Core Insights - Axsome Therapeutics reported an adjusted loss of $0.97 per share in Q2 2025, which is an improvement from a loss of $1.67 per share in the same quarter last year and better than the Zacks Consensus Estimate of a loss of $1.00 [1][6] - The company's total revenues increased by 72% year over year to $150 million in Q2 2025, surpassing the Zacks Consensus Estimate of $140 million, primarily driven by strong sales of Auvelity [1][6] Revenue Breakdown - Total revenues for Q2 2025 included product revenues from Auvelity, Sunosi, and Symbravo, along with royalty revenues, with net product revenues reaching $148.9 million compared to $86.5 million in the previous year [3] - Auvelity sales amounted to $119.6 million, reflecting an 84% year-over-year increase and a 24% sequential increase, exceeding the model estimate of $111.8 million [4][6] - Sunosi's net product sales were $30 million in Q2 2025, up 35% from the previous year, with total prescriptions growing 13% year over year to 50,000 [7] Pipeline Developments - Axsome is planning several late-stage studies and regulatory filings for AXS-05, AXS-12, AXS-14, and solriamfetol, including a supplemental new drug application for AXS-05 targeting Alzheimer's disease agitation [6][11] - AXS-12 is being developed for narcolepsy, with plans to submit a new drug application for treating cataplexy in Q4 2025 [12] - The company is also evaluating solriamfetol in phase III studies for ADHD and MDD, with studies expected to start in Q4 2025 [14][15] Financial Overview - Research and development expenses were $49.5 million, down 0.8% from the previous year, while selling, general, and administrative expenses rose by 25.8% to $130.3 million due to increased commercial activities [9][10] - As of June 30, 2025, Axsome had cash and cash equivalents of $303 million, slightly up from $300.9 million at the end of Q1 2025 [10]

Core Insights - Alkermes (ALKS) announced positive top-line data from the phase II Vibrance-1 study for its oral orexin 2 receptor agonist, alixorexton, aimed at treating narcolepsy type 1 (NT1) [1][8] - The study demonstrated statistically significant improvements in wakefulness and excessive daytime sleepiness compared to placebo [2][3] - The 6 mg dose of alixorexton was the only one to achieve statistical significance in reducing weekly cataplexy rates, which may have negatively impacted investor sentiment [4] Study Results - Alixorexton treatment across all doses showed a dose-dependent improvement in wakefulness on the Maintenance of Wakefulness Test (MWT), the primary endpoint of the study [2] - Statistically significant improvements in excessive daytime sleepiness were observed at week six on the Epworth Sleepiness Scale, a key secondary endpoint [3] - The 6 mg dose was the only one to achieve statistical significance in improving weekly cataplexy rates, another key secondary endpoint [4] Safety and Tolerability - Treatment with alixorexton was generally safe and well-tolerated across all doses [5] Future Development Plans - Alkermes plans to initiate a global phase III trial for alixorexton in patients with NT1, building on the success of the Vibrance-1 study [9][10] - Alixorexton is also being studied for narcolepsy type 2 (NT2) and idiopathic hypersomnia (IH), with ongoing phase II studies [11][12] Competitive Landscape - Upon potential approval, alixorexton may face competition from Axsome's Sunosi (solriamfetol), which is already marketed for narcolepsy treatment [13] - Other drugs from Jazz Pharmaceuticals, such as Xyrem and Xywav, also hold significant market share in the sleep disorder segment [14]