Axsome reports Q3 growth led by AUVELITY; pipeline advances

Transcript intelligence

What changed

Management reported AUVELITY gross-to-net discounts in the mid- to high-40% range in Q3, with a slight seasonal increase expected in Q4. The Q3 call also described continued commercial growth and a narrower net loss; no formal guidance was provided in the supplied analysis.

Guidance delta

No formal guidance was provided in the supplied analysis. Management expects a slight seasonal increase in AUVELITY gross-to-net discounts in Q4 and outlined pipeline trial plans extending into 2027.

Key takeaways

• The supplied analysis says Q3 revenue was $260 million, with the commercial portfolio growing 52% year over year.
• AUVELITY sales were $208 million, up 53% year over year; SUNOSI and SYMBRAVO revenue grew 47% and 382%, respectively.
• The analysis reports a $12.9 million net loss and $314 million in cash; management expects cash to fund operations into cash-flow positivity.
• Management discussed advancing solriamfetol and AXS-05 label-expansion work and plans for AXS-20 and AXS-17 trials in 2027.

Management priorities

• Continue expanding AUVELITY adoption, including primary-care prescriber activation.
• Advance solriamfetol label-expansion trials across the indications identified on the call.
• Progress AXS-05 smoking-cessation Phase III work, with topline results planned for H2 2027.
• Prepare AXS-12 for its FDA review and advance planned AXS-20 and AXS-17 trials.