$AXSM
Axsome Therapeutics, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024090828 Filed on August 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $104.8M $87.17M
YoY Change 81.27% 86.65%
Cost Of Revenue $8.437M $8.055M
YoY Change 29.2% 75.15%
Gross Profit $96.33M $79.11M
YoY Change 87.91% 87.91%
Gross Profit Margin 91.95% 90.76%
Selling, General & Admin $95.56M $103.6M
YoY Change 14.88% 31.19%
% of Gross Profit 99.21% 130.9%
Research & Development $45.39M $49.85M
YoY Change 57.78% 142.23%
% of Gross Profit 47.12% 63.02%
Depreciation & Amortization $2.061M $1.590M
YoY Change 17.77% -5.86%
% of Gross Profit 2.14% 2.01%
Operating Expenses $141.0M $153.4M
YoY Change 25.9% 54.15%
Operating Profit -$62.62M -$78.05M
YoY Change 0.81% 19.97%
Interest Expense -$1.978M -$1.299M
YoY Change 160.26% -52.42%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$64.60M -$79.35M
YoY Change 2.74% 17.05%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$64.60M -$79.35M
YoY Change 3.86% 18.13%
Net Earnings / Revenue -61.67% -91.03%
Basic Earnings Per Share -$1.34 -$1.67
Diluted Earnings Per Share -$1.34 -$1.67
COMMON SHARES
Basic Shares Outstanding 48.00M 47.50M
Diluted Shares Outstanding 48.14M 47.57M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $327.3M $315.7M
YoY Change -21.43% -27.79%
Cash & Equivalents $327.3M $315.7M
Short-Term Investments
Other Short-Term Assets $13.41M $11.81M
YoY Change 97.22% 99.76%
Inventory $14.27M $15.22M
Prepaid Expenses
Receivables $124.1M $120.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $479.1M $463.0M
YoY Change -6.38% -10.9%
LONG-TERM ASSETS
Property, Plant & Equipment $683.0K $724.0K
YoY Change -29.66% -1.63%
Goodwill $12.00M $12.00M
YoY Change -0.35% -0.35%
Intangibles $48.50M $50.11M
YoY Change -11.64% -11.32%
Long-Term Investments
YoY Change
Other Assets $15.39M $50.11M
YoY Change 9.14% 228.31%
Total Long-Term Assets $82.35M $85.20M
YoY Change -7.58% -7.34%
TOTAL ASSETS
Total Short-Term Assets $479.1M $463.0M
Total Long-Term Assets $82.35M $85.20M
Total Assets $561.5M $548.2M
YoY Change -6.56% -10.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $64.25M $61.34M
YoY Change 120.82% 42.79%
Accrued Expenses $122.0M $118.2M
YoY Change 54.66% 79.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.280M $1.197M
YoY Change
Total Short-Term Liabilities $196.2M $186.6M
YoY Change 71.1% 62.27%
LONG-TERM LIABILITIES
Long-Term Debt $180.0M $179.3M
YoY Change 1.44% 1.42%
Other Long-Term Liabilities $89.42M $76.45M
YoY Change 128.11% 86.28%
Total Long-Term Liabilities $180.0M $179.3M
YoY Change 1.44% 1.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $196.2M $186.6M
Total Long-Term Liabilities $180.0M $179.3M
Total Liabilities $468.6M $445.4M
YoY Change 41.41% 33.81%
SHAREHOLDERS EQUITY
Retained Earnings -$1.048B -$983.3M
YoY Change 42.2% 45.74%
Common Stock $1.141B $1.086B
YoY Change 13.35% 13.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.90M $102.9M
YoY Change
Total Liabilities & Shareholders Equity $561.5M $548.2M
YoY Change -6.56% -10.37%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$64.60M -$79.35M
YoY Change 3.86% 18.13%
Depreciation, Depletion And Amortization $2.061M $1.590M
YoY Change 17.77% -5.86%
Cash From Operating Activities -$18.63M -$30.11M
YoY Change -65.21% -45.6%
INVESTING ACTIVITIES
Capital Expenditures $90.00K $52.00K
YoY Change -76.32% -60.9%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$90.00K -$52.00K
YoY Change -76.32% -60.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.40M 14.38M
YoY Change -8.89% -94.16%
NET CHANGE
Cash From Operating Activities -18.63M -30.11M
Cash From Investing Activities -90.00K -52.00K
Cash From Financing Activities 30.40M 14.38M
Net Change In Cash 11.68M -15.78M
YoY Change -156.83% -108.28%
FREE CASH FLOW
Cash From Operating Activities -$18.63M -$30.11M
Capital Expenditures $90.00K $52.00K
Free Cash Flow -$18.72M -$30.16M
YoY Change -65.29% -45.64%

Facts In Submission

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axsm Increase Decrease In Prepaid Expense And Other Assets Current
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axsm Non Current Inventory And Other Assets
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axsm Non Current Inventory And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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axsm Proceeds From Issuance Of Common Stock Upon Exercise Of Options And Under Employee Stock Purchase Plan
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axsm Proceeds From Issuance Of Common Stock Upon Exercise Of Options And Under Employee Stock Purchase Plan
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us-gaap Net Cash Provided By Used In Financing Activities
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CY2024Q2 axsm Number Of Not Yet Approved Product Candidates
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us-gaap Use Of Estimates
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<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>
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us-gaap Concentration Risk Credit Risk
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<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 June 30, 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>
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y3M18D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
245888
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
64.42
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
177500000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21382000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15922000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41572
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28865
CY2024Q2 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
300000
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
700000
CY2023Q2 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
1600000
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
79220
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
56.8
axsm Warrants Issued In Period
WarrantsIssuedInPeriod
0
axsm Warrants Issued In Period Weighted Average Exercise Price
WarrantsIssuedInPeriodWeightedAverageExercisePrice
0
axsm Warrants Exercised In Period
WarrantsExercisedInPeriod
0
axsm Warrants Exercised In Period Weighted Average Exercise Price
WarrantsExercisedInPeriodWeightedAverageExercisePrice
0
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
79220
CY2024Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
56.8
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-79345000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-67170000
us-gaap Net Income Loss
NetIncomeLoss
-147702000
us-gaap Net Income Loss
NetIncomeLoss
-78388000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47573229
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47573229
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43669820
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43669820
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47482602
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47482602
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43597131
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43597131
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.67
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.67
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.54
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.54
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.8
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.8
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9983984
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8786507
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87166000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
46700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
162165000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141276000
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87166000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
46700000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
162165000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
141276000
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-79345000
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-67787000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-147702000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-76425000
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-617000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1963000
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.009
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.026
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2000000
CY2024Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0

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