Axsome Therapeutics (AXSM) Financials

$222.63 -0.43 (-0.19%)

Closing price 04:00 PM Eastern

Extended Trading

$220.00 -2.63 (-1.18%)

As of 06:26 PM Eastern

Annual Income Statements for Axsome Therapeutics

This table shows Axsome Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-12	-27	-29	-31	-68	-103	-130	-187	-239	-287	-183
Consolidated Net Income / (Loss)	-12	-27	-29	-31	-68	-103	-130	-187	-239	-287	-183
Net Income / (Loss) Continuing Operations	-12	-27	-29	-31	-68	-103	-130	-187	-239	-287	-183
Total Pre-Tax Income	-12	-28	-29	-31	-68	-103	-130	-187	-238	-287	-184
Total Operating Income	-9.20	-28	-27	-33	-67	-99	-125	-180	-232	-281	-167
Total Gross Profit	0.00	0.00	0.00	0.00	0.00	0.00	0.00	45	245	352	591
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	50	271	386	638
Operating Revenue	-	-	-	-	-	0.00	0.00	50	271	386	638
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	5.20	26	33	47
Operating Cost of Revenue	-	-	-	-	-	0.00	0.00	5.20	26	33	47
Total Operating Expenses	9.20	28	27	33	67	99	125	225	476	633	758
Selling, General & Admin Expense	2.42	6.34	7.21	9.35	14	29	67	159	323	411	571
Research & Development Expense	6.78	21	20	23	54	70	58	58	98	187	183
Amortization Expense	-	-	-	-	-	0.00	0.00	4.14	6.38	6.39	6.38
Other Operating Expenses / (Income)	-	-	-	-	-	0.00	0.00	3.30	49	28	-2.47
Total Other Income / (Expense), net	-3.29	-0.13	-1.99	1.66	-1.24	-3.81	-5.70	-7.34	-6.45	-6.57	-17
Interest Expense	2.44	-	-	0.00	0.00	1.25	-	-	0.00	0.00	10
Interest & Investment Income	-0.74	-0.13	-1.34	-1.13	-1.24	-2.57	-5.70	-7.34	-6.45	-6.57	-6.56
Income Tax Expense	-	-	-	-0.22	-	-0.05	0.00	0.00	0.96	0.09	-0.53
Other Gains / (Losses), net	0.00	0.47	0.21	-	0.14	-	0.00	0.00	0.00	0.00	0.00
Basic Earnings per Share	($1.02)	($1.42)	($1.27)	($1.15)	($2.01)	($2.77)	($3.47)	($4.60)	($5.27)	($5.99)	($3.68)
Weighted Average Basic Shares Outstanding	11.95M	19.15M	22.76M	26.88M	34.02M	37.21M	37.62M	40.66M	45.43M	47.91M	49.75M
Diluted Earnings per Share	($1.02)	($1.42)	($1.27)	($1.15)	($2.01)	($2.77)	($3.47)	($4.60)	($5.27)	($5.99)	($3.68)
Weighted Average Diluted Shares Outstanding	11.95M	19.15M	22.76M	26.88M	34.02M	37.21M	37.62M	40.66M	45.43M	47.91M	49.75M
Weighted Average Basic & Diluted Shares Outstanding	11.95M	19.15M	22.76M	26.88M	34.02M	37.21M	37.62M	43.52M	47.37M	48.77M	51.15M

This table shows Axsome Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-67	-62	-99	-68	-79	-65	-75	-59	-48	-47	-29
Consolidated Net Income / (Loss)	-67	-62	-99	-68	-79	-65	-75	-59	-48	-47	-29
Net Income / (Loss) Continuing Operations	-67	-62	-99	-68	-79	-65	-75	-59	-48	-47	-29
Total Pre-Tax Income	-68	-63	-99	-68	-79	-65	-75	-59	-49	-47	-28
Total Operating Income	-65	-62	-98	-67	-78	-63	-73	-57	-37	-46	-27
Total Gross Profit	42	51	64	69	79	96	108	112	137	159	184
Total Revenue	47	58	72	75	87	105	119	121	150	171	196
Operating Revenue	47	58	72	75	87	105	119	121	150	171	196
Total Cost of Revenue	4.60	6.53	7.38	6.30	8.06	8.44	11	9.79	13	12	12
Operating Cost of Revenue	4.60	6.53	7.38	6.30	8.06	8.44	11	9.79	13	12	12
Total Operating Expenses	107	113	162	136	157	159	181	169	173	205	211
Selling, General & Admin Expense	79	83	87	99	104	96	113	121	130	150	169
Research & Development Expense	21	29	31	37	50	45	55	45	50	40	49
Amortization Expense	1.59	1.61	1.61	1.59	1.59	1.61	1.61	1.57	1.59	1.61	1.61
Other Operating Expenses / (Income)	6.05	-0.18	43	-1.41	2.16	16	11	1.51	-8.10	13	-9.07
Total Other Income / (Expense), net	-2.73	-0.76	-0.70	-1.08	-1.30	-1.98	-2.21	-2.43	-12	-1.12	-1.17
Interest & Investment Income	-2.73	-0.76	-0.70	-1.08	-1.30	-1.98	-2.21	-2.43	-1.83	-1.12	-1.17
Income Tax Expense	-0.62	-0.68	-0.33	0.00	0.00	0.00	0.09	0.00	-0.96	0.00	0.43
Basic Earnings per Share	($1.54)	($1.32)	($2.15)	($1.44)	($1.67)	($1.34)	($1.54)	($1.22)	($0.97)	($0.94)	($0.55)
Weighted Average Basic Shares Outstanding	43.67M	47.12M	45.43M	47.39M	47.57M	48.14M	47.91M	48.87M	49.44M	50.02M	49.75M
Diluted Earnings per Share	($1.54)	($1.32)	($2.15)	($1.44)	($1.67)	($1.34)	($1.54)	($1.22)	($0.97)	($0.94)	($0.55)
Weighted Average Diluted Shares Outstanding	43.67M	47.12M	45.43M	47.39M	47.57M	48.14M	47.91M	48.87M	49.44M	50.02M	49.75M
Weighted Average Basic & Diluted Shares Outstanding	47.19M	47.32M	47.37M	47.50M	48.00M	48.46M	48.77M	49.24M	49.90M	50.41M	51.15M

