Tearsheet

Axsome Therapeutics (AXSM)

Market Price (10/21/2025): $131.0 | Market Cap: $6.5 Bil
Sector: Health Care | Industry: Biotechnology

Axsome Therapeutics (AXSM)

Market Price (10/21/2025): $131.0
Market Cap: $6.5 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 -4.5%, Dist 3Y High is -4.5%	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 46%		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 -8.3%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 70%
1	Low stock price volatility Vol 12M is 46%
2	Trading close to highs Dist 52W High is -4.5%, Dist 3Y High is -4.5%
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 -8.3%

Market Valuation & Key Metrics

Valuation
Key Metrics

	10/21/25	2024	2023	2022	2021
Share Price CYE	$131.00	$84.61	$79.59	$77.13	$37.78
Market Cap CYE ($ Bil)	6.5	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)	6.4	4.3	4.0	3.5	1.4
Valuation Ratios
P/S TTM	13.1	10.5	13.4	62.7	0.0
P/EBIT TTM	-27.1	-14.4	-15.6	-17.4	-11.4
P/E TTM	-26.2	-14.1	-15.1	-16.8	-10.9
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.1	4.6	7.4
P/EBIT TTM (Sector)	-1.7	-1.3	-1.4	-1.3	-2.8
P/E TTM (Sector)	-2.0	-1.6	-1.5	-1.3	-2.8

	10/21/25	2024	2023
Share Price CYE	$131.00	$84.61	$79.59
Market Cap CYE ($ Bil)	6.5	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)	6.4	4.3	4.0
Valuation Ratios
P/S TTM	13.1	10.5	13.4
P/EBIT TTM	-27.1	-14.4	-15.6
P/E TTM	-26.2	-14.1	-15.1
Sector Ratios
P/S TTM (Sector)	4.0	3.5	4.1
P/EBIT TTM (Sector)	-1.7	-1.3	-1.4
P/E TTM (Sector)	-2.0	-1.6	-1.5

	AXSM	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.5
Rev Chg Q	72.1%	6.1%
Rev Chg LTM	69.8%	5.2%
Rev Chg 3Y Avg	699.5%	5.4%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	-0.2
Op Mgn LTM	-42.0%	18.6%
CFO LTM ($ Bil)	-0.1
CFO/Rev LTM	-24.4%	20.4%
Net Inc LTM ($ Bil)	-0.2
Net Inc Mgn	-49.9%	12.7%
VALUATION	VERY HIGH
P/S	13.1	3.2
P/CFO	-53.7	15.9
P/FCF	-53.5	20.7
P/E	-26.2	24.0
STABILITY	VERY GOOD
Debt/Equity	0.03	0.22
Cash/Assets	0.47	0.07

AXSM Stock

Return (1M):

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AXSM Return	-21%	-54%	104%	3%	6%	56%	24%
Peers Return	-19%	-12%	-7%	-26%	-43%	-35%	-82%
S&P 500 Return	16%	27%	-19%	24%	23%	15%	106%
Monthly Win Rates [3]
AXSM Win Rate	42%	50%	67%	50%	50%	44%
Peers Win Rate	23%	44%	52%	40%	25%	31%
S&P 500 Win Rate	58%	75%	42%	67%	75%	67%
Max Drawdowns [4]
AXSM Max Drawdown	-60%	-76%	-42%	-26%	-17%	-5%
Peers Max Drawdown	-25%	-16%	-18%	-43%	-67%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: VRTX, ACSB, ALPS, APLM, APM. 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 10/20/2025 (YTD)

Downturns Compared

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

How Low Can It Go?

