AXSM · Axsome Therapeutics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $191.20M | - | $170.99M | $150.04M | $121.46M | - | $104.76M | $87.17M | $75.00M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $52.68M | - | $40.16M | $49.54M | $44.78M | - | $45.39M | $49.85M | $36.83M | - |
| SG&A | $185.00M | - | $150.24M | $130.28M | $120.79M | - | $95.56M | $103.55M | $98.97M | - |
| Total Operating Expenses | $254.56M | - | $217.10M | $186.76M | $178.44M | - | $167.39M | $165.21M | $142.27M | - |
| D&A | $116.0K | - | - | - | $149.0K | - | - | - | $132.0K | - |
| Operating Income | ($63.36M) | - | ($46.11M) | ($36.71M) | ($56.98M) | - | ($62.62M) | ($78.05M) | ($67.28M) | - |
| Interest Expense | $3.09M | - | ($3.38M) | ($5.08M) | ($5.41M) | - | - | - | - | - |
| Income Tax | $0 | - | $0 | ($960.0K) | $0 | - | $0 | $0 | $0 | - |
| Net Income | ($64.54M) | - | ($47.23M) | ($47.97M) | ($59.41M) | - | ($64.60M) | ($79.34M) | ($68.36M) | - |
| EPS - Basic | ($1.26) | - | ($0.94) | ($0.97) | ($1.22) | - | ($1.34) | ($1.67) | ($1.44) | - |
| EPS - Diluted | ($1.26) | - | ($0.94) | ($0.97) | ($1.22) | - | ($1.34) | ($1.67) | ($1.44) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $305.11M | $322.93M | $325.27M | $303.02M | $300.91M | $315.35M | $327.34M | $315.66M | $331.44M | $386.19M |
| Accounts Receivable | $251.06M | $224.46M | $196.51M | $198.82M | $161.40M | $142.00M | $124.10M | $120.34M | $101.43M | $94.82M |
| Inventory | $31.52M | $27.94M | $23.77M | $18.44M | $16.32M | $15.73M | $14.27M | $15.22M | $15.58M | $15.13M |
| Accounts Payable | $106.70M | $65.54M | $54.23M | $91.63M | $85.66M | $72.00M | $64.25M | $61.34M | $53.79M | $40.68M |
| Current Assets | $611.21M | $588.99M | $565.34M | $536.62M | $494.63M | $485.06M | $479.11M | $463.03M | $460.49M | $504.26M |
| Total Assets | $713.61M | $689.80M | $669.25M | $639.78M | $596.67M | $568.50M | $561.46M | $548.23M | $545.73M | $588.24M |
| Current Liabilities | $439.21M | $378.84M | $360.29M | $342.10M | $243.91M | $230.10M | $196.19M | $186.57M | $144.05M | $138.85M |
| Long-term Debt | $117.85M | $117.75M | $117.64M | $117.54M | $181.38M | $180.71M | $180.00M | $179.33M | $178.69M | $178.07M |
| Total Liabilities | $659.02M | $601.51M | $595.52M | $566.71M | $543.47M | $511.48M | $468.56M | $445.37M | $401.69M | $397.26M |
| Stockholders' Equity | $54.59M | $88.30M | $73.73M | $73.08M | $53.20M | $57.02M | $92.90M | $102.85M | $144.04M | $190.98M |
| Retained Earnings | ($1.37B) | ($1.31B) | ($1.28B) | ($1.23B) | ($1.18B) | ($1.12B) | ($1.05B) | ($983.27M) | ($903.93M) | ($835.57M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($20.70M) | - | - | - | ($43.38M) | - | - | - | ($53.47M) | - |
| Investing Cash Flow | ($121.0K) | - | - | - | ($338.0K) | - | - | - | ($98.0K) | - |
| Financing Cash Flow | $2.99M | - | - | - | $29.27M | - | - | - | ($1.19M) | - |
| CapEx | $121.0K | - | - | - | $338.0K | - | - | - | $98.0K | - |
| Free Cash Flow | ($20.82M) | - | - | - | ($43.71M) | - | - | - | ($53.56M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | -33.1% | - | -27.0% | -24.5% | -46.9% | - | -59.8% | -89.5% | -89.7% | - |
