Axsome Therapeutics, Inc.

axsome.com

What Do They Do?

Sells medicines for depression, daytime sleepiness, and migraine for people with central nervous system conditions, while developing treatments for other neurological and psychiatric conditions.

How Do They Make Money?

Distributors pay for medicines when they are delivered; for SUNOSI sold in licensed markets, Axsome received an upfront payment and earns royalties and may receive milestone payments.

FY2025 revenue by product or service revenue

Segment	Share	Revenue	How money arrives
Product Sales Sold outright	99% FY2022: 100%		Sold outright
Royalty and Milestone Revenue Licensed	0.7%		Licensed

Who Are Their Customers?

The company sells its medicines in the United States through distributors, sells SUNOSI to distributors in Canada, and supplies SUNOSI to Pharmanovia for sale in certain markets outside the United States.

Do Revenues Turn Into Profits?

No. It lost $183.2M in FY2025.

Operating income, FY2025

−26% of revenue

▼ −41% (Loss) vs FY2024 (−$280.6M, −73%)

Net income, FY2025

−29% of revenue

▼ −36% (Loss) vs FY2024 (−$287.2M, −74%)

Free cash flow, FY2025

−15% of revenue

▼ −27% (Loss) vs FY2024 (−$128.7M, −33%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +46%; vs $150M in Q2 FY2025
Net income: ▲ +7% (Loss); vs −$48M in Q2 FY2025

Product Sales share of revenue vs 99.3% in Q2 FY2025

Jun 3, 2026 SUNOSI patent litigation was settled The settlement lets five companies sell generic versions beginning in 2040, subject to FDA approval and other conditions.
Apr 30, 2026 AUVELITY was approved for Alzheimer’s disease agitation The FDA approved AUVELITY to treat agitation associated with dementia due to Alzheimer’s disease.
Apr 1, 2026 Acquired global rights to balipodect Axsome obtained worldwide development, commercial, and manufacturing rights to balipodect from Takeda.

Migraine treatment reached the market The earlier report described a migraine medicine in development; the latest describes a medicine approved and launched in the United States for acute migraine treatment.

Revenue over time

Product Sales Royalty and Milestone Revenue License Fee

$1B$500M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Eli Lilly and, Pfizer, Takeda Pharmaceuticals, H. Lundbeck, Otsuka, AbbVie, Johnson & Johnson International, Aytu Biopharma, GSK, Compass Pathways, Definium Therapeutics, Xenon Pharmaceuticals, Neumora Therapeutics, Acadia Pharmaceuticals, Neurocrine Biosciences, Jazz, Harmony Biosciences, Alkermes, Tris Pharma, and Teva

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