Axsome Therapeutics, Inc.
AXSM evidence brief
What we can confirm
- BioSniper Score:
- 5.9 / 10
- Market Cap:
- $10.89B
- Lead Asset:
- Auvelity (Approved)
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, Inc. (AXSM) is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system (CNS) disorders, with a portfolio that includes the approved drug Sunosi and the marketed product Auvelity, and a pipeline of late-stage candidates for conditions such as narcolepsy, Alzheimer's disease agitation, and smoking cessation.
Key risk: Operating losses
BioSniper Score
Based on 5 of 6 signals
Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 4 catalysts for Axsome Therapeutics, Inc..
Axsome Therapeutics, Inc. (AXSM) is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system (CNS) disorders, with a portfolio that includes the approved drug Sunosi and the marketed product Auvelity, and a pipeline of late-stage candidates for conditions such as narcolepsy, Alzheimer's disease agitation, and smoking cessation.
- Cash and equivalents of $319.9M as of 2026-06-30 [sec].
- Total revenue of $218.4M and net income of -$51.3M for the period ending 2026-06-30 [sec].
- Auvelity prescriptions are accelerating following a sales-force expansion and launch in Alzheimer's disease agitation [news · 2026-09-19].
- FDA accepted NDA for AXS-12 for cataplexy in narcolepsy with a PDUFA target action date of May 1, 2027 [news · 2026-07-15].
- First patient dosed in the SUMMIT Phase 3 trial of AXS-05 for smoking cessation [news · 2026-08-31].
What works
- Commercial portfolio growth with Auvelity prescription acceleration and an expanded sales force [news · 2026-09-19].
- Multiple late-stage clinical programs, including Phase 3 trials for AXS-05 (smoking cessation, Alzheimer's agitation) and AXS-12 (narcolepsy) [pipeline] [news · 2026-08-31].
- Approved product Sunosi (solriamfetol) for excessive daytime sleepiness in OSA and narcolepsy, with ongoing Phase 3 trials in pediatric ADHD [pipeline] [catalyst].
- Strong cash position of $319.9M as of 2026-06-30 provides runway for pipeline development [sec].
What to weigh
- Net loss of -$51.3M for the period ending 2026-06-30 indicates ongoing operating deficits [sec].
- Shareholders' equity of $83.3M as of 2026-06-30 is relatively low compared to cash position, suggesting significant debt or accumulated losses [sec].
- Competitive landscape for Sunosi includes multiple Phase 3 competitors (Alkermes, Centessa, Takeda) [pipeline].
- AXS-12 faces competition from at least four other late-stage narcolepsy treatments [pipeline].
From the filings
Quoted directly from source documents.
Auvelity prescription growth and Alzheimer's launch
“Axsome Therapeutics (NASDAQ:AXSM) executives said the company is seeing accelerating prescription growth for AUVELITY following its sales-force expansion and the recent launch of the drug in Alzheimer’s disease agitation”
News · September 19, 2026
First patient dosed in SUMMIT Phase 3 trial for AXS-05
“first patient has been dosed in the SUMMIT Phase 3 trial of AXS-05 for smoking cessation”
News · August 31, 2026
Catalyst timeline
- 2026-11-02 · Earnings — Axsome Therapeutics to Report Third Quarter 2026 Financial Results on November 2 — The company will report its financial results for the third quarter of 2026.
- 2042-12-30 · Patent_Expiry · SOLRIAMFETOL HYDROCHLORIDE — Patent expiry for NDA211230 (Sunosi) may open the door for generic competition.
- 2043-04-20 · Patent_Expiry · BUPROPION HYDROCHLORIDE; DEXTROMETHORPHAN HYDROBROMIDE — Patent expiry for NDA215430 (Auvelity) may allow generic entry.
- 2045-03-10 · Patent_Expiry · MELOXICAM; RIZATRIPTAN BENZOATE — Patent expiry for NDA215431 (likely a combination product) may affect exclusivity.
Risks & what to watch (4)›
Key risks
- Operating losses — Net income of -$51.3M as of 2026-06-30 indicates continued operating losses [sec].
- Pipeline competition — Sunosi and AXS-12 face multiple Phase 3 competitors, which may limit market share [pipeline].
- Regulatory uncertainty — AXS-12 NDA under FDA review with PDUFA date May 1, 2027; outcome uncertain [news · 2026-07-15].
- Low shareholders' equity — Shareholders' equity of $83.3M as of 2026-06-30 suggests limited financial buffer [sec].
What to watch
- Third quarter 2026 financial results to be reported on November 2, 2026 [catalyst].
- PDUFA target action date for AXS-12 on May 1, 2027 [news · 2026-07-15].
- Progress of SUMMIT Phase 3 trial for AXS-05 in smoking cessation [news · 2026-08-31].
- Auvelity prescription trends and Alzheimer's agitation launch uptake [news · 2026-09-19].
Sources: Catalysts · News · Pipeline · Generated October 9, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
Cash runway data unavailable
D/E 8.14 · 0% dilution
Lead: Approved
2 candidates
4 upcoming, next in ~18d
0 buys · 16 sells (180d)
Catalysts
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
409
Total value held
$6.14B
| Holder | Shares | Value |
|---|---|---|
| blackrock, inc. | 3,912,844 | $661.3M |
| vanguard portfolio management llc | 2,058,170 | $347.9M |
| vanguard capital management llc | 1,937,752 | $327.5M |
| fmr llc | 1,566,995 | $264.9M |
| invesco ltd. | 1,297,678 | $219.3M |
| 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 |
Showing top 10 of 409 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, Inc. (AXSM) is a biopharmaceutical company focused on developing and commercializing treatments for central nervous system (CNS) disorders, with a portfolio that includes the approved drug Sunosi and the marketed product Auvelity, and a pipeline of late-stage candidates for conditions such as narcolepsy, Alzheimer's disease agitation, and smoking cessation.
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 Earnings event — "Earnings: Axsome Therapeutics to Report Third Quarter 2026 Financial Results on November 2" — expected November 2, 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.