Tearsheet

Axsome Therapeutics (AXSM)

Market Price (11/5/2025): $134.82 | Market Cap: $6.7 Bil
Sector: Health Care | Industry: Biotechnology

Axsome Therapeutics (AXSM)

Market Price (11/5/2025): $134.82
Market Cap: $6.7 Bil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%	Trading close to highs Dist 52W High is -2.0%, Dist 3Y High is -2.0%	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -208 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -42%
1	Low stock price volatility Vol 12M is 45%		Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24%
2			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.1%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%
1	Low stock price volatility Vol 12M is 45%
2	Trading close to highs Dist 52W High is -2.0%, Dist 3Y High is -2.0%
3	Not profitable at operating income level Op Inc LTMOperating Income, Last Twelve Months is -208 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -42%
4	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -24%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -24%
5	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.1%

Market Valuation & Key Metrics

	11/5/25	2024	2023	2022	2021
Share Price CYE	$134.82	$84.61	$79.59	$77.13	$37.78
Market Cap CYE ($ Bil)	6.7	4.1	3.8	3.4	1.4
Total Debt ($ Bil)	0.2	0.2	0.2	0.1	0.0
Total Cash ($ Bil)	0.3	0.3	0.4	0.2	0.1
Enterprise Value ($ Bil)	6.6	4.3	4.0	3.5	1.4
Valuation Ratios
P/S TTM	13.5	10.5	13.4	62.7	0.0
P/EBIT TTM	-27.9	-14.4	-15.6	-17.4	-11.4
P/E TTM	-27.0	-14.1	-15.1	-16.8	-10.9
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.0	4.6	7.3
P/EBIT TTM (Sector)	-1.6	-1.3	-1.3	-1.3	-2.7
P/E TTM (Sector)	-1.9	-1.5	-1.5	-1.3	-2.8

	11/5/25	2024	2023
Share Price CYE	$134.82	$84.61	$79.59
Market Cap CYE ($ Bil)	6.7	4.1	3.8
Total Debt ($ Bil)	0.2	0.2	0.2
Total Cash ($ Bil)	0.3	0.3	0.4
Enterprise Value ($ Bil)	6.6	4.3	4.0
Valuation Ratios
P/S TTM	13.5	10.5	13.4
P/EBIT TTM	-27.9	-14.4	-15.6
P/E TTM	-27.0	-14.1	-15.1
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.0
P/EBIT TTM (Sector)	-1.6	-1.3	-1.3
P/E TTM (Sector)	-1.9	-1.5	-1.5

	AXSM	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.5
Rev Chg Q	72.1%	6.6%
Rev Chg LTM	69.8%	5.6%
Rev Chg 3Y Avg	699.5%	5.3%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
CFO LTM ($ Bil)	-0.1
Net Inc LTM ($ Bil)	-0.2
Op Mgn LTM	-42.0%	18.8%
CFO/Rev LTM	-24.4%	20.3%
Net Inc Mgn	-49.9%	12.8%
VALUATION	VERY HIGH
P/S	13.5	3.2
P/CFO	-55.3	15.3
P/FCF	-55.0	20.3
P/E	-27.0	23.7
STABILITY	VERY GOOD
Debt/Equity	0.03	0.21
Cash/Assets	0.47	0.07

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AXSM Stock

Return (1M):

Factor Drivers of Stock Movement

The 30.3% change in AXSM stock from 8/5/2025 to 11/4/2025 was primarily driven by a 30.3% change in the company's P/S Multiple.

	8052025	11042025	Change
Stock Price ($)	103.59	134.93	30.25%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	495.03	495.03	0.00%
P/S Multiple	10.35	13.48	30.25%
Shares Outstanding (Mil)	49.44	49.44	0.00%
Cumulative Contribution			30.25%

LTM = Last Twelve Months as of date shown

The 20.3% change in AXSM stock from 5/6/2025 to 11/4/2025 was primarily driven by a 14.5% change in the company's Total Revenues ($ Mil).