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

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

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%), ARWR (2816.2%), PTCT (96.0%)
Rev Chg 3Y Avg	699.5%	BBIO (1225.0%), CYTK (824.6%), ARWR (908.8%), IBRX (1455.1%), RLAY (1169.3%)
Op Mgn LTM	-42.0%	ABBV (23.5%), AMGN (23.5%), GILD (37.4%), VRTX (-1.7%), ALNY (-4.9%)
CFO/Rev LTM	-24.4%	ABBV (33.1%), AMGN (34.4%), GILD (34.2%), VRTX (33.7%), ALNY (-1.9%)
FCF/Rev LTM	-24.5%	ABBV (31.3%), AMGN (30.4%), GILD (32.5%), VRTX (30.6%), ALNY (-3.2%)
Total Yield	-3.8%	ABBV (3.7%), AMGN (7.1%), GILD (6.7%), VRTX (3.4%), ALNY (-0.4%)

	AXSM	Better Performance than AXSM
Metric	Value	Sector (Health Care)
Rev Chg LTM	69.8%	HIMS (88.7%), MDGL (3422.0%), CYTK (2635.7%), KRYS (116.1%), ARWR (2816.2%)
Rev Chg 3Y Avg	699.5%	BBIO (1225.0%), CYTK (824.6%), ARWR (908.8%), IBRX (1455.1%), CLOV (2443.4%)
Op Mgn LTM	-42.0%	LLY (43.0%), JNJ (24.5%), ABBV (23.5%), UNH (7.3%), ABT (17.4%)
CFO/Rev LTM	-24.4%	LLY (20.5%), JNJ (25.4%), ABBV (33.1%), UNH (6.8%), ABT (21.0%)
FCF/Rev LTM	-24.5%	LLY (-0.1%), JNJ (18.1%), ABBV (31.3%), UNH (6.0%), ABT (15.7%)
Total Yield	-3.8%	LLY (2.6%), JNJ (7.5%), ABBV (3.7%), UNH (8.8%), ABT (8.0%)

	AXSM	Better Performance than AXSM
Metric	Value	All Other Sectors
Rev Chg LTM	69.8%	NVDA (71.6%), COIN (75.2%), RDDT (70.0%), CRDO (175.8%), NBIS (542.6%)
Rev Chg 3Y Avg	699.5%	QXO (1115.2%), UEC (10082.6%), PFLT (12481.5%), GEVO (729.7%), URG (7785.9%)
Op Mgn LTM	-42.0%	NVDA (58.1%), AAPL (31.9%), MSFT (45.6%), GOOGL (32.7%), AMZN (11.4%)
CFO/Rev LTM	-24.4%	NVDA (46.6%), AAPL (26.6%), MSFT (48.3%), GOOGL (36.0%), AMZN (18.1%)
FCF/Rev LTM	-24.5%	NVDA (43.6%), AAPL (23.5%), MSFT (25.4%), GOOGL (18.0%), AMZN (2.0%)
Total Yield	-3.8%	NVDA (2.0%), AAPL (2.9%), MSFT (3.3%), GOOGL (4.0%), AMZN (3.1%)

		Best Bets In Health Care Sector
	AXSM	RPRX	HALO	CPRX	LNTH	PBH	PFE	EW	AVTR	ILMN	HCA
What You Pay
P/E	-26.4	15.2	14.5	12.3	14.3	14.4	13.1	10.7	15.0	12.4	17.4
P/EBIT	-27.2	8.0	11.4	10.5	9.8	9.3	10.5	26.4	10.3	10.4	9.5
What You Get
Rev Chg Q	72.1%	7.7%	40.8%	19.4%	-4.1%	-6.6%	10.3%	11.9%	-1.1%	-4.8%	6.4%
Rev Chg LTM	69.8%	3.0%	35.0%	28.5%	5.7%	0.6%	13.5%	9.1%	-2.3%	-3.3%	6.4%
Rev Chg 3Y Avg	699.5%	0.8%	35.5%	49.9%	34.3%	0.8%	-12.4%	3.0%	-4.3%	-3.0%	6.6%
FCF/Rev 3Y Avg	-47.8%	113.4%	43.4%	38.9%	26.1%	21.6%	13.8%	11.9%	9.7%	9.0%	8.4%

