2023 Q4 Form 10-Q Financial Statement

#000095017023059470 Filed on November 06, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $71.53M $57.79M
YoY Change 193.5% 243.08%
Cost Of Revenue $7.377M $6.530M
YoY Change 222.01% 243.68%
Gross Profit $64.15M $51.26M
YoY Change 190.54% 242.97%
Gross Profit Margin 89.69% 88.69%
Selling, General & Admin $86.81M $83.19M
YoY Change 41.16% 103.43%
% of Gross Profit 135.32% 162.29%
Research & Development $30.80M $28.77M
YoY Change 109.64% 93.37%
% of Gross Profit 48.01% 56.12%
Depreciation & Amortization $1.607M $1.750M
YoY Change -5.03% 8.91%
% of Gross Profit 2.5% 3.41%
Operating Expenses $162.4M $112.0M
YoY Change 98.09% 100.75%
Operating Profit -$98.27M -$62.12M
YoY Change 64.02% 46.47%
Interest Expense -$703.0K -$760.0K
YoY Change -46.85% -68.48%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$98.98M -$62.88M
YoY Change 61.62% 40.28%
Income Tax -$325.0K -$700.0K
% Of Pretax Income
Net Earnings -$98.65M -$62.20M
YoY Change 61.09% 38.77%
Net Earnings / Revenue -137.91% -107.62%
Basic Earnings Per Share -$1.32
Diluted Earnings Per Share -$2.08 -$1.32
COMMON SHARES
Basic Shares Outstanding 47.32M 47.19M
Diluted Shares Outstanding 47.12M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $386.2M $416.6M
YoY Change 92.29% 83.1%
Cash & Equivalents $386.2M $416.6M
Short-Term Investments
Other Short-Term Assets $8.115M $6.800M
YoY Change 191.84% 176.7%
Inventory $15.14M $9.985M
Prepaid Expenses
Receivables $94.82M $78.42M
Other Receivables $0.00 $0.00
Total Short-Term Assets $504.3M $511.8M
YoY Change 105.28% 102.77%
LONG-TERM ASSETS
Property, Plant & Equipment $846.0K $971.0K
YoY Change 17.09% 54.87%
Goodwill $12.04M $12.04M
YoY Change 16.8% 1.22%
Intangibles $53.29M $54.89M
YoY Change -10.69% -10.4%
Long-Term Investments
YoY Change
Other Assets $53.29M $14.10M
YoY Change 261.97% 13.73%
Total Long-Term Assets $83.97M $89.09M
YoY Change -2.17% 2.91%
TOTAL ASSETS
Total Short-Term Assets $504.3M $511.8M
Total Long-Term Assets $83.97M $89.09M
Total Assets $588.2M $600.9M
YoY Change 77.46% 77.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $40.68M $29.10M
YoY Change 5.37% 126.54%
Accrued Expenses $91.77M $78.90M
YoY Change 76.29% 95.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $138.9M $114.7M
YoY Change 43.8% 90.21%
LONG-TERM LIABILITIES
Long-Term Debt $178.1M $177.4M
YoY Change 88.92% 88.95%
Other Long-Term Liabilities $80.34M $39.20M
YoY Change 158.31% 43.07%
Total Long-Term Liabilities $178.1M $177.4M
YoY Change 88.92% 88.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $138.9M $114.7M
Total Long-Term Liabilities $178.1M $177.4M
Total Liabilities $397.3M $331.3M
YoY Change 79.01% 82.46%
SHAREHOLDERS EQUITY
Retained Earnings -$835.6M -$736.9M
YoY Change 40.13% 37.71%
Common Stock $1.027B $1.006B
YoY Change 45.43% 45.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $191.0M $269.5M
YoY Change
Total Liabilities & Shareholders Equity $588.2M $600.9M
YoY Change 77.46% 77.27%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$98.65M -$62.20M
YoY Change 61.09% 38.77%
Depreciation, Depletion And Amortization $1.607M $1.750M
YoY Change -5.03% 8.91%
Cash From Operating Activities -$30.36M -$53.55M
YoY Change 10.15% 135.3%
INVESTING ACTIVITIES
Capital Expenditures $7.000K $380.0K
YoY Change -96.13% -675.32%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$7.000K -$380.0K
YoY Change -96.13% 475.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000K 33.37M
YoY Change -100.19% -81.14%
NET CHANGE
Cash From Operating Activities -30.36M -53.55M
Cash From Investing Activities -7.000K -380.0K
Cash From Financing Activities -2.000K 33.37M
Net Change In Cash -30.37M -20.56M
YoY Change 13.84% -113.34%
FREE CASH FLOW
Cash From Operating Activities -$30.36M -$53.55M
Capital Expenditures $7.000K $380.0K
Free Cash Flow -$30.37M -$53.93M
YoY Change 9.46% 137.66%

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ProfitLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
43705000
us-gaap Share Based Compensation
ShareBasedCompensation
26958000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4768000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2532000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2120000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1137000
us-gaap Depreciation
Depreciation
326000
us-gaap Depreciation
Depreciation
178000
axsm Change In Fair Value Of Contingent Considerations
ChangeInFairValueOfContingentConsiderations
5711000
axsm Change In Fair Value Of Contingent Considerations
ChangeInFairValueOfContingentConsiderations
-902000
axsm Non Cash Lease Expense
NonCashLeaseExpense
1115000
axsm Non Cash Lease Expense
NonCashLeaseExpense
836000
axsm Change In Operating Lease Liability
ChangeInOperatingLeaseLiability
-59000
axsm Change In Operating Lease Liability
ChangeInOperatingLeaseLiability
-765000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
40716000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
20302000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3268000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
9000
axsm Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
4018000
axsm Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
2412000
axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
-601000
axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
727000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9507000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-305000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
25091000
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
30727000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-114718000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-88948000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
575000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
521000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
53000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-575000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-53521000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2297000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
487000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
258750000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
243763000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
15668000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