| EBITDA margin | -33.1% | - | - | - | -46.8% | - | - | - | -89.5% | - |
| Net margin | -33.8% | - | -27.6% | -32.0% | -48.9% | - | -61.7% | -91.0% | -91.1% | - |
| Free cash flow margin | -10.9% | - | - | - | -36.0% | - | - | - | -71.4% | - |
| FCF / Net income | 0.32 | - | - | - | 0.74 | - | - | - | 0.78 | - |
| R&D / Revenue | 27.6% | - | 23.5% | 33.0% | 36.9% | - | 43.3% | 57.2% | 49.1% | - |
| SG&A / Revenue | 96.8% | - | 87.9% | 86.8% | 99.4% | - | 91.2% | 118.8% | 132.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -9.0% | - | -7.1% | -7.5% | -10.0% | - | -11.5% | -14.5% | -12.5% | - |
| Return on equity | -118.2% | - | -64.1% | -65.6% | -111.7% | - | -69.5% | -77.1% | -47.5% | - |
| Return on invested capital | -29.0% | - | -19.0% | -15.2% | -19.2% | - | -18.1% | -21.8% | -16.5% | - |
| Liquidity | ||||||||||
| Current ratio | 1.39 | 1.55 | 1.57 | 1.57 | 2.03 | 2.11 | 2.44 | 2.48 | 3.20 | 3.63 |
| Quick ratio | 1.32 | 1.48 | 1.50 | 1.51 | 1.96 | 2.04 | 2.37 | 2.40 | 3.09 | 3.52 |
| Cash ratio | 0.69 | 0.85 | 0.90 | 0.89 | 1.23 | 1.37 | 1.67 | 1.69 | 2.30 | 2.78 |
| Leverage | ||||||||||
| Debt / Equity | 2.16 | 1.33 | 1.60 | 1.61 | 3.41 | 3.17 | 1.94 | 1.74 | 1.24 | 0.93 |
| Debt / Assets | 0.17 | 0.17 | 0.18 | 0.18 | 0.30 | 0.32 | 0.32 | 0.33 | 0.33 | 0.30 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -20.5x | - | 13.7x | 7.2x | 10.5x | - | - | - | - | - |
| Equity multiplier | 13.07 | 7.81 | 9.08 | 8.76 | 11.21 | 9.97 | 6.04 | 5.33 | 3.79 | 3.08 |
| Liabilities / Assets | 0.92 | 0.87 | 0.89 | 0.89 | 0.91 | 0.90 | 0.83 | 0.81 | 0.74 | 0.68 |
| Efficiency | ||||||||||
| Asset turnover | 0.27 | - | 0.26 | 0.23 | 0.20 | - | 0.19 | 0.16 | 0.14 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 479d | - | 419d | 484d | 485d | - | 432d | 504d | 494d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | 158.5x | - | 82.4x | 70.6x | 107.1x | - | 46.6x | 37.2x | 26.3x | - |
| P / S | 45.3x | - | 35.5x | 34.4x | 46.9x | - | 41.3x | 43.9x | 50.4x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 57.4% | - | 63.2% | 72.1% | 62.0% | - | 81.3% | 86.7% | -20.7% | - |
| Revenue CAGR (3y) | 26.4% | - | 116.5% | 157.2% | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -11.2% | - | 26.4% | 53.0% | 15.3% | - | -0.8% | -20.0% | -955.5% | - |
| Net income growth (YoY) | -8.6% | - | 26.9% | 39.5% | 13.1% | - | -3.9% | -18.1% | -509.4% | - |
| EPS growth (YoY) | -3.3% | - | 29.9% | 41.9% | 15.3% | - | -1.5% | -8.4% | -453.8% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | 52.4% | - | - | - | 18.4% | - | - | - | -809.1% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 2.6% | 54.9% | -20.6% | -29.0% | -63.1% | -70.1% | -65.5% | -63.1% | 28.8% | 74.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$638.50M totalProduct$633.80M · 99.3%
Royalty And Milestone Revenue$4.70M · 0.7%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Axsome Therapeutics against the 5 most active filers in the same SIC group.