Revenue expansion remains strong at 57.4% year-over-year, though operating margins remain pressured at -33.1% due to heavy investment in commercial infrastructure.
| 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 |
|---|
| Sales/Revenue | 708.24M | 638.5M | 385.69M | 270.6M | 50.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | 63.88% | 65.55% | 42.53% | 440.8% | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 52.41M | 47.48M | 33.3M | 26.07M | 5.2M | 0 | 0 | 37.33K | 48.94K | 42.56K | 20.48K | 3.54K | 0 | 0 |
| COGS % of Revenue | - | 7.44% | 8.63% | 9.63% | 10.39% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 655.82M | 591.02M | 352.39M | 244.53M | 44.84M | 0 | 0 | -37.33K | -48.94K | -42.56K | -20.48K | -3.54K | 0 | 0 |
| Gross Margin % | 92.6% | 92.56% | 91.37% | 90.37% | 89.61% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | 67.72% | 44.11% | 445.36% | - | - | 100% | 23.72% | -14.99% | -107.76% | -478.32% | - | - | - |
| Operating Expenses | 831.43M | 760.25M | 632.95M | 476.36M | 224.64M | 124.71M | 99.14M | 67.11M | 32.85M | 27.16M | 27.54M | 9.2M | 5.67M | 1.84M |
| OpEx % of Revenue | - | 119.07% | 164.11% | 176.04% | 448.94% | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 634.81M | 570.6M | 411.36M | 323.12M | 159.25M | 66.65M | 28.9M | 13.6M | 9.35M | 7.21M | 6.34M | 2.42M | 1.39M | 304.18K |
| SG&A % of Revenue | - | 89.37% | 106.65% | 119.41% | 318.27% | - | - | - | - | - | - | - | - | - |
| Research & Development | 191.17M | 183.28M | 187.08M | 97.94M | 57.95M | 58.06M | 70.24M | 53.65M | 23.5M | 19.96M | 21.2M | 6.78M | 4.28M | 1.54M |
| R&D % of Revenue | - | 28.7% | 48.5% | 36.2% | 115.81% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 6.38M | 34.52M | 55.29M | 7.44M | 0 | -53.58K | -139.45K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -175.61M | -169.24M | -280.56M | -231.82M | -179.8M | -124.71M | -99.14M | -67.25M | -32.85M | -27.16M | -27.54M | -9.2M | -5.67M | -1.84M |
| Operating Margin % | -24.8% | -26.51% | -72.74% | -85.67% | -359.33% | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 39.68% | -21.02% | -28.94% | -44.18% | -25.79% | -47.43% | -104.72% | -20.92% | 1.38% | -199.51% | -62.13% | -208.36% | - |
| EBITDA | -167.09M | -160.17M | -272.6M | -224.99M | -175.4M | -124.63M | -99.06M | -67.21M | -32.8M | -27.12M | -27.52M | -9.19M | -2.74M | 0 |
| EBITDA Margin % | -23.59% | -25.09% | -70.68% | -83.15% | -350.53% | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 36.23% | 41.24% | -21.16% | -28.28% | -40.73% | -25.81% | -47.4% | -104.92% | -20.93% | 1.46% | -199.4% | -235.27% | - | - |
| D&A (Non-Cash Add-back) | 8.52M | 9.06M | 7.96M | 6.83M | 4.4M | 76K | 77.72K | 37.33K | 48.94K | 42.56K | 20.48K | 3.54K | 2.93M | 1.84M |
| EBIT | -181.24M | -177.15M | -280.56M | -231.82M | -179.8M | -124.71M | -100.39M | -67.25M | -32.63M | -27.81M | -27.54M | -9.2M | -6.18M | -1.84M |
| Net Interest Income | -3.27M | 2.81M | -6.57M | -6.45M | -7.33M | -5.7M | 0 | 0 | -1.13M | -1.34M | -132.42K | 0 | 0 | -327.19K |
| Interest Income | 2.04M | 9.37M | 0 | 0 | 0 | 0 | 2.57M | 1.24M | 0 | 0 | 0 | 914.95K | 2.23M | 0 |
| Interest Expense | 5.31M | 6.56M | 6.57M | 6.45M | 7.33M | 5.7M | 2.57M | 1.24M | 1.13M | 1.34M | 132.42K | 914.95K | 2.23M | 327.19K |
| Other Income/Expense | -13.22M | -14.47M | -6.57M | -6.45M | -7.33M | -5.7M | -3.76M | -1.1M | 1.66M | -1.78M | 341.86K | -1.36M | -328.53K | -327.19K |
| Pretax Income | -188.83M | -183.7M | -287.13M | -238.28M | -187.13M | -130.4M | -102.9M | -68.35M | -30.97M | -28.94M | -27.2M | -10.56M | -6M | -2.17M |
| Pretax Margin % | -26.66% | -28.77% | -74.45% | -88.06% | -373.99% | - | - | - | - | - | - | - | - | - |
| Income Tax | -530K | -530K | 85K | 960K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.36M | 0 | 0 |
| Effective Tax Rate % | 0.28% | 0.29% | -0.03% | -0.4% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -12.88% | 0% | 0% |
| Net Income | -188.3M | -183.17M | -287.22M | -239.24M | -187.13M | -130.4M | -102.9M | -68.35M | -30.97M | -28.94M | -27.2M | -12.21M | -6M | -2.17M |
| Net Margin % | -26.59% | -28.69% | -74.47% | -88.41% | -373.99% | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 32.33% | 36.22% | -20.05% | -27.84% | -43.5% | -26.73% | -50.56% | -120.71% | -6.99% | -6.4% | -122.77% | -103.49% | -176.95% | - |
| Net Income (Continuing) | -188.3M | -183.17M | -287.22M | -239.24M | -187.13M | -130.4M | -102.9M | -68.35M | -30.97M | -28.94M | -27.2M | -12.21M | -6M | -2.17M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.68 | -3.68 | -5.99 | -5.27 | -4.60 | -3.47 | -2.83 | -2.05 | -1.15 | -1.27 | -1.42 | -0.88 | -0.47 | -0.28 |
