AXSM Stock — Axsome Therapeutics Inc.: Cash, EV, Pipeline

What they do

We are a fully integrated biopharmaceutical company focused on developing innovative medicines for people impacted by central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and developing differentiated products with a focus on novel mechanisms of action, that have the potential to transform patient outcomes.

Source: 10-K FY2025 via SEC EDGAR

Share price

$132.37

Market cap

$6,962.7M

Cash

$313.9M

Enterprise value

$6,836.9M

Balance sheet

Cash	$313.9M
Debt	$188.1M
Net cash	$125.8M
Enterprise value	$6,836.9M
Basic shares	52.6M shares
Fully diluted shares	61.3M shares
Fully diluted market cap	$8,117.0M
Cash per share	$5.97
Quarterly burn	$33.0M
Cash runway	9.7 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

52.4M

Pre-funded warrants

0.0M

Options

5.9M

RSUs

2.1M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

0.9M

FDSO

61.3M

Cap table as of 2026-06-30.

Price history

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Next catalyst

solriamfetol · Est. Nov 15, 2026 · quarter midpoint · guided Now

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 15, 2026 Now quarter midpoint	solriamfetol Phase 3 ENGAGE in binge-eating disorder	Phase 3	binge-eating disorder	Q4 2026
Jan 12 - Feb 23 in 9 wks	Solriamfetol 150 mg	Phase 3	Binge-Eating Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Jan 12 - Feb 23 in 9 wks	Solriamfetol 150 mg	Phase 3	Excessive Sleepiness; Shift-work Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
GUIDEDMay 1, 2027 in 6 mo	AXS-12 NDA for cataplexy in narcolepsy, PDUFA target action	Not disclosed	cataplexy	May 1, 2027
Jan 12 - Feb 23 in 14 mo	Solriamfetol	Phase 3	Binge-Eating Disorder	2027 Est. Jul 2, 2027 · guidance midpoint
Jan 12 - Feb 23 in 14 mo	AXS-05 (dextromethorphan-bupropion)	Phase 3	Smoking Cessation	—
Jan 12 - Feb 23 in 14 mo	Solriamfetol	Phase 3	ADHD	—
Apr 12 - May 24 in 17 mo	AXS-14 (Esreboxetine)	Phase 3	Fibromyalgia	—
Jun 12 - Jul 24 in 19 mo	AXS-14 (esreboxetine)	Phase 3	Fibromyalgia	—
Aug 11 - Sep 22 in 21 mo	Solriamfetol Dose A	Phase 3	ADHD	—
Aug 11 - Sep 22 in 21 mo	Solriamfetol Dose A	Phase 3	ADHD	—
Jan 12 - Feb 23 in 27 mo	Solriamfetol 150 MG	Phase 3	Major Depressive Disorder With Excessive Daytime Sleepiness Symptoms	2027 Est. Jul 2, 2027 · guidance midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

AUVELITY

Approved · Active Modality: oral

Aliases AXS-05, dextromethorphan-bupropion

Target NMDA receptor

Partnerships Antecip Bioventures II LLC (CEO-owned): 3.0% royalty on AUVELITY net sales

Indications

Major depressive disorder (MDD) (Approved)
Agitation associated with dementia due to Alzheimer’s disease (AADDAD) (Approved)

Status note FDA approved for MDD Aug 2022; FDA approved for AADDAD Apr 2026 (launched Jun 2026). Additional indications for AXS-05 in development (not specified in excerpts).

SUNOSI

Approved · Active Modality: oral

Aliases solriamfetol

Target DNRI / TAAR1 / 5-HT1A

Partnerships Jazz (acquired US rights May 2022, ex-US Nov 2022): high single-digit US royalty + milestones; SK Biopharmaceuticals/Aerial: tiered single-digit royalties + up to $162.5M revenue milestones; Pharmanovia (Atnahs): license for Europe and MENA (Feb 2023)

Indications

Excessive daytime sleepiness in OSA or narcolepsy (Approved)

Status note FDA approved Mar 2019; EC Jan 2020; Health Canada May 2021. Additional indications for solriamfetol in development (not specified in excerpts).

SYMBRAVO

Approved · Active Modality: oral

Aliases AXS-07, MoSEIC meloxicam-rizatriptan

Target COX-2 / 5-HT1B/1D

Indications

Migraine (acute) (Approved)

Status note FDA approved Jan 2025; commercial availability Jun 2025.

AXS-17

Stage not disclosed · Active Modality: oral

Target GABAA receptor α2,3 subtype

Indications

Epilepsy (Stage not disclosed)

Status note Oral GABAA α2,3 subtype-selective positive allosteric modulator (PAM); global rights acquired Nov 2025; planned evaluation in epilepsy.

AXS-20

Stage not disclosed · Active

Target PDE10A

Indications

Schizophrenia (Stage not disclosed)
Tourette syndrome (Stage not disclosed)

Status note Selective PDE10A inhibitor; acquired Q1 2026; initially planned for schizophrenia and Tourette syndrome.

Deuterium-stabilized S-bupropion

Stage not disclosed · Active

Indications

Smoking Cessation (Phase 3)
Major Depressive Disorder (Phase 3)

Status note Global rights acquired Dec 2025; indication and phase not stated in excerpts.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	AXS-05
Lead indication	Major Depressive Disorder
Lead phase	Phase 4
Active trials	12
Collaborator trials	2

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06413433	Phase 3	Recruiting	Sponsor	AXSM	—	Binge-Eating Disorder	Q4 2026 Est. Nov 15, 2026 · quarter midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
NCT06568367	Phase 3	Recruiting	Sponsor	AXSM	—	Excessive Sleepiness; Shift-work Disorder	Q4 2026 Est. Nov 15, 2026 · quarter midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
NCT06878976	Phase 3	Enrolling by invitation	Sponsor	AXSM	—	Binge-Eating Disorder	Q4 2026 Est. Nov 15, 2026 · quarter midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
NCT07766655	Phase 3	Recruiting	Sponsor	AXSM	—	Smoking Cessation	—
NCT07773883	Phase 3	Enrolling by invitation	Sponsor	AXSM	—	ADHD	—
NCT07398417	Phase 3	Recruiting	Sponsor	AXSM	—	Fibromyalgia	—
NCT07637162	Phase 3	Enrolling by invitation	Sponsor	AXSM	—	Fibromyalgia	—
NCT07717879	Phase 3	Recruiting	Sponsor	AXSM	—	ADHD	—
NCT07717892	Phase 3	Recruiting	Sponsor	AXSM	—	ADHD	—
NCT07484217	Phase 3	Recruiting	Sponsor	AXSM	—	Major Depressive Disorder With Excessive Daytime Sleepiness Symptoms	Q4 2026 Est. Nov 15, 2026 · quarter midpoint 2027 Est. Jul 2, 2027 · guidance midpoint
NCT06413420	Not disclosed	Recruiting	Sponsor	AXSM	—	Narcolepsy; Obstructive Sleep Apnea; Pregnant Women and Their Offspring	—
NCT06223880	Not disclosed	Recruiting	Sponsor	AXSM	—	Major Depressive Disorder	—

Sponsor-matched active trials from ClinicalTrials.gov (12 as sponsor, 2 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 14 active trials for Axsome Therapeutics, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
Perceptive Advisors	118,450	-31,500	0.45%	2026-08-14
OrbiMed Advisors	117,578	-96,343	0.55%	2026-08-14
Ally Bridge Group	16,493	+16,493	5.20%	2026-08-14
Cormorant Asset Management	0	-50,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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AXSM — Axsome Therapeutics Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

AXSM — Axsome Therapeutics Inc.