Axsome Therapeutics (AXSM) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of $639 million in 2025, up 66% year-over-year, driven by AUVELITY, SUNOSI, and SYMBRAVO growth.

• AUVELITY annual sales surpassed $507.1 million in its third full year post-launch.

• Expanded CNS pipeline to five novel candidates across nine indications, including acquisition of AXS-17.

• Advanced late-stage pipeline with multiple programs nearing key milestones, including sNDA for AUVELITY in Alzheimer's agitation.

• Net loss narrowed to $183.2 million for FY 2025, improved from prior year.

Financial highlights

• Q4 2025 product revenue was $196 million, up 65% year-over-year; full-year revenue reached $638.5 million, up 66%.

• AUVELITY Q4 net sales: $155.1 million, up 68% year-over-year; full-year: $507.1 million, up 74%.

• SUNOSI Q4 revenue: $36.7 million, up 40%; full-year: $124.8 million, up 32%.

• SYMBRAVO Q4 net sales: $4.1 million; full-year: $6.6 million.

• SG&A expenses rose 39% to $570.6 million; R&D expenses decreased 2% to $183.3 million for 2025.

Outlook and guidance

• Current cash balance of $323 million expected to fund operations into cash flow positivity.

• Strategic focus for 2026 includes commercial growth, AUVELITY Alzheimer's agitation launch, and advancing pipeline programs.

• Anticipated regulatory milestones include NDA submission for AXS-12 in narcolepsy (Q1 2026) and PDUFA action for AXS-05 in Alzheimer's agitation (April 2026).