Axsome Therapeutics(AXSM) - 2025 Q1 - Quarterly Results

Revenue Growth - Total net product revenue for Q1 2025 was $121.5 million, representing 62$75.0 million in Q1 2024[5] - AUVELITY net product sales reached $96.2 million in Q1 2025, an 80$53.4 million in Q1 2024[5] - SUNOSI net product revenue was $25.2 million for Q1 2025, reflecting a 17$21.6 million in Q1 2024[8] - Total revenues for Q1 2025 reached $121.463 million, a 62$74.999 million in Q1 2024[31] - Product sales, net for Q1 2025 were $120.358 million, up from$74.096 million in the same period last year, reflecting a significant growth[31] Prescription and Payer Coverage - Approximately 167,000 prescriptions were written for AUVELITY in Q1 2025, a 76% increase compared to the same period in 2024[9] - Payer coverage for AUVELITY is approximately 78% across all channels, with 63% in commercial and 100% in government channels[9] Regulatory Developments - SYMBRAVO received FDA approval for acute migraine treatment, with commercial launch expected in June 2025[10] - NDA for AXS-14 for fibromyalgia has been submitted, with FDA decision anticipated in Q2 2025[18] - Supplemental NDA for AXS-05 in Alzheimer's disease agitation is on track for submission in Q3 2025[18] Financial Performance - Net loss for Q1 2025 was $59.4 million, or$(1.22) per share, compared to a net loss of $68.4 million, or$(1.44) per share, in Q1 2024[5] - Operating expenses totaled $178.445 million in Q1 2025, compared to$142.274 million in Q1 2024, indicating a 25% increase[31] - The net loss for Q1 2025 was $59.413 million, an improvement from a net loss of$68.357 million in Q1 2024[31] - The company reported a basic and diluted net loss per common share of $1.22 for Q1 2025, an improvement from$1.44 in Q1 2024[31] Cash and Assets - Cash and cash equivalents totaled $300.9 million as of March 31, 2025, down from$315.4 million at the end of 2024[5] - Cash and cash equivalents as of March 31, 2025, were $300.910 million, slightly down from$315.353 million at the end of 2024[29] - Total assets increased to $596.671 million as of March 31, 2025, compared to$568.498 million at the end of 2024[29] - The company’s accounts receivable increased to $161.398 million as of March 31, 2025, from$142.001 million at the end of 2024[29] Research and Development - Research and development expenses rose to $44.785 million in Q1 2025, compared to$36.830 million in Q1 2024, reflecting ongoing investment in product development[31] - Axsome Therapeutics is focused on expanding payer coverage and advancing clinical trials for its product candidates, including SUNOSI, AUVELITY, and SYMBRAVO[26]