Axsome Therapeutics, Inc.

Revenue was $218 million in Q2 2026 versus $150 million in Q2 2025, up 46% year over year. AUVELITY net product sales were $180.3 million, up 51% year over year and 18% quarter over quarter. SUNOSI net product revenue was $35.8 million, up 20% year over year, including $33.8 million of net product sales, $1.5 million of royalty revenue, and $0.5 million of milestone revenue. SYMBRAVO net sales were $2.3 million; management said the quarter reflected a prior-period adjustment and elevated patient service program use, pushing gross-to-net into the high 80% range, and it expects SYMBRAVO GTN to return to prior levels. Gross-to-net for AUVELITY and SUNOSI was about 50% each, with management expecting both to improve through the year. R&D expense was $46.2 million versus $49.5 million a year ago, SG&A was $208.1 million versus $130.3 million, and net loss was $51.3 million, or $0.99 per share, versus a $48 million loss, or $0.97 per share. Cash and cash equivalents were about $320 million at quarter end, and the company said that balance is sufficient to fund anticipated operations into cash flow positivity.

Herriot Tabuteau framed the quarter as one of broad progress across both the commercial portfolio and the pipeline. He emphasized that AUVELITY’s launch in Alzheimer’s disease agitation, the expanded sales force, and continued growth in SUNOSI and SYMBRAVO position Axsome for strong growth across the rest of 2026. On pipeline, he highlighted six product candidates across 10 serious conditions and said the company believes it can average one new NDA per year between now and 2030.

Nick Pizzie focused on strong revenue growth, improving operating leverage, and a stable balance sheet. He cited $218 million in revenue, AUVELITY at $180.3 million, SUNOSI at $35.8 million, and net loss of $51.3 million, or $0.99 per share, including $27.1 million of stock-based compensation. He said cash was about $320 million, that quarter-end inventory remained roughly two weeks with no stocking benefit, and that current cash should fund operations into cash flow positivity. He also said SG&A should roughly plateau around the Q2 level of $208.1 million while R&D rises as ADHD trials begin, with operating leverage expected to continue in the back half of the year.

Analysts focused heavily on the early Alzheimer’s disease agitation launch, especially the role of sampling, long-term care, and how much early growth is coming from ADA versus the underlying MDD franchise. Management repeatedly said it is only 8 weeks into the launch, that sample data are limited and not included in IQVIA prescription data, and that it is still too early to break out detailed source-of-business metrics. Questions also centered on AUVELITY gross-to-net, where management said it expects GTN to remain in the 50s longer term, and on whether the new prescriber base is mostly primary care versus specialists. On AXS-12 and balipodect, management stressed differentiation, later-stage development work, and productive payer discussions, while saying pricing and final positioning are still premature.