Group 1 - The event is the Fifth Annual TD Cowen Novel Mechanisms in Neuropsychiatry and Epilepsy Summit, featuring Axsome Therapeutics [1] - Axsome Therapeutics has made significant progress in both commercial and development aspects over the past year [2] - The company is expected to provide insights into future expectations for investors, particularly looking towards the end of 2025 and early 2026 [2] Group 2 - In Q2, Axsome Therapeutics reported net sales of $150 million, with Auvelity contributing $120 million and Sunosi $30 million [4] - The recent launch of SYMBRAVO generated approximately $400,000 in its first 2.5 weeks [4]

Axsome Therapeutics FY Conference Summary Company Overview - **Company**: Axsome Therapeutics (NasdaqGM:AXSM) - **Event**: Fifth Annual TD Cowen Novel Mechanisms in Neuropsychiatry and Epilepsy Summit - **Date**: September 17, 2025 Key Points Commercial Performance - **Q2 Net Sales**: $150 million, with Auvelity contributing $120 million and Sanofi $30 million [3][4] - **Symbravo Launch**: Generated approximately $400,000 in revenue within two and a half weeks of launch [3] - **MBRXs Growth**: Increased from 2,000 to 2,500 per week due to the expansion of the sales force [4][15] - **Coverage Expansion**: Added 28 million additional lives covered, enhancing patient access and maintaining net pricing [4][21] - **Direct-to-Consumer Campaign**: Launched a national TV advertising campaign for Auvelity, expected to boost awareness and prescriptions [5][19] Product Utilization - **Auvelity Utilization**: Approximately 50% of prescriptions are for first-line or first-switch patients, indicating strong market penetration [11] - **Monotherapy Use**: Over 50% of Auvelity prescriptions are for monotherapy, suggesting a reduction in polypharmacy [12] Research and Development - **AXS-05 for Alzheimer's**: sNDA filing expected in Q3 2025, with ongoing trials and a focus on agitation in Alzheimer's patients [7][24] - **Upcoming NDA Submission**: AXS-12 for narcolepsy planned for Q4 2025 [8] - **Clinical Trials**: Multiple ongoing trials for various conditions, including ADHD, major depressive disorder, and fibromyalgia [9] Market Potential - **Alzheimer's Market Size**: Estimated at 7 million patients, with around 5 million experiencing agitation, presenting a significant market opportunity [32] - **Peak Sales Estimates**: Projected peak sales for AXS-05 in the range of $1.5 to $3 billion [32] Strategic Outlook - **Sales Force Expansion**: Plans to increase the sales force significantly in 2026, focusing on primary care and long-term care centers [15][16] - **Market Dynamics**: Anticipated growth in prescriptions post-Labor Day as patient compliance improves [20] - **Business Development**: While monitoring market opportunities, the company is currently satisfied with its existing pipeline and acquisitions [39] Additional Insights - **KOL Feedback**: Positive feedback from Key Opinion Leaders regarding the safety and tolerability profile of AXS-05, especially in elderly patients [29] - **Regulatory Engagement**: Consistent dialogue with the FDA regarding trial requirements and product development strategies [24][25] Conclusion Axsome Therapeutics is positioned for growth with strong commercial performance, a robust pipeline, and strategic plans for market expansion. The company is optimistic about its future prospects, particularly in the Alzheimer's market and ongoing product launches.

