 to 3/20/2026| Return | Correlation | |
|---|---|---|
| AXSM | 23.0% | |
| Market (SPY) | 10.4% | 26.8% |
| Sector (XLV) | -1.1% | 33.3% |
Fundamental Drivers
The 130.1% change in AXSM stock from 2/28/2023 to 3/20/2026 was primarily driven by a 1176.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282023 | 3202026 | Change |
|---|---|---|---|
| Stock Price ($) | 68.19 | 156.92 | 130.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 50 | 638 | 1176.0% |
| P/S Multiple | 59.3 | 12.4 | -79.0% |
| Shares Outstanding (Mil) | 43 | 51 | -14.1% |
| Cumulative Contribution | 130.1% |
Market Drivers
2/28/2023 to 3/20/2026| Return | Correlation | |
|---|---|---|
| AXSM | 130.1% | |
| Market (SPY) | 70.3% | 24.5% |
| Sector (XLV) | 19.6% | 26.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AXSM Return | -54% | 104% | 3% | 6% | 116% | -13% | 95% |
| Peers Return | 4% | -16% | 35% | -18% | 162% | -4% | 143% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| AXSM Win Rate | 50% | 67% | 50% | 50% | 58% | 33% | |
| Peers Win Rate | 50% | 50% | 48% | 50% | 60% | 27% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| AXSM Max Drawdown | -76% | -42% | -26% | -17% | -5% | -16% | |
| Peers Max Drawdown | -29% | -45% | -33% | -32% | -42% | -19% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -3% | |
[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 3/20/2026 (YTD)
How Low Can It Go
| Event | AXSM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -75.6% | -25.4% |
| % Gain to Breakeven | 309.2% | 34.1% |
| Time to Breakeven | 665 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -60.1% | -33.9% |
| % Gain to Breakeven | 150.9% | 51.3% |
| Time to Breakeven | 1,772 days | 148 days |
| 2018 Correction | ||
| % Loss | -70.4% | -19.8% |
| % Gain to Breakeven | 237.5% | 24.7% |
| Time to Breakeven | 11 days | 120 days |
Compare to JAZZ, NBIX, HRMY, BHVN, RLMD
In The Past
Axsome Therapeutics's stock fell -75.6% during the 2022 Inflation Shock from a high on 1/1/2021. A -75.6% loss requires a 309.2% gain to breakeven.
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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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
- 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
AI Analysis | Feedback
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.
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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.
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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.
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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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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 77.70 |
| Mkt Cap | 4.8 |
| Rev LTM | 753 |
| Op Inc LTM | 75 |
| FCF LTM | 154 |
| FCF 3Y Avg | 103 |
| CFO LTM | 154 |
| CFO 3Y Avg | 103 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 21.5% |
| Rev Chg 3Y Avg | 25.0% |
| Rev Chg Q | 24.7% |
| QoQ Delta Rev Chg LTM | 5.9% |
| Op Mgn LTM | 17.2% |
| Op Mgn 3Y Avg | 18.9% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 29.6% |
| CFO/Rev 3Y Avg | 28.0% |
| FCF/Rev LTM | 26.5% |
| FCF/Rev 3Y Avg | 26.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.8 |
| P/S | 3.5 |
| P/EBIT | -2.5 |
| P/E | -2.5 |
| P/CFO | 1.4 |
| Total Yield | -2.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.7% |
| D/E | 0.1 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.8% |
| 3M Rtn | -4.6% |
| 6M Rtn | 11.6% |
| 12M Rtn | 20.1% |
| 3Y Rtn | 30.8% |
| 1M Excs Rtn | -3.6% |
| 3M Excs Rtn | 1.3% |