This table details how cash moves in and out of Axsome Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	45	-11	-2.60	-20	206	-36	-97	114	185	-71	7.58
Net Cash From Operating Activities	-7.44	-21	-26	-30	-46	-78	-108	-117	-145	-128	-93
Net Cash From Continuing Operating Activities	-7.44	-21	-26	-30	-46	-78	-108	-117	-145	-128	-93
Net Income / (Loss) Continuing Operations	-12	-27	-29	-31	-68	-103	-130	-187	-239	-287	-183
Consolidated Net Income / (Loss)	-12	-27	-29	-31	-68	-103	-130	-187	-239	-287	-183
Depreciation Expense	0.00	0.02	0.04	0.05	0.04	0.02	0.08	0.26	0.46	0.53	0.50
Amortization Expense	0.05	0.07	0.47	0.38	0.65	0.84	1.08	5.62	8.95	10	9.86
Non-Cash Adjustments To Reconcile Net Income	3.78	2.03	2.72	-1.04	6.12	23	21	41	113	115	102
Changes in Operating Assets and Liabilities, net	0.94	3.80	-0.81	1.52	15	0.41	0.32	24	-28	33	-23
Net Cash From Investing Activities	-0.02	-0.10	-0.01	-0.03	-0.02	-0.05	-0.31	-54	-0.58	-0.27	-0.48
Net Cash From Continuing Investing Activities	-0.02	-0.10	-0.01	-0.03	-0.02	-0.05	-0.31	-54	-0.58	-0.27	-0.48
Purchase of Property, Plant & Equipment	-0.02	-0.10	-0.01	-0.03	-0.02	-0.05	-0.31	-0.70	-0.58	-0.27	-0.48
Acquisitions	-	-	-	-	-	0.00	0.00	-53	0.00	0.00	0.00
Net Cash From Financing Activities	53	9.97	24	10	252	42	11	285	331	58	101
Net Cash From Continuing Financing Activities	53	9.97	24	10	252	42	11	285	331	58	101
Repayment of Debt	0.00	-0.06	-0.28	-3.36	-7.24	-23	-0.31	-0.49	-1.44	0.00	-336
Repurchase of Common Equity	-	-	-	-	0.00	-	-0.22	-6.98	-16	-0.82	-1.20
Issuance of Debt	7.44	10	0.00	0.00	20	50	0.00	45	85	0.00	330
Issuance of Common Equity	46	0.00	24	13	238	14	7.44	250	271	41	127
Other Financing Activities, net	0.00	0.03	0.48	0.51	1.39	1.05	4.23	-2.97	-8.05	18	-19
Cash Interest Paid	-	0.05	0.87	0.77	1.29	2.10	4.63	7.69	17	20	15

This table details how cash moves in and out of Axsome Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	191	-21	-30	-55	-16	12	-12	-14	2.11	22	-2.34
Net Cash From Operating Activities	-55	-54	-30	-53	-30	-19	-26	-43	-32	1.05	-19
Net Cash From Continuing Operating Activities	-55	-54	-30	-53	-30	-19	-26	-43	-32	1.05	-19
Net Income / (Loss) Continuing Operations	-67	-62	-99	-68	-79	-65	-75	-59	-48	-47	-29
Consolidated Net Income / (Loss)	-67	-62	-99	-68	-79	-65	-75	-59	-48	-47	-29
Depreciation Expense	0.10	0.14	0.13	0.13	0.14	0.13	0.13	0.15	0.12	0.12	0.11
Amortization Expense	2.50	2.23	2.06	2.32	2.49	2.60	2.65	2.65	2.44	2.45	2.32
Non-Cash Adjustments To Reconcile Net Income	23	15	63	19	24	38	33	23	27	37	15
Changes in Operating Assets and Liabilities, net	-14	-8.66	3.43	-6.70	23	5.08	13	-10	-14	8.78	-7.36
Net Cash From Investing Activities	-0.13	-0.37	-0.01	-0.10	-0.05	-0.09	-0.03	-0.34	-0.01	-0.06	-0.07
Net Cash From Continuing Investing Activities	-0.13	-0.37	-0.01	-0.10	-0.05	-0.09	-0.03	-0.34	-0.01	-0.06	-0.07
Purchase of Property, Plant & Equipment	-0.13	-0.37	-0.01	-0.10	-0.05	-0.09	-0.03	-0.34	-0.01	-0.06	-0.07
Net Cash From Financing Activities	246	33	-0.00	-1.19	14	30	14	29	35	21	16
Net Cash From Continuing Financing Activities	246	33	-0.00	-1.19	14	30	14	29	35	21	16
Repayment of Debt	-0.22	-0.86	0.86	-	-	-	-	-	-	-70	-70
Repurchase of Common Equity	-	-2.05	-	0.00	-	-0.26	-0.33	-0.39	-0.52	-0.19	-0.10
Issuance of Debt	30	-	-	-	-	-	-	-	-	70	70
Issuance of Common Equity	-	45	-11	0.00	-	43	18	20	61	25	21
Other Financing Activities, net	4.93	-8.75	10	-1.19	3.34	-12	-2.99	10	-21	-4.01	-4.53
Cash Interest Paid	3.92	4.73	4.87	4.90	5.01	5.02	4.76	4.59	3.77	3.22	3.05