6975000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11274000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3422000
axsm Payment Of Contingent Consideration
PaymentOfContingentConsideration
-4489000
axsm Payment Of Contingent Consideration
PaymentOfContingentConsideration
-838000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1555000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
369000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
331015000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
283516000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
215722000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
141047000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
200842000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86473000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
416564000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
227520000
us-gaap Interest Paid Net
InterestPaidNet
11862000
us-gaap Interest Paid Net
InterestPaidNet
5117000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
7764000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
561000
axsm Fair Value Of Contingent Consideration In A Business Combination
FairValueOfContingentConsiderationInABusinessCombination
38222000
axsm Fair Value Of Contingent Consideration In A Business Combination
FairValueOfContingentConsiderationInABusinessCombination
34400000
CY2023Q3 axsm Number Of Not Yet Approved Product Candidates
NumberOfNotYetApprovedProductCandidates
3
CY2023Q3 axsm Number Of Approved Products
NumberOfApprovedProducts
2
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
416600000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">Concentration of Risk</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;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 September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">, the majority of the Company’s cash was held by </span><span style="font-size:9pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;min-width:fit-content;"> financial institutions and amounts on deposit were in excess of government-provided insurance limits. The Company </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;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:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Risk, Other </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9pt;font-family:Times New Roman;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>
CY2023Q3 axsm Number Of Financial Institutions Holding Deposits
NumberOfFinancialInstitutionsHoldingDeposits
2
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1591000
CY2023Q3 axsm Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
23409000
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
60 days or less
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q3 axsm Number Of Customers
NumberOfCustomers
3
CY2022Q4 axsm Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
18028000
CY2023Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2023Q3 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2023Q3 us-gaap Advertising Expense
AdvertisingExpense
28100000
us-gaap Advertising Expense
AdvertisingExpense
76200000
CY2022Q3 us-gaap Advertising Expense
AdvertisingExpense
13800000
us-gaap Advertising Expense
AdvertisingExpense
32300000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
CY2023Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
54893000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39715261
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.32
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.32
CY2022Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
2580000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
12592000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
5579000
CY2023Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
333000
CY2022Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
204000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
855000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
49694
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-153625
CY2023Q3 axsm Trade Receivables
TradeReceivables
88387000
CY2022Q4 axsm Trade Receivables
TradeReceivables
46796000
CY2023Q3 axsm Reserves For Variable Consideration
ReservesForVariableConsideration
9972000
CY2022Q4 axsm Reserves For Variable Consideration
ReservesForVariableConsideration
9097000
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
78415000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
37699000
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
4509000
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2473000
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
10194000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
13964000
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8706000
CY2023Q3 us-gaap Inventory Net
InventoryNet
9985000
CY2022Q4 us-gaap Inventory Net
InventoryNet
4320000
CY2023Q3 us-gaap Inventory Noncurrent
InventoryNoncurrent
13424000
CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
13708000
CY2023Q3 axsm Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
23409000
CY2022Q4 axsm Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
18028000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q4 us-gaap Goodwill
Goodwill
10310000
us-gaap Goodwill Period Increase Decrease
GoodwillPeriodIncreaseDecrease
1732000
CY2023Q3 us-gaap Goodwill
Goodwill
12042000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
59661000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
4768000
CY2023Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P9Y
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1607000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6392000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6375000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
6375000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
6375000
CY2023Q3 axsm Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
27769000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
54893000
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
37000000
axsm Change In Fair Value Of Contingent Considerations
ChangeInFairValueOfContingentConsiderations
5711000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
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CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
38222000
