Q1 2024 Axsome Therapeutics Inc Earnings Call Transcript
Key Points
- Axsome Therapeutics Inc (AXSM) reported a strong financial performance with total net product revenue of $75 million in Q1 2024, showing a year-over-year growth of approximately 160%.
- The company announced positive top-line results for AXS-12 in narcolepsy, which achieved its primary endpoint and significantly reduced the frequency of cataplexy attacks compared to placebo.
- Axsome Therapeutics Inc (AXSM) is advancing AXS-07 and AXS-14 towards NDA submissions, with AXS-07 on track for resubmission this quarter and AXS-14 nearing completion of pre-submission activities.
- The company launched the ACCORD two study for AXS-05 in the treatment of Alzheimer's disease agitation, further increasing the robustness of their clinical program.
- Axsome Therapeutics Inc (AXSM) has a strong cash position with $331.4 million in cash and cash equivalents, believed to be sufficient to fund anticipated operations into cash flow positivity.
- Despite strong revenue growth, Axsome Therapeutics Inc (AXSM) reported a net loss of $68.4 million for Q1 2024, significantly higher than the net loss of $11.2 million in the comparable period in 2023.
- The increase in net loss was attributed to $21 million in non-cash charges, primarily comprised of non-cash stock-based compensation.
- Research and development expenses increased significantly to $36.8 million in Q1 2024 from $17.8 million in the comparable period in 2023, reflecting higher costs associated with ongoing clinical trials and product development.
- Selling, general, and administrative expenses also rose to $99 million in Q1 2024 from $74.2 million in the comparable period in 2023, driven by commercialization activities and organizational growth.
- The company noted a negative seasonality effect on GTN (Gross to Net) in Q1, which impacted the financial performance of its products.
Good morning and welcome to the Axsome Therapeutics conference call. (Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to turn the conference over to your host, Darren Opland, Director of Corporate Communications at Axsome Therapeutics.
Please go ahead.
Good morning, and thank you all for joining us on today's conference call this morning, we issued our earnings press release, providing a corporate update and details of the Company's financial results for the first quarter of 2024.
The release crossed the wire a short time ago and is available on our website at axsome.com.
During today's call, we will be making certain forward looking statements. These statements may include statements regarding among other things, the efficacy, safety and intended utilization of our investigational agents, our clinical and nonclinical plans, our plans to present or report additional data, the anticipated conduct and the
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