This table presents Axsome Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	49	38	36	15	221	186	88	331	588	568	690
Total Current Assets	49	38	35	15	220	184	87	246	504	485	589
Cash & Equivalents	48	37	34	14	220	184	86	201	386	315	323
Accounts Receivable	-	-	-	-	-	-	0.00	38	95	142	224
Inventories, net	-	-	-	-	-	-	0.00	4.32	15	16	28
Prepaid Expenses	1.00	1.38	1.28	1.25	0.41	0.15	0.05	2.78	8.12	12	14
Plant, Property, & Equipment, net	0.02	0.10	0.07	0.05	0.03	0.05	0.28	0.72	0.85	0.58	0.56
Total Noncurrent Assets	0.03	0.11	0.19	0.11	0.14	2.06	0.98	85	83	83	100
Goodwill	-	-	-	-	-	-	0.00	10	12	12	12
Intangible Assets	-	-	-	-	-	-	0.00	60	53	47	41
Other Noncurrent Operating Assets	0.03	0.11	0.19	0.11	0.14	2.06	0.98	15	18	24	48
Total Liabilities & Shareholders' Equity	49	38	36	15	221	186	88	331	588	568	690
Total Liabilities	2.63	17	19	14	42	72	72	222	397	511	602
Total Current Liabilities	2.63	7.17	12	11	24	23	23	97	139	230	379
Short-Term Debt	0.00	0.27	3.27	3.29	2.60	-	0.00	5.90	6.41	8.29	80
Accounts Payable	2.63	6.90	6.11	7.53	22	22	22	90	131	220	298
Other Current Liabilities	-	0.00	2.79	-	0.00	1.22	0.62	0.43	1.27	1.84	0.43
Total Noncurrent Liabilities	0.00	9.47	6.66	3.62	17	49	49	125	258	281	223
Long-Term Debt	0.00	9.47	6.66	3.62	17	48	49	94	178	181	118
Capital Lease Obligations	-	-	-	-	-	-	-	-	0.00	2.94	4.21
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	0.58	0.00	31	80	98	101
Total Equity & Noncontrolling Interests	46	22	17	0.94	179	114	16	110	191	57	88
Total Preferred & Common Equity	46	22	17	0.94	179	114	16	110	191	57	88
Preferred Stock	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	46	22	17	0.94	179	114	16	110	191	57	88
Common Stock	67	69	93	108	355	393	425	706	1,027	1,180	1,394
Retained Earnings	-20	-48	-77	-108	-176	-279	-409	-596	-836	-1,123	-1,306

This table presents Axsome Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	339	389	612	601	546	548	561	597	640	669
Total Current Assets	252	304	520	512	460	463	479	495	537	565
Cash & Equivalents	228	247	437	417	331	316	327	301	303	325
Accounts Receivable	20	45	67	78	101	120	124	161	199	197
Inventories, net	2.10	7.94	9.25	9.99	16	15	14	16	18	24
Prepaid Expenses	2.46	5.20	5.91	6.80	12	12	13	16	16	20
Plant, Property, & Equipment, net	0.63	0.70	0.74	0.97	0.81	0.72	0.68	0.77	0.67	0.61
Total Noncurrent Assets	86	84	91	88	84	84	82	101	102	103
Goodwill	12	10	12	12	12	12	12	12	12	12
Intangible Assets	61	58	57	55	52	50	49	45	44	42
Other Noncurrent Operating Assets	13	16	23	21	21	22	21	44	47	49
Total Liabilities & Shareholders' Equity	339	389	612	601	546	548	561	597	640	669
Total Liabilities	182	277	333	331	402	445	469	543	567	596
Total Current Liabilities	60	101	115	115	144	187	196	244	342	360
Short-Term Debt	7.00	6.00	6.34	6.67	6.39	7.04	8.13	8.60	79	80
Accounts Payable	53	95	108	108	137	178	186	235	263	280
Other Current Liabilities	0.42	0.11	0.35	0.44	1.15	1.42	1.63	0.45	0.34	0.74
Total Noncurrent Liabilities	121	177	218	217	258	259	272	300	225	235
Long-Term Debt	94	148	177	177	179	179	180	181	118	118
Capital Lease Obligations	-	-	-	-	1.70	3.03	2.95	3.68	3.79	4.68
Other Noncurrent Operating Liabilities	27	29	41	39	77	76	89	114	103	113
Total Equity & Noncontrolling Interests	157	112	279	270	144	103	93	53	73	74
Total Preferred & Common Equity	157	112	279	270	144	103	93	53	73	74
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	157	112	279	270	144	103	93	53	73	74
Common Stock	692	719	954	1,006	1,048	1,086	1,141	1,235	1,303	1,351
Retained Earnings	-535	-608	-675	-737	-904	-983	-1,048	-1,182	-1,230	-1,277

