Second Quarter 2026
Filed Aug 10, 2026Axsome Therapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update
Total net product revenue grew 46% year over year, led by 51% growth in AUVELITY, but SG&A expenses increased to $208.1 million and net loss widened to $51.3 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total net product revenueGAAP | $218.4 million | – | 46% |
| Total cost of revenueGAAP | $13.6 million | – | – |
| Research and development expensesGAAP | $46.2 million | – | – |
| Selling, general, and administrative expensesGAAP | $208.1 million | – | – |
| Net lossGAAP | $51.3 million | – | – |
| Net loss per shareGAAP | $(0.99) per share | – | – |
| Stock-based compensation expenseGAAP | $27.1 million | – | – |
| Cash and cash equivalentsGAAP | $319.9 million | – | – |
| Shares of common stock outstandingother | 52,299,889 | – | – |
| SUNOSI net product salesGAAP | $33.8 million | – | – |
| SUNOSI royalty revenue associated with SUNOSI sales in out-licensed territoriesGAAP | $1.5 million | – | – |
| SUNOSI milestone revenueGAAP | $0.5 million | – | – |
| AUVELITY total prescriptionsother | Approximately 266,000 total prescriptions | 12% | 34% |
| AUVELITY overall new-to-brand prescriptionsother | >=26% | 26% | – |
| AUVELITY new-to-brand prescriptions among patients ≥65 years of ageother | 126% | 126% | – |
| AUVELITY payer coverage across all channelsother | approximately 89% of all lives covered | – | – |
| AUVELITY commercial payer coverageother | approximately 82% | – | – |
| AUVELITY government payer coverageother | approximately 100% | – | – |
| SUNOSI prescriptions written in the U.S.other | Approximately 61,000 prescriptions | 8% | 14% |
| SUNOSI payer coverage across all channelsother | approximately 82% of all lives covered | – | – |
| SUNOSI commercial payer coverageother | approximately 96% of commercial lives | – | – |
| SUNOSI government payer coverageother | 59% of government lives | – | – |
| SYMBRAVO prescriptions writtenother | Approximately 23,500 prescriptions | 30% | – |
| SYMBRAVO payer coverage across all channelsother | approximately 57% of all lives covered | – | – |
| SYMBRAVO commercial payer coverageother | approximately 56% of commercial lives | – | – |
| SYMBRAVO government payer coverageother | 57% of government lives | – | – |
| Expanded SYMBRAVO sales teamother | approximately 150 sales representatives | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AUVELITYOverall new-to-brand prescriptions in the second quarter of 2026 increased 26% compared to the first quarter of 2026, reflecting the early impact of the sales force expansion which was completed in the second quarter. | $180.3 million | – | 51% |
| SUNOSIApproximately 61,000 prescriptions were written for SUNOSI in the U.S. in the second quarter of 2026, a 14% increase compared to the same period in 2025, and an 8% increase compared to the first quarter of 2026. | $35.8 million | – | 20% |
| SYMBRAVOApproximately 23,500 prescriptions were written for SYMBRAVO in the second quarter of 2026, a 30% increase compared to the first quarter of 2026. | $2.3 million | – | 461% |
Current operating plan and anticipated milestones outlook
- NoteAxsome believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
- NotePhase 2/3 trial of AXS-05 in smoking cessation, initiation (3Q 2026)
- NotePhase 3 ENGAGE trial of solriamfetol in binge eating disorder (4Q 2026)
- NotePhase 3 SUSTAIN trial of solriamfetol in shift work disorder (2027)
- NoteAXS-12 for narcolepsy, PDUFA target action (May 1, 2027)
What drove it
- Total net product revenue was $218.4 million for the second quarter of 2026, representing 46% year-over-year growth.
- AUVELITY launched in Alzheimer’s disease agitation in June 2026.
- The AUVELITY sales force expansion was completed in the second quarter.
- The previously announced expansion of the SYMBRAVO sales force is substantially complete.
- R&D expense decreased primarily due to lower costs for AXS-05 and AXS-14.