	5062025	11042025	Change
Stock Price ($)	112.16	134.93	20.30%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	432.16	495.03	14.55%
P/S Multiple	12.68	13.48	6.25%
Shares Outstanding (Mil)	48.87	49.44	-1.17%
Cumulative Contribution			20.28%

LTM = Last Twelve Months as of date shown

The 54.6% change in AXSM stock from 11/4/2024 to 11/4/2025 was primarily driven by a 69.8% change in the company's Total Revenues ($ Mil).

	11042024	11042025	Change
Stock Price ($)	87.25	134.93	54.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	291.49	495.03	69.83%
P/S Multiple	14.24	13.48	-5.36%
Shares Outstanding (Mil)	47.57	49.44	-3.93%
Cumulative Contribution			54.41%

LTM = Last Twelve Months as of date shown

The 136.3% change in AXSM stock from 11/5/2022 to 11/4/2025 was primarily driven by a 5512.6% change in the company's Total Revenues ($ Mil).

	11052022	11042025	Change
Stock Price ($)	57.09	134.93	136.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8.82	495.03	5512.62%
P/S Multiple	252.96	13.48	-94.67%
Shares Outstanding (Mil)	39.08	49.44	-26.51%
Cumulative Contribution			119.73%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AXSM Return	-21%	-54%	104%	3%	6%	59%	31%
Peers Return	1%	8%	-9%	4%	-11%	7%	-2%
S&P 500 Return	16%	27%	-19%	24%	23%	15%	112%
Monthly Win Rates [3]
AXSM Win Rate	42%	50%	67%	50%	50%	50%
Peers Win Rate	42%	48%	50%	55%	43%	48%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
AXSM Max Drawdown	-60%	-76%	-42%	-26%	-17%	-5%
Peers Max Drawdown	-30%	-10%	-23%	-19%	-26%	-12%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: ACT, ALKS, LIVN, PRGO, PCRX. 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] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique Key	Event	AXSM	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-75.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	309.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	665 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-60.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	150.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	1772 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-70.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	237.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	11 days	120 days

Compare to ACT, ALKS, LIVN, PRGO, PCRX

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.

Preserve Wealth

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Asset Allocation

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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.

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Better Bets than Axsome Therapeutics (AXSM)

	AXSM	Better Performance than AXSM
Metric	Value	Industry (Biotechnology)
Rev Chg LTM	69.8%	MDGL (3422.0%), CYTK (2635.7%), KRYS (116.1%), PTCT (96.0%), ARWR (2816.2%)
Rev Chg 3Y Avg	699.5%	BBIO (727.6%), CYTK (824.6%), ARWR (908.8%), ARQT (2325.4%), IBRX (1455.1%)
Op Mgn LTM	-42.0%	ABBV (23.5%), AMGN (23.5%), GILD (37.4%), VRTX (-1.7%), REGN (26.7%)
CFO/Rev LTM	-24.4%	ABBV (33.1%), AMGN (34.4%), GILD (34.2%), VRTX (33.7%), REGN (35.6%)
FCF/Rev LTM	-24.5%	ABBV (31.3%), AMGN (30.4%), GILD (32.5%), VRTX (30.6%), REGN (27.2%)
Total Yield	-3.7%	ABBV (4.0%), AMGN (7.3%), GILD (6.7%), VRTX (3.4%), REGN (7.5%)

	AXSM	Better Performance than AXSM
Metric	Value	Sector (Health Care)
Rev Chg LTM	69.8%	MDGL (3422.0%), HIMS (78.0%), CYTK (2635.7%), KRYS (116.1%), PTCT (96.0%)
Rev Chg 3Y Avg	699.5%	BBIO (727.6%), CYTK (824.6%), ARWR (908.8%), ARQT (2325.4%), IBRX (1455.1%)
Op Mgn LTM	-42.0%	LLY (43.0%), JNJ (26.2%), ABBV (23.5%), UNH (6.1%), ABT (17.6%)
CFO/Rev LTM	-24.4%	LLY (20.5%), JNJ (26.3%), ABBV (33.1%), UNH (4.8%), ABT (20.8%)
FCF/Rev LTM	-24.5%	LLY (-0.1%), JNJ (20.3%), ABBV (31.3%), UNH (4.0%), ABT (15.8%)
Total Yield	-3.7%	LLY (2.3%), JNJ (8.3%), ABBV (4.0%), UNH (8.5%), ABT (8.2%)