[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	Axsome Therapeutics Earnings Notes
2	Axsome Therapeutics Stock Up 7.8%, Buy Or Wait?	Return
3	null
4	AXSM Dip Buy Analysis
5	Axsome Therapeutics (AXSM) Operating Cash Flow Comparison	Financials
6	Axsome Therapeutics (AXSM) Net Income Comparison	Financials
7	Axsome Therapeutics (AXSM) Operating Income Comparison	Financials
8	Axsome Therapeutics (AXSM) Revenue Comparison	Financials
9	Axsome Therapeutics Market Price	Market Price
10	Axsome Therapeutics vs. S&P500 Correlation	Correlation
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	Axsome Therapeutics Earnings Notes
7	Axsome Therapeutics Stock Up 7.8%, Buy Or Wait?
8	null
9	AXSM Dip Buy Analysis
10	Axsome Therapeutics (AXSM) Operating Cash Flow Comparison
11	Axsome Therapeutics (AXSM) Net Income Comparison
12	Axsome Therapeutics (AXSM) Operating Income Comparison
13	Axsome Therapeutics (AXSM) Revenue Comparison
14	Axsome Therapeutics Market Price
15	Axsome Therapeutics vs. S&P500 Correlation

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
ADMA_9302025_Dip_Buyer_ValueBuy	09302025	ADMA	ADMA Biologics	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	-2.0%	-2.0%	-4.6%
REGN_9302025_Dip_Buyer_ValueBuy	09302025	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	2.8%	2.8%	-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09262025	HAE	Haemonetics	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	4.3%	4.3%	-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	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	11.2%	11.2%	-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper	09052025	ISRG	Intuitive Surgical	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	-4.4%	-4.4%	-8.0%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ADMA_9302025_Dip_Buyer_ValueBuy	09302025	ADMA	ADMA Biologics	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	-2.0%	-2.0%	-4.6%
REGN_9302025_Dip_Buyer_ValueBuy	09302025	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	2.8%	2.8%	-0.8%
HAE_9262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	09262025	HAE	Haemonetics	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	4.3%	4.3%	-0.1%
WAT_9192025_Monopoly_xInd_xCD_Getting_Cheaper	09192025	WAT	Waters	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	11.2%	11.2%	-4.3%
ISRG_9052025_Monopoly_xInd_xCD_Getting_Cheaper	09052025	ISRG	Intuitive Surgical	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	-4.4%	-4.4%	-8.0%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	CELC	Celcuity	35.8%	439.2%
2	BETR	Better Home & Finance	28.5%	812.4%
3	KOD	Kodiak Sciences	25.5%	77.9%
4	CLF	Cleveland-Cliffs	21.5%	72.1%
5	UAMY	United States Antimony	20.0%	658.8%
6	CRMD	Cormedix	19.4%	50.1%
7	PMI	Picard Medical	19.2%	18312.7%
8	BEAM	Beam Therapeutics	17.9%	23.5%
9	GRAL	GRAIL	17.8%	414.6%
10	NUTX	Nutex Health	17.0%	250.3%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	OLMA	Olema Pharmaceuticals	-17.0%	33.3%
2	VSTM	Verastem	-13.0%	55.1%
3	EXEL	Exelixis	-12.0%	3.7%
4	BCAX	Bicara Therapeutics	-10.9%	-6.7%
5	QBTS	D-Wave Quantum	-10.3%	309.5%
6	GKOS	Glaukos	-8.8%	-47.0%
7	PRAX	Praxis Precision Medicines	-7.9%	127.5%
8	CBRL	Cracker Barrel Old Country Store	-7.5%	-29.2%
9	CRWV	CoreWeave	-7.2%
10	ELF	e.l.f. Beauty	-6.9%	1.5%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	234.5%	127.5%
2	NVTS	Navitas Semiconductor	71.5%	379.0%
3	BETR	Better Home & Finance	60.2%	812.4%
4	KOD	Kodiak Sciences	52.6%	77.9%
5	CELC	Celcuity	48.9%	439.2%
6	SSII	SS Innovations International	47.6%	26.5%
7	CCO	Clear Channel Outdoor	44.6%	37.2%
8	GRAL	GRAIL	30.4%	414.6%
9	LBRT	Liberty Energy	28.9%	-18.7%
10	SANA	Sana Biotechnology	28.0%	241.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	SOC	Sable Offshore	-31.3%	-44.1%
2	ONDS	Ondas	-28.1%	203.5%
3	OLMA	Olema Pharmaceuticals	-27.7%	33.3%
4	IONQ	IonQ	-27.0%	43.5%
5	AIV	Apartment Investment & Management	-26.6%	-7.0%
6	RCAT	Red Cat	-24.8%	-10.0%
7	MNPR	Monopar Therapeutics	-24.4%	250.7%
8	LAR	Lithium Argentina	-23.1%
9	ASPI	ASP Isotopes	-23.0%	126.5%
10	ALAB	Astera Labs	-21.7%	18.0%

