Axsome Therapeutics (AXSM) investor relations material

Executive summary

• Achieved total net product revenue of $171.0 million in Q3 2025, up 63% year-over-year and 14% sequentially, driven by strong performance across AUVELITY, SUNOSI, and SYMBRAVO.

• AUVELITY and SUNOSI showed robust prescription and sales growth, with AUVELITY up 46% year-over-year in prescriptions and SUNOSI up 12%.

• SYMBRAVO completed its first full commercial quarter, generating $2.1 million in net sales and over 5,000 prescriptions.

• Submitted supplemental NDA for AXS-05 in Alzheimer's disease agitation and advanced multiple late-stage clinical programs, including AXS-12 in narcolepsy.

• Cash and cash equivalents stood at $325.3 million as of September 30, 2025, supporting ongoing operations and pipeline development.

Financial highlights

• AUVELITY net product sales were $136.1 million, up 69% year-over-year; SUNOSI $32.8 million, up 35% year-over-year; SYMBRAVO $2.1 million in its first full quarter.

• Total Q3 2025 product revenues reached $171 million, up from $104.8 million in Q3 2024.

• Net loss for Q3 2025 was $47.2 million ($0.94 per share), improved from $64.6 million ($1.34 per share) in Q3 2024.

• R&D expenses decreased 11% year-over-year to $40.2 million; SG&A expenses rose 57% to $150.2 million.

• Year-to-date net product revenue was $442.5 million, up 66% from the prior year.

Outlook and guidance

• Current cash balance of $325.3 million expected to fund operations into cash flow positivity under the current plan.

• Multiple late-stage clinical milestones and regulatory submissions anticipated in Q4 2025 and 2026.

• Anticipates AUVELITY and SUNOSI gross-to-net discounts to rise to low 50% range in Q4; SYMBRAVO discount to remain elevated during launch.

• Plans to expand sales force in support of potential AXS-05 approval for Alzheimer's agitation, with costs included in guidance.

• Management expects continued revenue growth from all three products, with moderate increases in R&D and SG&A expenses.