Concerns
- SG&A expenses were $208.1 million, compared to $130.3 million for the comparable period in 2025.
- The increase in SG&A primarily reflects commercialization activities for AUVELITY, including the sales force expansion and launch activities for the Alzheimer’s disease agitation indication, and commercialization activities for SYMBRAVO.
- Net loss was $51.3 million, compared to a net loss of $48.0 million for the comparable period in 2025.
- SYMBRAVO payer coverage across all channels is at approximately 57% of all lives covered.
What to watch
- Phase 2/3 trial of AXS-05 in smoking cessation initiation in 3Q 2026.
- Topline results from the ENGAGE Phase 3 trial of solriamfetol in binge eating disorder in the fourth quarter of 2026.
- Topline results from the SUSTAIN Phase 3 trial of solriamfetol in shift work disorder in 2027.
- AXS-12 NDA PDUFA target action date of May 1, 2027.
- Continued AUVELITY growth in Alzheimer’s disease agitation and major depressive disorder.
Balance sheet and cash flow
- Cash and cash equivalents totaled $319.9 million at June 30, 2026, compared to $322.9 million at December 31, 2025.
- Shares of common stock outstanding were 52,299,889 at June 30, 2026.
- Axsome believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
Analysis
Axsome reported $218.4 million of total net product revenue, up 46% year over year. AUVELITY generated $180.3 million of net product sales, up 51%, while SUNOSI contributed $35.8 million of net product revenue, up 20%. SYMBRAVO net product sales were $2.3 million, with the product having launched in June 2025.
Prescription trends supported commercial growth. Approximately 266,000 total AUVELITY prescriptions were written in the second quarter, with year-over-year and quarter-over-quarter increases of 34% and 12%, respectively. Overall AUVELITY new-to-brand prescriptions increased 26% versus the first quarter, and new-to-brand prescriptions among patients ≥65 years of age increased 126% during the first eight weeks following the Alzheimer’s disease agitation launch compared with the same period in the prior quarter. SUNOSI prescriptions increased 14% year over year and 8% sequentially, while SYMBRAVO prescriptions increased 30% sequentially.
Profitability remained pressured by commercial investment. Cost of revenue was $13.6 million, R&D expense declined to $46.2 million from $49.5 million, and SG&A expense increased to $208.1 million from $130.3 million. The company attributed the SG&A increase to AUVELITY commercialization, including sales force expansion and launch activities for the Alzheimer’s disease agitation indication, and to SYMBRAVO commercialization. Net loss was $51.3 million, or $(0.99) per share, compared with $48.0 million, or $(0.97) per share.
Cash and cash equivalents were $319.9 million at June 30, 2026, compared with $322.9 million at December 31, 2025. Axsome stated that current cash is sufficient to fund anticipated operations into cash flow positivity based on its current operating plan. The next operating and pipeline markers include AXS-05 smoking-cessation trial initiation in 3Q 2026, ENGAGE topline results in the fourth quarter of 2026, SUSTAIN topline results in 2027, and the May 1, 2027 PDUFA target action date for AXS-12 in narcolepsy.
Management, verbatim
The second quarter was highly productive for Axsome. Our commercial business grew robustly, driven by strong underlying demand for our products, and we made important regulatory and clinical progress across our innovative neuroscience pipeline.
Herriot Tabuteau, MD, Chief Executive Officer of Axsome Therapeutics
Not in the filing
stated, not guessed- Gross margin
- Operating income or loss
- Non-GAAP revenue, earnings, EPS, or margin measures
- Operating cash flow
- Free cash flow
- Debt balance
- Share repurchases
- Dividend payments
- Quantitative revenue guidance
- Quantitative gross-margin guidance
- Quantitative operating-expense guidance
- Tax-rate guidance
- Previous-quarter figures for total net product revenue, AUVELITY net product sales, SUNOSI net product revenue, SYMBRAVO net product sales, cost of revenue, R&D expenses, SG&A expenses, net loss, and net loss per share
- Prior-year figures for cash and cash equivalents, shares of common stock outstanding, prescription volumes, and payer coverage
- Previous quarterly outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.