Axsome Therapeutics reported 2억 1,837만 달러 in second-quarter revenue, marking a 46% increase compared to the same period last year, driven largely by demand for its depression treatment Auvelity and wakefulness medication Sunosi, according to financial results released by the company.
The total revenue figure missed Wall Street consensus estimates of 2억 2,192만 달러. Axsome posted a net loss of 5,130만 달러, or $0.99 per share, widening from a loss of $0.85 per share anticipated by analysts, and compared to a loss of 4,800만 달러, or $0.97 per share, in the second quarter of the previous year. Despite the earnings miss, company shares rose 3.18% to $219.50 in pre-market trading following the announcement, reflecting investor focus on commercial expansion and pipeline progress.
Commercial Growth Driven by Auvelity and Sunosi
Product sales continued to expand across the company’s neuroscience portfolio. Auvelity generated 1억 8,030만 달러 in net product revenue during the quarter, representing a 51% increase year-over-year and an 18% rise sequentially from the first quarter, according to Axsome data. Total prescriptions for Auvelity grew 34% year-over-year, while new brand prescriptions climbed 26% over the first quarter. Sunosi contributed 3,580만 달러 in net product revenue, a 20% increase from the prior-year period. Meanwhile, the company’s migraine treatment Symbravo recorded 230만 달러 in net product revenue, marking a decrease from the previous quarter.
Selling, general, and administrative (SG&A) expenses rose to 2억 810만 달러 from 1억 3,030만 달러 in the same period last year, reflecting ongoing investments in commercial infrastructure and sales force expansion. Research and development (R&D) expenses decreased to 4,620만 달러 from 4,950만 달러. Chief Executive Officer Herriot Tabuteau stated that the quarter was highly productive, pointing to strong commercial execution and pipeline advancements.
Pipeline Milestones and Regulatory Updates
Axsome outlined several upcoming regulatory and clinical catalysts across its drug pipeline. The U.S. Food and Drug Administration (FDA) accepted the New Drug Application for AXS-12, a candidate for treating cataplexy in patients with narcolepsy, with a target action date of May 1, 2027, according to company statements. The company also plans to initiate a Phase 2/3 clinical trial for AXS-05 in smoking cessation during the quarter.
Chief Financial Officer Nick Pizzie reported that the company ended the quarter with approximately $320 million in cash and cash equivalents. Management stated this capital position is sufficient to fund operations until the company achieves cash flow positivity, supported by revenue growth outpacing operating expenses.