$AXSM
Axsome Therapeutics, Inc.

2022 Q1 Form 10-K Financial Statement

#000095017022002568 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $25.70M $66.65M $10.36M
YoY Change 128.48% 130.61% 98.47%
% of Gross Profit
Research & Development $12.59M $58.06M $17.38M
YoY Change -24.17% -17.34% -9.53%
% of Gross Profit
Depreciation & Amortization $36.64K $76.35K $0.00
YoY Change 340.02% 219.94% -100.0%
% of Gross Profit
Operating Expenses $38.29M $124.7M $27.74M
YoY Change 37.51% 25.79% 13.57%
Operating Profit -$38.29M -$124.7M
YoY Change 37.51% 25.79%
Interest Expense -$1.343M -$5.696M -$1.470M
YoY Change -5.39% 121.64% 286.84%
% of Operating Profit
Other Income/Expense, Net $0.00 $50.00K
YoY Change -100.0%
Pretax Income -$39.63M -$130.4M -$29.16M
YoY Change 35.45% 26.73% 17.53%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$39.63M -$130.4M -$29.16M
YoY Change 35.45% 26.73% 17.57%
Net Earnings / Revenue
Basic Earnings Per Share -$1.03 -$3.47
Diluted Earnings Per Share -$1.034M -$3.466M -$780.7K
COMMON SHARES
Basic Shares Outstanding 38.48M 37.62M 37.34M
Diluted Shares Outstanding 38.32M 37.62M

