Axsome Therapeutics (AXSM) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $639 million in 2025, up 66% year-over-year, driven by Auvelity, Sunosi, and the launch of Symbravo.

• Auvelity annual sales surpassed $507.1 million, with 74% year-over-year growth and over 225,000 prescriptions in Q4.

• Expanded CNS pipeline to five differentiated product candidates, including the acquisition of AXS-17 for epilepsy.

• Net loss narrowed to $28.6 million in Q4 and $183.2 million for FY 2025, improved from prior year periods.

• Positioned for long-term value creation with robust intellectual property protection through the 2040s.

Financial highlights

• Q4 net product revenue: $196 million (up 65% year-over-year); full year: $638.5 million (up 66%).

• Auvelity Q4 sales: $155.1 million (up 68%); full year: $507.1 million (up 74%).

• Sunosi Q4 revenue: $36.7 million (up 40%); full year: $124.8 million (up 32%).

• Symbravo Q4 sales: $4.1 million; full year: $6.6 million.

• Cash and cash equivalents at year-end 2025: $322.9 million.

Outlook and guidance

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

• Anticipated regulatory milestones include NDA submission for AXS-12 in narcolepsy (Q1 2026) and PDUFA action for AXS-05 in Alzheimer's agitation (April 2026).

• Strategic focus for 2026 includes driving commercial growth, advancing pipeline programs, and scaling efficiently.

• Auvelity sales force expanding to ~600 representatives to support MDD and potential Alzheimer's agitation launch.