$AXSM
Axsome Therapeutics, Inc.

2020 Q4 Form 10-Q Financial Statement

#000155837020012949 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.36M $6.330M $3.110M
YoY Change 98.47% 103.54% 41.36%
% of Gross Profit
Research & Development $17.38M $14.80M $15.84M
YoY Change -9.53% -6.57% 162.18%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% -50.0%
% of Gross Profit
Operating Expenses $27.74M $21.13M $18.95M
YoY Change 13.57% 11.5% 129.94%
Operating Profit -$21.13M -$18.95M
YoY Change 11.5%
Interest Expense -$1.470M -$550.0K -$330.0K
YoY Change 286.84% 66.67% 26.92%
% of Operating Profit
Other Income/Expense, Net $50.00K $0.00 $140.0K
YoY Change -100.0% -36.36%
Pretax Income -$29.16M -$22.92M -$19.14M
YoY Change 17.53% 19.75% 131.16%
Income Tax
% Of Pretax Income
Net Earnings -$29.16M -$22.92M -$19.14M
YoY Change 17.57% 19.8% 131.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$780.7K -$614.3K -$555.6K
COMMON SHARES
Basic Shares Outstanding 37.34M 37.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $183.9M $202.4M $43.60M
YoY Change -16.41% 364.22% 186.84%
Cash & Equivalents $183.9M
Short-Term Investments
Other Short-Term Assets $100.0K $900.0K $600.0K
YoY Change -75.0% 50.0% -14.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $184.0M $203.3M $44.20M
YoY Change -16.5% 359.89% 177.99%
LONG-TERM ASSETS
Property, Plant & Equipment $52.65K $39.75K $0.00
YoY Change 71.92% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $317.4K $317.4K $200.0K
YoY Change 126.9% 58.69% 100.0%
Total Long-Term Assets $2.109M $357.1K $200.0K
YoY Change 1137.26% 78.56% 0.0%
TOTAL ASSETS
Total Short-Term Assets $184.0M $203.3M $44.20M
Total Long-Term Assets $2.109M $357.1K $200.0K
Total Assets $186.1M $203.6M $44.40M
YoY Change -15.6% 358.62% 175.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.50M $11.32M $9.400M
YoY Change 23.4% 20.37% 123.81%
Accrued Expenses $9.900M $9.000M $8.400M
YoY Change -9.17% 7.14% 147.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $600.0K
YoY Change -100.0% -100.0% -81.82%
Total Short-Term Liabilities $23.44M $20.34M $18.50M
YoY Change -4.31% 9.95% 69.72%
LONG-TERM LIABILITIES
Long-Term Debt $48.32M $48.03M $19.10M
YoY Change 178.79% 151.45% 334.09%
Other Long-Term Liabilities $600.0K
YoY Change
Total Long-Term Liabilities $48.32M $48.03M $19.10M
YoY Change 178.79% 151.45% 334.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.44M $20.34M $18.50M
Total Long-Term Liabilities $48.32M $48.03M $19.10M
Total Liabilities $72.34M $68.37M $37.60M
YoY Change 72.95% 81.83% 144.16%
SHAREHOLDERS EQUITY
Retained Earnings -$278.8M -$249.6M
YoY Change 58.5%
Common Stock $392.6M $3.733K
YoY Change 10.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.8M $135.3M $6.823M
YoY Change
Total Liabilities & Shareholders Equity $186.1M $203.6M $44.40M
YoY Change -15.6% 358.62% 175.78%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$29.16M -$22.92M -$19.14M
YoY Change 17.57% 19.8% 131.11%
Depreciation, Depletion And Amortization $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% -50.0%
Cash From Operating Activities -$20.56M -$15.73M -$10.63M
YoY Change 17.02% 47.98% 79.86%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$20.00K $0.00
YoY Change 100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$20.00K $0.00
YoY Change 100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.090M 27.42M 520.0K
YoY Change -98.92% 5173.08% -34.18%
NET CHANGE
Cash From Operating Activities -20.56M -15.73M -10.63M
Cash From Investing Activities -20.00K -20.00K 0.000
Cash From Financing Activities 2.090M 27.42M 520.0K
Net Change In Cash -18.49M 11.67M -10.11M
YoY Change -110.49% -215.43% 97.08%
FREE CASH FLOW
Cash From Operating Activities -$20.56M -$15.73M -$10.63M
Capital Expenditures -$20.00K -$20.00K $0.00
Free Cash Flow -$20.54M -$15.71M -$10.63M
YoY Change 16.97% 47.79% 80.17%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">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; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.</p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
202400000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentration of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At September 30, 2020, the majority of the Company’s cash was held by one financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash.</p>
CY2020Q3 axsm Number Of Financial Institutions Holding Deposits
NumberOfFinancialInstitutionsHoldingDeposits
1
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2020Q3 axsm Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
5472963
CY2019Q4 axsm Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
8209594
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2522556
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2056356
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1030893
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
683178
CY2020Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
9026412
CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
10949128
CY2020Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
421004