| 6M Excs Rtn | 11.9% |
| 12M Excs Rtn | 5.5% |
| 3Y Excs Rtn | -32.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Auvelity | 291 | 130 | 5 | ||
| Sunosi | 90 | 72 | 45 | ||
| Sunosi royalty and milestone 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 | $156.92 | |
| Market Cap ($ Bil) | 7.9 | |
| First Trading Date | 11/19/2015 | |
| Distance from 52W High | -17.0% | |
| 50 Days | 200 Days | |
| DMA Price | $174.32 | $137.27 |
| DMA Trend | up | up |
| Distance from DMA | -10.0% | 14.3% |
| 3M | 1YR | |
| Volatility | 55.1% | 41.1% |
| Downside Capture | -4.31 | 39.15 |
| Upside Capture | 12.28 | 55.79 |
| Correlation (SPY) | -0.2% | 26.4% |
AXSM Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.54 | -0.79 | -0.41 | 0.13 | 0.54 | 0.70 |
| Up Beta | -0.02 | 0.07 | 0.38 | 0.68 | 0.52 | 0.60 |
| Down Beta | 2.50 | -1.09 | -1.26 | -0.25 | 0.83 | 0.80 |
| Up Capture | -71% | -40% | 9% | 59% | 34% | 58% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 20 | 28 | 63 | 129 | 376 |
| Down Capture | 107% | -132% | -47% | -25% | 33% | 84% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 21 | 33 | 61 | 121 | 372 |
[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 | 20.6% | 41.0% | 0.55 | - |
| Sector ETF (XLV) | 0.2% | 17.6% | -0.14 | 33.7% |
| Equity (SPY) | 15.8% | 18.9% | 0.64 | 27.0% |
| Gold (GLD) | 48.2% | 27.0% | 1.45 | 4.6% |
| Commodities (DBC) | 17.8% | 17.4% | 0.83 | 3.3% |
| Real Estate (VNQ) | 1.0% | 16.4% | -0.11 | 25.4% |
| Bitcoin (BTCUSD) | -19.0% | 44.2% | -0.35 | 4.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXSM | |
|---|---|---|---|---|
| AXSM | 18.4% | 70.5% | 0.54 | - |
| Sector ETF (XLV) | 6.3% | 14.5% | 0.26 | 20.6% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 21.5% |
| Gold (GLD) | 20.7% | 17.5% | 0.97 | 4.7% |
| Commodities (DBC) | 10.9% | 19.0% | 0.46 | 7.1% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.06 | 20.8% |
| Bitcoin (BTCUSD) | 4.7% | 56.7% | 0.30 | 6.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AXSM | |
|---|---|---|---|---|
| AXSM | 35.8% | 91.8% | 0.68 | - |
| Sector ETF (XLV) | 9.6% | 16.5% | 0.47 | 17.9% |
| Equity (SPY) | 14.2% | 17.9% | 0.68 | 19.0% |
| Gold (GLD) | 13.3% | 15.7% | 0.70 | 3.0% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 9.0% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.21 | 17.1% |
| Bitcoin (BTCUSD) | 66.9% | 66.8% | 1.06 | 2.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 1/12/2026 | 4.4% | 4.7% | 8.8% |
| 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% |
| 5/6/2024 | 1.5% | -3.1% | -3.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 13 |
| # Negative | 8 | 10 | 9 |
| Median Positive | 4.6% | 3.0% | 9.5% |
| Median Negative | -3.6% | -3.7% | -15.0% |
| Max Positive | 10.2% | 8.4% | 39.8% |
| Max Negative | -46.5% | -55.3% | -48.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 03/31/2022 | 05/02/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Saad, Mark E | Direct | Sell | 1022026 | 165.18 | 37,577 | 6,206,969 | 1,652,130 | Form | |
| 2 | Tabuteau, Herriot | Chief Executive Officer | Direct | Sell | 12042025 | 144.59 | 49,252 | 7,121,347 | 1,045,241 | Form |
| 3 | Tabuteau, Herriot | Chief Executive Officer | Direct | Sell | 12042025 | 146.94 | 20,163 | 2,962,751 | 1,062,229 | Form |
| 4 | Tabuteau, Herriot | Chief Executive Officer | Direct | Sell | 12042025 | 148.18 | 10,558 | 1,564,484 | 1,071,193 | Form |
| 5 | Tabuteau, Herriot | Chief Executive Officer | Direct | Sell | 11052025 | 132.34 | 91,705 | 12,136,240 | 956,686 | 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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