NEW YORK, Feb. 24, 2026 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced that the first patient has been dosed in the CLARITY Phase 3 trial of solriamfetol in the treatment of major depressive disorder (MDD) with excessive daytime sleepiness (EDS) symptoms. CLARITY (Clinical Assessment of Response in the Treatment of Depression with Daytime Sleepiness Using Solriamfetol) is ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 increased 65% year-over-year to $196 million, and for the full year increased 66% to $639 million [6][12] - Net product sales of Auvelity for Q4 were $155.1 million, up 68% compared to the prior year, and total sales for Auvelity reached $507.1 million, representing a 74% year-over-year increase [12][13] - Net loss for Q4 was $28.6 million, or $0.56 per share, compared to a net loss of $74.9 million, or $1.54 per share for Q4 2024 [16] - Net loss for the full year was $183.2 million, or $3.68 per share, compared to a net loss of $287.2 million, or $5.99 per share for 2024 [17] Business Line Data and Key Metrics Changes - Auvelity achieved sales of over $500 million in its third full year of launch, with significant growth in prescriptions [6][19] - Sunosi generated net product revenue of $36.7 million for Q4, a 40% increase compared to Q4 2024, and $124.8 million for the full year, representing a 32% increase [13] - Symbravo generated $4.1 million in net sales for Q4 and $6.6 million for the full year, following its second full quarter of launch [13] Market Data and Key Metrics Changes - Auvelity prescriptions grew by 42% year-over-year, with over 225,000 prescriptions written in Q4 [19] - Payer coverage for Auvelity increased from 75% to 78%, bringing total coverage to 86% of all lives across channels [20] - Symbravo's overall payer coverage is approximately 52% at the start of the year [22] Company Strategy and Development Direction - The company is advancing a broad CNS pipeline with 5 novel product candidates across 9 high-impact indications [6] - Plans to conduct two Phase 3 trials in ADHD, one in children and one in adolescents, are on track for initiation in the first half of the year [9] - The company aims to expand its sales force to approximately 600 representatives to support growth in MDD and potential launch in Alzheimer's disease agitation [21][59] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver new treatment options for patients living with CNS disorders, supported by a scalable commercial platform [6][11] - The company anticipates that its current cash balance is sufficient to fund operations into cash flow positivity based on the current operating plan [17] - Management is optimistic about the potential impact of the upcoming launch for Alzheimer's disease agitation, with preparations underway [69] Other Important Information - The company has made significant progress with its NDA package for AXS-12 in narcolepsy and expects to submit that imminently [8] - The acquisition of AZD7325, a novel oral GABA A alpha-2/3 receptor positive allosteric modulator, is planned for evaluation in epilepsy [10] Q&A Session Summary Question: Implications of the new FDA publication on the one trial policy - Management is assessing the implications and will continue to vet clinical plans with the FDA [28] Question: Development plan for AXS-17 in epilepsy - The product has been studied in various indications, and the focus is currently on preparing for Phase II readiness [33] Question: Coverage evolution for Auvelity post-ADA label approval - Existing coverage should generally apply to the new indication, but there may be additional efforts needed for Medicare coverage [36] Question: Growth drivers for Sunosi - Growth is driven by both volume and improved access across OSA and narcolepsy markets [44] Question: Sales force expansion rationale - The expansion aims to accelerate growth in MDD and prepare for potential Alzheimer's agitation indication [59] Question: Coverage evolution for Symbravo - The secured contract with a third large GPO allows for active negotiation with payers, with optimism for increased coverage [63]

Axsome Therapeutics (NasdaqGM:AXSM) Q4 2025 Earnings call February 23, 2026 08:00 AM ET Company ParticipantsAndrew Tsai - Managing DirectorAri Maizel - Chief Commercial OfficerAshley Dong - Director of Investor RelationsDavid Hong - Senior Portfolio ManagerGraig Suvannavejh - Managing DirectorHerriot Tabuteau - CEOMark Jacobson - COOMatthew Harrison - Equity Research AssociateNick Pizzie - CFOPete Stavropoulos - Director of Biotech Equity ResearchSean Laaman - Executive DirectorConference Call ParticipantsA ...