1 Month Top Gainers

#	Ticker	Company	1M Rtn	YTD Rtn
1	WOLF	Wolfspeed	1245.3%	350.5%
2	QURE	uniQure	360.9%	261.9%
3	PRAX	Praxis Precision Medicines	314.7%	127.5%
4	NVTS	Navitas Semiconductor	143.9%	379.0%
5	CLPT	ClearPoint Neuro	143.9%	77.6%
6	BETR	Better Home & Finance	138.8%	812.4%
7	GRAL	GRAIL	120.5%	414.6%
8	LAC	Lithium Americas	114.8%	135.0%
9	SES	SES AI	107.0%	49.3%
10	UAMY	United States Antimony	106.9%	658.8%

1 Month Top Losers

#	Ticker	Company	1M Rtn	YTD Rtn
1	SOC	Sable Offshore	-45.7%	-44.1%
2	FLY	Firefly Aerospace	-40.0%
3	ALAB	Astera Labs	-36.3%	18.0%
4	UP	Wheels Up Experience	-36.0%	-3.0%
5	PGY	Pagaya Technologies	-31.7%	211.2%
6	KVYO	Klaviyo	-30.9%	-41.0%
7	USNA	Usana Health Sciences	-30.5%	-42.4%
8	VG	Venture Global	-29.9%
9	DOMO	Domo	-28.4%	82.6%
10	MGNI	Magnite	-28.0%	17.3%

Recent Active Movers

1 Day Top Gainers

#	Ticker	Company	1D Rtn	YTD Rtn
1	CELC	Celcuity	35.8%	439.2%
2	BETR	Better Home & Finance	28.5%	812.4%
3	KOD	Kodiak Sciences	25.5%	77.9%
4	CLF	Cleveland-Cliffs	21.5%	72.1%
5	UAMY	United States Antimony	20.0%	658.8%
6	CRMD	Cormedix	19.4%	50.1%
7	PMI	Picard Medical	19.2%	18312.7%
8	BEAM	Beam Therapeutics	17.9%	23.5%
9	GRAL	GRAIL	17.8%	414.6%
10	NUTX	Nutex Health	17.0%	250.3%

1 Day Top Losers

#	Ticker	Company	1D Rtn	YTD Rtn
1	OLMA	Olema Pharmaceuticals	-17.0%	33.3%
2	VSTM	Verastem	-13.0%	55.1%
3	EXEL	Exelixis	-12.0%	3.7%
4	BCAX	Bicara Therapeutics	-10.9%	-6.7%
5	QBTS	D-Wave Quantum	-10.3%	309.5%
6	GKOS	Glaukos	-8.8%	-47.0%
7	PRAX	Praxis Precision Medicines	-7.9%	127.5%
8	CBRL	Cracker Barrel Old Country Store	-7.5%	-29.2%
9	CRWV	CoreWeave	-7.2%
10	ELF	e.l.f. Beauty	-6.9%	1.5%

1 Week Top Gainers

#	Ticker	Company	1W Rtn	YTD Rtn
1	PRAX	Praxis Precision Medicines	234.5%	127.5%
2	NVTS	Navitas Semiconductor	71.5%	379.0%
3	BETR	Better Home & Finance	60.2%	812.4%
4	KOD	Kodiak Sciences	52.6%	77.9%
5	CELC	Celcuity	48.9%	439.2%
6	SSII	SS Innovations International	47.6%	26.5%
7	CCO	Clear Channel Outdoor	44.6%	37.2%
8	GRAL	GRAIL	30.4%	414.6%
9	LBRT	Liberty Energy	28.9%	-18.7%
10	SANA	Sana Biotechnology	28.0%	241.1%

