Axsome Therapeutics, Inc. has reported strong financial results for the second quarter of 2024, with significant year-over-year growth in net product revenue and product sales. Total net product revenue for the second quarter of 2024 was $87.2 million, representing an 87% increase from the comparable period in 2023, when it was $46.7 million. The company's flagship product, Auvelity, achieved net product sales of $65.0 million in the second quarter of 2024, marking a substantial 135% growth compared to the same period in 2023, when sales were $27.6 million.
Sunosi, another key product, generated net product revenue of $22.1 million in the second quarter of 2024, reflecting a 16% year-over-year growth compared to the $19.1 million in the comparable period in 2023. Additionally, the company reported a significant increase in the number of prescriptions written for Auvelity and Sunosi in the second quarter of 2024.
The company's research and development (R&D) expenses surged to $49.9 million in the second quarter of 2024 from $20.6 million in the comparable period in 2023, primarily due to the initiation and continuation of phase 3 trials for Solriamfetol in major depressive disorder, ADHD, and binge eating disorder, among other factors.
Selling, general, and administrative (SG&A) expenses also increased to $103.6 million in the second quarter of 2024 from $78.9 million in the same period in 2023, largely driven by commercialization expenses and field force expansion.
The company reported a net loss of $79.3 million or $(1.67) per share in the second quarter of 2024, compared to a net loss of $67.2 million or $(1.54) per share in the comparable period in 2023. Axsome Therapeutics had cash and cash equivalents totaling $315.7 million at June 30, 2024, compared to $386.2 million at December 31, 2023.
In terms of its development pipeline, Axsome is making progress in advancing several late-stage product candidates for serious psychiatric and neurologic conditions, including programs for Alzheimer's disease agitation, migraine, narcolepsy, fibromyalgia, ADHD, major depressive disorder, binge eating disorder, and shift work disorder.
The company has also provided guidance, indicating that it believes its current cash position is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
Axsome Therapeutics is poised to deliver topline results from several pivotal trials in the second half of 2024 and anticipates submitting a new drug application (NDA) for Axsome’s novel fibromyalgia therapy, AXS-14, in the third quarter of 2024. Today the company's shares have moved -1.8% to a price of $84.42. For more information, read the company's full 8-K submission here.
