$AXSM
Axsome Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024019118 Filed on February 23, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $75.00M $71.53M $270.6M
YoY Change -20.7% 193.5%
Cost Of Revenue $6.297M $7.377M $26.07M
YoY Change -16.66% 222.01% 401.25%
Gross Profit $68.70M $64.15M $244.5M
YoY Change -21.05% 190.54% -4802.6%
Gross Profit Margin 91.6% 89.69% 90.37%
Selling, General & Admin $98.97M $86.81M $323.1M
YoY Change 33.4% 41.16% 102.9%
% of Gross Profit 144.06% 135.32% 132.14%
Research & Development $36.83M $30.80M $97.94M
YoY Change 106.99% 109.64% 69.02%
% of Gross Profit 53.61% 48.01% 40.05%
Depreciation & Amortization $132.0K $1.607M $459.0K
YoY Change 46.67% -5.03% 74.23%
% of Gross Profit 0.19% 2.5% 0.19%
Operating Expenses $135.8M $162.4M $421.1M
YoY Change 47.63% 98.09% 93.86%
Operating Profit -$67.28M -$98.27M -$231.8M
YoY Change 955.46% 64.02% 28.94%
Interest Expense -$1.082M -$703.0K -$6.453M
YoY Change -52.21% -46.85% -12.02%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$68.36M -$98.98M -$238.3M
YoY Change 691.35% 61.62% 27.33%
Income Tax $0.00 -$325.0K $1.000M
% Of Pretax Income
Net Earnings -$68.36M -$98.65M -$239.2M
YoY Change 509.35% 61.09% 27.84%
Net Earnings / Revenue -91.14% -137.91% -88.41%
Basic Earnings Per Share -$1.44 -$5.27
Diluted Earnings Per Share -$1.44 -$2.08 -$5.27
COMMON SHARES
Basic Shares Outstanding 47.37M 47.32M 45.43M
Diluted Shares Outstanding 47.39M 45.43M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $331.4M $386.2M $386.2M
YoY Change 34.45% 92.29% 92.29%
Cash & Equivalents $331.4M $386.2M $386.2M
Short-Term Investments
Other Short-Term Assets $12.03M $8.115M $8.115M
YoY Change 131.34% 191.84% 191.84%
Inventory $15.58M $15.14M $15.14M
Prepaid Expenses
Receivables $101.4M $94.82M $94.82M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $460.5M $504.3M $504.3M
YoY Change 51.25% 105.28% 105.28%
LONG-TERM ASSETS
Property, Plant & Equipment $812.0K $846.0K $7.618M
YoY Change 15.5% 17.09% 566.6%
Goodwill $12.00M $12.04M
YoY Change 16.39% 16.8%
Intangibles $51.70M $53.29M
YoY Change -11.0% -10.69%
Long-Term Investments
YoY Change
Other Assets $14.28M $53.29M $11.03M
YoY Change -8.03% 261.97% -25.09%
Total Long-Term Assets $85.24M $83.97M $83.97M
YoY Change 0.6% -2.17% -2.17%
TOTAL ASSETS
Total Short-Term Assets $460.5M $504.3M $504.3M
Total Long-Term Assets $85.24M $83.97M $83.97M
Total Assets $545.7M $588.2M $588.2M
YoY Change 40.23% 77.46% 77.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.79M $40.68M $40.68M
YoY Change 50.38% 5.37% 5.37%
Accrued Expenses $83.87M $91.77M $91.77M
YoY Change 42.44% 76.29% 76.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $632.0K
YoY Change
Total Short-Term Liabilities $144.0M $138.9M $138.9M
YoY Change 43.11% 43.8% 43.8%
LONG-TERM LIABILITIES
Long-Term Debt $178.7M $178.1M $178.1M
YoY Change 21.05% 88.92% 88.92%
Other Long-Term Liabilities $77.26M $80.34M $80.34M
YoY Change 165.49% 158.31% 158.31%
Total Long-Term Liabilities $178.7M $178.1M $258.4M
YoY Change 21.05% 88.92% 106.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $144.0M $138.9M $138.9M
Total Long-Term Liabilities $178.7M $178.1M $258.4M
Total Liabilities $401.7M $397.3M $397.3M
YoY Change 44.82% 79.01% 79.01%
SHAREHOLDERS EQUITY
Retained Earnings -$903.9M -$835.6M
YoY Change 48.77% 40.13%
Common Stock $1.048B $1.027B
YoY Change 45.68% 45.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.0M $191.0M $191.0M
YoY Change
Total Liabilities & Shareholders Equity $545.7M $588.2M $588.2M
YoY Change 40.23% 77.46% 77.46%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$68.36M -$98.65M -$239.2M
YoY Change 509.35% 61.09% 27.84%
Depreciation, Depletion And Amortization $132.0K $1.607M $459.0K
YoY Change 46.67% -5.03% 74.23%
Cash From Operating Activities -$53.47M -$30.36M -$145.1M
YoY Change 818.52% 10.15% 24.52%
INVESTING ACTIVITIES
Capital Expenditures $98.00K $7.000K $582.0K
YoY Change 38.03% -96.13% -17.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$98.00K -$7.000K -$582.0K
YoY Change 38.03% -96.13% -98.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $258.8M
YoY Change 9.27%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.187M -2.000K 331.0M
YoY Change -102.3% -100.19% 16.32%
NET CHANGE
Cash From Operating Activities -53.47M -30.36M -145.1M
Cash From Investing Activities -98.00K -7.000K -582.0K
Cash From Financing Activities -1.187M -2.000K 331.0M
Net Change In Cash -54.75M -30.37M 185.4M
YoY Change -219.88% 13.84% 62.06%
FREE CASH FLOW
Cash From Operating Activities -$53.47M -$30.36M -$145.1M
Capital Expenditures $98.00K $7.000K $582.0K
Free Cash Flow -$53.57M -$30.37M -$145.7M
YoY Change 809.11% 9.46% 24.27%

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CY2021 axsm Change In Operating Lease Liability
ChangeInOperatingLeaseLiability
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CY2023 us-gaap Increase Decrease In Accounts Receivable
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CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
37699000
CY2023 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
8156000
CY2022 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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CY2023 axsm Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
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CY2022 axsm Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
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CY2021 axsm Increase Decrease In Prepaid Expense And Other Assets Current
IncreaseDecreaseInPrepaidExpenseAndOtherAssetsCurrent
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CY2023 axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
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CY2022 axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
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CY2021 axsm Non Current Inventory And Other Assets
NonCurrentInventoryAndOtherAssets
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IncreaseDecreaseInAccountsPayable
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CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2023 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2021 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2021 us-gaap Net Cash Provided By Used In Operating Activities
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PaymentsToAcquirePropertyPlantAndEquipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Long Term Lines Of Credit