	AXSM	Better Performance than AXSM
Metric	Value	All Other Sectors
Rev Chg LTM	69.8%	NVDA (71.6%), ALAB (163.8%), STLA (156.0%), CRDO (175.8%), NBIS (542.6%)
Rev Chg 3Y Avg	699.5%	QXO (1115.2%), UEC (10082.6%), DBRG (13055.0%), PFLT (12481.5%), URG (7785.9%)
Op Mgn LTM	-42.0%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
CFO/Rev LTM	-24.4%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	-24.5%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	-3.7%	NVDA (1.8%), AAPL (2.8%), MSFT (3.4%), GOOGL (4.0%), AMZN (2.7%)

		Best Bets In Health Care Sector
	AXSM	RPRX	HALO	CPRX	BMY	LNTH	MEDP	PBH	MRK	NBIX	ISRG
What You Pay
P/E	-27.0	15.7	13.4	12.5	15.4	14.6	38.6	14.1	12.8	33.3	69.9
P/EBIT	-27.9	8.3	10.4	10.7	9.3	10.0	33.0	9.0	10.3	24.4	68.2
What You Get
Rev Chg Q	72.1%	7.7%	22.1%	19.4%	2.8%	-4.1%	23.7%	-6.6%	-1.9%	27.8%	22.9%
Rev Chg LTM	69.8%	3.0%	31.2%	28.5%	1.3%	5.7%	13.9%	0.6%	1.8%	19.6%	22.2%
Rev Chg 3Y Avg	699.5%	0.8%	29.0%	49.9%	1.0%	34.3%	19.9%	0.8%	3.7%	24.6%	16.3%
FCF/Rev 3Y Avg	-47.8%	113.4%	45.0%	38.9%	29.0%	26.1%	25.3%	21.6%	20.9%	21.1%	16.5%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	With Axsome Therapeutics Stock Climbed 13% In A Month, How Confident Are You?	Return
2	null
3	AXSM Dip Buy Analysis
4	Axsome Therapeutics (AXSM) Operating Cash Flow Comparison	Financials
5	Axsome Therapeutics (AXSM) Net Income Comparison	Financials
6	Axsome Therapeutics (AXSM) Operating Income Comparison	Financials
7	Axsome Therapeutics (AXSM) Revenue Comparison	Financials
8	Axsome Therapeutics Market Price	Market Price
9	Axsome Therapeutics vs. S&P500 Correlation	Correlation
10	Axsome Therapeutics Price Volatility	Volatility
11	ARTICLES
12	What’s Happening With Axsome Therapeutics Stock?		October 14th, 2021
13	Axsome Therapeutics Stock Rises 36% In A Month But Will The Rally Continue?		September 17th, 2021
14	Will Axsome Stock Rebound After A 19% Fall In A Month?		July 22nd, 2021
15	What’s Next For Axsome Therapeutics Stock After A 13% Rise In A Month?		June 18th, 2021

	Title
0	DASHBOARDS
1	What’s Happening With Axsome Therapeutics Stock?
2	Axsome Therapeutics Stock Rises 36% In A Month But Will The Rally Continue?
3	Will Axsome Stock Rebound After A 19% Fall In A Month?
4	What’s Next For Axsome Therapeutics Stock After A 13% Rise In A Month?
5	ARTICLES
6	With Axsome Therapeutics Stock Climbed 13% In A Month, How Confident Are You?
7	null
8	AXSM Dip Buy Analysis
9	Axsome Therapeutics (AXSM) Operating Cash Flow Comparison
10	Axsome Therapeutics (AXSM) Net Income Comparison
11	Axsome Therapeutics (AXSM) Operating Income Comparison
12	Axsome Therapeutics (AXSM) Revenue Comparison
13	Axsome Therapeutics Market Price
14	Axsome Therapeutics vs. S&P500 Correlation
15	Axsome Therapeutics Price Volatility

