Axsome Therapeutics (AXSM) Q2 2026 earnings summary

Executive summary

• Achieved total net product revenue of $218.4 million in Q2 2026, up 46% year-over-year, driven by AUVELITY, SUNOSI, and SYMBRAVO, with AUVELITY's Alzheimer's agitation launch accelerating growth.

• Expanded AUVELITY sales force to approximately 630 representatives and observed rapid adoption in Alzheimer's disease agitation.

• Net loss for Q2 2026 was $51.3 million ($0.99 per share), reflecting higher SG&A expenses.

• Advanced a neuroscience pipeline with multiple late-stage clinical trials and NDA for AXS-12 in narcolepsy accepted by FDA (PDUFA May 1, 2027).

• Maintains a diversified CNS pipeline targeting psychiatry and neurology indications.

Financial highlights

• AUVELITY net product sales reached $180.3 million, up 51% year-over-year; SUNOSI revenue $35.8 million, up 20%; SYMBRAVO sales $2.3 million.

• Cost of revenue was $13.6 million (6% of net revenue); R&D expenses decreased to $46.2 million; SG&A expenses rose to $208.1 million.

• Net loss was $51.3 million ($0.99 per share); cash and equivalents stood at $319.9 million as of June 30, 2026.

• Market capitalization at $11.0 billion as of August 7, 2026; shares outstanding: 52.3 million.

• Debt at $190 million; Blackstone Loan Agreement provides up to $570 million in credit.

Outlook and guidance

• Current cash is expected to fund operations into cash flow positivity under the current operating plan.

• Anticipates continued AUVELITY growth in Alzheimer's agitation and major depressive disorder, with ongoing momentum for SUNOSI and SYMBRAVO.

• SG&A expected to plateau at Q2 levels; R&D to increase with new ADHD trials; operating leverage to improve in the second half of the year.

• Key clinical milestones expected: Phase 2/3 AXS-05 smoking cessation trial initiation (3Q 2026), ENGAGE Phase 3 BED topline results (4Q 2026), SUSTAIN Phase 3 SWD topline results (2027).

• Multiple pivotal trial readouts expected through 2027.