This table displays calculated financial ratios and metrics derived from Axsome Therapeutics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	440.80%	42.53%	65.55%
EBITDA Growth	-12.35%	-196.76%	0.57%	-8.55%	-124.62%	-47.66%	-25.72%	-40.76%	-27.89%	-21.38%	42.07%
EBIT Growth	-62.41%	-196.01%	-0.97%	-8.07%	-123.74%	-47.43%	-25.79%	-44.18%	-28.94%	-21.02%	40.56%
NOPAT Growth	-62.13%	-199.51%	1.38%	-20.92%	-104.72%	-47.43%	-25.79%	-44.18%	-28.94%	-21.02%	40.56%
Net Income Growth	-103.49%	-122.77%	-6.40%	-6.99%	-120.71%	-50.56%	-26.73%	-43.50%	-27.84%	-20.05%	36.22%
EPS Growth	-54.55%	-39.22%	10.56%	9.45%	-74.78%	-37.81%	-25.27%	-32.56%	-14.57%	-13.66%	38.56%
Operating Cash Flow Growth	-61.84%	-186.08%	-24.39%	-13.53%	-54.31%	-69.18%	-37.94%	-7.66%	-24.52%	11.49%	27.26%
Free Cash Flow Firm Growth	0.00%	-221.23%	-8.90%	-43.03%	-31.51%	-116.25%	-26.63%	-79.24%	8.83%	1.36%	-6.91%
Invested Capital Growth	0.00%	-233.38%	-38.89%	16.98%	-248.18%	-2.13%	0.04%	140.79%	-221.03%	-518.31%	50.79%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	94.95%	21.11%	13.96%	13.76%
EBITDA Q/Q Growth	0.00%	-18.57%	0.00%	0.00%	-28.81%	15.47%	-26.71%	-17.24%	-20.74%	8.86%	22.47%
EBIT Q/Q Growth	0.00%	-18.89%	0.00%	0.00%	-28.66%	15.23%	-26.33%	-17.91%	-19.83%	8.38%	21.49%
NOPAT Q/Q Growth	0.00%	-19.38%	0.00%	0.00%	-28.66%	15.23%	-26.33%	-17.91%	-19.83%	8.38%	21.49%
Net Income Q/Q Growth	0.00%	-17.06%	0.00%	0.00%	-28.63%	14.01%	-24.83%	-17.05%	-18.54%	7.63%	20.20%
EPS Q/Q Growth	0.00%	-10.94%	0.00%	0.00%	-24.07%	-2.59%	-3.27%	-13.30%	-15.57%	9.24%	21.20%
Operating Cash Flow Q/Q Growth	0.00%	-30.44%	3.38%	-13.19%	-20.14%	-3.96%	-8.29%	1.08%	-1.97%	3.14%	7.48%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	13.66%	-33.41%	2.34%	-0.66%	-5.08%	-5.57%
Invested Capital Q/Q Growth	0.00%	6.97%	0.00%	0.00%	-24.89%	-14.10%	4.30%	-71.15%	-128.98%	-53.14%	34.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	89.61%	90.37%	91.37%	92.56%
EBITDA Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-347.57%	-82.19%	-69.99%	-24.49%
Operating Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-359.33%	-85.67%	-72.74%	-26.12%
EBIT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-359.33%	-85.67%	-72.74%	-26.12%
Profit (Net Income) Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-373.99%	-88.41%	-74.47%	-28.69%
Tax Burden Percent	97.80%	98.29%	99.29%	99.30%	99.80%	99.95%	100.00%	100.00%	100.40%	100.03%	99.71%
Interest Burden Percent	134.18%	100.48%	104.82%	103.75%	101.84%	103.85%	104.57%	104.08%	102.78%	102.34%	110.16%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-26.29%	-79.99%	-151.19%	-350.78%	-76.08%	-70.36%	-201.51%	-298.97%	-159.21%	-231.63%	-252.11%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,763.61%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-85.77%	-50.41%	-48.51%	-26.51%
Return on Assets (ROA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-89.27%	-52.02%	-49.66%	-29.11%
Return on Common Equity (ROCE)	-26.29%	-79.99%	-151.19%	-350.78%	-76.08%	-70.36%	-201.51%	-298.97%	-159.21%	-231.63%	-252.11%
Return on Equity Simple (ROE_SIMPLE)	-26.29%	-126.10%	-173.14%	-3,301.50%	-38.24%	-90.43%	-834.29%	-170.81%	-125.27%	-503.76%	0.00%
Net Operating Profit after Tax (NOPAT)	-6.44	-19	-19	-23	-47	-69	-87	-126	-162	-196	-117
NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-251.53%	-59.97%	-50.92%	-18.28%
Net Nonoperating Expense Percent (NNEP)	-24.04%	-21.15%	-38.96%	-51.20%	-20.55%	-19.97%	-49.85%	-88.76%	-50.90%	-55.87%	-54.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-60.01%	-43.22%	-78.89%	-40.22%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	10.39%	9.63%	8.63%	7.44%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	318.27%	119.41%	106.65%	89.37%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	115.81%	36.20%	48.50%	28.70%
Operating Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	448.94%	176.04%	164.11%	118.68%
Earnings before Interest and Taxes (EBIT)	-9.30	-28	-28	-30	-67	-99	-125	-180	-232	-281	-167
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-9.25	-27	-27	-30	-67	-98	-124	-174	-222	-270	-156
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	5.99	7.93	89.64	19.96	26.74	91.10	30.57	19.72	71.92	104.28
Price to Tangible Book Value (P/TBV)	0.00	5.99	7.93	89.64	19.96	26.74	91.10	84.61	29.97	0.00	257.66
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	66.94	13.92	10.63	14.42
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	366.14	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	64.93	13.17	10.31	14.23
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.45	0.59	7.37	0.11	0.42	3.14	0.91	0.97	3.37	2.29
Long-Term Debt to Equity	0.00	0.44	0.40	3.86	0.10	0.42	3.14	0.86	0.93	3.22	1.38
Financial Leverage	-1.03	-1.10	-1.33	-1.76	-1.15	-1.15	-1.34	-1.10	-1.01	-1.31	-1.68
Leverage Ratio	1.06	1.28	1.93	2.89	1.31	1.39	2.12	3.35	3.06	4.66	8.66
Compound Leverage Factor	1.42	1.29	2.02	2.99	1.34	1.44	2.21	3.49	3.15	4.77	9.54
Debt to Total Capital	0.00%	31.11%	37.27%	88.05%	10.03%	29.81%	75.85%	47.76%	49.13%	77.10%	69.58%
Short-Term Debt to Total Capital	0.00%	0.86%	12.27%	41.94%	1.31%	0.00%	0.00%	2.81%	1.71%	3.33%	27.57%
Long-Term Debt to Total Capital	0.00%	30.25%	25.00%	46.11%	8.72%	29.81%	75.85%	44.95%	47.43%	73.77%	42.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	68.89%	62.73%	11.95%	89.97%	70.19%	24.15%	52.24%	50.87%	22.90%	30.42%
