Axsome's Quarterly Net Loss Shrinks To $12.9 Million As Sales Climb 52%
The drugmaker's third-quarter product revenue hit $259.7 million, and it says current cash funds operations into cash flow positivity.
Axsome Therapeutics, a biopharmaceutical company that sells medicines for central nervous system conditions, narrowed its third-quarter net loss to $12.9 million from $47.2 million a year earlier, as net product revenue rose 52% to $259.7 million, the company said Monday.
Auvelity carries the quarter
Auvelity, its depression drug, brought in $207.6 million, up 53% from $136.1 million. Sunosi, for excessive daytime sleepiness, generated $48.2 million, up 47%, including $8.5 million in milestone revenue. Symbravo, the migraine treatment, added $3.9 million, up 88% from $2.1 million.
CEO Herriot Tabuteau said the 52% revenue growth pushed the company past a one-billion-dollar annual run rate. He pointed to "strong underlying demand for Auvelity in major depressive disorder" and to accelerating new patient starts in Alzheimer's disease agitation, a use the FDA approved on April 30, 2026, according to the company's presentation.
About 302,000 Auvelity prescriptions were written in the quarter, up 40% from a year earlier and 14% from the second quarter. New-to-brand prescriptions rose 44% from a year earlier. Among patients 65 and older, new-to-brand prescriptions rose 211% and total prescriptions rose 101% from the third quarter of 2025.
Spending still nearly matches sales
Selling, general and administrative expenses rose to $203.1 million from $150.2 million, which the company tied mainly to commercializing Auvelity and Symbravo. Research and development costs rose to $50.6 million from $40.2 million. The loss of $0.25 per share, against $0.94 a year earlier, includes $26.4 million of stock-based compensation.
Cash and equivalents stood at $313.9 million on September 30, against $322.9 million at December 31, 2025. The company said it believes current cash is sufficient to fund anticipated operations into cash flow positivity, based on its current operating plan.
Regulatory date and trial readout
The FDA's target action date for AXS-12, the company's narcolepsy drug for cataplexy, is May 1, 2027. Topline results from the late-stage ENGAGE trial of solriamfetol in binge eating disorder are expected in the first quarter of 2027, and enrollment targets for that trial have been reached.
The company also began a late-stage trial of AXS-05 for smoking cessation in August 2026, with results anticipated in the second half of 2027.
The next hard dates are the first-quarter 2027 ENGAGE readout and the May 1, 2027 FDA target date for AXS-12.