Core Insights - Axsome Therapeutics, Inc. is showcasing six presentations at Psych Congress 2025, focusing on innovative neuroscience products for CNS disorders [1][6] Group 1: Major Depressive Disorder - Presentation on Auvelity (dextromethorphan 45 mg-bupropion 105 mg) in patients with Major Depressive Disorder, led by Dr. Anita H. Clayton [2] Group 2: Alzheimer's Disease Agitation - Presentation on the efficacy and safety of AXS-05 in Alzheimer's Disease Agitation from the ACCORD-2 Phase 3 study, led by Dr. Jeffrey Cummings [3] Group 3: Narcolepsy - Multiple presentations on AXS-12, including its impact on symptom severity and functional impairment in narcolepsy from the Phase 3 SYMPHONY Trial, led by Dr. Michael Thorpy [5] - ENCORE study results on AXS-12 in narcolepsy, led by Dr. Richard Bogan [5] - Analysis of residual symptom burden in narcolepsy patients satisfied with treatment from the CRESCENDO Survey, led by Dr. Michael Thorpy [5] Group 4: Obstructive Sleep Apnea - Presentation on the effects of Solriamfetol on neuropsychological outcomes in patients with Obstructive Sleep Apnea from the real-world SURWEY study [4] Company Overview - Axsome Therapeutics is focused on developing differentiated products for CNS conditions, with FDA-approved treatments for major depressive disorder, narcolepsy, and obstructive sleep apnea, addressing serious neurological and psychiatric conditions impacting over 150 million people in the U.S. [6]

Core Insights - The session features Axsome's COO Mark Jacobson and CFO Nick Pizzie, indicating a focus on the company's strategic direction and financial performance [2] Group 1 - The event is part of the Morgan Stanley Global Healthcare Conference, highlighting the importance of healthcare sector discussions [1] - Sean Laaman, Head of U.S. SMID Cap Biotech Equity Research, is leading the session, suggesting a focus on small to mid-cap biotech companies [1]

Axsome Therapeutics FY Conference Summary Company Overview - **Company**: Axsome Therapeutics (NasdaqGM:AXSM) - **Focus**: Central nervous system disorders with a robust pipeline including products for Alzheimer's disease agitation, ADHD, and narcolepsy [2][4] Financial Performance - **Total Net Revenue**: $150 million as of Q2, with $120 million from Auvelity, $30 million from Sunosi, and approximately $0.5 million from the recently launched Symbravo [3][3] - **Auvelity Growth**: Tracking towards close to $0.5 billion annually after 11 quarters [3][3] - **Payer Access**: Increased access for Auvelity to 83% of total covered lives, adding 28 million additional lives with no price degradation [3][19] Product Updates - **Auvelity**: Strong growth in major depressive disorder (MDD) with improved payer access and a direct-to-consumer national TV campaign launched [12][14] - **Symbravo**: Early launch feedback is positive, with ongoing efforts to address access and patient conversion challenges [23][24] - **AXS-05 for Alzheimer's Disease Agitation**: Differentiated from existing treatments with a favorable risk-benefit profile; sNDA submission expected in Q3 [30][34] Market Dynamics - **Competitive Landscape**: Acknowledgment of increased biotech innovation in China; plans to explore partnerships for global rights [4][5] - **Regulatory Environment**: No significant impact from FDA, MSN, or tariffs noted; stable engagement with regulatory bodies [9][10] Strategic Initiatives - **AI Utilization**: Leveraging AI for efficiencies in commercial operations and data analysis [6][8] - **Sales Force Expansion**: Increased sales force for Auvelity has led to a 25% increase in average MBRXs per week [12][13] - **Future Expectations**: Anticipation of continued growth in prescription volume and access improvements for Auvelity and Symbravo [18][19] Pipeline and Future Catalysts - **AXS-12 for Narcolepsy**: NDA submission scheduled for Q4; expected to fit well in the narcolepsy treatment landscape [47][49] - **Ongoing Studies**: Multiple studies for Sunosi in ADHD, MDD, shift work disorder, and binge eating disorder, with results expected in 2026 [50][51] Financial Outlook - **Cash Position**: Currently over $300 million; net loss for Q2 was $48 million, with a cash basis loss of approximately $19 million [41][42] - **R&D Investment**: Expected to remain stable around $50 million, with no significant increase anticipated [46] Conclusion - **Market Position**: Axsome Therapeutics is well-positioned with a strong pipeline and commercial strategy, focusing on execution and growth in the CNS disorder market [44][45]

