$AXSM
Axsome Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024053697 Filed on May 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $87.17M $75.00M
YoY Change 86.65% -20.7%
Cost Of Revenue $8.055M $6.297M
YoY Change 75.15% -16.66%
Gross Profit $79.11M $68.70M
YoY Change 87.91% -21.05%
Gross Profit Margin 90.76% 91.6%
Selling, General & Admin $103.6M $98.97M
YoY Change 31.19% 33.4%
% of Gross Profit 130.9% 144.06%
Research & Development $49.85M $36.83M
YoY Change 142.23% 106.99%
% of Gross Profit 63.02% 53.61%
Depreciation & Amortization $1.590M $132.0K
YoY Change -5.86% 46.67%
% of Gross Profit 2.01% 0.19%
Operating Expenses $153.4M $135.8M
YoY Change 54.15% 47.63%
Operating Profit -$78.05M -$67.28M
YoY Change 19.97% 955.46%
Interest Expense -$1.299M -$1.082M
YoY Change -52.42% -52.21%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$79.35M -$68.36M
YoY Change 17.05% 691.35%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$79.35M -$68.36M
YoY Change 18.13% 509.35%
Net Earnings / Revenue -91.03% -91.14%
Basic Earnings Per Share -$1.67 -$1.44
Diluted Earnings Per Share -$1.67 -$1.44
COMMON SHARES
Basic Shares Outstanding 47.50M 47.37M
Diluted Shares Outstanding 47.57M 47.39M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.7M $331.4M
YoY Change -27.79% 34.45%
Cash & Equivalents $315.7M $331.4M
Short-Term Investments
Other Short-Term Assets $11.81M $12.03M
YoY Change 99.76% 131.34%
Inventory $15.22M $15.58M
Prepaid Expenses
Receivables $120.3M $101.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $463.0M $460.5M
YoY Change -10.9% 51.25%
LONG-TERM ASSETS
Property, Plant & Equipment $724.0K $812.0K
YoY Change -1.63% 15.5%
Goodwill $12.00M $12.00M
YoY Change -0.35% 16.39%
Intangibles $50.11M $51.70M
YoY Change -11.32% -11.0%
Long-Term Investments
YoY Change
Other Assets $50.11M $14.28M
YoY Change 228.31% -8.03%
Total Long-Term Assets $85.20M $85.24M
YoY Change -7.34% 0.6%
TOTAL ASSETS
Total Short-Term Assets $463.0M $460.5M
Total Long-Term Assets $85.20M $85.24M
Total Assets $548.2M $545.7M
YoY Change -10.37% 40.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.34M $53.79M
YoY Change 42.79% 50.38%
Accrued Expenses $118.2M $83.87M
YoY Change 79.96% 42.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.197M $632.0K
YoY Change
Total Short-Term Liabilities $186.6M $144.0M
YoY Change 62.27% 43.11%
LONG-TERM LIABILITIES
Long-Term Debt $179.3M $178.7M
YoY Change 1.42% 21.05%
Other Long-Term Liabilities $76.45M $77.26M
YoY Change 86.28% 165.49%
Total Long-Term Liabilities $179.3M $178.7M
YoY Change 1.42% 21.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $186.6M $144.0M
Total Long-Term Liabilities $179.3M $178.7M
Total Liabilities $445.4M $401.7M
YoY Change 33.81% 44.82%
SHAREHOLDERS EQUITY
Retained Earnings -$983.3M -$903.9M
YoY Change 45.74% 48.77%
Common Stock $1.086B $1.048B
YoY Change 13.91% 45.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $102.9M $144.0M
YoY Change
Total Liabilities & Shareholders Equity $548.2M $545.7M
YoY Change -10.37% 40.23%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$79.35M -$68.36M
YoY Change 18.13% 509.35%
Depreciation, Depletion And Amortization $1.590M $132.0K
YoY Change -5.86% 46.67%
Cash From Operating Activities -$30.11M -$53.47M
YoY Change -45.6% 818.52%
INVESTING ACTIVITIES
Capital Expenditures $52.00K $98.00K
YoY Change -60.9% 38.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$52.00K -$98.00K
YoY Change -60.9% 38.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.38M -1.187M
YoY Change -94.16% -102.3%
NET CHANGE
Cash From Operating Activities -30.11M -53.47M
Cash From Investing Activities -52.00K -98.00K
Cash From Financing Activities 14.38M -1.187M
Net Change In Cash -15.78M -54.75M
YoY Change -108.28% -219.88%
FREE CASH FLOW
Cash From Operating Activities -$30.11M -$53.47M
Capital Expenditures $52.00K $98.00K
Free Cash Flow -$30.16M -$53.57M
YoY Change -45.64% 809.11%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
45673000
CY2023Q4 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
200842000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
331441000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
246515000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
3216000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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561000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2492000
CY2024Q1 axsm Number Of Not Yet Approved Product Candidates
NumberOfNotYetApprovedProductCandidates
3
CY2024Q1 axsm Number Of Approved Products
NumberOfApprovedProducts
2
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q1 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>
CY2024Q1 us-gaap Number Of Operating Segments
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1
CY2024Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
331400000
CY2024Q1 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 deposits at financial institutions, which cash deposits exceed insured limits. At March 31, 2024</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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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-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;">- </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>
CY2024Q1 axsm Number Of Financial Institutions Holding Deposits
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2
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1
CY2024Q1 us-gaap Goodwill
Goodwill
12000000
CY2023Q4 us-gaap Goodwill
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60 days or less
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
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0
CY2024Q1 axsm Number Of Customers
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3
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CY2024Q1 us-gaap Advertising Expense
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CY2023Q1 us-gaap Advertising Expense
AdvertisingExpense
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CY2024Q1 us-gaap Income Tax Expense Benefit
