Jun 2026 (Q2 FY26) — Aug 10, 2026
Axsome Therapeutics Q2 FY26 — Robust Commercial Growth and Pipeline Advancement
Read the full callAxsome Therapeutics (AXSM) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Axsome Therapeutics earnings: last reported Mon, 10 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 218 | +45.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | -22.7 | +1.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | -51.3 | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Auvelity sales force expansion | complete expansion to approximately 600 sales representatives | Dec 2025 | In the quarter, we launched Auvelity in Alzheimer's disease agitation and completed the expansion of the Auvelity sales force. | Achieved |
| AXS-05 smoking cessation Phase II/III trial initiation | initiate trial | Mar 2026 | We are on track to initiate our planned Phase II/III trial in this indication this quarter. | Delayed |
| Auvelity payer coverage | expand and evolve | Dec 2025 | Our market access team is working closely with payers in both the commercial and government channels, and we expect patient access for albeit in both the MDD and ABA markets to continue to expand and evolve. | On Track |
1 of Axsome Therapeutics, Inc.'s 35 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 32 more targets are in the full ledger.
Claimed
- Net product revenue increased to $218 million, representing a 46% year-over-year growth.
- Auvelity net product sales grew 51% year-over-year to $180.3 million and 18% quarter-over-quarter.
- Auvelity new-to-brand prescriptions (NBRx) in patients 65 years and older increased 126% in the first 8 weeks post-Alzheimer's disease agitation launch.
- Overall Auvelity NBRx increased 26% quarter-over-quarter, with total prescriptions up 12% sequentially.
- SYMBRAVO demand grew 30% quarter-over-quarter to approximately 23,500 total prescriptions.
Qualified
- SYMBRAVO gross-to-net discount deviated into the high 80% range in the quarter due to a prior period adjustment and increased patient service program utilization.
- Net loss for the quarter was $51.3 million, or $0.99 per share.
- Cash and cash equivalents decreased slightly to $320 million as of quarter-end, compared to $323 million at the end of 2025.
Price
$155.81 −0.85% · −$1.33
Performance +21.8% 1Y
1Y: $127.94 on 17 Oct 2025 → $155.81. High $255.17 (12 Jun 2026), low $127.06 (23 Oct 2025).
- Previous close
- $157.14
- 52-week range
- $127.06 – $255.17
- One year
- +18.40%
Overview
- Symbol
- AXSM
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 13 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Auvelity sales force expansion | complete expansion to approximately 600 sales representatives | Dec 2025 | In the quarter, we launched Auvelity in Alzheimer's disease agitation and completed the expansion of the Auvelity sales force. | Achieved |
| AXS-05 smoking cessation Phase II/III trial initiation | initiate trial | Mar 2026 | We are on track to initiate our planned Phase II/III trial in this indication this quarter. | Delayed |
| Auvelity payer coverage | expand and evolve | Dec 2025 | Our market access team is working closely with payers in both the commercial and government channels, and we expect patient access for albeit in both the MDD and ABA markets to continue to expand and evolve. | On Track |
Claimed
- Net product revenue increased to $218 million, representing a 46% year-over-year growth.
- Auvelity net product sales grew 51% year-over-year to $180.3 million and 18% quarter-over-quarter.
- Auvelity new-to-brand prescriptions (NBRx) in patients 65 years and older increased 126% in the first 8 weeks post-Alzheimer's disease agitation launch.
- Overall Auvelity NBRx increased 26% quarter-over-quarter, with total prescriptions up 12% sequentially.
- SYMBRAVO demand grew 30% quarter-over-quarter to approximately 23,500 total prescriptions.
Qualified
- SYMBRAVO gross-to-net discount deviated into the high 80% range in the quarter due to a prior period adjustment and increased patient service program utilization.
- Net loss for the quarter was $51.3 million, or $0.99 per share.
- Cash and cash equivalents decreased slightly to $320 million as of quarter-end, compared to $323 million at the end of 2025.
