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AX

Axsome Therapeutics, Inc.

AXSMHealthcareNASDAQ

Biotechnology

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Financials · Annual
Revenue
$638.5M
+65.5% YoY
Net Income
-$183.2M
+36.2% YoY
EBITDA
-$168.1M
+38.3% YoY
Free Cash Flow
-$3.9M

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About Axsome Therapeutics, Inc.

Part of the healthcare sector, Axsome Therapeutics, Inc. (AXSM) is listed under Biotechnology. At a $12.07B market cap, Axsome Therapeutics, Inc. ranks as a large-cap company within healthcare. The company's commercial product portfolio includes Auvelity (dextromethorphan-bupropion), a N-methyl-D-aspartate receptor antagonist, sigma-1 receptor agonist, aminoketone, and CYP2D6 inhibitor indicated for the treatment of major depressive disorder in adults; Sunosi (solriamfetol), a dopamine and norepinephrine reuptake inhibitor, trace amine-associated receptor 1 agonist, and 5-HT1A agonist indicated for the treatment of excessive daytime sleepiness in patients with narcolepsy or obstructive sleep apnea; and Symbravo (MoSEIC meloxicam rizatriptan), or AXS-07, a rapidly absorbed, multi-mechanistic, selective COX-2 inhibitor, and 5-HT1B/1D agonist indicated for the acute treatment of migraine with or without aura.

Key stats
Market Cap$12.07B
Fwd P/E39.83
EPS$-3.71
Beta0.58
52W Change+117.8%
ROE-349.4%
Analysis

With $305.1M in cash and $219.9M in debt, AXSM maintains more liquidity than leverage. This favorable balance sheet position can be an asset when capital markets become less accommodating. Free cash flow is running at -$3.9M, which bears watching. Negative free cash flow can be acceptable during heavy investment periods but needs to improve over time. Return on equity stands at -349.4%, which is negative for the sector. ROE measures how effectively a company uses shareholder capital to generate profits. Revenue has grown from $50.0M (2022) to $638.5M (2025), reflecting a 1176% increase over the period.

With a beta below 0.7, Axsome Therapeutics, Inc. typically sees smaller price swings than the overall market, offering a degree of stability during turbulent periods. The company is burning cash at the operating level, which is not unusual for growth-phase companies but adds risk if it persists. It is important to consider these factors alongside broader market conditions and individual financial goals when reviewing AXSM.

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