Axsome Therapeutics reported second quarter 2026 total revenue of $218.4 million, a 46% year-over-year increase, primarily driven by the performance of its lead product, Auvelity. While total revenue slightly missed consensus estimates of $221.11 million, the company reported a net loss of $0.99 per share, which was exactly in line with expectations. Management emphasized that current cash reserves of $319.9 million remain sufficient to fund operations until the company reaches cash-flow positivity.
Key Highlights
- Auvelity net product sales reached $180.3 million, representing 51% year-over-year growth and exceeding the $178 million analyst estimate.
- Geriatric adoption surged following the June 2026 launch for Alzheimer’s disease agitation, with new-to-brand prescriptions for patients aged 65 and older increasing 126% sequentially.
- The FDA accepted the New Drug Application (NDA) for AXS-12 for cataplexy in narcolepsy, setting a PDUFA target action date of May 1, 2027.
- SG&A expenses increased to $208.1 million from $130.3 million in the prior year, reflecting the costs associated with the sales force expansion and Alzheimer's agitation launch.