The full ledger
Open Axsome Therapeutics, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 35 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 4, 2026
Axsome Therapeutics Q1 FY26 — AUVELITY Peak Sales Outlook Raised to $8B Following ADA Approval
Read the full callEvery analysed call
Axsome Therapeutics earnings calls (AXSM)
Financials
What the filings say
Net profit, year on year: −7% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 105 | 119 | 121 | 150 | 171 | 196 | 191 | 218 |
| Expenses | 167 | 191 | 178 | 187 | 217 | 223 | 255 | 268 |
| Operating profit | -63 | -73 | -57 | -37 | -46 | -27 | -63 | -50 |
| Operating margin | −59.8% | −61.1% | −46.9% | −24.5% | −27.0% | −13.8% | −33.1% | −22.7% |
| Interest | -6 | -5 | 5 | -4 | -3 | -3 | 3 | -3 |
| Profit before tax | -65 | -75 | -59 | -49 | -47 | -28 | -65 | -51 |
| Tax rate | 0.0% | −0.1% | 0.0% | 2.0% | 0.0% | −1.5% | 0.0% | −0.3% |
| Net profit | -65 | -75 | -59 | -48 | -47 | -29 | -65 | -51 |
| EPS ($ per share) | -1.34 | — | -1.22 | -0.97 | -0.94 | — | -1.26 | -0.99 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -108 | -176 | -279 | -409 | -596 | -836 | -1,123 | -1,306 |
| Total liabilities | 14 | 42 | 72 | 72 | 222 | 397 | 511 | 602 |
| Fixed assets | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Total assets | 15 | 221 | 186 | 88 | 331 | 588 | 568 | 690 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -30 | -46 | -78 | -108 | -117 | -145 | -128 | -93 |
| Cash from investing | -0 | -0 | -0 | -0 | -54 | -1 | -0 | -0 |
| Cash from financing | 10 | 252 | 42 | 11 | 285 | 331 | 58 | 101 |
| Net cash flow | -20 | 206 | -36 | -97 | 114 | 185 | -71 | 8 |
| Capital expenditure | -0 | -0 | -0 | -0 | -1 | -1 | -0 | -0 |
| Free cash flow | -30 | -46 | -79 | -109 | -117 | -146 | -129 | -94 |
AXSM revenue by segment
| Segment | Q1 FY2024 | Q2 FY2024 | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Royalty and Milestone Revenue | — | — | — | — | — | — | 1% | 1% | — |
| Royalty | 1% | 1% | 1% | 1% | 1% | 1% | 3% | 1% | +82.3% |
| Milestone Revenue | — | — | — | — | — | — | <1% | <1% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
AXSM operating KPIs by quarter
| KPI | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|
| New prescribers activated AUVELITY | 5,500+Additionally, more than 5,500 new prescribers were activated in the quarter, bringing the total number of unique prescribers for AUVELITY since launch to approximately 60,000.Source: earnings call transcript | 6,800+In addition to accelerated new patient starts, the expanded sales force activated more than 6,800 new Auvelity prescribers in the quarter, representing 21% growth versus the previous quarter, bringing the total number of unique prescribers since launch to approximately 69,000.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2026 · share of revenue
- US 99%
- Non Us 1%
As AXSM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
64 filings between Nov 3, 2025 and Sep 3, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$134.33M
33 sales by 8 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 31
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| TABUTEAU HERRIOT | — | $97.80M | Aug 6, 2026 |
| Pizzie Nick | — | $10.18M | Jun 9, 2026 |
| Jacobson Mark L. | — | $8.90M | Sep 3, 2026 |
| Coleman Mark | — | $8.21M | Jun 10, 2026 |
| Saad Mark E | — | $6.21M | Dec 31, 2025 |
| Maizel Ari | — | $2.75M | Apr 22, 2026 |
| Mahony Susan | — | $145.0K | Jun 10, 2026 |
| JEFFS ROGER | — | $141.7K | Jun 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Sep 3, 2026 | Jacobson Mark L. Chief Operating Officer | Sale 10b5-1 plan | 10,000 | $2.09M |
| Sep 3, 2026 | Jacobson Mark L. Chief Operating Officer | Option exercise 10b5-1 plan | 10,000 | $129.5K |
| Aug 6, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 4,660 | $23.1K |
| Aug 6, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 4,660 | $997.0K |
| Aug 5, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 45,004 | $9.54M |
