$AXSM
Axsome Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023018976 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $46.70M $94.58M $0.00
YoY Change 429.49%
Cost Of Revenue $4.599M $7.556M
YoY Change 367.93%
Gross Profit $42.10M $87.02M
YoY Change 437.21%
Gross Profit Margin 90.15% 92.01%
Selling, General & Admin $78.94M $74.19M $25.70M
YoY Change 153.32% 188.64% 128.48%
% of Gross Profit 187.49% 85.26%
Research & Development $20.58M $17.79M $12.59M
YoY Change 30.32% 41.38% -24.17%
% of Gross Profit 48.88% 20.45%
Depreciation & Amortization $1.689M $90.00K $36.64K
YoY Change 70.02% 145.66% 340.02%
% of Gross Profit 4.01% 0.1%
Operating Expenses $99.52M $91.98M $38.29M
YoY Change 111.66% 140.24% 37.51%
Operating Profit -$65.06M -$6.374M -$38.29M
YoY Change 66.04% -83.35% 37.51%
Interest Expense -$2.730M -$2.264M -$1.343M
YoY Change 20.93% 68.52% -5.39%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$67.79M -$8.638M -$39.63M
YoY Change 63.58% -78.2% 35.45%
Income Tax -$600.0K $2.600M $0.00
% Of Pretax Income
Net Earnings -$67.17M -$11.22M -$39.63M
YoY Change 62.1% -71.69% 35.45%
Net Earnings / Revenue -143.83% -11.86%
Basic Earnings Per Share -$1.54 -$0.26 -$1.03
Diluted Earnings Per Share -$1.54 -$0.26 -$1.034M
COMMON SHARES
Basic Shares Outstanding 43.57M 43.52M 38.48M
Diluted Shares Outstanding 43.67M 43.52M 38.32M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $437.1M $246.5M $84.71M
YoY Change 495.57% 191.02% -48.57%
Cash & Equivalents $437.1M $246.5M $84.71M
Short-Term Investments
Other Short-Term Assets $5.911M $5.201M $2.122M
YoY Change 44.47% 145.08% 430.54%
Inventory $9.252M $7.940M
Prepaid Expenses
Receivables $67.41M $44.79M
Other Receivables $0.00 $0.00
Total Short-Term Assets $519.7M $304.4M $86.83M
YoY Change 399.81% 250.63% -47.39%
LONG-TERM ASSETS
Property, Plant & Equipment $736.0K $703.0K $460.9K
YoY Change -43.48% 52.51% 520.25%
Goodwill $12.04M $10.31M
YoY Change
Intangibles $56.50M $58.09M
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.26M $15.52M $322.9K
YoY Change 2907.53% 4706.91% 1.74%
Total Long-Term Assets $91.95M $84.73M $1.730M
YoY Change 20.07% 4796.74% -7.39%
TOTAL ASSETS
Total Short-Term Assets $519.7M $304.4M $86.83M
Total Long-Term Assets $91.95M $84.73M $1.730M
Total Assets $611.6M $389.2M $88.56M
YoY Change 238.75% 339.45% -46.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $42.96M $35.77M $12.60M
YoY Change 121.08% 184.0% -13.86%
Accrued Expenses $65.67M $58.88M $11.95M
YoY Change 282.06% 392.55% 68.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $115.0M $100.7M $24.55M
YoY Change 170.08% 309.99% 13.22%
LONG-TERM LIABILITIES
Long-Term Debt $176.8M $147.6M $49.31M
YoY Change 89.2% 199.35% 1.47%
Other Long-Term Liabilities $41.04M $29.10M
YoY Change 39.92%
Total Long-Term Liabilities $176.8M $147.6M $49.31M
YoY Change 44.0% 199.35% 1.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.0M $100.7M $24.55M
Total Long-Term Liabilities $176.8M $147.6M $49.31M
Total Liabilities $332.8M $277.4M $73.86M
YoY Change 101.28% 275.52% 4.6%
SHAREHOLDERS EQUITY
Retained Earnings -$674.7M -$607.6M -$448.8M
YoY Change 35.38% 45.67%
Common Stock $953.5M $719.4M $463.5M
YoY Change 55.19% 14.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $278.8M $111.8M $14.70M
YoY Change
Total Liabilities & Shareholders Equity $611.6M $389.2M $88.56M
YoY Change 238.75% 339.45% -46.94%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$67.17M -$11.22M -$39.63M
YoY Change 62.1% -71.69% 35.45%
Depreciation, Depletion And Amortization $1.689M $90.00K $36.64K
YoY Change 70.02% 145.66% 340.02%
Cash From Operating Activities -$55.35M -$5.821M -$32.65M
YoY Change 65.04% -82.17% 19.98%
INVESTING ACTIVITIES
Capital Expenditures $133.0K $71.00K $213.7K
YoY Change -155.08% -66.78% 612.57%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$133.0K -$71.00K -$213.7K
YoY Change -99.75% -66.78% 612.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.01M
YoY Change 407.02%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 246.1M 51.57M 31.10M
YoY Change 226.09% 65.8% 287.36%
NET CHANGE
Cash From Operating Activities -55.35M -5.821M -32.65M
Cash From Investing Activities -133.0K -71.00K -213.7K
Cash From Financing Activities 246.1M 51.57M 31.10M
Net Change In Cash 190.6M 45.67M -1.765M
YoY Change -1784.75% -2687.6% -90.81%
FREE CASH FLOW
Cash From Operating Activities -$55.35M -$5.821M -$32.65M
Capital Expenditures $133.0K $71.00K $213.7K
Free Cash Flow -$55.48M -$5.892M -$32.87M
YoY Change 66.64% -82.07% 20.63%

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CY2023Q1 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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; accounting for acquisitions; impairments of goodwill and intangible assets; contingent consideration; chargebacks, cash discounts, sales rebates, returns and other adjustments; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.</span></p>
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CY2023Q1 us-gaap Lessee Operating Lease Description
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In August 2022, the Company entered into an agreement to extend the lease of 22 Cortlandt Street through April 30, 2023.
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of Risk</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> - Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company maintains its cash at financial institutions which exceed insured limits. At March 31, 2023</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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">, the majority of the Company’s cash was held by </span><span style="font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">two</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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> financial institutions and amounts on deposit were in excess of government-provided insurance limits. The Company </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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">places its cash and cash equivalents in what it believes to be high credit quality banks and money market funds and has not recognized any losses from credit risks on such accounts since inception. See Accounts Receivables, net below for further information.</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Risk, Other </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:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">- We have a limited number of contract manufacturers for our products. At times we may have only one manufacturer or supplier for a product.</span></p>
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extend the lease of 22 Cortlandt Street through April 30, 2023
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