Axsome Therapeutics (AXSM) Conference Call Summary Company Overview - Axsome Therapeutics is a CNS-focused company specializing in brain health with three in-market products and a deep pipeline of novel product candidates [3][4] Financial Performance - Q2 total net sales reached $150 million, with $120 million from Auvelity, indicating a trajectory towards a half a billion annual run rate [4] - Cash on hand exceeds $300 million, positioning the company towards cash flow positivity [4] - Auvelity's market access expanded by 28 million lives as of July 1, enhancing growth potential [5] Product Pipeline and Development - Axsome V for Alzheimer's disease agitation is on track for sNDA submission in Q3, supported by three positive trials and additional safety data [6][8] - NDA submission for Axsome 12 (reboxetine for narcolepsy) is anticipated in Q4, with positive trial results across multiple endpoints [20][21] - Four Phase 3 programs for Sunosi are underway, with trials for Axsome V in smoking cessation and Axsome 14 in fibromyalgia planned [6] Commercial Strategy - Continued growth is expected for Auvelity and Symbravo, with a focus on expanding the sales force and targeting long-term care settings [6][10] - The company plans to invest in direct-to-consumer (DTC) marketing to drive new prescriptions [27] - Auvelity has a peak sales estimate of $1 billion to $3 billion, with current annualized sales at $500 million, representing only 0.16% of the total antidepressant market [26][30] Product Differentiation - Auvelity is positioned as an oral NMDA receptor antagonist, distinct from atypical antipsychotics, with a favorable safety and tolerability profile [18][19] - Axsome 12 is differentiated by its efficacy in treating cataplexy and improvements in sleepiness and cognition, with a distinct tolerability profile compared to existing therapies [20][21] - Symbravo is designed to address efficacy gaps in acute migraine treatment, with early feedback indicating robust efficacy and tolerability [33][34] Market Access and Pricing - Gross net pricing remains stable in the mid-50% range, with potential for improvement as market access increases [32] - The company anticipates higher gross and net discounts in the migraine treatment space, aligning with industry norms [43] Future Outlook - Axsome Therapeutics is optimistic about its growth trajectory, with significant developments expected in the coming quarters, including product launches and market expansions [6][46]

Financial Data and Key Metrics Changes - In Q2, the company achieved a milestone of $150 million in net sales for the first time, with $120 million from Avelity, indicating a trajectory towards $500 million in annualized sales [5] - The company reported a strong balance sheet with over $300 million in cash, positioning it for cash flow positivity [5][6] - The gross-to-net discount for Q2 was in the mid-50s range, showing slight improvement from Q1, and is expected to remain stable for the second half of the year [46][47] Business Line Data and Key Metrics Changes - Avelity for major depressive disorder (MDD) is tracking close to $500 million in sales, with peak sales potential estimated between $1 billion to $3 billion [30][31] - Sunosi generated $30 million in sales, with two-thirds of scripts coming from obstructive sleep apnea (OSA) [62] - The newly launched product, Symbravo, recognized approximately $400,000 in sales during its initial weeks [5] Market Data and Key Metrics Changes - The company has expanded its covered lives for Avelity to 83%, with a national direct-to-consumer campaign planned to further increase brand awareness [31][32] - The Medicare channel has shown significant growth, with Rexulti scripts growing over 40% year-over-year, indicating a robust market for Alzheimer's disease agitation treatments [14][15] Company Strategy and Development Direction - The company is focused on expanding its product portfolio with a robust pipeline, including potential indications for Alzheimer's disease agitation, smoking cessation, ADHD, and binge eating disorder [4][63] - The strategy includes optimizing the sales force by integrating Alzheimer's disease agitation into the existing MDD sales team and potentially expanding into long-term care [27][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the fundamentals of the company, stating that the current environment is favorable for growth [4] - The company is focused on top-line growth while also improving cash flow, with a significant reduction in losses year-over-year [84][85] Other Important Information - The company is in dialogue with the FDA regarding the submission package for Avelity in Alzheimer's disease agitation, with a focus on providing robust clinical data [18][19] - The patent for Symbravo extends to 2041, providing a strong competitive position in the market [60][61] Q&A Session Summary Question: Are you still on track to file an sNDA for Alzheimer's disease agitation in Q3? - Yes, the company is on track to file [6] Question: What is the commercial opportunity in Alzheimer's disease agitation? - There is a substantial unmet need, with potential peak sales estimated between $1 billion to $3 billion [8][9] Question: How is the sales force structured for Avelity and Alzheimer's disease agitation? - The sales force has expanded to approximately 300 reps, with plans to integrate Alzheimer's disease agitation into the existing MDD team [27][28] Question: What is the expected gross-to-net discount at steady state? - The company expects to maintain a mid-50s gross-to-net discount for the remainder of the year [46][47] Question: What are the goals for the launch of Symbravo? - The focus is on gathering clinician feedback and improving access for patients [49][51] Question: What is the peak sales potential for ADHD indications? - The peak sales potential for ADHD is estimated between $1 billion to $3 billion [71]