Trade Ideas

Select past ideas related to AXSM. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312025	GDRX	GoodRx	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-1.8%	-1.8%	-1.8%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	DXCM	DexCom	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.8%	3.8%	0.0%
ACHC_10242025_Dip_Buyer_ValueBuy	10242025	ACHC	Acadia Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-8.9%	-8.9%	-8.9%
PBH_10102025_Dip_Buyer_ValueBuy	10102025	PBH	Prestige Consumer Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.7%	-0.7%	-1.2%
REGN_10032025_Dip_Buyer_ValueBuy	10032025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.0%	7.0%	-7.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
GDRX_10312025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	10312025	GDRX	GoodRx	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	-1.8%	-1.8%	-1.8%
DXCM_10312025_Monopoly_xInd_xCD_Getting_Cheaper	10312025	DXCM	DexCom	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	3.8%	3.8%	0.0%
ACHC_10242025_Dip_Buyer_ValueBuy	10242025	ACHC	Acadia Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-8.9%	-8.9%	-8.9%
PBH_10102025_Dip_Buyer_ValueBuy	10102025	PBH	Prestige Consumer Healthcare	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-0.7%	-0.7%	-1.2%
REGN_10032025_Dip_Buyer_ValueBuy	10032025	REGN	Regeneron Pharmaceuticals	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.0%	7.0%	-7.0%

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Peer Comparisons for Axsome Therapeutics

Financials

	AXSM	ACT	ALKS	LIVN	PRGO	PCRX	Median
Name	Axsome T.	Enact	Alkermes	LivaNova	Perrigo	Pacira B.
Mkt Price	134.93	36.48	30.39	53.94	20.19	22.44	33.44
Mkt Cap	6.7	5.5	5.0	2.9	2.8	1.0	4.0
Rev LTM	495	1,226	1,521	1,309	4,326	706	1,268
Op Inc LTM	-208	-	359	175	413	69	175
FCF LTM	-121	701	491	162	257	117	209
FCF 3Y Avg	-134	641	353	92	238	143	190
CFO LTM	-121	701	541	217	366	135	291
CFO 3Y Avg	-133	641	397	133	342	159	250

Growth & Margins

	AXSM	ACT	ALKS	LIVN	PRGO	PCRX	Median
Name	Axsome T.	Enact	Alkermes	LivaNova	Perrigo	Pacira B.
Rev Chg LTM	69.8%	3.4%	1.1%	8.2%	-2.3%	2.3%	2.8%
Rev Chg 3Y Avg	699.5%	3.7%	12.1%	8.8%	-0.0%	4.8%	6.8%
Rev Chg Q	72.1%	1.9%	4.2%	10.7%	-0.9%	1.7%	3.1%
QoQ Delta Rev Chg LTM	14.5%	0.5%	1.1%	2.7%	-0.2%	0.4%	0.8%
Op Mgn LTM	-42.0%	-	23.6%	13.4%	9.6%	9.7%	9.7%
Op Mgn 3Y Avg	-73.9%	-	24.7%	7.0%	6.2%	11.5%	7.0%
QoQ Delta Op Mgn LTM	13.3%	-	-1.3%	0.7%	0.3%	-3.2%	0.3%
CFO/Rev LTM	-24.4%	57.1%	35.6%	16.5%	8.5%	19.1%	17.8%
CFO/Rev 3Y Avg	-47.6%	54.5%	25.9%	10.7%	7.7%	23.1%	16.9%
FCF/Rev LTM	-24.5%	57.1%	32.3%	12.4%	5.9%	16.6%	14.5%
FCF/Rev 3Y Avg	-47.8%	54.5%	23.1%	7.4%	5.3%	20.8%	14.1%

Valuation

	AXSM	ACT	ALKS	LIVN	PRGO	PCRX	Median
Name	Axsome T.	Enact	Alkermes	LivaNova	Perrigo	Pacira B.
Mkt Cap	6.7	5.5	5.0	2.9	2.8	1.0	4.0
P/S	13.5	4.5	3.3	2.2	0.6	1.4	2.8
P/EBIT	-27.9	6.0	12.4	-24.1	9.9	-11.2	-2.6
P/E	-27.0	8.1	14.8	-13.9	-34.7	-8.0	-11.0
P/CFO	-55.3	7.8	9.3	13.6	7.6	7.6	7.7
Total Yield	-3.7%	14.5%	6.8%	-7.2%	-1.5%	-12.5%	-2.6%
Dividend Yield	0.0%	2.1%	0.0%	0.0%	1.3%	0.0%	0.0%
FCF Yield 3Y Avg	-3.4%	13.4%	7.4%	3.5%	6.1%	10.5%	6.8%
D/E	0.0	0.1	0.0	0.2	1.3	0.6	0.1
Net D/E	-0.0	-0.3	-0.2	-0.0	1.1	0.2	-0.0

