Key Highlights

  • Total net product Revenue was USD 259.7 million, up 52% from USD 171.0 million a year earlier.
  • Auvelity net product sales reached USD 207.6 million, up 53%, as total prescriptions rose 40% to about 302,000.
  • Net loss narrowed to USD 12.9 million, or USD 0.25 per share, from USD 47.2 million a year earlier.
  • Cash stood at USD 313.9 million, which the company said is sufficient to fund operations into Cash Flow positivity.

Revenue Growth Spans Three Products

Axsome Therapeutics, Inc. (NASDAQ:AXSM) reported third-quarter 2026 total net product revenue of USD 259.7 million, up 52% from USD 171.0 million in the same quarter of 2025. Management described the result as passing an annual run rate of USD 1 billion.

Auvelity net product sales were USD 207.6 million versus USD 136.1 million a year earlier. Sunosi net product revenue was USD 48.2 million, up 47%, comprising USD 38.5 million of net product sales, USD 1.2 million of royalties and USD 8.5 million of milestone revenue. Symbravo net product sales were USD 3.9 million, up 88% from USD 2.1 million.

Prescriptions Climb as Spending Rises

About 302,000 Auvelity prescriptions were written in the quarter, up 40% from a year earlier and 14% from the second quarter, while new-to-brand prescriptions rose 44% year over year and 21% sequentially. Among patients aged 65 and older, new-to-brand prescriptions rose 211% and total prescriptions 101% from a year earlier. Payer coverage for Auvelity stands at about 89% of lives. Management said the antidepressant market grew 3% over the same period.

Sunosi prescriptions were about 64,400, up 15%, and Symbravo prescriptions were about 25,000, up 382%. SG&A expense rose to USD 203.1 million from USD 150.2 million on commercialization of Auvelity and Symbravo, and R&D expense rose to USD 50.6 million from USD 40.2 million. The net loss included USD 26.4 million of stock-based compensation.

Pipeline Milestones Through 2027

Chief executive Herriot Tabuteau said the company sees sustained Demand for Auvelity in major depressive disorder and accelerating new patient starts in Alzheimer's disease agitation. Management also cited peak annual revenue potential of at least USD 8 billion for Auvelity.

The SUMMIT Phase 3 trial of AXS-05 in smoking cessation began in August, with topline results scheduled for the second half of 2027. Topline data from the solriamfetol ENGAGE trial in binge eating disorder are scheduled for the first quarter of 2027, with SUSTAIN and the FOCUS-2 and FOCUS-3 ADHD trials following in the second half. The FDA has set a May 1, 2027 target action date for AXS-12 in cataplexy associated with narcolepsy.

Signposts for 2027 Readouts

Cash and equivalents were USD 313.9 million at September 30, 2026, compared with USD 322.9 million at the end of 2025, and 52,576,839 shares were outstanding. A Phase 3 trial of AXS-20 in schizophrenia and Clinical Trials of AXS-17 in epilepsy are scheduled to begin in the first half of 2027.

Items to follow include the ENGAGE readout, payer coverage for Symbravo at about 57% of lives, and the balance between revenue growth and selling expense.