1 Week Top Losers

#	Ticker	Company	1W Rtn	YTD Rtn
1	SOC	Sable Offshore	-31.3%	-44.1%
2	ONDS	Ondas	-28.1%	203.5%
3	OLMA	Olema Pharmaceuticals	-27.7%	33.3%
4	IONQ	IonQ	-27.0%	43.5%
5	AIV	Apartment Investment & Management	-26.6%	-7.0%
6	RCAT	Red Cat	-24.8%	-10.0%
7	MNPR	Monopar Therapeutics	-24.4%	250.7%
8	LAR	Lithium Argentina	-23.1%
9	ASPI	ASP Isotopes	-23.0%	126.5%
10	ALAB	Astera Labs	-21.7%	18.0%

Peer Comparisons for Axsome Therapeutics

Financials

	AXSM	VRTX	ACSB	ALPS	APLM	APM	Median
Name	Axsome T.	Vertex P.	Acesis	ALPS	Apollomi.	Aptorum
Mkt Price	131.60	419.10	-	-	-	1.60	131.60
Mkt Cap	6.5	107.6	-	-	-	-	57.0
Rev LTM	495	11,419	-	-	-	-	5,957
Op Inc LTM	-208	-199	-	-	-	-	-204
FCF LTM	-121	3,500	-	-	-	-	1,689
FCF 3Y Avg	-134	1,984	-	-	-	-	925
CFO LTM	-121	3,846	-	-	-	-	1,863
CFO 3Y Avg	-133	2,324	-	-	-	-	1,095

Growth & Margins

	AXSM	VRTX	ACSB	ALPS	APLM	APM	Median
Name	Axsome T.	Vertex P.	Acesis	ALPS	Apollomi.	Aptorum
Rev Chg LTM	69.8%	10.5%	-	-	-	-	40.1%
Rev Chg 3Y Avg	699.5%	11.0%	-	-	-	-	355.3%
Rev Chg Q	72.1%	12.1%	-	-	-	-	42.1%
QoQ Delta Rev Chg LTM	14.5%	2.9%	-	-	-	-	8.7%
Op Mgn LTM	-42.0%	-1.7%	-	-	-	-	-21.9%
Op Mgn 3Y Avg	-73.9%	26.5%	-	-	-	-	-23.7%
QoQ Delta Op Mgn LTM	13.3%	2.0%	-	-	-	-	7.7%
CFO/Rev LTM	-24.4%	33.7%	-	-	-	-	4.7%
CFO/Rev 3Y Avg	-47.6%	22.5%	-	-	-	-	-12.6%
FCF/Rev LTM	-24.5%	30.6%	-	-	-	-	3.1%
FCF/Rev 3Y Avg	-47.8%	19.2%	-	-	-	-	-14.3%

Valuation

	AXSM	VRTX	ACSB	ALPS	APLM	APM	Median
Name	Axsome T.	Vertex P.	Acesis	ALPS	Apollomi.	Aptorum
Mkt Cap	6.5	107.6	-	-	-	-	57.0
P/S	13.1	9.4	-	-	-	-	11.3
P/EBIT	-27.2	24.5	-	-	-	-	-1.3
P/E	-26.4	29.6	-	-	-	-	1.6
P/CFO	-53.9	28.0	-	-	-	-	-13.0
Total Yield	-3.8%	3.4%	-	-	-	-	-0.2%
Dividend Yield	0.0%	0.0%	-	-	-	-	0.0%
FCF Yield 3Y Avg	-3.4%	2.1%	-	-	-	-	-0.7%
D/E	0.0	0.0	-	-	-	-	0.0
Net D/E	-0.0	-0.0	-	-	-	-	-0.0

Returns

	AXSM	VRTX	ACSB	ALPS	APLM	APM	Median
Name	Axsome T.	Vertex P.	Acesis	ALPS	Apollomi.	Aptorum
1M Rtn	13.5%	9.4%	-	-	-	-10.1%	9.4%
3M Rtn	20.0%	-8.6%	-	-	-	-8.6%	-8.6%
6M Rtn	27.8%	-12.2%	-	-	-	86.0%	27.8%
12M Rtn	41.0%	-13.2%	-	-	-	-6.4%	-6.4%
3Y Rtn	217.3%	39.7%	-	-	-	-77.4%	39.7%
1M Excs Rtn	12.4%	8.3%	-	-	-	-11.2%	8.3%
3M Excs Rtn	21.6%	-17.6%	-	-	-	-7.4%	-7.4%
6M Excs Rtn	-2.8%	-42.8%	-	-	-	55.4%	-2.8%
12M Excs Rtn	31.0%	-29.3%	-	-	-	-20.6%	-20.6%
3Y Excs Rtn	101.3%	-42.2%	-	-	-	-163.5%	-42.2%