Returns

	AXSM	ACT	ALKS	LIVN	PRGO	PCRX	Median
Name	Axsome T.	Enact	Alkermes	LivaNova	Perrigo	Pacira B.
1M Rtn	12.2%	-0.8%	-2.2%	1.1%	-10.3%	-9.7%	-1.5%
3M Rtn	30.3%	2.2%	14.2%	26.6%	-23.2%	-0.4%	8.2%
6M Rtn	20.3%	1.8%	0.1%	53.4%	-16.3%	-10.8%	1.0%
12M Rtn	54.6%	15.1%	14.3%	10.1%	-17.1%	36.4%	14.7%
3Y Rtn	136.3%	62.8%	36.3%	12.6%	-42.4%	-55.0%	24.5%
1M Excs Rtn	12.0%	0.8%	-2.4%	2.0%	-8.9%	-6.5%	-0.8%
3M Excs Rtn	23.9%	-5.4%	7.7%	7.2%	-20.2%	-6.5%	0.9%
6M Excs Rtn	-0.5%	-19.0%	-20.7%	32.6%	-37.1%	-31.5%	-19.8%
12M Excs Rtn	32.9%	-9.2%	-0.4%	-14.2%	-36.5%	16.5%	-4.8%
3Y Excs Rtn	145.3%	-10.9%	-33.5%	-60.0%	-118.1%	-130.6%	-46.7%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	6/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	8/4/2025	2/18/2025	2/23/2024	2/28/2023	3/1/2022	3/1/2021	3/12/2020
Key Financials
Total Revenue	495	386	271	50	0	0	0
EBITDA	-231	-273	-225	-175	-125	-100	-67
Operating Income	-208	-252	-183	-177	-125	-99	-67
Net Income	-247	-287	-239	-187	-130	-103	-68
EPS	-5.07	-5.99	-5.27	-4.60	-3.47	-2.77	-2.01
Growth Rates
Total Revenue Growth	69.8%	42.5%	440.8%	∞%	-	-	-
EBITDA Growth	22.7%	-21.2%	-28.3%	-40.7%	-24.3%	-49.5%	-125.1%
Operating Income Growth	20.5%	-38.0%	-3.6%	-41.5%	-25.9%	-47.7%	-105.7%
Net Income Growth	20.0%	-20.1%	-27.8%	-43.5%	-26.7%	-50.6%	-120.7%
Margins
EBITDA Margin	-46.6%	-70.7%	-83.1%	-350.5%	-	-	-
Operating Income Margin	-42.0%	-65.5%	-67.6%	-352.7%	-	-	-
Net Income Margin	-49.9%	-74.5%	-88.4%	-374.0%	-	-	-
Cash & Debt
Total Cash	303	315	386	201	86	184	220
Total Debt	217	193	186	95	50	50	20
Net Debt / (Cash)	-86	-122	-200	-106	-37	-134	-200
Cash Flows
Net Cash from Operations	-121	-128	-145	-117	-108	-78	-46
Free Cash from Operations	-121	-129	-146	-117	-109	-79	-46
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3
Period End	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Filing Date	8/4/2025	5/5/2025	2/18/2025	11/12/2024	8/5/2024	5/6/2024	2/23/2024	11/6/2023	8/7/2023	5/9/2023	2/28/2023	11/7/2022
Key Financials Quarterly
Total Revenue	150	121	119	105	87	75	72	58	47	95	24	17
