Axsome Q2 2023 Earnings Report
Key Takeaways
Axsome Therapeutics reported a total product revenue of $46.7 million for Q2 2023, driven by Auvelity sales of $27.6 million and Sunosi revenue of $19.1 million. The company is expanding its Auvelity sales force and advancing its CNS pipeline with new indications for solriamfetol. They anticipate multiple clinical trial readouts and initiations in the near term.
Total product revenue reached $46.7 million, including $46.0 million in net product sales and $0.7 million in royalty revenue.
Auvelity net product sales were $27.6 million, representing a 76% sequential increase.
Sunosi net product revenue was $19.1 million, consisting of $18.4 million in net product sales and $0.7 million in royalty revenue.
The FOCUS Phase 3 trial of solriamfetol in ADHD was initiated, with Phase 3 trials planned for binge eating disorder and shift work disorder.
Axsome
Axsome
Forward Guidance
Axsome believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.