Axsome Therapeutics Stock Earnings Reports

Axsome reported strong Q3 2025 commercial momentum and advancing late-stage pipeline. Total product revenue was $171.0M, up 63% year-over-year, driven by AUVELITY ($136.1M, +69% YoY), SUNOSI ($32.8M, +35% YoY) and the first full-quarter sales of SYMBRAVO ($2.1M). AUVELITY prescriptions and new-writer activation expanded (≈209k scripts, 46% YoY growth; ~46,000 unique prescribers), primary care now represents ~1/3 of prescribers, and commercial coverage for AUVELITY rose to ~75% (85% of lives across channels). SUNOSI continues steady growth (~53k prescriptions) with ~83% lives covered; SYMBRAVO early launch traction shows >5k prescriptions and ~52% coverage. Gross-to-net (GTN) for AUVELITY and SUNOSI was high-40% in Q3 and is expected to increase to the low-50% range in Q4; SYMBRAVO GTN remains elevated in the mid-70% range during launch. GAAP net loss was $47.2M ($0.94/sh), improving from a $64.6M loss a year ago; cash and equivalents were $325.3M at quarter end. Management expects current cash to fund operations into cash-flow positivity under the current plan. Key R&D and regulatory milestones: supplemental NDA submitted for AXS-05 in Alzheimer’s disease agitation (awaiting FDA acceptance), NDA targeted for AXS-12 (cataplexy in narcolepsy) in Q4, Phase III initiations planned (including AXS-14 fibromyalgia and pediatric ADHD for solriamfetol), and multiple solriamfetol registrational readouts and trials in other indications on the near-term horizon. The company plans to scale commercial infrastructure (including a potential salesforce expansion and long-term care focus if AXS-05 is approved) and is evaluating DTC timing for brands. Overall, Axsome emphasizes durable commercial execution, expanding access, a deep CNS pipeline with several near-term catalysts, and a path toward positive cash flow.