Ebitda	-45	-55	-71	-61	-76	-65	-97	-60	-63	-5	-58	-41
Operating Income	-45	-55	-62	-46	-76	-69	-55	-62	-59	-7	-56	-42
Net Income	-48	-59	-75	-65	-79	-68	-99	-62	-67	-11	-61	-45
EPS	-0.97	-1.22	-1.54	-1.34	-1.67	-1.44	-2.08	-1.32	-1.54	-0.26	-1.41	-1.07
Key Financials TTM
Total Revenue TTM	495	432	386	338	291	251	271	223	182	145	50	26
Ebitda TTM	-231	-262	-273	-299	-298	-286	-225	-187	-167	-142	-175	-150
Operating Income TTM	-208	-239	-252	-246	-262	-245	-183	-184	-164	-145	-177	-153
Net Income TTM	-247	-278	-287	-311	-309	-296	-239	-202	-184	-159	-187	-160
Growth Rates Quarterly
Total Revenue Growth	72.1%	62.0%	66.0%	81.3%	86.7%	-20.7%	193.5%	243.1%	429.5%	-	-	-
EBITDA Growth	41.0%	16.2%	26.9%	-0.3%	-20.0%	-1288.9%	-65.8%	-48.2%	-65.6%	87.6%	-78.6%	-23.0%
Operating Income Growth	40.9%	19.2%	-11.9%	25.8%	-28.6%	-950.9%	1.2%	-46.7%	-47.4%	82.9%	-70.9%	-27.1%
Net Income Growth	39.5%	13.1%	24.1%	-3.9%	-18.1%	-509.4%	-61.1%	-38.8%	-62.1%	71.7%	-80.2%	-28.5%
Margins Quarterly
EBITDA Margin	-29.9%	-45.2%	-59.4%	-57.8%	-87.3%	-87.3%	-135.0%	-104.5%	-135.7%	-5.0%	-238.9%	-241.8%
Operating Income Margin	-29.9%	-45.7%	-51.9%	-44.1%	-87.1%	-91.6%	-77.0%	-107.8%	-126.3%	-6.9%	-228.6%	-252.0%
Net Income Margin	-32.0%	-48.9%	-63.1%	-61.7%	-91.0%	-91.1%	-137.9%	-107.6%	-143.8%	-11.9%	-251.3%	-266.1%
Cash & Debt
Total Cash	303	301	315	327	316	331	386	417	437	247	201	228
Total Debt	217	211	193	192	192	189	186	186	185	148	95	94
Net Debt / (Cash)	-86	-90	-122	-135	-124	-142	-200	-231	-252	-99	-106	-133
Cash Flows Quarterly
FCF from Operations	-32	-43	-26	-19	-30	-53	-30	-54	-55	-6	-28	-23
Cash Flows TTM
FCF from Operations TTM	-121	-118	-128	-133	-167	-193	-145	-142	-111	-90	-117	-118
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-14.4%	-19.4%	-23.3%	-18.4%	-31.5%	-30.3%	-26.6%	-31.8%	-33.4%	-4.2%	-37.2%	-30.4%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-17.0%	-20.9%	-23.9%	-24.4%	-27.1%	-26.9%	-22.1%	-23.7%	-23.4%	-23.3%	-29.4%	-27.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023
Auvelity	130	5
Sunosi	72	45
Sunosi license revenue	66	0
Sunosi royalty revenue	2	0
Total	271	50

