Axsome Therapeutics, Inc. (NASDAQ: AXSM) has announced an agreement with Sandoz Inc. to dismiss the patent litigation related to its product Sunosi® (solriamfetol). The litigation, which was pending in the United States District Court for the District of New Jersey, stemmed from Sandoz's submission of an abbreviated new drug application (ANDA) seeking approval to market a generic equivalent of Sunosi in the United States. As a result of Sandoz's withdrawal of its ANDA for a generic equivalent of Sunosi, the litigation has been dismissed without prejudice.
In terms of financial performance, Axsome Therapeutics reported a net loss of $70.8 million for the second quarter of 2024, compared to a net loss of $34.7 million for the same period in 2023. This represents a significant increase in net loss year-over-year.
The company's research and development expenses also increased to $63.6 million for the second quarter of 2024, up from $32.6 million for the same period last year, reflecting a substantial rise in R&D spending.
Furthermore, Axsome Therapeutics reported cash, cash equivalents, and marketable securities totaling $390.5 million as of June 30, 2024, compared to $556.4 million as of December 31, 2023, indicating a decrease in available cash and marketable securities over the six-month period.
Additionally, the company's total operating expenses for the second quarter of 2024 amounted to $76.2 million, compared to $37.5 million for the same period in 2023, demonstrating a significant increase in operating expenses year-over-year.
Following these announcements, the company's shares moved -2.3%, and are now trading at a price of $88.16. For more information, read the company's full 8-K submission here.
