Axsome Therapeutics (AXSM) Q2 2026 earnings summary

Executive summary

• Achieved total net product revenue of $218.4 million in Q2 2026, up 46% year-over-year, driven by AUVELITY, SUNOSI, and SYMBRAVO, with AUVELITY's Alzheimer's agitation launch and expanded sales force accelerating growth.

• NDA for AXS-12 in narcolepsy accepted by FDA, PDUFA date set for May 1, 2027; multiple late-stage clinical trials initiated or ongoing across the neuroscience pipeline.

• Net loss for Q2 2026 was $51.3 million ($0.99 per share), reflecting higher SG&A expenses from commercialization activities.

• Maintains a diversified CNS pipeline with six candidates targeting 10 serious conditions and aims for one NDA filing per year through 2030.

Financial highlights

• AUVELITY net product sales reached $180.3 million, up 51% year-over-year; SUNOSI revenue was $35.8 million, up 20%; SYMBRAVO sales were $2.3 million.

• Cost of revenue was $13.6 million (6% of net revenue); R&D expenses decreased to $46.2 million; SG&A expenses rose to $208.1 million.

• Cash and cash equivalents at June 30, 2026, totaled $319.9 million.

• Market capitalization at $11.0 billion as of August 7, 2026; shares outstanding: 52.3 million.

Outlook and guidance

• Expect continued strong growth for AUVELITY, SUNOSI, and SYMBRAVO, with AUVELITY momentum driven by sales force expansion and new indication launch.

• Current cash balance expected to fund operations into cash flow positivity under the current operating plan.

• SG&A expected to plateau at Q2 levels; R&D to increase with new trials; multiple Phase 3 trial readouts expected through 2027.