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Mar 31, 2024
Axsome Q1 2024 Earnings Report
Axsome reported strong financial performance driven by on-market products and advanced its neuroscience pipeline in the first quarter of 2024.
Key Takeaways
Axsome Therapeutics reported a total net product revenue of $75.0 million for Q1 2024, representing a 160% year-over-year growth. The company progressed its clinical trials, including positive Phase 3 results for AXS-12 in narcolepsy, and is preparing for NDA resubmissions for AXS-07 and AXS-14.
Total net product revenue reached $75.0 million, a 160% increase year-over-year.
Auvelity net product sales were $53.4 million, reflecting a 240% year-over-year growth.
Sunosi net product revenue amounted to $21.6 million, a 64% increase year-over-year.
Positive Phase 3 trial results were announced for AXS-12 in narcolepsy.
Axsome
Axsome
Axsome Revenue by Segment
Revenue by Segment
AUVELITY Revenue
CapyFin.comSUNOSI Revenue
CapyFin.com Forward Guidance
Axsome believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
Positive Outlook
- NDA resubmission for AXS-07 in migraine targeted for Q2 2024
- NDA submission for AXS-14 in fibromyalgia targeted for Q2 2024
- Phase 3 ADVANCE-2 trial of AXS-05 for Alzheimer’s disease agitation topline results expected in 2H 2024
- Phase 3 open-label safety extension trial of AXS-12 in narcolepsy topline results expected in 2H 2024
- Phase 3 FOCUS trial of solriamfetol in ADHD in adults topline results expected in 2H 2024
Challenges Ahead
- Phase 3 PARADIGM trial of solriamfetol in major depressive disorder topline results expected in 2025
- Phase 3 ENGAGE trial of solriamfetol in binge eating disorder topline results expected in 2025
- Phase 3 EMERGE trial of AXS-07 in migraine with inadequate response to oral CGRP inhibitors topline results expected in 2H 2024
- Phase 3 trial of solriamfetol in shift work disorder initiation expected in Q2 2024
- Phase 3 ACCORD-2 trial of AXS-05 for Alzheimer's disease agitation enrollment completion expected mid-year 2024
Revenue & Expenses
Visualization of income flow from segment revenue to net income