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 increased 65% year-over-year to $196 million, and for the full year increased 66% to $639 million [4][11] - Net product sales of Auvelity for Q4 were $155.1 million, up 68% compared to the prior year, and total sales for Auvelity reached $507.1 million for the full year, representing a 74% year-over-year increase [12][15] - Net loss for Q4 was $28.6 million, or $0.56 per share, compared to a net loss of $74.9 million, or $1.54 per share for Q4 2024 [15] - Net loss for the full year of 2025 was $183.2 million, or $3.68 per share, compared to a net loss of $287.2 million, or $5.99 per share for 2024 [16] Business Line Data and Key Metrics Changes - Auvelity achieved sales of over $500 million in its third full year of launch, with significant growth contributing to overall revenue [4] - Sunosi generated net product revenue of $36.7 million for Q4, a 40% increase compared to Q4 2024, and $124.8 million for the full year, representing a 32% increase [12] - Symbravo generated $4.1 million in net sales for Q4 and $6.6 million for the full year, following its second full quarter of launch [12] Market Data and Key Metrics Changes - Auvelity prescriptions grew by 42% year-over-year, with over 225,000 prescriptions written in Q4 [18] - Payer coverage for Auvelity increased from 75% to 78%, bringing total coverage to 86% of all lives across channels [19] - Symbravo's overall payer coverage is approximately 52% at the start of the year, with 49% in commercial and 57% in government channels [21] Company Strategy and Development Direction - The company is advancing a broad CNS pipeline with 5 novel product candidates across 9 high-impact indications, including a planned phase 2/3 trial of AXS-05 in smoking cessation [5][6] - AXS-12's NDA submission for narcolepsy is expected imminently, with significant progress made following positive FDA pre-NDA meeting minutes [6] - The company plans to expand its sales force to approximately 600 representatives to support growth in MDD and potential Alzheimer's disease agitation [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver upon vast opportunities for the growing portfolio of CNS medicines, supported by a scalable commercial platform [4][18] - The company anticipates continued momentum in its commercial business and expects to generate significant value through disciplined investment and performance across its CNS portfolios [104] Other Important Information - The company ended the year with $323 million in cash and cash equivalents, compared to $315 million at the end of 2024, indicating sufficient funds to support operations into cash flow positivity [17] - Gross and net discounts for Auvelity and Sunosi are expected to increase due to typical Q1 dynamics, with Symbravo's gross net discount remaining elevated during the launch phase [13] Q&A Session Summary Question: Implications of the new FDA publication on the one trial policy - Management is assessing the implications and will continue to vet clinical plans with the FDA, indicating potential for supportive evidence in ongoing studies [26][27] Question: Development plan for AXS-17 in epilepsy - The product has been studied in various indications, and the company is closely assessing different types of epilepsy for potential clinical success [31][33] Question: Auvelity payer coverage evolution post-ADA label addition - Existing coverage is expected to apply to the new indication, with efforts ongoing to ensure sufficient coverage and utilization management [35][36] Question: Initial launch cadence for Alzheimer's agitation - The company is preparing for a launch within a quarter post-approval, with metrics to be shared regarding script percentages from the ADA space [39][69] Question: Growth drivers for Sunosi - Growth is driven by both volume and improved access, with steady performance in both OSA and narcolepsy markets [44] Question: DTC campaign progress for Auvelity - The national TV campaign launched in late 2025 has generated positive impacts on new patient starts, with ongoing optimization of media spend [46][48] Question: Coverage expectations for Auvelity at steady state - The goal is to secure access for as many patients as possible, with steady progress in increasing covered lives anticipated [50][52] Question: AXS-12 opportunity in narcolepsy - AXS-12 offers compelling treatment options for patients, with strong data in cataplexy and potential benefits in excessive daytime sleepiness [72][74]

Total 4Q and full year 2025 net product revenue of $196.0 million and $638.5 million, respectively,representing 65% and 66% year-over-year growth AUVELITY® 4Q and full year 2025 net product sales of $155.1 million and $507.1 million, respectively,representing 68% and 74% year-over-year growth SUNOSI® 4Q and full year 2025 net product revenue of $36.7 million and $124.8 million, respectively,representing 40% and 32% year-over-year growth SYMBRAVO® 4Q and full year 2025 net product sales of $4.1 million and $ ...

