Axsome Q3 2026: Loss Narrows Sharply as Revenue Tops $259M
As seen on the 24/7 Wall St. homepage on November 2, 2026.
Axsome just crossed a $1 billion annual revenue run rate, powered by Auvelity after April's Alzheimer's agitation label expansion. The loss per share came in better than expectations, and management says existing cash funds operations all the way to cash flow positivity.
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Axsome Therapeutics posted third-quarter revenue of $259.69 million, up 51.9% from a year earlier and beating expectations. The quarterly loss per share of $0.25 also came in ahead of expectations, one of the company's strongest EPS beats in recent quarters.
Auvelity drove the quarter with $207.60 million in net product sales, up 53% year over year, after the April 2026 FDA approval for agitation associated with Alzheimer's disease lifted new-to-brand prescriptions among patients aged 65 and older. SUNOSI and the early-stage SYMBRAVO contributed the balance, with SYMBRAVO prescription volume climbing sharply.
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CEO Herriot Tabuteau said the company had crossed a one-billion-dollar annual revenue run rate and cited strong underlying demand in major depressive disorder alongside accelerating new patient starts in Alzheimer's disease agitation. Management reiterated that $313.90 million in cash on hand is expected to fund operations all the way to cash flow positivity, which removes a key financing overhang for investors monitoring the balance sheet.
The pipeline calendar is dense heading into 2027, with an FDA decision on AXS-12 for cataplexy in narcolepsy set for May 1, 2027. Topline Phase 3 data in binge eating disorder arrive in the first quarter, and further Phase 3 readouts across ADHD, shift work disorder, and smoking cessation follow in the second half, giving investors near-term catalysts alongside Auvelity commercial execution.
Mentioned: AXSM