Axsome Therapeutics, Inc.
AXSM evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for AXSM—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · AXSM
Axsome Therapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) conditions, with three marketed products (AUVELITY, SUNOSI, SYMBRAVO) and a pipeline of late-stage candidates for indications including narcolepsy, fibromyalgia, ADHD, and binge eating disorder.
Key risk: History of operating losses
BioSniper Score
Based on 6 of 6 signals
Market Cap
$10.42B
Cash Runway
38.3 moLead Asset
Auvelity (Approved)Next Catalyst
Phase3_Topline · Dec 1, 2026Financial data as of Jun 30, 2026.
Tracking 6 pipeline candidates · 18 clinical trials · 12 catalysts for Axsome Therapeutics, Inc..
Axsome Therapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) conditions, with three marketed products (AUVELITY, SUNOSI, SYMBRAVO) and a pipeline of late-stage candidates for indications including narcolepsy, fibromyalgia, ADHD, and binge eating disorder.
- Axsome has three FDA-approved products on the market: AUVELITY, SUNOSI, and SYMBRAVO [sec_mda · as of 2026-08-10].
- Total revenue was $218.4M for the six months ended June 30, 2026 [sec].
- Net loss was $51.3M for the six months ended June 30, 2026, and accumulated deficit was $1,370.5M as of March 31, 2026 [sec][sec_mda · as of 2026-05-04].
- Cash and equivalents were $319.9M as of June 30, 2026, with total debt of $79.0M [sec].
- Multiple Phase 3 trials for solriamfetol and other candidates are ongoing, with topline data expected from late 2026 through mid-2028 [upcoming catalysts].
What works
- Axsome has three commercial-stage products (AUVELITY, SUNOSI, SYMBRAVO) generating revenue, with total revenue of $218.4M in the first half of 2026 [sec].
- The company has a deep late-stage pipeline with multiple Phase 3 trials underway for solriamfetol in binge eating disorder, ADHD, and other indications, providing potential for future revenue growth [upcoming catalysts].
- Cash position of $319.9M as of June 30, 2026 provides a multi-year runway to fund ongoing operations and clinical programs [sec].
What to weigh
- Axsome has not achieved profitability since inception, with a net loss of $51.3M in the first half of 2026 and an accumulated deficit of $1,370.5M as of March 31, 2026 [sec][sec_mda · as of 2026-05-04].
- The company expects expenses to increase as it continues commercialization and development, and may need additional financing to support operations [sec_mda · as of 2026-08-10].
- Axsome has limited experience commercializing its products and faces risks common to CNS drug developers, including regulatory and clinical trial uncertainties [sec_mda · as of 2025-11-03].
From the filings
Quoted directly from source documents.
Axsome has three marketed products and a pipeline of CNS candidates.
“candidates addressing a broad range of serious neurological and psychiatric conditions, including narcolepsy, fibromyalgia, and ADHD. Refer to Part I, Item 1. "Business" for a summary of our marketed products and clinical development programs.”
SEC MD&A · February 23, 2026
The company has incurred significant net losses and a large accumulated deficit.
“We incurred net losses of $64.5 million and $59.4 million for the three months ended March 31, 2026 and 2025, respectively. Our accumulated deficit as of March 31, 2026 was $1,370.5 million”
SEC MD&A · May 4, 2026
Axsome may need additional financing to support operations.
“we may need additional financing to support our continuing operations. We may seek to fund our operations through public or private equity, debt financings, or other sources.”
SEC MD&A · August 10, 2026
Catalyst timeline
- 2026-12-01 · Phase3_Topline · solriamfetol — Phase 3 Topline: A Phase 3, Randomized, Double-blind, Placebo-Controlled Trial of Solriamfetol in Adults With Binge E — Topline data from a pivotal Phase 3 trial evaluating solriamfetol for binge eating disorder will be released.
- 2026-12-01 · Phase3_Topline · shift — Phase 3 Topline: A Multi-center, Randomized, Double-blind, Placebo-controlled Trial to Assess the Efficacy and Safety — Topline data from a Phase 3 trial of solriamfetol for shift work disorder will be released.
- 2027-12-01 · Phase3_Topline — Phase 3 Topline: A Randomized, Double-Blind, Placebo and Active-Controlled Trial to Evaluate the Efficacy and Safety — Topline data from a Phase 3 trial evaluating solriamfetol for an undisclosed indication will be released.
