Axsome Therapeutics reported $260 million in quarterly revenue and its first cash-flow-positive quarter; Avality prescriptions continued rising, and AXS-12 remained on track for a May 1st PDUFA date.
AXSM · Axsome Therapeutics, Inc.
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Axsome Therapeutics reported $259.7 million of revenue and a $12.9 million net loss for the three months ended September 30, 2026. AUVELITY received FDA approval for agitation associated with Alzheimer’s disease in April 2026 and launched in June 2026.
Axsome Therapeutics reported third-quarter revenue of $259.7 million, up 52% year-over-year and 19% sequentially, while net loss narrowed to $12.9 million, or $0.25 per share. Its AXS-12 narcolepsy NDA remains under FDA review with a May 1, 2027 action date.
Axsome reported 3Q 2026 net product revenue of $259.7 million, up 52% year-over-year, and a net loss of $12.9 million; it initiated the SUMMIT Phase 3 trial of AXS-05 for smoking cessation.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Aug 10, 2026TL;DR. Axsome delivered 46% YoY revenue growth to $218.4M led by Auvelity (+51%) and Sunosi (+20%), launched Auvelity in Alzheimer's disease agitation with early NBRx +126% in 65+ patients, and advanced its pipeline with FDA acceptance of the AXS-12 NDA (PDUFA May 1, 2027) and initiation of two ADHD Phase 3 trials.
- + Total net product revenue grew 46% YoY to $218.4M with Auvelity up 51% and Sunosi up 20%.
- + Auvelity launched in Alzheimer's disease agitation in June 2026 with new-to-brand prescriptions up 126% in patients 65+ in the first eight weeks.
- + FDA accepted the AXS-12 NDA for cataplexy in narcolepsy with a PDUFA target action date of May 1, 2027.
- + Initiated FOCUS-2 and FOCUS-3 Phase 3 trials of solriamfetol in children and adolescents with ADHD.
- + Payer coverage for Auvelity reached ~89% of lives (~82% commercial, ~100% government), supporting continued access expansion.
- − Symbravo net sales declined $1.8M QoQ due to a prior period adjustment and elevated gross-to-net discounts in the high 80% range.
- − SG&A expenses surged 60% YoY to $208.1M driven by Auvelity sales force expansion and Symbravo launch activities.
- − Net loss widened to $51.3M ($0.99/share) versus a $48.0M loss a year ago, including $27.1M of stock-based compensation.
- − Auvelity gross-to-net discounts remain elevated at ~50% as Medicare scripts grow as a higher proportion of mix.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
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Guidance & track record
Still-open targets the latest release did not restate under the same label.
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
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Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| AUVELITY net product sales | $180.3M | Q2 2026 | — |
| AUVELITY payer coverage | 89% | Q2 2026 | — |
| AUVELITY total prescriptions | 266,000 | Q2 2026 | — |
| Commercial covered lives (AUVELITY) | 82% | 2Q 2026 | — |
| Commercial covered lives (SUNOSI) | 96% | 2Q 2026 | — |
| Commercial covered lives (SYMBRAVO) | 56% | 2Q 2026 | — |
| Patients treated since launch (AUVELITY) | 350,000 | 2Q 2026 | — |
| Patients treated since launch (SUNOSI) | 109,000 | 2Q 2026 | — |
| Patients treated since launch (SYMBRAVO) | 19,500 | 2Q 2026 | — |
| QoQ growth in activated new writers (AUVELITY) | 21% | 2Q 2026 | — |
| Sales force representatives | 630 | 2Q 2026 | — |
| SUNOSI net product revenue | $35.8M | Q2 2026 | — |
| SUNOSI payer coverage | 82% | Q2 2026 | — |
| SUNOSI prescriptions | 61,000 | Q2 2026 | — |
| SYMBRAVO net product sales | $2.3M | Q2 2026 | — |
| SYMBRAVO payer coverage | 57% | Q2 2026 | — |
| SYMBRAVO prescriptions | 23,500 | Q2 2026 | — |
| Unique writers since launch (AUVELITY) | 69,000 | 2Q 2026 | — |
| Unique writers since launch (SUNOSI) | 17,000 | 2Q 2026 | — |
| Unique writers since launch (SYMBRAVO) | 4,700 | 2Q 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Biotechnology — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
AXSM
this stock
Axsome Therapeutics, Inc.
|
$7.45B | -22.4% | +65.5% | — | 6.2% |
|
VRTX
Vertex Pharmaceuticals Inc
|
$136.56B | +18.8% | +46.2% | 34.7 | 1.9% |
|
REGN
Regeneron Pharmaceuticals, Inc.
|
$98.84B | +23.8% | +20.8% | 21.1 | 2.1% |
|
MRNA
Moderna, Inc.
|
$90.38B | +657.4% | +4.3% | — | 8.2% |
|
CSLLY
Csl Ltd
|
$66.05B | — | — | — | 0.0% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 9, 2026
- This year
- 30
Axsome Therapeutics reported $260 million in quarterly revenue and its first cash-flow-positive quarter; Avality prescriptions continued rising, and AXS-12 remained on track for a May 1st PDUFA date.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| AXSM | +7.0% | -9.8% | -39.5% | -1.9% | -22.4% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +4.5% | -8.7% | -40.0% | -1.7% | -33.0% |