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Axsome Therapeutics
(NASDAQ:AXSM)
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Rating:52Neutral
Price Target:
$181.00
▼(-11.91% Downside)
Action:Reiterated
Date:09/14/26
AXSM’s score is held back primarily by weak financial fundamentals today—ongoing losses, negative free cash flow, and elevated leverage—despite strong revenue growth and very high gross margins. The earnings call adds meaningful support due to confident growth/operating leverage messaging and key regulatory/pipeline milestones, while technical signals are mixed and valuation is difficult to justify with negative earnings and no dividend support.
Positive Factors
Revenue Scaling and Gross Margin
Rapid revenue expansion alongside an approximately 93% gross margin shows that Axsome is building meaningful commercial scale in its marketed CNS portfolio. If growth continues, the high gross-profit contribution can provide substantial operating leverage as launch investments moderate and products mature.
Negative Factors
Persistent Operating Losses
Despite strong revenue growth and gross margins, Axsome remains materially unprofitable at both the operating and net-income levels. Continued losses reduce internally generated capital for commercialization and pipeline development, leaving execution dependent on achieving further scale and converting gross profit into sustainable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling and Gross Margin
Rapid revenue expansion alongside an approximately 93% gross margin shows that Axsome is building meaningful commercial scale in its marketed CNS portfolio. If growth continues, the high gross-profit contribution can provide substantial operating leverage as launch investments moderate and products mature.
Read all positive factors
Axsome Therapeutics Key Performance Indicators (KPIs)
Any
Revenue by Geography
Tracks growth patterns across markets and highlights which regions are gaining traction after launches or partnerships. Differences in regional performance can signal opportunities from international approvals and commercialization, or risks from currency swings, pricing pressure, and slow market access.
Tracks growth patterns across markets and highlights which regions are gaining traction after launches or partnerships. Differences in regional performance can signal opportunities from international approvals and commercialization, or risks from currency swings, pricing pressure, and slow market access.
Data provided by:
The Fly
The FlyAxsome Therapeutics (AXSM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.39B
Dividend YieldN/A
Average Volume (3M)640.40K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth56.87%
EPS Growth25.87%
CountryUS
Employees1,346
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-3.75
Shares Outstanding52,380,817
10 Day Avg. Volume794,102
30 Day Avg. Volume640,405
Financial Highlights & Ratios
PEG Ratio1.29
Price to Book (P/B)102.90
Price to Sales (P/S)14.23
P/FCF Ratio-96.78
Enterprise Value/Market Cap1.34
Enterprise Value/Revenue16.20
Enterprise Value/Gross Profit17.38
Enterprise Value/Ebitda-69.99
Forecast
1Y Price Target
$288.57Price Target Upside40.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering15
EPS Forecast (FY)-2.7
Revenue Forecast (FY)$962.32M
Axsome Therapeutics Business Overview & Revenue Model
Company Description
Axsome Therapeutics, Inc. is a biopharmaceutical company dedicated to discovering and advancing innovative treatments for a range of central nervous system (CNS) disorders within the United States. Its robust product pipeline features several prom...
How the Company Makes Money
Axsome primarily makes money by selling its FDA-approved prescription medicines in the United States through commercial distribution channels (e.g., wholesalers/specialty pharmacies) to healthcare providers and patients, generating product net sal...
Axsome Therapeutics Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 09, 2026
Earnings Call Sentiment Positive
The call conveyed strong positive momentum across Axsome’s commercial portfolio, with 46% revenue growth, accelerating AUVELITY demand, encouraging early Alzheimer’s disease agitation launch metrics, continued SYMBRAVO and SUNOSI prescription growth, improving payer coverage, and substantial pipeline progress. The company remains loss-making, reported higher SG&A and ongoing cash burn, and acknowledged that several Alzheimer’s disease agitation launch metrics are still early and limited. Overall, the highlights significantly outweighed the lowlights.Positive Updates
Commercial Revenue Growth
Second-quarter net product revenue increased to $218 million from $150 million in Q2 2025, representing 46% year-over-year growth, driven by AUVELITY, steady SUNOSI growth, and continued strength in SYMBRAVO prescription demand.
Negative Updates
Quarterly Net Loss Increased
Net loss was $51.3 million, or $0.99 per share, compared with a net loss of $48.0 million, or $0.97 per share, in Q2 2025. The quarter included $27.1 million in stock-based compensation expense.
Read all updates
Q2-2026 Updates
Positive
Negative
Commercial Revenue Growth
Second-quarter net product revenue increased to $218 million from $150 million in Q2 2025, representing 46% year-over-year growth, driven by AUVELITY, steady SUNOSI growth, and continued strength in SYMBRAVO prescription demand.
