Axsome Therapeutics, Inc. is a biopharmaceutical company dedicated to discovering and advancing innovative treatments for a range of central nervous system (CNS) ...
Axsome Therapeutics, Inc. is a biopharmaceutical company dedicated to the discovery and advancement of novel treatments for central nervous system (CNS) disorders. Founded in 2012 by Dr. Herriot Tabuteau, who serves as CEO and Chairman, the company is headquartered in New York City and listed on NASDAQ under the ticker ...Axsome Therapeutics, Inc. is a biopharmaceutical company dedicated to the discovery and advancement of novel treatments for central nervous system (CNS) disorders. Founded in 2012 by Dr. Herriot Tabuteau, who serves as CEO and Chairman, the company is headquartered in New York City and listed on NASDAQ under the ticker AXSM. The company's pipeline includes several promising candidates: AXS-05 for major depressive disorder and treatment-resistant depression, which is also in Phase III for Alzheimer's disease agitation and has completed Phase II for smoking cessation; AXS-07, an oral, rapidly-acting migraine treatment that has completed Phase III trials; AXS-12 for narcolepsy in Phase III; and AXS-14 for fibromyalgia in Phase III. Axsome also collaborates with Duke University on AXS-05 for smoking cessation. Financially, the company has a market cap of approximately $10.95 billion, with a current ratio of 1.39 and a cash per share of $5.96, but it operates at a loss with a negative net profit margin of -26.6% and return on equity of -260%. The company has 925 employees as of the latest data, with significant investments in sales, general, and administrative expenses (89.6% of revenue) and research and development (27% of revenue). Axsome aims to address unmet medical needs in CNS disorders, and its key people, including Dr. Tabuteau, are driving the company towards commercializing its pipeline to improve patient outcomes.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$638.5M
+65.5%
+14.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-183.2M
+36.2%
+20.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+92.6%
+1.3%
+1.6%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-26.5%
+63.6%
+31.4%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-28.7%
+61.5%
+30.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-93.9M
+27.0%
-57.7%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-14.7%
+55.9%
-38.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
273.3%
-19.2%
-34.7%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.55x
-26.2%
+2.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, and welcome to the Axsome Therapeutics First Quarter 2026 Earnings Conference Call. My name is Kevin, and I'll be your operator for today's call. [Operator Instructions]. Please note, this call is being recorded. I will now turn the call over to Ashley Dong, Senior Director of Investor Relations. Ashley, please go ahead.
Ashley Dong: Thank you. Good morning, and thank you for joining Axsome First Quarter 2026 Earnings Conference Call. With us today are Dr. Herriot Tabuteau, our Chief Executive Officer; Nick Pizzie, our Chief Financial Officer; and Ari Maizel, our Chief Commercial Officer, who will begin our call with prepared remarks. Mark Jacobson, our Chief Operating Officer, and Hunter Murdock, our General Counsel will available for Q&A. Please note that today's discussion includes forward-looking statements regarding our financial performance commercial strategy and operational plans, including research, development and regulatory activities. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially. Please refer to our SEC filings, including quarterly and annual reports for a description of these and other risks. You are cautioned not to rely on these forward-looking statements, which are made only as of today, and the company disclaims any obligation to update such statements. And with that, I'll hand it over to Herriot.
Herriot Tabuteau: Thank you, Ashley, and good morning, everyone. In the first quarter of Axsome delivered strong year-over-year growth and execution across the business. This performance was driven by our commercial products and the advancement and expansion of our R&D pipeline, which is now composed of 6 innovative potentially first-in-class or best-in-class product candidates. Starting with our Commercial business. Total revenue for our 3 marketed products was $191 million, representing year-over-year growth of 57%, driven by AUVELITY and SUNOSI with contribution from SYMBRAVO. Building on the strong clinical profile of our marketed products in the quarter, we substantially expanded the sales force for AUVELITY, finalized plans for the expansion of the SYMBRAVO sales force and increased covered lives and quality of coverage for all of our marketed products. These initiatives will support continued strong revenue growth of the base business this year and beyond. Last week, we received FDA approval of AUVELITY for the treatment of agitation associated with Alzheimer's disease, an indication which received FDA breakthrough therapy designation and priority review. This approval introduces a first-in-class treatment option for this highly prevalent debilitating and critically underserved neuropsychiatric condition. As such, it marks an important milestone for the millions of patients living with Alzheimer's disease, their families and their caregivers. AUVELITY has now been approved in two indications …