Debt to EBITDA	0.00	-0.35	-0.36	-0.23	-0.30	-0.49	-0.40	-0.58	-0.83	-0.71	-1.29
Net Debt to EBITDA	0.00	0.98	0.88	0.24	3.01	1.38	0.30	0.58	0.91	0.46	0.77
Long-Term Debt to EBITDA	0.00	-0.35	-0.24	-0.12	-0.26	-0.49	-0.40	-0.54	-0.80	-0.68	-0.78
Debt to NOPAT	0.00	-0.51	-0.52	-0.30	-0.42	-0.70	-0.56	-0.80	-1.14	-0.98	-1.73
Net Debt to NOPAT	0.00	1.39	1.27	0.31	4.25	1.95	0.43	0.80	1.24	0.63	1.04
Long-Term Debt to NOPAT	0.00	-0.49	-0.35	-0.16	-0.37	-0.70	-0.56	-0.75	-1.10	-0.94	-1.04
Altman Z-Score	0.00	1.51	-0.59	-12.40	50.11	22.41	1.49	5.44	3.60	1.63	7.03
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	18.63	5.30	2.90	1.41	9.00	7.85	3.75	2.54	3.63	2.11	1.55
Quick Ratio	18.25	5.11	2.79	1.29	8.98	7.85	3.75	2.47	3.46	1.99	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4.85	-16	-17	-24	-32	-69	-87	-156	-143	-141	-150
Operating Cash Flow to CapEx	-36,835.81%	-20,353.00%	-267,444.45%	-91,918.59%	-287,668.62%	-170,962.87%	-35,138.31%	-16,597.01%	-24,927.84%	-47,559.26%	-19,459.38%
Free Cash Flow to Firm to Interest Expense	-1.98	0.00	0.00	0.00	0.00	-55.29	0.00	0.00	0.00	0.00	-14.49
Operating Cash Flow to Interest Expense	-3.04	0.00	0.00	0.00	0.00	-62.92	0.00	0.00	0.00	0.00	-8.99
Operating Cash Flow Less CapEx to Interest Expense	-3.05	0.00	0.00	0.00	0.00	-62.95	0.00	0.00	0.00	0.00	-9.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.24	0.59	0.67	1.01
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.08	3.26	3.48
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	2.68	2.16	2.17
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	99.49	345.15	539.43	1,114.30
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.09	0.24	0.19	0.18
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	89.37	112.06	104.75
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	136.22	169.15	167.86
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,956.17	1,550.29	1,924.37	1,992.57
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3,956.17	-1,324.70	-1,643.17	-1,719.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1.59	-5.31	-7.37	-6.12	-21	-22	-22	8.87	-11	-66	-33
Invested Capital Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-7.77	-290.03	-10.00	-12.89
Increase / (Decrease) in Invested Capital	-1.59	-3.72	-2.06	1.25	-15	-0.45	0.01	31	-20	-56	34
Enterprise Value (EV)	0.00	102	108	77	3,367	2,907	1,387	3,249	3,564	3,977	9,086
Market Capitalization	0.00	129	133	84	3,567	3,042	1,424	3,349	3,766	4,100	9,207
Book Value per Share	$3.89	$1.13	$0.71	$0.03	$5.18	$3.06	$0.41	$2.52	$4.04	$1.18	$1.75
Tangible Book Value per Share	$3.89	$1.13	$0.71	$0.03	$5.18	$3.06	$0.41	$0.91	$2.66	($0.04)	$0.71
Total Capital	46	31	27	7.85	199	162	65	210	375	249	290
Total Debt	0.00	9.74	9.93	6.91	20	48	49	100	184	192	202
Total Long-Term Debt	0.00	9.47	6.66	3.62	17	48	49	94	178	184	122
Net Debt	-48	-27	-24	-7.06	-200	-136	-37	-101	-202	-123	-121
Capital Expenditures (CapEx)	0.02	0.10	0.01	0.03	0.02	0.05	0.31	0.70	0.58	0.27	0.48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1.64	-5.52	-7.63	-6.28	-21	-23	-23	-46	-14	-52	-33
Debt-free Net Working Capital (DFNWC)	46	31	26	7.68	198	161	63	155	372	263	290
Net Working Capital (NWC)	46	31	23	4.39	196	161	63	149	365	255	210
Net Nonoperating Expense (NNE)	5.77	7.92	9.93	7.97	21	34	43	61	77	91	66
Net Nonoperating Obligations (NNO)	-48	-27	-24	-7.06	-200	-136	-37	-101	-202	-123	-121
Total Depreciation and Amortization (D&A)	0.05	0.09	0.51	0.42	0.69	0.86	1.15	5.89	9.41	11	10
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-91.65%	-5.31%	-13.51%	-5.13%
Debt-free Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	309.73%	137.40%	68.25%	45.44%
Net Working Capital to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	297.94%	135.04%	66.10%	32.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.02)	($1.42)	($1.27)	($1.15)	($2.01)	($2.77)	($3.47)	($4.60)	($5.27)	($5.99)	($3.68)
Adjusted Weighted Average Basic Shares Outstanding	11.95M	19.20M	25.49M	33.28M	37.08M	37.41M	38.48M	40.66M	45.43M	47.91M	49.75M
Adjusted Diluted Earnings per Share	($1.02)	($1.42)	($1.27)	($1.15)	($2.01)	($2.77)	($3.47)	($4.60)	($5.27)	($5.99)	($3.68)
Adjusted Weighted Average Diluted Shares Outstanding	11.95M	19.20M	25.49M	33.28M	37.08M	37.41M	38.48M	40.66M	45.43M	47.91M	49.75M
Adjusted Basic & Diluted Earnings per Share	($1.02)	($1.42)	($1.27)	($1.15)	($2.01)	($2.77)	($3.47)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	11.95M	19.15M	22.76M	26.88M	34.02M	37.21M	37.62M	43.52M	47.37M	48.77M	51.15M
Normalized Net Operating Profit after Tax (NOPAT)	-6.44	-19	-19	-23	-47	-69	-87	-126	-162	-196	-117
Normalized NOPAT Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-251.53%	-59.97%	-50.92%	-18.28%
Pre Tax Income Margin	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-373.99%	-88.06%	-74.45%	-28.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-3.81	0.00	0.00	0.00	0.00	-79.50	0.00	0.00	0.00	0.00	-16.06
NOPAT to Interest Expense	-2.63	0.00	0.00	0.00	0.00	-55.65	0.00	0.00	0.00	0.00	-11.24
EBIT Less CapEx to Interest Expense	-3.81	0.00	0.00	0.00	0.00	-79.54	0.00	0.00	0.00	0.00	-16.10
NOPAT Less CapEx to Interest Expense	-2.64	0.00	0.00	0.00	0.00	-55.69	0.00	0.00	0.00	0.00	-11.29
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.17%	-3.73%	-6.55%	-0.28%	-0.65%

