Axsome Therapeutics Inc
AXSMHealthcare|Biotechnology|USA
$233.80
-15.15 (-6.09%)
Tangible Book
$0.07
Financials
Financial Snapshot
Market Cap
$12.03B
Enterprise Value
$85.2M
Revenue (TTM)
$708.2M
Net Income (TTM)
$-188.3M
Cash & Equivalents
—
Net Cash/Share
$-6.88
Free Cash Flow (TTM)
$-71.0M
Operating CF (TTM)
$-70.7M
Debt/Equity
4.03
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$17.7M
Monthly Burn
$5.9M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $36.6M | $34.0M | $14.0M | $220.0M | $183.9M | $86.5M | $200.8M | $386.2M | $315.4M | $322.9M | $305.1M | |
| Operating Cash Flow | $-21.3M | $-26.5M | $-30.1M | $-46.4M | $-78.5M | $-108.2M | $-116.5M | $-145.1M | $-128.4M | $-93.4M | $-70.7M | |
| Free Cash Flow | $-21.4M | $-26.5M | $-30.1M | $-46.4M | $-78.5M | $-108.5M | $-117.2M | $-145.7M | $-128.7M | $-93.9M | $-71.0M | |
| Capital Expenditure | $-105.0K | $-10.0K | $-33.0K | $-16.0K | $-46.0K | $-308.0K | $-702.0K | $-582.0K | $-270.0K | $-480.0K | $-263.0K | |
| Financing Cash Flow | $10.0M | $23.9M | $10.0M | $252.4M | $42.4M | $11.1M | $284.6M | $331.0M | $57.8M | $101.5M | $75.2M |
R&D Spending
R&D (TTM)
$191.2M
R&D Intensity
27.0%
R&D Growth YoY
+4.3%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.0M | $270.6M | $385.7M | $638.5M | $708.2M | |
| R&D Expense | $21.2M | $20.0M | $23.5M | $53.6M | $70.2M | $58.1M | $57.9M | $97.9M | $187.1M | $183.3M | $191.2M | |
| R&D % of Revenue | — | — | — | — | — | — | 115.8% | 36.2% | 48.5% | 28.7% | 27.0% | |
| SG&A | $6.3M | $7.2M | $9.4M | $13.6M | $28.9M | $66.6M | $159.3M | $323.1M | $411.4M | $570.6M | $634.8M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $50.0M | $270.6M | $385.7M | $638.5M | $708.2M | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.2M | $26.1M | $33.3M | $47.5M | $52.4M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $44.8M | $244.5M | $352.4M | $591.0M | $655.8M | |
| R&D | $21.2M | $20.0M | $23.5M | $53.6M | $70.2M | $58.1M | $57.9M | $97.9M | $187.1M | $183.3M | $191.2M | |
| SG&A | $6.3M | $7.2M | $9.4M | $13.6M | $28.9M | $66.6M | $159.3M | $323.1M | $411.4M | $570.6M | $634.8M | |
| Operating Income | $-27.1M | $-27.0M | $-32.6M | $-67.1M | $-99.1M | $-124.7M | $-176.5M | $-182.9M | $-252.4M | $-169.2M | $-176.5M | |
| Interest Expense | $-132.0K | $-1.3M | $-1.1M | $-1.2M | $-2.6M | $-5.7M | $-7.3M | $-6.5M | $-6.6M | $-6.6M | $-5.3M | |
| Pretax Income | $-27.2M | $-28.9M | $-31.0M | $-68.3M | $-102.9M | $-130.4M | $-187.1M | $-238.3M | $-287.1M | $-183.7M | $-188.8M | |
| Net Income | $-27.2M | $-28.9M | $-31.0M | $-68.3M | $-102.9M | $-130.4M | $-187.1M | $-239.2M | $-287.2M | $-183.2M | $-188.3M | |
| EPS (Diluted) | -1.42 | -1.27 | -1.15 | -2.01 | -2.77 | -3.47 | -4.60 | -5.27 | -5.99 | -3.68 | -3.73 | |
| EBITDA | $-27.0M | $-27.6M | $-29.8M | $-67.1M | $-100.3M | $-124.6M | $-175.4M | $-225.0M | $-272.6M | $-168.1M | $-174.2M | |
| Shares Out. (M) | 19.15 | 22.77 | 26.88 | 34.02 | 37.21 | 37.62 | 40.66 | 45.42 | 47.91 | 49.75 | 51.20 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $36.6M | $34.0M | $14.0M | $220.0M | $183.9M | $86.5M | $200.8M | $386.2M | $315.4M | $322.9M | $305.1M | |
| Marketable Securities | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $38.0M | $35.3M | $15.2M | $220.4M | $184.0M | $86.5M | $245.6M | $504.3M | $485.1M | $589.0M | $611.2M | |
| Total Assets | $38.2M | $35.6M | $15.4M | $220.6M | $186.1M | $87.8M | $331.5M | $588.2M | $568.5M | $689.8M | $713.6M | |
| Total Current Liabilities | $7.2M | $12.2M | $10.8M | $24.5M | $23.4M | $23.1M | $96.6M | $138.9M | $230.1M | $378.8M | $439.2M | |
| Long-Term Debt | $9.5M | $6.7M | $3.6M | $17.3M | $48.3M | $49.1M | $94.3M | $178.1M | $180.7M | $117.7M | $117.8M | |
| Total Liabilities | $16.6M | $18.8M | $14.4M | $41.8M | $72.3M | $72.2M | $221.9M | $397.3M | $511.5M | $601.5M | $659.0M | |
| Stockholders' Equity | $21.6M | $16.7M | $938.0K | $178.7M | $113.8M | $15.6M | $109.6M | $191.0M | $57.0M | $88.3M | $54.6M | |
| Retained Earnings | $-47.6M | $-76.6M | $-107.5M | $-175.9M | $-278.8M | $-409.2M | $-596.3M | $-835.6M | $-1.12B | $-1.31B | $-1.37B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-21.3M | $-26.5M | $-30.1M | $-46.4M | $-78.5M | $-108.2M | $-116.5M | $-145.1M | $-128.4M | $-93.4M | $-70.7M | |