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.71M $86.47M $183.9M
YoY Change -48.57% -52.98% -16.41%
Cash & Equivalents $84.71M $183.9M
Short-Term Investments
Other Short-Term Assets $2.122M $45.29K $100.0K
YoY Change 430.54% -54.71% -75.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $86.83M $86.52M $184.0M
YoY Change -47.39% -52.98% -16.5%
LONG-TERM ASSETS
Property, Plant & Equipment $460.9K $944.0K $52.65K
YoY Change 520.25% -47.56% 71.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $322.9K $322.9K $317.4K
YoY Change 1.74% 7.64% 126.9%
Total Long-Term Assets $1.730M $1.267M $2.109M
YoY Change -7.39% -39.67% 1137.26%
TOTAL ASSETS
Total Short-Term Assets $86.83M $86.52M $184.0M
Total Long-Term Assets $1.730M $1.267M $2.109M
Total Assets $88.56M $87.79M $186.1M
YoY Change -46.94% -52.83% -15.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.60M $13.15M $13.50M
YoY Change -13.86% -2.6% 23.4%
Accrued Expenses $11.95M $9.916M $9.900M
YoY Change 68.37% 0.16% -9.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $24.55M $23.07M $23.44M
YoY Change 13.22% -1.43% -4.31%
LONG-TERM LIABILITIES
Long-Term Debt $49.31M $49.09M $48.32M
YoY Change 1.47% 1.63% 178.79%
Other Long-Term Liabilities $0.00 $600.0K
YoY Change -100.0%
Total Long-Term Liabilities $49.31M $49.09M $48.32M
YoY Change 1.47% 0.39% 178.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.55M $23.07M $23.44M
Total Long-Term Liabilities $49.31M $49.09M $48.32M
Total Liabilities $73.86M $72.15M $72.34M
YoY Change 4.6% -0.2% 72.95%
SHAREHOLDERS EQUITY
Retained Earnings -$448.8M -$278.8M
YoY Change 45.67% 58.5%
Common Stock $463.5M $392.6M
YoY Change 14.64% 10.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.70M $15.63M $113.8M
YoY Change
Total Liabilities & Shareholders Equity $88.56M $87.79M $186.1M
YoY Change -46.94% -52.83% -15.6%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$39.63M -$130.4M -$29.16M
YoY Change 35.45% 26.73% 17.57%
Depreciation, Depletion And Amortization $36.64K $76.35K $0.00
YoY Change 340.02% 219.94% -100.0%
Cash From Operating Activities -$32.65M -$108.2M -$20.56M
YoY Change 19.98% 37.94% 17.02%
INVESTING ACTIVITIES
Capital Expenditures $213.7K $307.5K -$20.00K
YoY Change 612.57% 570.17% 100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$213.7K -$307.5K -$20.00K
YoY Change 612.57% 570.17% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.01M $7.212M
YoY Change 407.02% -48.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.10M 11.13M 2.090M
YoY Change 287.36% -73.76% -98.92%
NET CHANGE
Cash From Operating Activities -32.65M -108.2M -20.56M
Cash From Investing Activities -213.7K -307.5K -20.00K
Cash From Financing Activities 31.10M 11.13M 2.090M
Net Change In Cash -1.765M -97.40M -18.49M
YoY Change -90.81% 169.89% -110.49%
FREE CASH FLOW
Cash From Operating Activities -$32.65M -$108.2M -$20.56M
Capital Expenditures $213.7K $307.5K -$20.00K
Free Cash Flow -$32.87M -$108.5M -$20.54M
YoY Change 20.63% 38.25% 16.97%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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Cash
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CY2019Q4 us-gaap Cash
Cash
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CY2018Q4 us-gaap Cash
Cash
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CY2021Q4 us-gaap Cash
Cash
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CY2020Q4 us-gaap Cash
Cash
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CY2019Q4 us-gaap Cash
Cash
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CY2020 us-gaap Interest Paid Net
InterestPaidNet
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CY2019 us-gaap Interest Paid Net
InterestPaidNet
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CY2020 axsm Warrants Issued With Debt Financing
WarrantsIssuedWithDebtFinancing
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CY2019 axsm Warrants Issued With Debt Financing
WarrantsIssuedWithDebtFinancing
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CY2021Q4 axsm Number Of Late Stage Product Candidates
NumberOfLateStageProductCandidates
4
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2021 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock‑based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.</span></p>
CY2021 us-gaap Number Of Operating Segments
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1
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Concentration of Credit Risk</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At December 31, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, the majority of the Company’s cash was held by </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">one</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash.</span></p>
CY2021Q4 axsm Number Of Financial Institutions Holding Deposits
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1
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IncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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EarningsPerShareBasicAndDiluted
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EarningsPerShareBasicAndDiluted
-2.01
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3885524
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q4 axsm Accrued Research And Development Current
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CY2020Q4 axsm Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
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CY2020Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2020Q4 us-gaap Debt Instrument Carrying Amount
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CY2021Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
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CY2020Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
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CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2021 us-gaap Interest Expense Debt Excluding Amortization
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CY2020 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
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CY2019 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
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CY2020 us-gaap Amortization Of Financing Costs
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CY2019 us-gaap Amortization Of Financing Costs
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CY2021 us-gaap Lessee Operating Lease Existence Of Option To Extend
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CY2021 us-gaap Lessee Operating Lease Description
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The Company entered into a lease for office space at 22 Cortlandt St, New York, NY consisting of the 16th floor effective August 1, 2020. The term for this lease was to expire on July 31, 2021. At lease inception, the lease arrangement was deemed to be a short-term lease due to its term not exceeding one year, and as such was accounted for on a straight-line basis until December 2020.
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2020-08-01
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CY2021 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
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OperatingLeaseExpense
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CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2020 us-gaap Operating Lease Cost
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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630000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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9325
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IncomeTaxExpenseBenefit
0
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.140
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.137
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.135
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.018
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.018
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.012
CY2021 axsm Effective Income Tax Rate Reconciliation Permanent Differences Percent
EffectiveIncomeTaxRateReconciliationPermanentDifferencesPercent
-0.001
CY2020 axsm Effective Income Tax Rate Reconciliation Permanent Differences Percent
EffectiveIncomeTaxRateReconciliationPermanentDifferencesPercent
-0.006
CY2019 axsm Effective Income Tax Rate Reconciliation Permanent Differences Percent
EffectiveIncomeTaxRateReconciliationPermanentDifferencesPercent
-0.001
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.013
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.025
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.042
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.380
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.384
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.398
CY2021 axsm Tax Cuts And Jobs Act Net Operating Loss Carryovers And Carry Backs Offset Percentage
TaxCutsAndJobsActNetOperatingLossCarryoversAndCarryBacksOffsetPercentage
1

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