This table displays calculated financial ratios and metrics derived from Axsome Therapeutics' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	429.48%	243.07%	193.50%	-20.70%	86.65%	81.27%	66.04%	61.95%	72.13%	63.22%	65.03%
EBITDA Growth	-64.35%	-48.34%	-66.00%	-1,470.37%	-20.74%	-0.24%	27.31%	16.42%	54.71%	27.30%	64.89%
EBIT Growth	-66.04%	-46.47%	-64.02%	-955.46%	-19.97%	-0.81%	26.11%	15.30%	52.96%	26.37%	62.88%
NOPAT Growth	-66.04%	-46.47%	-64.02%	-955.46%	-19.97%	-0.81%	26.11%	15.30%	52.96%	26.37%	62.88%
Net Income Growth	-62.10%	-38.77%	-61.09%	-509.35%	-18.13%	-3.86%	24.06%	13.08%	39.54%	26.89%	61.88%
EPS Growth	-45.28%	-23.36%	-49.31%	-453.85%	-8.44%	-1.52%	28.37%	15.28%	41.92%	29.85%	64.29%
Operating Cash Flow Growth	-65.04%	-135.29%	-10.15%	-818.52%	45.60%	65.21%	13.70%	18.88%	-7.68%	105.61%	28.81%
Free Cash Flow Firm Growth	67.41%	40.14%	32.23%	37.49%	78.17%	173.47%	109.82%	149.10%	-209.82%	-171.36%	-1,189.15%
Invested Capital Growth	-39.70%	20.51%	-221.03%	-103.34%	-194.19%	-216.99%	-518.31%	-8,465.13%	-25.49%	-14.23%	50.79%
Revenue Q/Q Growth	-50.62%	23.76%	23.77%	4.85%	16.22%	20.19%	13.37%	2.27%	23.53%	13.96%	14.62%
EBITDA Q/Q Growth	-1,413.06%	4.34%	-60.80%	32.53%	-16.33%	20.58%	-16.61%	22.42%	36.97%	-27.49%	43.68%
EBIT Q/Q Growth	-920.66%	4.51%	-58.20%	31.54%	-16.01%	19.76%	-15.96%	21.53%	35.57%	-25.59%	41.54%
NOPAT Q/Q Growth	-920.66%	4.51%	-58.20%	31.54%	-16.01%	19.76%	-15.96%	21.53%	35.57%	-25.59%	41.54%
Net Income Q/Q Growth	-498.77%	7.40%	-58.61%	30.71%	-16.07%	18.58%	-15.96%	20.69%	19.26%	1.55%	39.53%
EPS Q/Q Growth	-492.31%	14.29%	-62.88%	33.02%	-15.97%	19.76%	-14.93%	20.78%	20.49%	3.09%	41.49%
Operating Cash Flow Q/Q Growth	-850.85%	3.25%	43.30%	-76.10%	43.68%	38.12%	-40.64%	-65.54%	25.25%	103.23%	-1,883.27%
Free Cash Flow Firm Q/Q Growth	33.79%	-70.64%	1.23%	43.98%	76.88%	674.39%	-86.80%	180.13%	-245.87%	-32.30%	-101.46%
Invested Capital Q/Q Growth	31.41%	49.12%	-128.98%	94.12%	-3,609.98%	-85.22%	-53.14%	18.61%	45.64%	-68.59%	34.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	90.15%	88.70%	89.69%	91.60%	90.76%	91.95%	91.15%	91.94%	91.04%	93.03%	93.71%
EBITDA Margin	-133.75%	-103.38%	-134.32%	-86.43%	-86.52%	-57.17%	-58.80%	-44.61%	-22.76%	-25.46%	-12.51%
Operating Margin	-139.31%	-107.49%	-137.39%	-89.70%	-89.54%	-59.78%	-61.14%	-46.91%	-24.47%	-26.97%	-13.75%
EBIT Margin	-139.31%	-107.49%	-137.39%	-89.70%	-89.54%	-59.78%	-61.14%	-46.91%	-24.47%	-26.97%	-13.75%
Profit (Net Income) Margin	-143.83%	-107.62%	-137.92%	-91.14%	-91.03%	-61.67%	-63.08%	-48.91%	-31.97%	-27.62%	-14.57%
Tax Burden Percent	99.09%	98.92%	99.67%	100.00%	100.00%	100.00%	100.11%	100.00%	98.04%	100.00%	101.53%
Interest Burden Percent	104.20%	101.22%	100.71%	101.61%	101.66%	103.16%	103.04%	104.27%	133.28%	102.43%	104.35%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-538.73%	-495.80%	0.00%	-1,724.41%	-25,321.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-519.75%	-485.37%	0.00%	-1,706.51%	-25,308.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	402.95%	408.26%	0.00%	1,584.57%	25,212.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-135.77%	-87.54%	-159.21%	-139.84%	-108.69%	-171.61%	-231.63%	-282.16%	-280.68%	-275.50%	-252.11%
Cash Return on Invested Capital (CROIC)	-318.68%	-418.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-64.18%	-51.11%	-80.85%	-48.17%	-45.00%	-34.81%	-40.77%	-35.49%	-20.39%	-24.60%	-13.96%
Return on Assets (ROA)	-66.27%	-51.17%	-81.16%	-48.94%	-45.75%	-35.91%	-42.06%	-37.01%	-26.65%	-25.19%	-14.79%
Return on Common Equity (ROCE)	-135.77%	-87.54%	-159.21%	-139.84%	-108.69%	-171.61%	-231.63%	-282.16%	-280.68%	-275.50%	-252.11%
Return on Equity Simple (ROE_SIMPLE)	-66.16%	-74.89%	0.00%	-205.77%	-300.00%	-334.73%	0.00%	-523.02%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-46	-43	-69	-47	-55	-44	-51	-40	-26	-32	-19
NOPAT Margin	-97.52%	-75.24%	-96.17%	-62.79%	-62.68%	-41.84%	-42.80%	-32.84%	-17.13%	-18.88%	-9.63%
Net Nonoperating Expense Percent (NNEP)	-18.98%	-10.42%	-19.75%	-17.90%	-13.00%	-11.26%	-14.81%	-15.50%	-19.48%	-11.52%	-7.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-18.32%	-	-	-	-20.42%	-16.16%	-9.39%	-11.71%	-6.50%
Cost of Revenue to Revenue	9.85%	11.30%	10.31%	8.40%	9.24%	8.05%	8.85%	8.06%	8.96%	6.97%	6.29%
SG&A Expenses to Revenue	169.03%	143.94%	121.36%	131.96%	118.80%	91.22%	95.37%	99.44%	86.83%	87.86%	86.38%
R&D to Revenue	44.07%	49.78%	43.06%	49.11%	57.19%	43.32%	46.31%	36.87%	33.02%	23.49%	24.89%
Operating Expenses to Revenue	229.46%	196.18%	227.07%	181.31%	180.30%	151.72%	152.29%	138.85%	115.51%	120.00%	107.46%
Earnings before Interest and Taxes (EBIT)	-65	-62	-98	-67	-78	-63	-73	-57	-37	-46	-27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-62	-60	-96	-65	-75	-60	-70	-54	-34	-44	-25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.23	12.24	19.72	26.22	37.17	46.44	71.92	106.90	70.34	82.20	104.28
Price to Tangible Book Value (P/TBV)	14.89	16.28	29.97	47.03	93.93	133.33	0.00	0.00	297.10	309.86	257.66
Price to Revenue (P/Rev)	17.16	14.76	13.92	15.04	13.12	12.75	10.63	13.16	10.38	10.80	14.42
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	115.77	82.72	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	15.77	13.72	13.17	14.47	12.68	12.34	10.31	12.91	10.18	10.58	14.23
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.66	0.68	0.97	1.30	1.84	2.06	3.37	3.64	2.74	2.74	2.29
Long-Term Debt to Equity	0.63	0.66	0.93	1.25	1.77	1.97	3.22	3.48	1.66	1.66	1.38
Financial Leverage	-0.78	-0.84	-1.01	-0.93	-1.00	-1.02	-1.31	-1.28	-1.30	-1.56	-1.68
Leverage Ratio	2.69	2.20	3.06	3.65	3.04	3.21	4.66	5.79	6.75	7.39	8.66
Compound Leverage Factor	2.81	2.23	3.08	3.71	3.09	3.31	4.81	6.04	9.00	7.57	9.04