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CY2024Q1 us-gaap Inventory Work In Process
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CY2023Q4 us-gaap Inventory Work In Process
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TradeReceivables
107320000
CY2024Q1 axsm Reserves For Variable Consideration
ReservesForVariableConsideration
13685000
CY2023Q4 axsm Reserves For Variable Consideration
ReservesForVariableConsideration
12500000
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101434000
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6375000
CY2024Q1 axsm Inventory Current And Noncurrent
InventoryCurrentAndNoncurrent
26664000
CY2023Q4 axsm Inventory Current And Noncurrent
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25464000
CY2024Q1 us-gaap Inventory Write Down
InventoryWriteDown
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CY2024Q1 us-gaap Inventory Noncurrent
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CY2023Q4 us-gaap Inventory Noncurrent
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25464000
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12103000
CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
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51697000
CY2024Q1 us-gaap Finite Lived Intangible Asset Useful Life
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P8Y
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1600000
CY2023Q1 us-gaap Amortization Of Intangible Assets
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1600000
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4803000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2024Q1 axsm Change In Fair Value Of Contingent Considerations
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CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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76388000
CY2024Q1 axsm Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
7625000
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3505000
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5927000
CY2024Q1 us-gaap Interest Payable Current
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1659000
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CY2024Q1 us-gaap Accounts Payable And Other Accrued Liabilities Current
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CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180000000
CY2024Q1 axsm Debt Instrument Accreted Final Payment Fee
DebtInstrumentAccretedFinalPaymentFee
2959000
CY2023Q4 axsm Debt Instrument Accreted Final Payment Fee
DebtInstrumentAccretedFinalPaymentFee
2610000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
4270000
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
4540000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
178689000
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
178070000
CY2024Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
4869000
CY2023Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
3635000
CY2024Q1 us-gaap Amortization Of Financing Costs
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349000
CY2023Q1 us-gaap Amortization Of Financing Costs
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250000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
180000000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
180000000
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LesseeOperatingLeaseExistenceOfOptionToExtend
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P10Y
CY2024Q1 us-gaap Lessee Operating Lease Renewal Term
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P4Y
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OperatingLeaseWeightedAverageDiscountRatePercent
0.12
CY2024Q1 us-gaap Lessee Finance Lease Renewal Term1
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CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2024Q1 axsm Finance Lease Liability Recognized In Exchange Of Right Of Use Asset
FinanceLeaseLiabilityRecognizedInExchangeOfRightOfUseAsset
2500000
CY2024Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
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CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
2300000
CY2024Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y4M24D
CY2024Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
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CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
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CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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2521000
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Four
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CY2024Q1 us-gaap Finance Lease Liability Payments Due
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Finance Lease Liability
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CY2024Q1 axsm Equity Instrument Voting Rights Per Share
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2024Q1 axsm Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures Or Canceled In Period
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EarningsPerShareBasic
-1.44
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.44
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10211501
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8894773
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
74999000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94576000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
74999000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94576000
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-68357000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8638000
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2580000
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.299
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000
CY2024Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0

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