| EPS Growth % | 35.36% | 38.56% | -13.66% | -14.57% | -32.56% | -22.61% | -38.05% | -78.26% | 9.45% | 10.56% | -61.36% | -87.23% | -67.86% | - |
| EPS (Basic) | - | -3.68 | -5.99 | -5.27 | -4.60 | -3.47 | -2.83 | -2.05 | -1.15 | -1.27 | -1.42 | -0.88 | -0.47 | -0.28 |
| Diluted Shares Outstanding | 51.2M | 49.75M | 47.91M | 45.43M | 40.66M | 37.62M | 37.21M | 34.02M | 26.88M | 22.76M | 19.15M | 11.95M | 12.72M | 7.82M |
| Basic Shares Outstanding | 51.2M | 49.75M | 47.91M | 45.43M | 40.66M | 37.62M | 37.21M | 34.02M | 26.88M | 22.76M | 19.15M | 11.95M | 12.72M | 7.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commercial ramp execution risk
According to quarterly financial data, Axsome Therapeutics has maintained robust top-line momentum, with revenue reaching $191.2 million in 2026Q1, representing a 57.4% year-over-year increase as the company continues to successfully penetrate the CNS market with its dual-asset commercial portfolio of Auvelity and Sunosi.
The consistent double-digit revenue growth suggests that the company is successfully navigating the transition from a clinical-stage entity to a commercial-scale operation. Investors should monitor whether this growth trajectory can be sustained without excessive reliance on aggressive pricing, as the current volume-driven expansion remains the primary indicator of market adoption.
As reported in recent income statements, Axsome maintains a gross margin profile consistently exceeding 90%, with the 2025Q4 figure of 93.7% highlighting the significant pricing power and low variable manufacturing costs inherent in the company's specialized CNS therapeutic product offerings.
This structural margin advantage provides a substantial cushion to absorb commercialization costs as the company scales its sales force. The stability of these margins suggests that the underlying product economics are favorable, provided that future gross-to-net adjustments do not erode the realized price per unit.
Based on the provided income statement data, Axsome's operating margin improved from -137.4% in 2023Q4 to -33.1% in 2026Q1, indicating that while the company is beginning to realize operating leverage, it remains heavily burdened by the fixed costs of its commercial infrastructure and ongoing R&D.
The narrowing gap between gross profit and operating expenses suggests that management is making progress toward operational efficiency. However, the persistence of negative operating income implies that the company has yet to reach the critical volume threshold required to achieve sustainable profitability.
Analysis of the company's cost structure reveals that SG&A expenses, which totaled $185.0 million in 2026Q1, remain the primary driver of the firm's cash burn, reflecting the significant capital commitment required to maintain a specialized sales force for its CNS product portfolio.
The high level of SG&A relative to revenue suggests that the company is prioritizing market share acquisition over immediate bottom-line results. Analysts should investigate whether these expenditures are yielding commensurate increases in prescription volume or if the current cost base requires further rationalization to reach break-even.
While revenue growth appears strong, the 2026Q1 net loss of $64.5 million warrants caution, as the company's reliance on external financing to bridge the gap between commercial expansion and profitability remains a significant risk factor for long-term equity holders.
Short-term investors may focus on the potential for margin compression if competitive pressures force higher rebates or if the cost of customer acquisition continues to outpace revenue gains. The reliance on non-cash stock-based compensation to manage expenses also suggests that the path to GAAP profitability may be more complex than headline revenue growth implies.
Quick answers to the most common questions about buying AXSM stock.
For fiscal year 2025, Axsome Therapeutics, Inc. (AXSM) reported total revenue of $638.5M.
Axsome Therapeutics, Inc. (AXSM) reported a net loss of $183.2M for the fiscal year ending 2025.
Axsome Therapeutics, Inc. (AXSM) reported an operating income of $-169.2M, resulting in an operating profit margin of -26.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Axsome Therapeutics, Inc. (AXSM) generated $591.0M in gross profit for the year, representing a gross profit margin of 92.6%. This demonstrates the company's core pricing power and production efficiency.