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
1179338
CY2019Q3 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
383334
CY2020Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
87425
CY2019Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
120322
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
316246
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
50000000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2020Q3 axsm Debt Instrument Accreted Liability Of Final Payment Fee
DebtInstrumentAccretedLiabilityOfFinalPaymentFee
7690
CY2019Q4 axsm Debt Instrument Accreted Liability Of Final Payment Fee
DebtInstrumentAccretedLiabilityOfFinalPaymentFee
404364
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
1981582
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
405071
CY2019Q4 axsm Long Term Debt Current Net Of Noncurrent Debt Discount
LongTermDebtCurrentNetOfNoncurrentDebtDiscount
2666667
CY2020Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
48026108
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
17332626
CY2019Q4 axsm Long Term Debt Current Net Of Noncurrent Debt Discount
LongTermDebtCurrentNetOfNoncurrentDebtDiscount
2666667
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
64375
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2602292
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
12239903
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
19812629
CY2020Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
17947468
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
50000000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-22924815
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-19135612
us-gaap Net Income Loss
NetIncomeLoss
-73735953
us-gaap Net Income Loss
NetIncomeLoss
-43538202
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37311726
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34445489
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
642509
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y6M
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3458447
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37158513
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33771671
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.61
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.98
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.29
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4081318
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3295445
CY2019Q2 axsm Common Stock Sales Agreement Authorized Amount
CommonStockSalesAgreementAuthorizedAmount
50000000
CY2019Q2 axsm Common Stock Sales Agreement Commission Percentage
CommonStockSalesAgreementCommissionPercentage
0.030
CY2019Q4 axsm Common Stock Sales Agreement Authorized Amount
CommonStockSalesAgreementAuthorizedAmount
80000000
CY2019Q4 axsm Common Stock Sales Agreement Commission Percentage
CommonStockSalesAgreementCommissionPercentage
0.030
axsm Common Stock Sales Agreement Gross Sales
CommonStockSalesAgreementGrossSales
12400000
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
141678
axsm Common Stock Sales Agreement Net Sales
CommonStockSalesAgreementNetSales
12100000
axsm Equity Instrument Voting Rights Per Share
EquityInstrumentVotingRightsPerShare
1
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
54.27
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
123456
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
67645
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
41.57
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3909855
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.95
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
213789330
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3903686
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
16.98
axsm Warrants Issued In Period
WarrantsIssuedInPeriod
15541
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
213357801
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2319685
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.99
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y2M12D
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
142292294
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
11222
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2868818
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1156435
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9150373
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3301301
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
69656
CY2019Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.21
axsm Warrants Issued In Period Weighted Average Exercise Price
WarrantsIssuedInPeriodWeightedAverageExercisePrice
80.43
axsm Warrants Exercised In Period
WarrantsExercisedInPeriod
69656
axsm Warrants Exercised In Period Weighted Average Exercise Price
WarrantsExercisedInPeriodWeightedAverageExercisePrice
7.21
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
15541
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
80.43

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