Axsome Therapeutics
Developer of CNS medicines for depression, Alzheimer’s agitation, daytime sleepiness, and migraine.
Something off on this page? Send us feedback.
Profile
Develops and sells CNS medicines for depression and Alzheimer’s agitation, excessive daytime sleepiness, and migraine, while advancing candidates for narcolepsy and other neurological and psychiatric conditions. Revenue is concentrated in U.S. product sales, and the business depends on FDA approval, payer access, and outsourced manufacturing and distribution.
Develops and commercializes medicines for central nervous system conditions through a single operating segment. Auvelity treats major depressive disorder and agitation associated with dementia due to Alzheimer’s disease; Sunosi treats excessive daytime sleepiness tied to narcolepsy or obstructive sleep apnea; and Symbravo treats acute migraine in adults.
Combines internal drug development with acquired and licensed assets, supported by a focused U.S. commercial organization. AXS-12, a narcolepsy candidate, is under FDA review, while other programs target fibromyalgia and additional neurological and psychiatric conditions. Product sales are concentrated in the United States, with Sunosi rights extending to international markets outside selected Asian countries.
Commercialization depends on regulatory approvals, payer coverage and reimbursement, patent protection, and third parties for manufacturing, clinical work, warehousing, and distribution.
Company facts
Key statistics
Year to date +11.4% · Average volume (30d) 660.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 12, 2026 | Mizuho Securities | Target | $230 | $316 | |
| Aug 11, 2026 | RBC Capital | Reiterate | Outperform | $304 | $297 |
| Aug 11, 2026 | Morgan Stanley | Reiterate | Equal Weight | $242 | $251 |
| Aug 11, 2026 | Needham | Reiterate | Buy | $267 | $268 |
| Aug 11, 2026 | Guggenheim | Reiterate | Buy | $260 | $275 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 10, 2026Q2 FY26 | −$0.89 | −$0.99 | −11.0% | $221.1M | $216.4M | −2.2% | +3.83% |
| May 4, 2026Q1 FY26 | −$0.85 | −$1.26 | −48.2% | $190.9M | $189.4M | −0.8% | −0.29% |
| Feb 23, 2026Q4 FY25 | −$0.70 | −$0.71 | −1.4% | $193.4M | $194.7M | +0.7% | −2.75% |
| Nov 3, 2025Q3 FY25 | −$0.82 | −$0.94 | −14.6% | $191.3M | $171.0M | −10.6% | −0.60% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $121.5M | $150.0M | $171.0M | $196.0M | $191.2M | $218.4M | |
| Gross profit | $111.7M | $136.6M | $159.1M | $183.7M | $176.5M | $204.8M | |
| Operating income | −$57.0M | −$36.7M | −$46.1M | −$29.4M | −$63.4M | −$49.6M | |
| Net income | −$59.4M | −$48.0M | −$47.2M | −$28.6M | −$64.5M | −$51.3M | |
| Diluted EPS | −$1.22 | −$0.97 | −$0.94 | −$0.56 | −$1.26 | −$0.99 | |
| Gross margin | 91.9% | 91.0% | 93.0% | 93.7% | 92.3% | 93.8% | |
| Operating margin | -46.9% | -24.5% | -27.0% | -15.0% | -33.1% | -22.7% |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $50.0M · FY23 $270.6M · FY24 $385.7M · FY25 $638.5M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $319.9M · Total debt $219.2M · Total assets $761.4M · Shareholders' equity $83.3M
Dividends
No dividends on record.
Ownership
Shares outstanding 51.46M · Float 43.56M · 84.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 3.10M | 6.03% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 1.98M | 3.85% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.97M | 3.82% | 13F | Aug 13, 2026 |
| Invesco Ltd. | 1.67M | 3.25% | 13F | Aug 14, 2026 |
| FMR LLC | 1.54M | 2.99% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 6, 2026 | Herriot Tabuteau | director, 10 percent owner, officer: Chief Executive Officer | −4,660 | $213.95 |
| Aug 5, 2026 | Herriot Tabuteau | director, 10 percent owner, officer: Chief Executive Officer | −45,004 | $212.01 |
| Jul 1, 2026 | Herriot Tabuteau | director, 10 percent owner, officer: Chief Executive Officer | −49,666 | $240.25 |
| Jun 11, 2026 | Roger Jeffs | director | −286 | $249.12 |
| Jun 10, 2026 | Roger Jeffs | director | −286 | $246.18 |
Peers
- Johnson & Johnson
Spravato and Caplyta contest Auvelity across MDD, TRD, and schizophrenia.
- Jazz Pharmaceuticals
Dominant narcolepsy franchise with Xywav directly competing with Sunosi.
- Harmony Biosciences
Pure-play narcolepsy company; Wakix targets the same EDS patients as Sunosi.
- Neurocrine Biosciences
Phase 3 MDD and schizophrenia programs directly challenge Auvelity and pipeline.
- AbbVie
Dominant gepant franchise and Vraylar adjunct bracket Symbravo and Auvelity.
- Acadia Pharmaceuticals
CNS neuropsychiatric peer with MDD and Alzheimer's-disease pipeline overlap.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Axsome Therapeutics | $199.00 | −0.04% | $10.24B | — | 1,707.6 | 13.2 | +44.2% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Jazz Pharmaceuticals | $244.54 | +0.02% | $15.36B | 16.7 | 9.7 | 3.3 | +15.6% |
| Harmony Biosciences | $39.21 | −0.03% | $2.27B | 12.7 | 10.1 | 2.4 | +30.3% |
| Neurocrine Biosciences | $154.94 | +0.57% | $15.49B | 22.6 | 16.9 | 4.6 | +39.5% |
| AbbVie | $255.80 | +0.13% | $451.38B | 72.0 | 16.8 | 7.0 | +10.2% |
| Acadia Pharmaceuticals | $29.17 | +0.18% | $4.98B | 13.1 | 32.7 | 4.4 | +16.4% |
| Median | 19.7 | 16.8 | 4.5 | +16.0% |