10-Q · May 4, 2026
Axsome Therapeutics reported Q1 2026 revenues of $191.2 million, a notable increase of 57% year-over-year, while EPS was -$1.26, missing estimates by 43%. Management highlighted strong growth from AUVELITY and SUNOSI,…
Earnings analysis · 10-Q
AXSM earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
Axsome delivered strong commercial growth, with Q2 2026 revenue of $218.4 million, up 46% year over year and led by AUVELITY revenue of $180.3 million. EPS of $(0.99) improved from $(1.26) in Q1 but missed consensus of…
Read full summary
Axsome delivered strong commercial growth, with Q2 2026 revenue of $218.4 million, up 46% year over year and led by AUVELITY revenue of $180.3 million. EPS of $(0.99) improved from $(1.26) in Q1 but missed consensus of $(0.87) and remained below $(0.97) a year earlier. Cash of $319.9 million supports management’s stated plan to reach cash-flow positivity, but the $115.9 million first-half net loss, ongoing development spending, and debt covenant requirements keep the risk profile elevated.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.99
- Segment
- AUVELITY: $180.3 million of Q2 2026 revenue
What stood out
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Revenue growth accelerated
Q2 2026 revenue was $218.4 million, up 46% year over year from $150.0 million in Q2 2025 and up 14% sequentially from $191.0 million in Q1 2026.
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AUVELITY remains the growth engine
AUVELITY generated $180.3 million of Q2 2026 revenue, representing approximately 83% of total quarterly revenue of $218.4 million.
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EPS improved sequentially, not year over year
Reported EPS was $(0.99), compared with $(1.26) in Q1 2026, an improvement of $0.27 sequentially, but deteriorated from $(0.97) in Q2 2025.
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AXS-12 reached regulatory review
The FDA accepted the AXS-12 NDA in July 2026 for cataplexy in narcolepsy, with a PDUFA target action date of May 1, 2027.
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Liquidity supports ongoing operations
Cash was $319.9 million at June 30, 2026, compared with $322.9 million at December 31, 2025, and management said it expects current cash to fund operations into cash flow positivity.
What to watch
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Losses remain substantial
The company reported a six-month net loss of $115.9 million and an accumulated deficit of $1,421.8 million as of June 30, 2026, indicating continued dependence on commercial growth and liquidity management to reach profitability.
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Debt covenants constrain flexibility
The Blackstone facility permits aggregate loans of up to $570.0 million and includes a $30.0 million minimum liquidity covenant. A covenant breach could accelerate repayment and terminate further commitments.
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Pharmaceutical tariff exposure increased
The revised political and trade-risk discussion cites tariffs of up to 100% on certain patented pharmaceuticals and related ingredients, with phased effective dates beginning July 31, 2026 and September 29, 2026. Although management does not currently anticipate a material impact, implementation could pressure pricing and supply-chain economics.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management stated that current cash is sufficient to fund anticipated operations into cash flow positivity based on the current operating plan.
Earlier filings 4
10-K · February 23, 2026
Axsome’s 2025 10-K shows rapid commercial execution: three launched products (AUVELITY, SUNOSI, SYMBRAVO) generated $638.5 million in 2025 revenue (66% YoY). Gross margins remain high quarter-to-quarter and operating…
10-Q · November 3, 2025
Axsome reported a strong top-line quarter with total revenues of $170,992,000 (product sales $169,784,000) — up $66,230,000 versus Q3 2024 and $20,988,000 versus Q2 2025 — while gross margin remained high at 93.0%.…
10-Q · August 4, 2025
Axsome reported strong Q2 results with total revenues of $150.042M (product sales $148.959M), a 72% increase vs. Q2 2024 ($87.166M), and materially improved operating performance: operating loss narrowed to $(36.714)M…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.