Core Insights - The article emphasizes the potential of investing in smaller, lesser-known biotech companies alongside established market leaders, highlighting Viking Therapeutics and Axsome Therapeutics as promising candidates for growth in the biotech sector [1][2]. Viking Therapeutics - The weight loss market is projected to grow from $15 billion last year to $150 billion by 2035, driven by breakthroughs and increasing demand for obesity-related treatments [3]. - Viking Therapeutics is developing VK2735, a dual GLP-1/GIP agonist, currently in phase 3 trials for subcutaneous use, with promising efficacy observed in mid-stage trials for an oral formulation [4]. - The company is also working on another weight-loss candidate in preclinical studies and plans to initiate human clinical trials next year, alongside VK2809, which has completed phase 2 studies for metabolic dysfunction-associated steatohepatitis [7]. Axsome Therapeutics - Axsome Therapeutics has achieved significant clinical and regulatory advancements, with third-quarter revenue reaching $171 million, a 63% year-over-year increase, primarily due to its depression medication, Auvelity [9]. - Auvelity, launched in 2022, is expected to achieve blockbuster status in treating depression and is awaiting approval for use in Alzheimer's disease agitation, with potential peak sales estimated between $1.5 billion to $3 billion [10][11]. - The company has a robust pipeline with other approved products and ongoing late-stage trials, including AXS-12 for narcolepsy and AXS-14 for fibromyalgia, which are expected to enhance financial performance [12][13].

Financial Performance - Total net product revenue reached $171.0 million, a 63% year-over-year increase[12, 27] - AUVELITY net product sales were $136.1 million, representing a 69% year-over-year growth[12, 27, 46] - SUNOSI net product revenue amounted to $32.8 million, a 35% year-over-year increase[12, 27, 56] - SYMBRAVO net product sales were $2.1 million[12, 27] - Cash and cash equivalents stood at $325.3 million as of September 30, 2025[12] Pipeline Development & Regulatory Milestones - An sNDA for AXS-05 in Alzheimer's disease agitation has been submitted to the FDA[12, 25, 74] - An NDA submission for AXS-12 for cataplexy in narcolepsy is anticipated in 4Q 2025[12, 25, 109] - A Phase 3 trial of solriamfetol in children and adolescents with ADHD is anticipated in 4Q 2025[12, 25, 82] Strategic Focus & Market Potential - The company is targeting therapeutic areas with high unmet needs, with potential approvals through 2028[11] - The company estimates a combined peak sales potential of >$16 billion across its pipeline[21]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $150 million, representing a 72% increase year over year and a 24% increase quarter over quarter [6][14] - Net loss for the quarter was $48 million, or $0.97 per share, compared to a net loss of $59.4 million, or $1.22 per share in the previous quarter [17] - Cash and cash equivalents at the end of Q2 2025 were $300 million, down from $315.4 million at the end of Q2 2024 [17] Business Line Data and Key Metrics Changes - Avelity generated net product sales of $119.6 million, up 84% year over year and 24% quarter over quarter [14] - Sunosi net product revenues were $30 million, up 35% year over year and 19% quarter over quarter [15] - Zimbravo, launched on June 10, generated net sales of $410,000 in its partial quarter [15] Market Data and Key Metrics Changes - Avelity led the market in total prescriptions (TRx) growth, generating approximately 192,000 prescriptions in Q2, representing a 15% quarter over quarter growth [19] - Sunosi prescriptions exceeded 50,000 for the first time, representing a 9% sequential growth [20] - Coverage for Avelity now stands at 83% of lives across all channels, with 73% of commercial lives covered [20] Company Strategy and Development Direction - The company is focused on expanding its commercial portfolio with three marketed products and advancing its late-stage neuroscience pipeline [6][12] - AXS-five for Alzheimer's disease agitation is a key priority, with an sNDA submission expected this quarter [8] - The company aims to leverage its existing sales force for AXS-twelve and Sunosi, anticipating synergistic opportunities [114] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the strong demand for its products and the potential for continued growth in the second half of the year [6][23] - The company is encouraged by the early feedback on Cymbravo and expects to expand its coverage throughout the year [21][22] - Management highlighted the importance of market access and the positive signals from pharmacy benefit managers [28] Other Important Information - The company is advancing multiple late-stage development programs targeting significant unmet needs in neuroscience [6][12] - The launch of Cymbravo represents a significant milestone for the company, providing new treatment options for migraine patients [7] Q&A Session Summary Question: Payer coverage expansion for Avelity - Management clarified that the coverage expansion represents pull-through from previously announced GPO contracts and expects some acceleration in volume [28][30] Question: Market positioning of AXS-twelve against competitors - Management expressed optimism about AXS-twelve's profile in narcolepsy, highlighting its rapid action and efficacy in addressing key symptoms [35][36] Question: Utilization of Cimbravo through sampling - Management reported positive early utilization of sampling programs and patient savings programs, indicating strong initial access [42][43] Question: Revenue recognition for Cimbravo - Management