Axsome Therapeutics reported third-quarter 2026 product revenue of $259.7 million, up 52% from a year earlier, as sales grew across its three marketed medicines. The company’s net loss narrowed, while spending on research and commercial operations increased. Axsome also said it had started a Phase 3 trial of AXS-05 for smoking cessation and updated its corporate presentation.
- AUVELITY led sales growth. Revenue was $207.6 million, up 53% year over year. About 302,000 prescriptions were written during the quarter.
- SUNOSI revenue rose 47% to $48.2 million. That total included $38.5 million in product sales, $1.2 million in royalties from out-licensed territories and $8.5 million in milestone revenue. A year earlier, SUNOSI revenue was $32.8 million, including $31.6 million in product sales and $1.2 million in royalties.
- SYMBRAVO sales increased 88% to $3.9 million, from $2.1 million a year earlier.
- The company reported a net loss of $12.9 million, or 25 cents a share, compared with a $47.2 million loss, or 94 cents a share, in the third quarter of 2025. The 2026 loss included $26.4 million in stock-based compensation.
- Operating costs increased. Research and development expense rose to $50.6 million from $40.2 million, mainly reflecting ongoing clinical programs for solriamfetol, AXS-14 and AXS-05. Selling, general and administrative expense climbed to $203.1 million from $150.2 million, primarily because of commercialization activity for AUVELITY and SYMBRAVO. Cost of revenue was $17.8 million, versus $11.9 million a year earlier.
- Cash and cash equivalents were $313.9 million at Sept. 30, down from $322.9 million at the end of 2025. Axsome said its current cash should fund planned operations into cash-flow positivity, based on its current operating plan; it did not give a timing estimate. The company had 52.6 million common shares outstanding at quarter-end.
- Axsome started the Phase 3 SUMMIT trial of AXS-05 for smoking cessation. The company also said its pipeline has multiple clinical and regulatory milestones anticipated in coming quarters, without detailing them in the results announcement.
- The company posted an updated corporate presentation. The announcement did not describe specific changes to the presentation.
Axsome said its quarterly revenue growth put it above a $1 billion annualized revenue pace. That is a run-rate calculation based on the quarter, not a report of full-year revenue. The results show sharply higher commercial spending alongside continued sales growth, while the company’s net loss narrowed from a year earlier.