On August 5, 2024, Axsome Therapeutics Inc (AXSM, Financial) released its 8-K filing detailing the financial results for the second quarter of 2024. Axsome Therapeutics Inc is a clinical-stage biopharmaceutical company focused on developing novel therapies for central nervous system (CNS) disorders, including AXS-05, AXS-07, AXS-12, and AXS-14.
Performance Overview
Axsome Therapeutics Inc (AXSM, Financial) reported total net product revenue of $87.2 million for Q2 2024, representing an 87% year-over-year growth. However, this figure fell short of the analyst estimate of $99.93 million. The company also reported a net loss of $79.3 million, or $(1.67) per share, which was above the analyst estimate of $(1.09) per share.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 |
|---|---|---|
| Total Net Product Revenue | $87.2 million | $46.7 million |
| Net Loss | $(79.3) million | $(67.2) million |
| EPS | $(1.67) | $(1.54) |
| Cash and Cash Equivalents | $315.7 million | $386.2 million |
Revenue Breakdown
Auvelity® net product sales were $65.0 million for Q2 2024, marking a 135% year-over-year growth. Sunosi® net product revenue was $22.1 million, representing a 16% year-over-year growth. The total cost of revenue was $8.1 million, up from $4.6 million in the same period last year.
Research and Development
Research and development (R&D) expenses surged to $49.9 million in Q2 2024, compared to $20.6 million in Q2 2023. This increase was primarily due to the initiation and continuation of various Phase 3 trials, including those for solriamfetol in major depressive disorder, ADHD, and binge eating disorder, as well as ongoing trials for AXS-05 and AXS-12.
Selling, General, and Administrative Expenses
Selling, general, and administrative (SG&A) expenses were $103.6 million for Q2 2024, up from $78.9 million in Q2 2023. The increase was mainly driven by commercialization expenses and higher personnel costs, including non-cash stock-based compensation.
Business and Pipeline Updates
Axsome Therapeutics Inc (AXSM, Financial) continues to advance its pipeline with several key milestones:
- NDA for AXS-07 in migraine resubmitted.
- Topline results of ADVANCE-2 Phase 3 trial of AXS-05 in Alzheimer’s disease agitation anticipated in the second half of 2024.
- Topline results of FOCUS Phase 3 trial of solriamfetol in ADHD anticipated in the second half of 2024.
- NDA submission for AXS-14 in fibromyalgia expected in Q3 2024.
Commentary
“We delivered another robust quarter driven by focused commercial execution and continued pipeline advancement,” said Herriot Tabuteau, MD, CEO of Axsome Therapeutics.
Financial Guidance
Axsome Therapeutics Inc (AXSM, Financial) believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
For more detailed information, please refer to the full 8-K filing.
Explore the complete 8-K earnings release (here) from Axsome Therapeutics Inc for further details.
