Axsome Therapeutics (AXSM) financial statements
Axsome Therapeutics reported revenue of $638M in fiscal 2025, up 133.7% a year over 3 years.
Net income was -$183M.
Free cash flow was -$94M.
The diluted share count rose 160% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Axsome Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $50M | $271M | $386M | $638M |
| Cost of revenue | — | — | — | — | — | — | $5M | $26M | $33M | $47M |
| Gross profit | — | — | — | — | — | — | $45M | $245M | $352M | $591M |
| Research and development | $21M | $20M | $23M | $54M | $70M | $58M | $58M | $98M | $187M | $183M |
| Selling, general and admin | $6M | $7M | $9M | $14M | $29M | $67M | $159M | $323M | $411M | $571M |
| Operating income | -$28M | -$27M | -$33M | -$67M | -$99M | -$125M | -$180M | -$232M | -$281M | -$167M |
| Interest expense | — | — | — | — | — | — | -$10M | -$20M | -$22M | -$16M |
| Pre-tax income | — | — | — | — | — | -$130M | -$187M | -$238M | -$287M | -$184M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $960,000 | $85,000 | -$530,000 |
| Net income | -$27M | -$29M | -$31M | -$68M | -$103M | -$130M | -$187M | -$239M | -$287M | -$183M |
| EPS (diluted) | -$1.42 | -$1.27 | -$1.15 | -$2.01 | -$2.77 | -$3.47 | -$4.60 | -$5.27 | -$5.99 | -$3.68 |
| Diluted shares | 19M | 23M | 27M | 34M | 37M | 38M | 41M | 45M | 48M | 50M |
| Gross margin | — | — | — | — | — | — | 89.6% | 90.4% | 91.4% | 92.6% |
| Operating margin | — | — | — | — | — | — | -359.3% | -85.7% | -72.7% | -26.1% |
| Net margin | — | — | — | — | — | — | -374.0% | -88.4% | -74.5% | -28.7% |
Balance sheet
Fiscal years, from Axsome Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $37M | $34M | $14M | $220M | $184M | $86M | $201M | $386M | $315M | $323M |
| Receivables | — | — | — | — | — | — | $38M | $95M | $142M | $224M |
| Inventory | — | — | — | — | — | — | $4M | $15M | $16M | $28M |
| Total current assets | $38M | $35M | $15M | $220M | $184M | $87M | $246M | $504M | $485M | $589M |
| Property, plant and equipment | $100,730 | $68,071 | $51,832 | $30,623 | $52,647 | $283,846 | $722,000 | $846,000 | $584,000 | $562,000 |
| Goodwill | — | — | — | — | — | — | $10M | $12M | $12M | $12M |
| Total assets | $38M | $36M | $15M | $221M | $186M | $88M | $331M | $588M | $568M | $690M |
| Total current liabilities | $7M | $12M | $11M | $24M | $23M | $23M | $97M | $139M | $230M | $379M |
| Long-term debt | $9M | $7M | $4M | $17M | $48M | $49M | $94M | $178M | $181M | $118M |
| Total liabilities | $17M | $19M | $14M | $42M | $72M | $72M | $222M | $397M | $511M | $602M |
| Shareholders' equity | $22M | $17M | $937,921 | $179M | $114M | $16M | $110M | $191M | $57M | $88M |
| Net debt | -$27M | -$24M | -$7M | -$200M | -$136M | -$37M | -$107M | -$208M | -$135M | -$135M |
Cash flow
Fiscal years, from Axsome Therapeutics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$21M | -$26M | -$30M | -$46M | -$78M | -$108M | -$117M | -$145M | -$128M | -$93M |
| Capital spending | $104,561 | $9,898 | $32,696 | $16,121 | $45,891 | $308,000 | $702,000 | $582,000 | $270,000 | $480,000 |
| Free cash flow | -$21M | -$26M | -$30M | -$46M | -$79M | -$109M | -$117M | -$146M | -$129M | -$94M |
| Stock-based compensation | $2M | $2M | $2M | $6M | $15M | $21M | $38M | $63M | $85M | $94M |
| Net borrowing | $10M | -$277,778 | -$3M | $13M | $28M | — | — | — | — | -$332M |
| Free cash flow margin | — | — | — | — | — | — | -234.3% | -53.8% | -33.4% | -14.7% |
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Open AXSM in InvestinglyQuestions
What was Axsome Therapeutics's revenue in 2025?
$638M in fiscal 2025, from its 10-K filing.
How much free cash flow does Axsome Therapeutics generate?
-$94M in fiscal 2025 (operating cash flow minus capital spending).
From Axsome Therapeutics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.