explained that Q2 revenue recognition was based on initial stocking orders, with expectations for improved gross to net assumptions in future quarters [47][48] Question: Strategy for AXS-five in Alzheimer's agitation - Management plans to leverage existing sales forces and expand promotional efforts to target geriatric psychiatry and long-term care facilities [56][90] Question: Pediatric ADHD study details - Management indicated that the pediatric study would be a standard parallel group design, with confidence based on adult data translating to pediatric efficacy [110][111]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $150 million, reflecting a 72% increase year over year and a 24% increase quarter over quarter, driven by strong performance from Ovelity and Sunosi [6][14] - Net loss for the quarter was $48 million, or $0.97 per share, compared to a net loss of $59.4 million, or $1.22 per share in the previous quarter, and $79.3 million, or $1.67 per share in Q2 2024 [17] Business Line Data and Key Metrics Changes - Ovelity generated net product sales of $119.6 million, up 84% year over year and 24% quarter over quarter [14] - Sunosi net product revenues were $30 million, up 35% year over year and 19% quarter over quarter [15] - Zimbravo, launched on June 10, generated net sales of $410,000 for the partial quarter [15] Market Data and Key Metrics Changes - Avelity led the market in total prescriptions (TRx) growth, generating approximately 192,000 prescriptions in Q2, representing 15% quarter over quarter growth and 56% year over year growth [20] - Sunosi prescriptions exceeded 50,000 for the first time, representing 9% sequential growth and approximately 13% growth versus Q2 of last year [21] Company Strategy and Development Direction - The company is focused on advancing its late-stage neuroscience pipeline, with key priorities including AXS-five for Alzheimer's disease agitation and AXS-twelve for narcolepsy [8][10] - The launch of Cymbravo represents a significant milestone, providing new treatment options for migraine patients [7] - The company aims to expand its commercial infrastructure and enhance patient access to its medicines through strategic market access initiatives [19][22] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the accelerating trajectory of the commercial portfolio and the potential for significant long-term value creation [13] - The company anticipates continued strong commercial execution to drive momentum across its product portfolio in the second half of the year [23] Other Important Information - The company ended Q2 2025 with $300 million in cash and cash equivalents, down from $315.4 million at the end of Q2 2024 [17] - The company is on track to submit the sNDA for AXS-five this quarter and expects to initiate a Phase III trial for AXS-twelve in Q4 [9][10] Q&A Session Summary Question: Payer coverage expansion for Avelity - Management indicated that the coverage expansion represents pull-through from previously announced GPO contracts and expects some acceleration in volume [28][30] Question: Market positioning of AXS-twelve against competitors - Management expressed optimism about AXS-twelve's profile in narcolepsy, highlighting its rapid-acting nature and potential to address significant unmet needs [34][36] Question: Utilization of Cimbravo through sampling - Management reported positive early utilization of sampling programs and patient savings programs, indicating strong initial access [41][43] Question: Revenue recognition for Cimbravo - Management clarified that Q2 revenue recognition was based on initial stocking orders and that they expect to see more data on new patient starts in the coming quarters [46][48] Question: Strategy for AXS-five in Alzheimer's agitation - Management plans to leverage existing sales forces and expand promotional efforts to target geriatric psychiatry and long-term care facilities [54][56] Question: Growth drivers for Avelity - Management noted that GTN remained stable, with growth driven by higher demand and a favorable change in estimates related to liabilities [58][60] Question: Coverage expectations for Sunosi - Management aims to continue expanding coverage for Sunosi, which currently stands at approximately 83% of lives covered across channels [125] Question: Pediatric ADHD study details - Management indicated that the pediatric study will be a standard parallel group design, with confidence based on the efficacy observed in adult trials [110][112]

Core Insights - Axsome Therapeutics is hosting its Frontiers in Brain Health R&D Day to showcase its CNS pipeline targeting various psychiatric and neurological conditions [1][2] - The event features presentations from six expert clinicians discussing clinical data from the company's pipeline programs [2] - Axsome Therapeutics focuses on developing differentiated products with novel mechanisms of action to improve patient outcomes in CNS disorders [4][5] Company Overview - Axsome Therapeutics is a biopharmaceutical company specializing in the treatment of central nervous system (CNS) conditions [4] - The company has FDA-approved treatments for major depressive disorder, excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and migraine [5] - Axsome's pipeline addresses serious neurological and psychiatric conditions affecting over 150 million people in the United States [5] Event Details - The R&D Day is intended for institutional investors and sell-side analysts, with a live webcast available for broader access [3] - Presentations will cover conditions such as Alzheimer's disease, fibromyalgia, ADHD, and narcolepsy, with insights from leading experts in the field [2][4]