Axsome Therapeutics Inc. has reported its financial results for the first quarter of 2025, showing significant growth in net product revenue. Total net product revenue for the quarter was $121.5 million, marking a substantial 62% increase from the same period in 2024 when it was $75.0 million.
The company's flagship product, Auvelity, saw net product sales of $96.2 million in the first quarter of 2025, representing an impressive 80% year-over-year growth from $53.4 million in the first quarter of 2024.
Sunosi, another key product, generated $25.2 million in net product revenue during the first quarter of 2025, marking a 17% increase from the same period in 2024 when it was $21.6 million.
The company also reported that total cost of revenue for the first quarter of 2025 was $9.8 million, compared to $6.3 million for the same period in 2024. Research and development expenses increased to $44.8 million in the first quarter of 2025, up from $36.8 million in the comparable period in 2024. Selling, general, and administrative expenses also rose to $120.8 million for the first quarter of 2025, compared to $99.0 million for the same period in 2024.
Despite the increase in expenses, Axsome Therapeutics Inc. managed to reduce its net loss for the first quarter of 2025 to $59.4 million, or $(1.22) per share, from a net loss of $68.4 million, or $(1.44) per share, for the comparable period in 2024.
The company's cash and cash equivalents totaled $300.9 million at the end of March 2025, compared to $315.4 million at the end of December 2024.
In terms of commercial highlights, approximately 167,000 prescriptions were written for Auvelity in the first quarter of 2025, representing a 76% increase compared to the same period in 2024. For Sunosi, approximately 46,000 prescriptions were written in the U.S. during the first quarter of 2025, marking a 12% increase from the first quarter of 2024.
Axsome Therapeutics Inc. also provided updates on its development pipeline, including the submission of an NDA for AXS-14 for the management of fibromyalgia and the initiation of a phase 3 trial of solriamfetol in major depressive disorder with excessive daytime sleepiness.
The company's CEO, Dr. Herriot Tabuteau, expressed confidence in the strong first quarter and highlighted the significant advancements across the company's late-stage neuroscience pipeline. He emphasized the potential impact of their neuroscience portfolio, which could lead to the delivery of five marketed products across ten indications that collectively impact over 150 million patients in the U.S. alone.
Axsome Therapeutics Inc. believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
The company is on track for several anticipated milestones, including the commercial launch of Symbravo for the acute treatment of migraine in June 2025, the FDA filing acceptance decision for AXS-14 for fibromyalgia in the second quarter of 2025, and the submission of an SNDA for AXS-05 for Alzheimer’s disease agitation in the third quarter of 2025.
Following these announcements, the company's shares moved 4.4%, and are now trading at a price of $117.12. Check out the company's full 8-K submission here.
