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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Axsome Therapeutics
Axsome Therapeutics (AXSM) investor relations material
Axsome Therapeutics Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary2 Nov, 2026
Executive summary
Q3 revenue was $259.7M, up 52% YoY and 19% sequentially; annualized commercial revenue run rate exceeded $1B.
AUVELITY led commercial growth, while development advanced across CNS indications, including seven Phase 3 trials.
Financial highlights
Q3 product sales were $250.0M and royalty plus milestone revenue was $9.7M, including an $8.5M SUNOSI milestone; total revenue was $259.7M versus $171.0M a year earlier.
AUVELITY sales were $207.6M, up 53% YoY; SUNOSI revenue was $48.2M, up 47%; SYMBRAVO sales were $3.9M, up 88%.
R&D expense was $50.6M versus $40.2M; SG&A was $203.1M versus $150.2M; cost of revenue was $17.8M versus $11.9M.
Net loss narrowed to $12.9M, or $0.25/share, from $47.2M, or $0.94/share; Q3 loss included $26.4M of stock-based compensation.
Outlook and guidance
No specific Q4 or 2027 revenue guidance; Q4 was tracking to expectations for continued AUVELITY growth across MDD and Alzheimer’s agitation.
Cash is expected to fund anticipated operations into cash flow positivity under the current operating plan; R&D and SG&A expenses are expected to rise as trials and commercialization continue.
AUVELITY gross-to-net discounts were in the mid-to-high 40% range in Q3, with a slight Q4 increase expected from seasonal accruals; 2027 is expected to be similar to 2026.
Milestones include ENGAGE BED results in Q1 2027, AXS-12 FDA action by May 1, 2027, and multiple solriamfetol and AXS-05 readouts in 2H 2027.
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Latest events from Axsome Therapeutics
- Auvelity’s launch and pipeline expansion underpin an expected next phase of growth.AXSM
H.C. Wainwright 28th Annual Global Investment Conference - AUVELITY's growth accelerates in new indications, with strong pipeline and financial outlook.AXSMMorgan Stanley 24th Annual Global Healthcare Conference
- AUVELITY's commercial expansion and deep pipeline position the company for strong near-term growth.AXSM12th Annual Cantor Fitzgerald Global Healthcare Conference
- AUVELITY's growth accelerates with new indications and strong pipeline progress, supported by solid financials.AXSMWells Fargo 21st Annual Healthcare Conference
- Q2 2026 revenue grew 46% to $218.4M, led by AUVELITY's Alzheimer's launch and pipeline progress.AXSMQ2 2026
- AUVELITY's ADA approval and robust commercial strategy drive $8B peak sales outlook.AXSMGoldman Sachs 47th Annual Global Healthcare Conference 2026
- Late-stage CNS pipeline targets high unmet needs with strong data and major commercial potential.AXSMR&D Day 2025
- Growth initiatives, new launches, and label expansions drive strong outlook across key franchises.AXSMBank of America 2025 Healthcare Conference
- Symbravo gains FDA approval for acute migraine, offering rapid, sustained relief and broad market potential.AXSMFDA Announcement
Next Axsome Therapeutics earnings date
Q4 202622 Feb, 2027
Axsome Therapeutics
Next Axsome Therapeutics earnings date
Q4 202622 Feb, 2027
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Frequently asked questions
Axsome Therapeutics Inc. is a biopharmaceutical company focused on developing and commercializing therapies for central nervous system (CNS) disorders. The company's portfolio includes product candidates designed to address conditions such as depression, migraines, and other neurological and psychiatric disorders. The company is headquartered in New York, New York, and its shares are listed on the NASDAQ.