| Capital Expenditure | $-105.0K | $-10.0K | $-33.0K | $-16.0K | $-46.0K | $-308.0K | $-702.0K | $-582.0K | $-270.0K | $-480.0K | $-263.0K | |
| Free Cash Flow | $-21.4M | $-26.5M | $-30.1M | $-46.4M | $-78.5M | $-108.5M | $-117.2M | $-145.7M | $-128.7M | $-93.9M | $-71.0M | |
| Investing Cash Flow | $-105.0K | $-10.0K | $-33.0K | $-16.0K | $-46.0K | $-308.0K | $-53.7M | $-582.0K | $-270.0K | $-480.0K | $-263.0K | |
| Financing Cash Flow | $10.0M | $23.9M | $10.0M | $252.4M | $42.4M | $11.1M | $284.6M | $331.0M | $57.8M | $101.5M | $75.2M | |
| Issuance of Stock | $0.00 | $23.7M | $12.9M | $238.2M | $14.1M | $7.4M | $243.8M | $258.8M | $40.8M | $67.9M | $54.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $10.0M | $0.00 | $0.00 | $20.0M | $50.0M | $0.00 | $45.0M | $85.0M | $0.00 | $330.0M | $400.0M | |
| Payments of Debt | $0.00 | $-278.0K | $-3.3M | $-7.2M | $-21.7M | $0.00 | $0.00 | $0.00 | $-990.0K | $-334.1M | $-404.4M | |
| Stock Based Comp. | $2.0M | $2.1M | $1.8M | $6.1M | $14.8M | $20.8M | $37.7M | $62.6M | $85.2M | $93.8M | $93.9M | |
| Net Change in Cash | $-11.4M | $-2.6M | $-20.1M | $206.0M | $-36.1M | $-97.4M | $114.4M | $185.4M | $-70.8M | $7.6M | $4.2M |
Dilution Tracker
Shares outstanding grew 36.1% over 5 years — significant dilution
Shares Outstanding
51M
5-Year Share Growth
+36.1%
Stock Issuance (TTM)
$54.6M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 19.15 | 22.77 | 26.88 | 34.02 | 37.21 | 37.62 | 40.66 | 45.42 | 47.91 | 49.75 | 51.20 | |
| YoY Change % | — | 18.9% | 18.1% | 26.5% | 9.4% | 1.1% | 8.1% | 11.7% | 5.5% | 3.8% | 2.9% | |
| Stock Issuance | $0.00 | $23.7M | $12.9M | $238.2M | $14.1M | $7.4M | $243.8M | $258.8M | $40.8M | $67.9M | $54.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $2.0M | $2.1M | $1.8M | $6.1M | $14.8M | $20.8M | $37.7M | $62.6M | $85.2M | $93.8M | $93.9M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 89.6% | 90.4% | 91.4% | 92.6% | 92.6% | |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -352.7% | -67.6% | -65.5% | -26.5% | -24.9% | |
| Net Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -374.0% | -88.4% | -74.5% | -28.7% | -26.6% | |
| EBITDA Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -350.5% | -83.1% | -70.7% | -26.3% | -24.6% | |
| FCF Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -234.3% | -53.8% | -33.4% | -14.7% | -10.0% | |
| ROE % | -80.0% | -151.2% | -350.8% | -76.1% | -70.4% | -201.5% | -299.0% | -159.2% | -231.6% | -252.1% | -274.6% | |
| ROA % | -62.3% | -78.5% | -121.6% | -57.9% | -50.6% | -95.2% | -89.3% | -52.0% | -49.7% | -29.1% | -28.4% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S16.63
Historical9.94 / 14.18 / 297.04
Industry Med.9.51
P/B220.15
Historical10.08 / 45.15 / 240.27
Industry Med.2.93
EV/EBITDA-68.57
Historical-74.50 / -17.95 / -10.68
Industry Med.13.14
EV/Revenue16.87
Historical9.76 / 13.94 / 299.81
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$0.07
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | - | - | - | - | - | - | 62.66 | 13.36 | 10.51 | 14.23 | 16.63 | |
| PB Ratio | 5.99 | 8.54 | 90.97 | 21.36 | 26.76 | 91.48 | 30.62 | 19.73 | 72.19 | 105.27 | 220.15 | |
| EV/EBITDA | -3.79 | -4.31 | -2.61 | -53.94 | -29.04 | -11.17 | -18.52 | -15.86 | -14.66 | -54.67 | -68.57 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 64.93 | 13.19 | 10.36 | 14.39 | 16.87 |
Analyst Estimates & Quality
Altman Z-Score
8.70
Safe
Piotroski F-Score
5
Moderate
Beneish M-Score
-2.77
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $976.4M | $1,573.3M | $2,326.5M |
| Net Income | $-90.7M | $334.4M | $839.0M |
| EPS | -1.78 | 6.32 | 14.61 |
| Book Value per Share | 2.54 | 12.14 | 20.64 |
| Operating Cash Flow per Share | 1.61 | 8.46 | 15.83 |
| Operating CF | $82.17M | $433.30M | $810.46M |
Dividends
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Auvelity | $507.1M |
| Sunosi | $120.1M |
| Sunosi royalty revenue | $4.7M |
| Symbravo | $6.6M |
By Geography
| Segment | 2025 |
|---|---|
| United States | $628.6M |
| Outside of the United States | $9.9M |