Read all positive updates
Company Guidance
Axsome expects SUNOSI growth to continue outpacing the market, AUVELITY trends to continue to build in Q3 and Q4 and translate into positive TRx trends and further market share penetration, and continued growth over the rest of the year; SYMBRAVO GTN is expected to return to prior levels for the remainder of the year, while gross to net discount for AUVELITY and SUNOSI is expected to improve throughout the year and AUVELITY GTN is anticipated to remain in the 50s longer term. Coverage for SYMBRAVO is expected to further improve moving forward, and patient access for AUVELITY is expected to continue to expand and evolve. Axsome expects its current cash balance to fund anticipated operations into cash flow positivity, SG&A for the remainder of the year to essentially plateau at $208 million, R&D to continue to pick up, and operating leverage to continue in the back half of the year; it is on track to initiate the planned Phase II/III smoking cessation trial this quarter, anticipates top line results from the ENGAGE Phase III trial in the fourth quarter of this year, and potentially file on average 1 new NDA each year between now and 2030.Axsome Therapeutics Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
38
Negative
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 776.57M | 638.50M | 385.69M | 270.60M | 50.04M | 0.00 |
| Gross Profit | 724.04M | 591.02M | 352.39M | 244.53M | 44.84M | 0.00 |
| EBITDA | -179.79M | -168.08M | -272.60M | -224.99M | -175.40M | -124.63M |
| Net Income | -191.64M | -183.17M | -287.22M | -239.24M | -187.13M | -130.40M |
Balance Sheet | ||||||
| Total Assets | 761.45M | 689.80M | 568.50M | 588.24M | 331.48M | 87.79M |
| Cash, Cash Equivalents and Short-Term Investments | 319.85M | 322.93M | 315.35M | 386.19M | 200.84M | 86.47M |
| Total Debt | 219.21M | 241.29M | 192.96M | 186.37M | 94.68M | 49.71M |
| Total Liabilities | 678.14M | 601.51M | 511.48M | 397.26M | 221.92M | 72.15M |
| Stockholders Equity | 83.30M | 88.30M | 57.02M | 190.98M | 109.56M | 15.63M |
Cash Flow | ||||||
| Free Cash Flow | -71.39M | -93.89M | -128.68M | -145.66M | -117.21M | -108.53M |
| Operating Cash Flow | -71.26M | -93.41M | -128.41M | -145.08M | -116.51M | -108.23M |
| Investing Cash Flow | -700.00K | -480.00K | -270.00K | -582.00K | -53.70M | -308.00K |
| Financing Cash Flow | 88.79M | 101.47M | 57.84M | 331.01M | 284.58M | 11.13M |
Axsome Therapeutics Technical Analysis
Negative
205.48
Price Trends
209.41
Negative
223.80
Negative
199.79
Negative
Market Momentum
-7.81
Positive
28.53
Positive
6.82
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AXSM, the sentiment is Negative. The current price of 205.48 is above the 20-day moving average (MA) of 201.53, below the 50-day MA of 209.41, and above the 200-day MA of 199.79, indicating a bearish trend. The MACD of -7.81 indicates Positive momentum. The RSI at 28.53 is Positive, neither overbought nor oversold. The STOCH value of 6.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AXSM.
Axsome Therapeutics Risk Analysis
Axsome Therapeutics disclosed 72 risk factors in its most recent earnings report. Axsome Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Axsome Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $14.55B | 20.31 | 21.13% | ― | 34.42% | 102.44% | |
81 Outperform | $2.31B | 12.66 | 20.06% | ― | 24.25% | -0.83% | |
76 Outperform | $15.30B | 15.50 | 21.37% | ― | 12.59% | ― | |
73 Outperform | $3.44B | 8.87 | 32.39% | ― | 11.75% | 68.42% | |
52 Neutral | $9.39B | -47.80 | -255.60% | ― | 56.87% | 25.87% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $1.94B | -2.77 | -1328.94% | ― | ― | 39.33% |
* Healthcare Sector Average
AXSM
Axsome Therapeutics
179.25
59.31
49.45%
ACAD
ACADIA Pharmaceuticals
19.95
-1.64
-7.60%
JAZZ
Jazz Pharmaceuticals
235.67
98.09
71.30%
NBIX
Neurocrine
143.18
3.75
2.69%
HRMY
Harmony Biosciences Holdings
39.64
13.05
49.08%
BHVN
Biohaven Ltd.
12.87
-3.01
-18.95%
Axsome Therapeutics Corporate Events
Business Operations and StrategyFinancial Disclosures
Axsome reports strong Q2 revenue growth, expanding launches
Positive
Aug 10, 2026
Axsome Therapeutics reported that in the second quarter of 2026, total net product revenue rose 46% year over year to $218.4 million, driven by 51% growth in AUVELITY sales to $180.3 million, 20% growth in SUNOSI revenue to $35.8 million, and a sh...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.