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CY2022 us-gaap Proceeds From Long Term Lines Of Credit
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ProceedsFromIssuanceOfCommonStock
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ProceedsFromIssuanceOfCommonStock
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CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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PaymentsOfStockIssuanceCosts
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PaymentsOfStockIssuanceCosts
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CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2021 us-gaap Proceeds From Stock Options Exercised
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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InterestPaidNet
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CY2022 axsm Fair Value Of Contingent Consideration In A Business Combination
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CY2022 axsm Warrants Issued With Debt Financing
WarrantsIssuedWithDebtFinancing
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CY2023Q4 axsm Number Of Not Yet Approved Product Candidates
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2
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="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:10pt;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-size:10pt;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 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; determination of fair value of warrants; accounting for research and development costs; accounting for acquisitions; impairments of goodwill and the intangible asset; determination of fair value of 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>
CY2023 us-gaap Number Of Operating Segments
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1
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CashEquivalentsAtCarryingValue
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CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="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:10pt;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-size:10pt;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-size:10pt;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 cash exceeds insured limits. At December 31, 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the majority of the Company’s cash was held by </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">two</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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 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-size:10pt;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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> The Company has a limited number of contract manufacturers for its products. At times the Company may have only one manufacturer or supplier for its products.</span></p>
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InventoryWriteDown
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InventoryNoncurrent
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Goodwill
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FiniteLivedIntangibleAssetUsefulLife
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AmortizationOfIntangibleAssets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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CY2023 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2023Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
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CY2023Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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DebtInstrumentCarryingAmount
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DebtInstrumentAccretedFinalPaymentFee
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CY2022Q4 axsm Debt Instrument Accreted Final Payment Fee
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CY2021 us-gaap Amortization Of Financing Costs
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554000
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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180000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180000000
CY2023 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
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CY2023Q1 axsm Sublease Agreement Term
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P10Y
CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
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P4Y3M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.12
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company entered into a lease for the previous office space at 22 Cortlandt St, New York, NY and extended the lease through April 30, 2023. The lease ended in April 2023
CY2023 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
extended the lease through April 30, 2023
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2021 us-gaap Operating Lease Expense
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CY2023 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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11445000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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3143000
CY2023Q4 us-gaap Operating Lease Liability
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CY2023 axsm Equity Instrument Voting Rights Per Share
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1
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31.8
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CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023 axsm Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures Or Canceled In Period
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CY2023 axsm Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures Or Canceled In Period Weighted Average Exercise Price
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53.23
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
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CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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CY2023Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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CY2023Q4 axsm Deferred Tax Assets Setion174 Capitlization
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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