Debt to Total Capital	39.65%	40.59%	49.13%	56.46%	64.81%	67.29%	77.10%	78.45%	73.30%	73.26%	69.58%
Short-Term Debt to Total Capital	1.37%	1.47%	1.71%	1.93%	2.41%	2.86%	3.33%	3.48%	28.95%	28.90%	27.57%
Long-Term Debt to Total Capital	38.28%	39.12%	47.43%	54.53%	62.40%	64.42%	73.77%	74.96%	44.34%	44.36%	42.01%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.35%	59.41%	50.87%	43.54%	35.19%	32.71%	22.90%	21.55%	26.70%	26.74%	30.42%
Debt to EBITDA	-1.11	-1.00	-0.83	-0.66	-0.64	-0.65	-0.71	-0.75	-0.92	-1.00	-1.29
Net Debt to EBITDA	1.54	1.26	0.91	0.51	0.43	0.46	0.46	0.41	0.47	0.61	0.77
Long-Term Debt to EBITDA	-1.07	-0.96	-0.80	-0.64	-0.62	-0.62	-0.68	-0.71	-0.56	-0.61	-0.78
Debt to NOPAT	-1.51	-1.36	-1.14	-0.91	-0.89	-0.89	-0.98	-1.02	-1.25	-1.36	-1.73
Net Debt to NOPAT	2.09	1.72	1.24	0.71	0.59	0.64	0.63	0.57	0.64	0.83	1.04
Long-Term Debt to NOPAT	-1.45	-1.31	-1.10	-0.88	-0.85	-0.85	-0.94	-0.98	-0.76	-0.82	-1.04
Altman Z-Score	4.84	5.08	4.35	4.07	3.31	3.75	2.84	4.42	3.70	4.41	7.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.52	4.46	3.63	3.20	2.48	2.44	2.11	2.03	1.57	1.57	1.55
Quick Ratio	4.39	4.32	3.46	3.01	2.34	2.30	1.99	1.90	1.47	1.45	1.44
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-29	-50	-49	-28	-6.37	37	4.83	14	-20	-26	-53
Operating Cash Flow to CapEx	-41,615.79%	-14,433.42%	-433,742.86%	-54,558.16%	-57,903.85%	-20,701.11%	-87,340.00%	-12,832.84%	-249,407.69%	1,803.45%	-26,271.83%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1.90	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.12	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.12	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.48	0.59	0.54	0.50	0.58	0.67	0.76	0.83	0.91	1.01
Accounts Receivable Turnover	4.37	4.53	4.08	3.43	3.11	3.34	3.26	3.29	3.10	3.50	3.48
Inventory Turnover	1.67	3.47	2.68	2.11	2.31	2.49	2.16	2.31	2.51	2.40	2.17
Fixed Asset Turnover	266.29	279.65	345.15	331.38	399.30	409.26	539.43	545.31	711.77	871.53	1,114.30
Accounts Payable Turnover	0.23	0.26	0.24	0.21	0.20	0.21	0.19	0.20	0.19	0.20	0.18
Days Sales Outstanding (DSO)	83.58	80.63	89.37	106.31	117.55	109.20	112.06	110.99	117.66	104.25	104.75
Days Inventory Outstanding (DIO)	218.24	105.16	136.22	173.06	158.03	146.70	169.15	158.23	145.61	152.03	167.86
Days Payable Outstanding (DPO)	1,607.53	1,395.57	1,550.29	1,699.86	1,849.36	1,778.48	1,924.37	1,841.94	1,906.16	1,863.60	1,992.57
Cash Conversion Cycle (CCC)	-1,305.71	-1,209.78	-1,324.70	-1,420.49	-1,573.79	-1,522.58	-1,643.17	-1,572.71	-1,642.88	-1,607.32	-1,719.96
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	25	37	-11	-0.63	-23	-43	-66	-54	-29	-50	-33
Invested Capital Turnover	5.52	6.59	-290.03	27.46	404.00	-107.50	-10.00	-15.81	-18.76	-12.08	-12.89
Increase / (Decrease) in Invested Capital	-16	6.31	-20	-20	-48	-80	-56	-53	-5.97	-6.17	34
Enterprise Value (EV)	2,877	3,066	3,564	3,631	3,697	4,178	3,977	5,580	5,037	5,937	9,086
Market Capitalization	3,131	3,298	3,766	3,776	3,823	4,314	4,100	5,688	5,140	6,061	9,207
Book Value per Share	$6.40	$5.71	$4.04	$3.04	$2.17	$1.94	$1.18	$1.09	$1.48	$1.48	$1.75
Tangible Book Value per Share	$4.83	$4.29	$2.66	$1.69	$0.86	$0.67	($0.04)	($0.09)	$0.35	$0.39	$0.71
Total Capital	462	454	375	331	292	284	249	247	274	276	290
Total Debt	183	184	184	187	189	191	192	194	201	202	202
Total Long-Term Debt	177	177	178	180	182	183	184	185	121	122	122
Net Debt	-254	-232	-202	-145	-126	-136	-123	-107	-102	-123	-121
Capital Expenditures (CapEx)	0.13	0.37	0.01	0.10	0.05	0.09	0.03	0.34	0.01	0.06	0.07
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-26	-13	-14	-8.61	-32	-36	-52	-42	-29	-41	-33
Debt-free Net Working Capital (DFNWC)	411	404	372	323	283	291	263	259	274	285	290
Net Working Capital (NWC)	405	397	365	316	276	283	255	251	195	205	210
Net Nonoperating Expense (NNE)	22	19	30	21	25	21	24	20	22	15	9.69
Net Nonoperating Obligations (NNO)	-254	-232	-202	-145	-126	-136	-123	-107	-102	-123	-121
Total Depreciation and Amortization (D&A)	2.60	2.37	2.19	2.45	2.63	2.73	2.78	2.80	2.56	2.57	2.44
Debt-free, Cash-free Net Working Capital to Revenue	-14.28%	-5.72%	-5.31%	-3.43%	-11.03%	-10.72%	-13.51%	-9.62%	-5.91%	-7.22%	-5.13%
Debt-free Net Working Capital to Revenue	225.24%	180.71%	137.40%	128.61%	97.26%	86.00%	68.25%	60.01%	55.30%	50.73%	45.44%
Net Working Capital to Revenue	221.77%	177.72%	135.04%	126.06%	94.84%	83.59%	66.10%	58.02%	39.29%	36.53%	32.91%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.54)	($1.32)	($2.15)	($1.44)	($1.67)	($1.34)	($1.54)	($1.22)	($0.97)	($0.94)	($0.55)
Adjusted Weighted Average Basic Shares Outstanding	43.67M	47.12M	45.43M	47.39M	47.57M	48.14M	47.91M	48.87M	49.44M	50.02M	49.75M
Adjusted Diluted Earnings per Share	($1.54)	($1.32)	($2.15)	($1.44)	($1.67)	($1.34)	($1.54)	($1.22)	($0.97)	($0.94)	($0.55)
Adjusted Weighted Average Diluted Shares Outstanding	43.67M	47.12M	45.43M	47.39M	47.57M	48.14M	47.91M	48.87M	49.44M	50.02M	49.75M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.19M	47.32M	47.37M	47.50M	48.00M	48.46M	48.77M	49.24M	49.90M	50.41M	51.15M
Normalized Net Operating Profit after Tax (NOPAT)	-46	-43	-69	-47	-55	-44	-51	-40	-26	-32	-19
Normalized NOPAT Margin	-97.52%	-75.24%	-96.17%	-62.79%	-62.68%	-41.84%	-42.80%	-32.84%	-17.13%	-18.88%	-9.63%
Pre Tax Income Margin	-145.15%	-108.80%	-138.37%	-91.14%	-91.03%	-61.67%	-63.00%	-48.91%	-32.61%	-27.62%	-14.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.54	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.47	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-3.54	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.48	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-10.21%	-7.76%	-6.55%	0.00%	-0.74%	-0.16%	-0.28%	-0.43%	-0.61%	-0.62%	-0.65%