Financial Data and Key Metrics Changes - In Q2, Axsome Therapeutics achieved a milestone of $150 million in net sales for the first time, with $120 million from Avelity and $30 million from Sunosi, indicating strong growth potential [5] - The company has a robust balance sheet with over $300 million in cash, positioning it for cash flow positivity [5] Business Line Data and Key Metrics Changes - Avelity is on track for annualized sales of half a billion, with significant growth observed since its launch [5][37] - Sunosi generated $30 million in sales, with a focus on expanding its market presence in obstructive sleep apnea and narcolepsy [68] - The launch of Symbravo for migraine treatment is in early stages, with positive feedback on its efficacy and tolerability [54][56] Market Data and Key Metrics Changes - The market for Alzheimer's disease agitation shows substantial unmet need, with potential peak sales for Avelity estimated between $1 billion to $3 billion [11] - Avelity is currently capturing about 0.16% of the total market share, indicating significant room for growth [50] Company Strategy and Development Direction - The company is focused on expanding its sales force and enhancing its commercialization strategy, particularly for Avelity and the upcoming Alzheimer's indication [33][41] - Axsome is exploring additional indications for Sunosi, including ADHD and MDD associated with excessive daytime sleepiness, which could drive future growth [69][78] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory of Avelity, citing a strong sales force and increased market access as key drivers [38][41] - The company aims to prioritize top-line growth while also improving cash flow, with a significant reduction in losses year-over-year [90] Other Important Information - Axsome has a patent portfolio for Symbravo extending to 2041, providing a competitive edge in the market [65][66] - The company is in dialogue with the FDA regarding its clinical trial designs and submission strategies for various products, ensuring alignment with regulatory expectations [21][25] Q&A Session Summary Question: Are you still on track to file an sNDA for Alzheimer's disease agitation in Q3? - Yes, the company is on track to file [6][7] Question: What is the commercial opportunity in Alzheimer's agitation? - There is substantial unmet need, with potential peak sales estimated at $1 billion to $3 billion [11] Question: How is the sales force being optimized for Avelity? - The sales force has expanded to approximately 300 reps, with plans to integrate Alzheimer's agitation into their strategy [33][34] Question: What are the goals for the launch of Symbravo? - The focus is on gathering clinician feedback and improving access for patients [54][56] Question: What is the expected gross to net discount for Avelity? - The company expects to maintain a mid-50s range for gross to net discounting [52][53] Question: What is the potential market for ADHD indications? - The peak sales potential for ADHD is estimated at $1 billion to $3 billion [77]