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	$131.60
Market Cap ($ Bil)	6.5
First Trading Date	11/19/2015
Distance from 52W High	-4.5%
	50 Days	200 Days
DMA Price	$119.14	$111.54
DMA Trend	up	up
Distance from DMA	10.5%	18.0%
	3M	1YR
Volatility	35.7%	45.7%
Downside Capture	-15.98	60.55
Upside Capture	84.61	86.01
Correlation (SPY)	17.4%	30.2%

AXSM Betas & Captures as of 9/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.30	0.57	0.66	0.64	0.69	0.60
Up Beta	1.16	1.18	2.36	0.49	0.52	0.45
Down Beta	-4.03	-0.75	-1.12	0.97	0.90	0.70
Up Capture	49%	132%	80%	43%	73%	49%
Bmk +ve Days	13	23	35	74	144	420
Stock +ve Days	12	26	37	68	122	376
Down Capture	104%	-20%	-8%	67%	71%	82%
Bmk -ve Days	8	19	29	52	107	330
Stock -ve Days	9	16	26	57	127	371

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

Short Interest

Short Interest: As Of Date	9302025
Short Interest: Shares Quantity	3,380,948
Short Interest: % Change Since 9152025	-2.0%
Average Daily Volume	473,895
Days-to-Cover Short Interest	7.13
Basic Shares Quantity	49,442,001
Short % of Basic Shares	6.8%

Returns Analyses

	Title
0	Axsome Therapeutics Stock Up 7.8%, Buy Or Wait?
1	Axsome Therapeutics Stock Return Comparison

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
2/20/2024	-12.6%	-11.3%	-17.2%
11/6/2023	-4.2%	-11.9%	5.3%
...
SUMMARY STATS
# Positive	13	11	12
# Negative	9	11	10
Median Positive	4.8%	3.4%	15.6%
Median Negative	-4.2%	-3.5%	-12.9%
Max Positive	10.2%	8.4%	76.4%
Max Negative	-46.5%	-55.3%	-48.1%

	Forward Returns
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%
2/20/2024	-12.6%	-11.3%	-17.2%
11/6/2023	-4.2%	-11.9%	5.3%
8/7/2023	2.0%	0.8%	14.7%
5/8/2023	5.4%	7.1%	1.5%
2/27/2023	5.0%	6.9%	4.7%
11/7/2022	-0.5%	3.4%	31.8%
3/1/2022	10.2%	2.6%	39.8%
11/8/2021	7.9%	-2.3%	-15.0%
8/9/2021	-46.5%	-55.3%	-48.1%
5/10/2021	4.9%	8.4%	16.7%
3/1/2021	2.7%	-3.5%	-15.0%
11/5/2020	-2.9%	4.1%	16.5%
8/10/2020	4.8%	1.2%	-10.9%
3/12/2020	-12.0%	-44.1%	-23.8%
11/7/2019	-9.7%	-0.2%	76.4%
8/8/2019	2.4%	6.9%	-0.5%
SUMMARY STATS
# Positive	13	11	12
# Negative	9	11	10
Median Positive	4.8%	3.4%	15.6%
Median Negative	-4.2%	-3.5%	-12.9%
Max Positive	10.2%	8.4%	76.4%
Max Negative	-46.5%	-55.3%	-48.1%

SEC Filings

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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

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	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

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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 (10/21/2025): $131.0 | Market Cap: $6.5 BilSector: Health Care | Industry: Biotechnology

Axsome Therapeutics (AXSM)

Market Price (10/21/2025): $131.0Market Cap: $6.5 BilSector: Health CareIndustry: Biotechnology

Market Valuation & Key Metrics

AXSM Stock

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Market Price (10/21/2025): $131.0 | Market Cap: $6.5 Bil
Sector: Health Care | Industry: Biotechnology

Market Price (10/21/2025): $131.0
Market Cap: $6.5 Bil
Sector: Health Care
Industry: Biotechnology