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Business of developing and delivering novel therapies for the management of CNS disorders			88	186	221
Total			88	186	221

Price Behavior

Price Behavior

Market Price	$134.93
Market Cap ($ Bil)	6.7
First Trading Date	11/19/2015
Distance from 52W High	-2.0%
	50 Days	200 Days
DMA Price	$123.74	$114.07
DMA Trend	up	up
Distance from DMA	9.0%	18.3%
	3M	1YR
Volatility	31.3%	45.7%
Downside Capture	-3.92	59.91
Upside Capture	131.58	92.16
Correlation (SPY)	25.1%	31.0%

AXSM Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.82	0.70	0.69	0.61	0.71	0.61
Up Beta	1.29	1.41	1.23	0.97	0.56	0.44
Down Beta	0.58	0.23	0.23	0.36	0.91	0.71
Up Capture	151%	107%	142%	55%	81%	58%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	11	23	37	67	121	376
Down Capture	27%	52%	1%	37%	67%	81%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	12	21	28	59	129	373

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of AXSM With Other Asset Classes (Last 1Y)
	AXSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	50.8%	-0.7%	17.5%	40.7%	2.0%	-4.1%	45.5%
Annualized Volatility	45.4%	17.0%	19.7%	19.9%	16.3%	18.0%	36.9%
Sharpe Ratio	1.03	-0.21	0.70	1.60	-0.06	-0.38	0.80
Correlation With Other Assets		32.6%	30.9%	8.0%	11.3%	22.7%	11.1%

ETFs used for asset classes: Sector ETF = XLV, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of AXSM With Other Asset Classes (Last 5Y)
	AXSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	14.7%	8.1%	16.4%	15.1%	12.9%	6.6%	50.5%
Annualized Volatility	70.4%	14.6%	17.2%	15.6%	18.9%	19.1%	49.2%
Sharpe Ratio	0.50	0.39	0.78	0.77	0.57	0.26	0.77
Correlation With Other Assets		21.4%	22.9%	4.9%	8.0%	21.4%	6.9%

Based On 10-Year Data

		Comparison of AXSM With Other Asset Classes (Last 10Y)
	AXSM	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	31.7%	9.2%	14.5%	12.5%	5.3%	5.1%	80.1%
Annualized Volatility	94.4%	16.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.66	0.45	0.69	0.69	0.23	0.22	0.97
Correlation With Other Assets		18.2%	18.9%	2.4%	8.2%	17.4%	2.2%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	3,437,283
Short Interest: % Change Since 9302025	1.7%
Average Daily Volume	462,386
Days-to-Cover Short Interest	7.43
Basic Shares Quantity	49,442,001
Short % of Basic Shares	7.0%

Returns Analyses

	Title
0	With Axsome Therapeutics Stock Climbed 13% In A Month, How Confident Are You?
1	Axsome Therapeutics Stock Return Comparison

SEC Filings

Expand for More

Report Date	Filing Date	Filing
6302025	8042025	10-Q 6/30/2025
3312025	5052025	10-Q 3/31/2025
12312024	2182025	10-K 12/31/2024
9302024	11122024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	5062024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11062023	10-Q 9/30/2023
6302023	8072023	10-Q 6/30/2023
3312023	5092023	10-Q 3/31/2023
12312022	2282023	10-K 12/31/2022
9302022	11072022	10-Q 9/30/2022
6302022	8092022	10-Q 6/30/2022
3312022	5022022	10-Q 3/31/2022
12312021	3012022	10-K 12/31/2021
9302021	11082021	10-Q 9/30/2021

Insider Activity

Expand for More

	Owner	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	Coleman Mark	9092025	Buy	127.20	800	101,760	6,033,986	Form
1	JEFFS ROGER	9022025	Sell	123.68	13,464	1,665,228	7,112,837	Form
2	JEFFS ROGER	8292025	Sell	122.30	20,000	2,446,000	13,572,120	Form
3	JEFFS ROGER	8262025	Sell	120.08	16,694	2,004,616	18,128,958	Form
4	Coleman Mark	5292025	Sell	105.47	3,750	395,512	5,314,317	Form

Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

Biotechnology Resources

Fierce Biotech

Nature Biotechnology

Genetic Engineering & Biotechnology News

Biotechnology Innovation Organization

BioWorld

BioTechniques

HBS Biotechnology Publications

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Axsome Therapeutics (AXSM)

Market Price (11/5/2025): $134.82 | Market Cap: $6.7 BilSector: Health Care | Industry: Biotechnology

Axsome Therapeutics (AXSM)

Market Price (11/5/2025): $134.82Market Cap: $6.7 BilSector: Health CareIndustry: Biotechnology

Market Valuation & Key Metrics

AXSM Stock

Return vs. Risk

Price Returns Compared

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About Axsome Therapeutics (AXSM)

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Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

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Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

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External Quote Links

Market Price (11/5/2025): $134.82 | Market Cap: $6.7 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (11/5/2025): $134.82
Market Cap: $6.7 Bil
Sector: Health Care
Industry: Biotechnology