Core Viewpoint - Axsome Therapeutics has shown a positive trend in its stock performance, with a 19.2% increase over the past month, outperforming the S&P 500, leading to speculation about the sustainability of this trend ahead of its next earnings release [1]. Financial Performance - In Q2 2025, Axsome reported an adjusted loss of $0.97 per share, which was narrower than the Zacks Consensus Estimate of a loss of $1.00, and a significant improvement from a loss of $1.67 per share in the same quarter last year [2]. - Total revenues surged 72% year over year to $150 million, exceeding the Zacks Consensus Estimate of $140 million, primarily driven by strong sales of Auvelity [3]. - Product revenues reached $148.9 million in Q2, compared to $86.5 million in the previous year, with royalty revenues contributing an additional $1.1 million [4]. Product Sales Breakdown - Auvelity sales amounted to $119.6 million, reflecting an 84% year-over-year increase and a 24% sequential increase, with approximately 192,000 prescriptions recorded, marking a 15% sequential and 56% year-over-year increase [5]. - Sunosi's net product sales were $30 million, up 35% from the previous year, with total prescriptions growing 13% year over year to 50,000 [6]. - Symbravo, launched in June, generated $0.4 million in sales during its partial quarter [6]. Expense Analysis - Research and development expenses were $49.5 million, down 0.8% from the previous year, attributed to the completion of label expansion studies [7]. - Selling, general, and administrative expenses totaled $130.3 million, up 25.8% year over year, driven by increased commercial activities for Auvelity and ongoing launch activities for Symbravo [8]. Cash Position - As of June 30, 2025, Axsome had cash and cash equivalents of $303 million, slightly up from $300.9 million as of March 31, 2025 [8]. Market Outlook - Estimates for Axsome have been trending downward, indicating a potential shift in market sentiment, with a Zacks Rank of 3 (Hold) suggesting an expectation of in-line returns in the coming months [12]. Industry Comparison - Axsome operates within the Zacks Medical - Biomedical and Genetics industry, where Regeneron reported revenues of $3.68 billion in its last quarter, reflecting a year-over-year increase of 3.6% [13].

Core Viewpoint - Axsome Therapeutics has shown strong stock performance, with a 20.2% increase over the past month, significantly outperforming the industry and the S&P 500 [1][7]. Sales Performance - The lead drug, Auvelity, has generated $215.9 million in sales during the first half of 2025, marking an 82.3% year-over-year increase, primarily due to higher unit sales volume [3][7]. - Auvelity is expected to maintain a compound annual growth rate (CAGR) of approximately 42.7% over the next three years [3]. Drug Development and Pipeline - Axsome is expanding Auvelity's indications for other CNS disorders, including Alzheimer's disease agitation and smoking cessation, with plans to submit a supplemental new drug application (sNDA) later in Q3 2025 [4]. - The company is also advancing its other drugs, such as Sunosi, which generated $53 million in sales in H1 2025, reflecting a 25.6% year-over-year increase [8]. - New migraine drug Symbravo was approved in January 2025 and launched in June, enhancing Axsome's market presence [9]. Competitive Landscape - Competition exists in the CNS market, with companies like Acadia Pharmaceuticals developing similar treatments [11]. - Sunosi may face competition from Jazz Pharmaceuticals' sleep disorder drugs, which have a strong market share [12]. Regulatory Challenges - Axsome received a Refusal to File letter from the FDA regarding its NDA for AXS-14, which could delay potential approval and market entry [13]. Valuation Metrics - Axsome's shares are trading at a price-to-sales (P/S) ratio of 12.16, significantly higher than the industry average of 2.12, although below its five-year mean of 14.93 [14]. Earnings Estimates - The Zacks Consensus Estimate for 2025 loss per share has widened from $3.26 to $3.41, while 2026 earnings per share estimates have decreased from $1.36 to $0.92 [16]. Conclusion - The strong sales performance of Auvelity and the progress of other drugs are positive indicators for Axsome's stock [17]. - However, competition and potential regulatory setbacks pose risks to growth prospects [17].