Financial leverage has increased significantly, with the debt-to-equity ratio rising to 3.97 in 2026Q1 from 0.98 in 2023Q4, reflecting substantial capital erosion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 611.21M | 588.99M | 485.06M | 504.26M | 245.64M | 86.52M | 184.02M | 220.38M | 15.22M | 35.3M | 38M | 49.03M | 2.74M | 2.1M |
| Cash & Short-Term Investments | 305.11M | 322.93M | 315.35M | 386.19M | 200.84M | 86.47M | 183.88M | 219.97M | 13.97M | 34.02M | 36.62M | 48.04M | 2.62M | 2.09M |
| Cash Only | 305.11M | 322.93M | 315.35M | 386.19M | 200.84M | 86.47M | 183.88M | 219.97M | 13.97M | 34.02M | 36.62M | 48.04M | 2.62M | 2.09M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 251.06M | 224.46M | 142M | 94.82M | 37.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | 112.2 | 128.32 | 134.38 | 127.9 | 275 | - | - | - | - | - | - | - | - | - |
| Inventory | 31.52M | 27.94M | 15.73M | 15.13M | 4.32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 177 | 214.78 | 172.42 | 211.94 | 303.35 | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 23.52M | 13.65M | 11.98M | 8.12M | 2.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.73K |
| Total Non-Current Assets | 102.4M | 100.82M | 83.43M | 83.97M | 85.83M | 1.27M | 2.11M | 170.5K | 164.18K | 256.02K | 213.55K | 43.28K | 42.62K | 0 |
| Property, Plant & Equipment | 20.01M | 20.86M | 5.97M | 7.62M | 1.14M | 944.01K | 1.79M | 30.62K | 51.83K | 68.07K | 100.73K | 16.65K | 0 | 0 |
| Fixed Asset Turnover | 31.25x | 30.61x | 64.64x | 35.52x | 43.82x | - | - | - | - | - | - | - | - | - |
| Goodwill | 12.04M | 12.04M | 12.04M | 12.04M | 10.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 38.95M | 40.52M | 46.89M | 53.29M | 59.66M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 31.4M | 27.4M | 18.53M | 11.03M | 14.72M | 322.91K | 317.38K | 139.88K | 112.34K | 187.95K | 112.82K | 26.63K | 42.62K | 0 |
| Total Assets | 713.61M | 689.8M | 568.5M | 588.24M | 331.48M | 87.79M | 186.13M | 220.55M | 15.38M | 35.56M | 38.21M | 49.08M | 2.79M | 2.1M |
| Asset Turnover | 1.04x | 0.93x | 0.68x | 0.46x | 0.15x | - | - | - | - | - | - | - | - | - |
| Asset Growth % | 76.84% | 21.34% | -3.36% | 77.46% | 277.6% | -52.84% | -15.6% | 1334.07% | -56.75% | -6.95% | -22.14% | 1661.29% | 32.85% | - |
| Total Current Liabilities | 439.21M | 378.84M | 230.1M | 138.85M | 96.56M | 23.07M | 23.44M | 24.49M | 10.82M | 12.18M | 7.17M | 2.63M | 972.62K | 4.13M |
| Accounts Payable | 106.7M | 65.54M | 72M | 40.68M | 38.6M | 13.15M | 13.5M | 10.94M | 3.69M | 3.44M | 4.08M | 1.89M | 758.16K | 159.32K |
| Days Payables Outstanding | 553.78 | 503.83 | 789.09 | 569.65 | 2.71K | - | - | 107K | 27.5K | 29.46K | 72.72K | 195.01K | - | - |
| Short-Term Debt | 70.63M | 72.98M | 0 | 0 | 0 | 0 | 0 | 2.6M | 3.29M | 3.27M | 269.16K | 0 | 41.47K | 3.83M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.35M | 0 | 0 | 36.45K | 0 |
| Other Current Liabilities | 261.88M | 203.28M | 36.51M | 76.45M | 17.18M | 4.05M | 0 | 0 | 0 | 444.29K | 0 | 0 | 100.1K | 0 |
| Current Ratio | 1.39x | 1.55x | 2.11x | 3.63x | 2.54x | 3.75x | 7.85x | 9.00x | 1.41x | 2.90x | 5.30x | 18.63x | 2.82x | 0.51x |
| Quick Ratio | 1.32x | 1.48x | 2.04x | 3.52x | 2.50x | 3.75x | 7.85x | 9.00x | 1.41x | 2.90x | 5.30x | 18.63x | 2.82x | 0.51x |
| Cash Conversion Cycle | -264.58 | -160.74 | -482.28 | -229.81 | -2.13K | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 219.81M | 222.67M | 281.38M | 258.4M | 125.36M | 49.09M | 48.9M | 17.33M | 3.62M | 6.66M | 9.47M | 0 | 5.02M | 0 |
| Long-Term Debt | 146.08M | 140.93M | 180.71M | 178.07M | 94.26M | 49.09M | 48.32M | 17.33M | 3.62M | 6.66M | 9.47M | 0 | 4.44M | 0 |
| Capital Lease Obligations | 82.53M | 27.39M | 8.99M | 7.04M | 0 | 0 | 581.71K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 73.73M | 54.36M | 91.68M | 73.3M | 31.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 574.92K | 0 |
| Total Liabilities | 659.02M | 601.51M | 511.48M | 397.26M | 221.92M | 72.15M | 72.34M | 41.83M | 14.44M | 18.84M | 16.64M | 2.63M | 5.99M | 4.13M |
| Total Debt | 216.71M | 241.29M | 192.96M | 186.37M | 94.68M | 49.71M | 50.12M | 19.93M | 6.91M | 9.93M | 9.74M | 0 | 4.48M | 3.83M |
| Net Debt | -88.4M | -81.64M | -122.4M | -199.82M | -106.16M | -36.76M | -133.75M | -200.03M | -7.06M | -24.09M | -26.88M | -48.04M | 1.87M | 1.74M |
