Axsome Therapeutics (AXSM) Q4 2025 earnings summary

Executive summary

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

• Auvelity annual sales surpassed $500 million in its third full year, with significant adoption in psychiatry and primary care.

• Expanded CNS pipeline to five novel candidates across nine indications, including the acquisition of AZD7325 (AXS-17) for epilepsy.

• Advanced late-stage pipeline with multiple programs nearing key milestones, including sNDA for Auvelity in Alzheimer's agitation and NDA for AXS-12 in narcolepsy.

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

Financial highlights

• Q4 2025 revenue was $196 million, up 65% year-over-year; full-year revenue reached $639 million, up 66%.

• Auvelity Q4 sales were $155.1 million (+68% YoY); full-year sales $507.1 million (+74% YoY).

• Sunosi Q4 revenue was $36.7 million (+40% YoY); full-year $124.8 million (+32% YoY).

• Symbravo generated $4.1 million in Q4 and $6.6 million for the year.

• Net loss for Q4 was $28.6 million ($0.56/share); full-year net loss $183.2 million ($3.68/share), both improved from 2024.

• Cash and equivalents at year-end 2025 were $323 million.

Outlook and guidance

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

• Strategic focus for 2026 includes commercial growth, pipeline advancement, and scaling toward profitability.

• Preparing for potential Auvelity launch in Alzheimer's agitation, with sales force expansion to 600 reps.

• Anticipates further expansion of payer coverage for Auvelity and Symbravo in 2026.

• Key regulatory milestones expected in 2026, including NDA for AXS-12 and PDUFA for Auvelity in Alzheimer's agitation.