- 2027-12-01 · Phase3_Topline · attention — Phase 3 Topline: An Open-Label Study to Assess the Long-Term Safety of Solriamfetol in Children and Adolescents With — Topline data from a long-term safety study of solriamfetol in pediatric ADHD will be released.
- 2027-12-01 · Phase3_Topline · binge — Phase 3 Topline: An Open-Label and Double-Blind, Randomized Withdrawal Study to Assess the Long-term Safety and Effic — Topline data from a long-term safety and efficacy study of solriamfetol in binge eating disorder will be released.
- 2028-03-01 · Phase3_Topline — Phase 3 Topline: A Double-Blind, Placebo-Controlled, Randomized Withdrawal Study to Assess the Efficacy and Safety of — Topline data from a Phase 3 withdrawal study of an undisclosed candidate will be released.
- 2028-05-01 · Phase3_Topline — Phase 3 Topline: An Open-Label Study to Assess the Long-Term Safety and Efficacy of AXS-14 in the Management of Fibro — Topline data from a long-term safety and efficacy study of AXS-14 for fibromyalgia will be released.
- 2028-06-30 · Phase3_Topline · solriamfetol — Phase 3 Topline: A Phase 3, Randomized, 6-Week, Double-blind, Placebo-controlled Trial of Solriamfetol in Children Ag — Topline data from a Phase 3 trial of solriamfetol in pediatric ADHD will be released.
Risks & what to watch (4)›
Key risks
- History of operating losses — Axsome has never been profitable and expects to continue incurring losses as it invests in R&D and commercialization [sec_mda · as of 2026-05-04].
- Need for additional capital — The company may need to raise additional financing, which may not be available on acceptable terms [sec_mda · as of 2026-08-10].
- Clinical and regulatory risk — Pipeline candidates are in Phase 3 trials and face risks of failure, delay, or non-approval [sec_mda · as of 2026-08-10].
- Limited commercialization experience — Axsome has limited experience marketing its three approved products, which could affect revenue growth [sec_mda · as of 2025-11-03].
What to watch
- Topline data from the Phase 3 trial of solriamfetol in binge eating disorder expected December 2026 [upcoming catalysts].
- Topline data from the Phase 3 trial of solriamfetol in shift work disorder expected December 2026 [upcoming catalysts].
- Phase 3 topline results for solriamfetol in pediatric ADHD expected by June 2028 [upcoming catalysts].
- Phase 3 topline results for AXS-14 in fibromyalgia expected by May 2028 [upcoming catalysts].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
38.3 months
D/E 8.14 · 0% dilution
Lead: Approved
6 candidates
12 upcoming, next in ~93d
0 buys · 16 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
412
Total value held
$6.54B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 3,912,844 | $661.3M |
| vanguard capital management llc | 3,875,504 | $655.0M |
| vanguard portfolio management llc | 2,058,170 | $347.9M |
| fmr llc | 1,566,995 | $264.9M |
| geode capital management, llc | 1,162,981 | $196.6M |
| wellington management group llp | 1,145,306 | $193.6M |
| deep track capital, lp | 1,100,000 | $185.9M |
| state street corp | 986,809 | $166.8M |
| assenagon asset management s.a. | 865,958 | $146.4M |
| nomura asset management international inc. | 812,809 | $137.4M |
Showing top 10 of 412 institutional holders of Axsome Therapeutics, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 8.4%
- Days to cover
- 3.9
- Shares short
- 2,748,577
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
AXSM short interestGovernance
Frequently asked questions
What is the AI investment thesis for Axsome Therapeutics, Inc.?
Axsome Therapeutics is a commercial-stage biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) conditions, with three marketed products (AUVELITY, SUNOSI, SYMBRAVO) and a pipeline of late-stage candidates for indications including narcolepsy, fibromyalgia, ADHD, and binge eating disorder.
What is Axsome Therapeutics, Inc.'s lead drug candidate?
Axsome Therapeutics, Inc.'s most advanced tracked candidate is Auvelity (Approved) for major depressive disorder (MDD) in adults.
What is Axsome Therapeutics, Inc.'s next catalyst?
Axsome Therapeutics, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3, Randomized, Double-blind, Placebo-Controlled Trial of Solriamfetol in Adults With Binge E" — expected December 1, 2026.
Who is the CEO of Axsome Therapeutics, Inc.?
Dr. Herriot Tabuteau M.D. is the chief executive officer of Axsome Therapeutics, Inc. (AXSM).
Where is Axsome Therapeutics, Inc. headquartered?
Axsome Therapeutics, Inc. (AXSM) is headquartered in New York, NY, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.