| Aug 5, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 45,004 | $222.8K |
| Jul 1, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 49,666 | $11.93M |
| Jul 1, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 49,666 | $245.8K |
| Jun 11, 2026 | JEFFS ROGER Director | Sale 10b5-1 plan | 286 | $71.2K |
| Jun 10, 2026 | JEFFS ROGER Director | Sale 10b5-1 plan | 286 | $70.4K |
| Jun 10, 2026 | Mahony Susan Director | Sale 10b5-1 plan | 300 | $73.9K |
| Jun 10, 2026 | Coleman Mark Director | Sale 10b5-1 plan | 643 | $160.1K |
| Jun 9, 2026 | Mahony Susan Director | Sale 10b5-1 plan | 300 | $71.2K |
| Jun 9, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 49,670 | $245.9K |
| Jun 9, 2026 | Pizzie Nick Chief Financial Officer | Sale 10b5-1 plan | 33,000 | $7.92M |
| Jun 9, 2026 | Pizzie Nick Chief Financial Officer | Option exercise 10b5-1 plan | 33,000 | $115.5K |
| Jun 9, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 49,670 | $11.97M |
| Jun 8, 2026 | Saad Mark E Director | Option exercise | 1,429 | — |
| Jun 8, 2026 | Mahony Susan Director | Option exercise 10b5-1 plan | 1,429 | — |
| Jun 8, 2026 | JEFFS ROGER Director | Option exercise | 1,429 | — |
| Jun 8, 2026 | Coleman Mark Director | Option exercise 10b5-1 plan | 1,429 | — |
| Jun 2, 2026 | Coleman Mark Director | Sale 10b5-1 plan | 5,537 | $1.24M |
| Jun 1, 2026 | Coleman Mark Director | Sale 10b5-1 plan | 6,000 | $1.38M |
| May 29, 2026 | Coleman Mark Director | Sale 10b5-1 plan | 6,000 | $1.40M |
| May 5, 2026 | Jacobson Mark L. Chief Operating Officer | Sale 10b5-1 plan | 233 | $53.2K |
| May 5, 2026 | Jacobson Mark L. Chief Operating Officer | Option exercise 10b5-1 plan | 233 | $3.0K |
| May 4, 2026 | Jacobson Mark L. Chief Operating Officer | Option exercise 10b5-1 plan | 4,517 | $58.5K |
| May 4, 2026 | Jacobson Mark L. Chief Operating Officer | Sale 10b5-1 plan | 4,517 | $1.03M |
| Apr 22, 2026 | Maizel Ari Chief Commercial Officer | Sale 10b5-1 plan | 7,500 | $1.37M |
| Apr 22, 2026 | Maizel Ari Chief Commercial Officer | Option exercise 10b5-1 plan | 7,500 | $530.5K |
| Feb 26, 2026 | Coleman Mark Director | Sale 10b5-1 plan | 25,000 | $4.03M |
| Feb 26, 2026 | Jacobson Mark L. Chief Operating Officer | Sale 10b5-1 plan | 35,378 | $5.73M |
| Feb 26, 2026 | Jacobson Mark L. Chief Operating Officer | Option exercise 10b5-1 plan | 35,378 | $100.8K |
| Feb 23, 2026 | Coleman Mark Director | Option exercise | 6,250 | $30.9K |
| Feb 20, 2026 | Coleman Mark Director | Option exercise | 12,485 | $61.8K |
| Feb 10, 2026 | Coleman Mark Director | Option exercise | 5,193 | $41.6K |
| Feb 2, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 32,410 | $6.02M |
| Feb 2, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 32,410 | $259.9K |
| Jan 22, 2026 | Pizzie Nick Chief Financial Officer | Sale 10b5-1 plan | 12,000 | $2.26M |
| Jan 22, 2026 | Pizzie Nick Chief Financial Officer | Option exercise 10b5-1 plan | 12,000 | $42.0K |
| Jan 21, 2026 | Maizel Ari Chief Commercial Officer | Sale 10b5-1 plan | 7,500 | $1.38M |
| Jan 21, 2026 | Maizel Ari Chief Commercial Officer | Option exercise 10b5-1 plan | 7,500 | $530.5K |
| Jan 7, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 31,261 | $5.33M |
| Jan 7, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 31,261 | $250.7K |
| Jan 6, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 29,450 | $5.08M |
| Jan 6, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 29,450 | $236.2K |
| Jan 5, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Sale 10b5-1 plan | 78,703 | $13.48M |
| Jan 5, 2026 | TABUTEAU HERRIOT Chief Executive Officer | Option exercise 10b5-1 plan | 78,703 | $631.2K |
| Dec 31, 2025 | Saad Mark E Director | Sale 10b5-1 plan | 31,346 | $5.18M |
| Dec 31, 2025 | Saad Mark E Director | Option exercise 10b5-1 plan | 31,346 | $155.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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