| Debt / Equity | 3.97x | 2.73x | 3.38x | 0.98x | 0.86x | 3.18x | 0.44x | 0.11x | 7.37x | 0.59x | 0.45x | - | - | - |
| Debt / EBITDA | -1.30x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.53x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -34.13x | -27.02x | -42.71x | -35.93x | -24.51x | -21.89x | -39.12x | -54.25x | -28.94x | -20.75x | -207.99x | -10.05x | -2.77x | -5.62x |
| Total Equity | 54.59M | 88.3M | 57.02M | 190.98M | 109.56M | 15.63M | 113.79M | 178.72M | 937.92K | 16.72M | 21.57M | 46.44M | -3.2M | -2.03M |
| Equity Growth % | 7.87% | 54.86% | -70.15% | 74.32% | 600.92% | -86.26% | -36.33% | 18955.16% | -94.39% | -22.5% | -53.55% | 1550.22% | -57.93% | - |
| Book Value per Share | 1.07 | 1.77 | 1.19 | 4.20 | 2.69 | 0.42 | 3.06 | 5.25 | 0.03 | 0.73 | 1.13 | 3.89 | -0.25 | -0.26 |
| Total Shareholders' Equity | 54.59M | 88.3M | 57.02M | 190.98M | 109.56M | 15.63M | 113.79M | 178.72M | 937.92K | 16.72M | 21.57M | 46.44M | -3.2M | -2.03M |
| Common Stock | 5K | 5K | 5K | 5K | 4K | 3.78K | 3.74K | 3.69K | 3.01K | 2.55K | 1.92K | 1.92K | 1.11K | 769 |
| Retained Earnings | -1.37B | -1.31B | -1.12B | -835.57M | -596.33M | -409.2M | -278.8M | -175.9M | -107.55M | -76.58M | -47.64M | -20.44M | -8.23M | -2.23M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Leverage and liquidity constraints
As reported in financial statements, Axsome's equity base has contracted significantly from $191.0 million in 2023Q4 to $54.6 million by 2026Q1, reflecting the persistent impact of accumulated losses on the company's net worth as it continues to fund its commercial infrastructure and clinical development programs.
The consistent decline in equity suggests that the company is consuming its capital base faster than it can generate internal returns. This trajectory indicates that the firm remains in a high-risk phase where the balance sheet is increasingly reliant on external financing to sustain operations.
Based on the provided balance sheet data, Axsome's debt-to-equity ratio has surged from 0.98 in 2023Q4 to 3.97 in 2026Q1, indicating a substantial increase in financial leverage that may limit the company's flexibility as it navigates the competitive CNS therapeutic market.
The rising leverage ratio suggests that the company is increasingly utilizing debt to bridge the gap between its commercial launch costs and operational break-even. Investors should monitor whether this debt burden becomes a constraint on future R&D investment or necessitates further dilutive equity raises.
According to quarterly filings, the company's current ratio has tightened from 3.63 in 2023Q4 to 1.39 in 2026Q1, signaling a reduction in the immediate liquidity buffer available to cover short-term obligations as cash reserves are deployed to support the ongoing commercial expansion of Auvelity.
While a current ratio above 1.0 suggests the company can meet its immediate liabilities, the downward trend warrants caution regarding the firm's cash runway. The reduction in liquidity implies that the company has less margin for error should the commercial ramp of its lead assets face unexpected headwinds.
As indicated by the company's balance sheet, the accumulated deficit has deepened to $1.4 billion as of 2026Q1, a figure that highlights the significant historical capital investment required to reach the current commercial stage and underscores the long-term challenge of achieving sustained profitability.
This massive accumulated deficit serves as a reminder that the company's valuation is heavily predicated on future earnings potential rather than current book value. The persistence of these losses suggests that the balance sheet remains vulnerable to any disruption in the commercial adoption of its core CNS portfolio.
Quick answers to the most common questions about buying AXSM stock.
As of 2025, Axsome Therapeutics, Inc. (AXSM) had total assets of $689.8M including $589.0M in current assets.
Axsome Therapeutics, Inc. (AXSM) carries total debt of $241.3M, offset by $322.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Axsome Therapeutics, Inc. (AXSM) has total shareholders' equity (book value) of $88.3M ($1.77 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Axsome Therapeutics, Inc. (AXSM) reported a current ratio of 1.55x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.