Axsome Therapeutics (AXSM) Q1 2026 Financial Results Summary

Release Date: May 4, 2026

Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company specializing in central nervous system disorders, announced its financial results for the first quarter of 2026. Below is a detailed summary of the financial highlights and business updates reported by the company.

Financial Highlights:

• Total Net Product Revenue:
  • $191.2 million in Q1 2026, representing a 57% increase compared to $121.5 million in Q1 2025.
• AUVELITY® Sales:
  • Q1 2026 net product sales of $153.2 million, a 59% year-over-year growth from $96.2 million in Q1 2025.
• SUNOSI® Revenue:
  • Q1 2026 net product revenue of $33.9 million, representing a 34% increase from $25.2 million in Q1 2025, which included $32.6 million in net product sales and $1.3 million in royalties.
• SYMBRAVO® Revenue:
  • Total net product sales amounted to $4.1 million in Q1 2026.
• Total Cost of Revenue:
  • Increased to $14.7 million in Q1 2026, compared to $9.8 million in Q1 2025.
• Research and Development (R&D) Expenses:
  • Amounted to $52.7 million in Q1 2026, up from $44.8 million in Q1 2025, due primarily to a one-time acquisition-related expense.
• Selling, General and Administrative (SG&A) Expenses:
  • Grew to $185.0 million in Q1 2026 from $120.8 million in Q1 2025, reflecting increased pre-launch activities for AUVELITY and commercialization efforts for SYMBRAVO.
• Net Loss:
  • $64.5 million, or $(1.26) per share, compared to a net loss of $59.4 million, or $(1.22) per share, for the same quarter in the previous year. This loss included $23.4 million in stock-based compensation expense.
• Cash and Cash Equivalents:
  • Totaled $305.1 million at the end of Q1 2026, a decrease from $322.9 million at the end of Q4 2025.
• Share Structure:
  • 51,420,445 common shares were outstanding at the end of Q1 2026.

Commercial Highlights:

AUVELITY

• Approved as a first-in-class treatment for agitation associated with dementia due to Alzheimer’s disease.
• Approximately 223,000 prescriptions were written in Q1 2026, up 35% from Q1 2025.
• Payer Coverage: 86% of all lives, with 78% in commercial and 100% in government channels.

SUNOSI

• Approximately 54,000 prescriptions were written, representing a 16% increase from the same period in 2025.
• Payer Coverage: 83% across all channels, with 96% in commercial and 60% in government channels.

SYMBRAVO

• Approximately 17,000 prescriptions were written in Q1 2026, reflecting a 36% increase compared to the previous quarter.
• Payer coverage expanded by 17 million new covered lives, bringing total coverage to 57% across all channels.

Product Pipeline Updates:

• AUVELITY’s commercial launch for Alzheimer’s disease agitation is scheduled for June 2026.
• NDA submitted for AXS-12 for cataplexy in narcolepsy is awaiting FDA decision.
• AXS-20 has been added to the pipeline as a potential first-in-class treatment for schizophrenia and Tourette syndrome.

Conclusion:

The first quarter of 2026 marked significant growth for Axsome Therapeutics, with substantial year-over-year increases in product revenues and the continued expansion of its product pipeline. The company is poised for further advancements in treatment options for CNS disorders.

Additional Notes:

• No dividends were declared during this quarter.
• There were no mentions of share repurchase activities in the report.

This summary highlights the major accomplishments and financial metrics of Axsome Therapeutics for Q1 2026, providing a clear picture of their current financial health and operational focus.

Note: All amounts are in thousands.

Revenues:	2026	2025
Product sales, net	$189,400	$120,358
Royalty revenue and milestone revenue	1,803	1,105
Total revenues	191,203	121,463
Operating expenses:
Cost of revenue (excluding amortization and depreciation)	14,725	9,789
Research and development	52,677	44,785
Selling, general and administrative	184,996	120,787
Loss in fair value of contingent consideration	590	1,512
Intangible asset amortization	1,572	1,572
Total operating expenses	254,560	178,445
Loss from operations	(63,357)	(56,982)
Interest expense, net	(1,185)	(2,431)
Loss before income taxes	(64,542)	(59,413)
Income tax expense	—	—
Net loss	(64,542)	(59,413)
Net loss per common share, basic and diluted	(1.26)	(1.22)
Weighted average common shares outstanding, basic and diluted	51,198,349	48,871,163

Note: All amounts are in thousands.

	March 31, 2026	December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$305,106	$322,933
Accounts receivable, net	251,062	224,464
Inventories, net	31,515	27,938
Prepaid and other current assets	23,523	13,651
Total current assets	611,206	588,986
Equipment, net	567	562
Right-of-use asset - operating lease	20,014	20,858
Goodwill	12,042	12,042
Intangible asset, net	38,947	40,519
Non-current inventory and other assets	30,831	26,838
Total assets	$713,607	$689,805
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$106,702	$65,537
Accrued expenses and other current liabilities	250,731	232,853
Operating lease liability, current portion	628	434
Contingent consideration, current	11,150	10,012
Short-term borrowings	70,000	70,000
Total current liabilities	439,211	378,836
Contingent consideration, non-current	73,730	77,540
Loan payable, long-term	117,850	117,746
Operating lease liability, long-term	22,385	23,182
Finance lease liability, long-term	5,844	4,206
Total liabilities	659,020	601,510
Stockholders’ equity:
Preferred stock, $0.0001 par value per share (10,000,000 shares authorized, none issued and outstanding)	—	—
Common stock, $0.0001 par value per share (150,000,000 shares authorized, 51,420,445 and 50,882,766 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively)	5	5
Additional paid-in capital	1,425,085	1,394,251
Accumulated deficit	(1,370,503)	(1,305,961)
Total stockholders’ equity	54,587	88,295
Total liabilities and stockholders’ equity	$713,607	$689,805

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