CY2023Q2 axsm Fair Value Of Warrant Liability
FairValueOfWarrantLiability
900000
CY2023Q3 axsm Loss On Measurement Of Warrant Liability
LossOnMeasurementOfWarrantLiability
100000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
462000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.17
CY2023Q3 axsm Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
4323000
CY2022Q4 axsm Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
4714000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
14485000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
11284000
CY2023Q3 axsm Accrued Selling General And Administrative Current
AccruedSellingGeneralAndAdministrativeCurrent
6400000
CY2022Q4 axsm Accrued Selling General And Administrative Current
AccruedSellingGeneralAndAdministrativeCurrent
6596000
CY2023Q3 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
42396000
CY2022Q4 us-gaap Accrued Sales Commission Current
AccruedSalesCommissionCurrent
26545000
CY2023Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
9245000
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1617000
CY2023Q3 us-gaap Interest Payable Current
InterestPayableCurrent
1605000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
875000
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
51631000
CY2023Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
4890000
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180000000
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
95000000
CY2023Q3 axsm Debt Instrument Accreted Final Payment Fee
DebtInstrumentAccretedFinalPaymentFee
2267000
CY2022Q4 axsm Debt Instrument Accreted Final Payment Fee
DebtInstrumentAccretedFinalPaymentFee
1363000
CY2023Q3 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
4821000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
2104000
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
177446000
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
94259000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
180000000
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180000000
CY2023Q2 axsm Sublease Agreement Term
SubleaseAgreementTerm
P10Y
CY2023Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47117196
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41704362
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41704362
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44783380
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
141000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
720000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2452000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2521000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2521000
CY2023Q3 axsm Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
3204000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11559000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3430000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
8129000
axsm Equity Instrument Voting Rights Per Share
EquityInstrumentVotingRightsPerShare
1
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6617728
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
31.80
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
302564
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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40.52
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
244068
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
8150189
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
40.52
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y3M18D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4193559
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.42
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
183507
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
53.38
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
160600000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
6169
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44783380
us-gaap Weighted Average Number Of Shares Outstanding Basic
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39715261
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16368
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9197
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
43705
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26958
CY2023Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
900000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
2400000
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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50796
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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axsm Warrants Issued In Period
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28424
axsm Warrants Issued In Period Weighted Average Exercise Price
WarrantsIssuedInPeriodWeightedAverageExercisePrice
74.75
axsm Warrants Exercised In Period
WarrantsExercisedInPeriod
0
axsm Warrants Exercised In Period Weighted Average Exercise Price
WarrantsExercisedInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
56.80
CY2023Q3 us-gaap Net Income Loss
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9027695
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7282612
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
57794000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16846000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
199070000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25666000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
57794000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
16846000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
199070000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25666000
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-62877000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-139302000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-678000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1285000
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.011
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.009
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-700000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
CY2023Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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axsm-20230930.htm Edgar Link pending
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