Financials Breakdown Chart

Key Financial Trends

Here are the key trends for Axsome Therapeutics (AXSM) drawn from the quarterly statements over the last four years, focusing on revenue, cash flows, liquidity, and profitability.

2025 Q4 revenue reached 195,999,000, up meaningfully from 2024 Q4 (118,766,000) and continuing the year’s rising trajectory (2025 Q3 revenue was 170,992,000).
Cash and equivalents stood at 325,272,000 in 2025 Q3, higher than 2025 Q1 (300,910,000) and 2025 Q2 (303,016,000), signaling improving liquidity.
In 2025 Q3, Axsome posted positive net cash from continuing operating activities (1,046,000), indicating a move toward cash generation from core operations (though cash from ops was negative again in Q4).
Financing activities in 2025 Q3 produced a net cash inflow of 16,385,000, aided by a 70,000,000 debt issuance and 21,013,000 in common equity issuance, strengthening the cash position.
Debt levels remained substantial but relatively stable: short-term debt around 79,695,000 and long-term debt around 117,642,000 (as of 2025 Q3).
Total assets were about 669,250,000 and total liabilities about 595,523,000 in 2025 Q3, yielding an equity base near 73,727,000—indicating a modest equity cushion despite large deficits.
Weighted average basic shares outstanding were around 49.7 million in 2025 Q3 (roughly 49.7–50.1 million across recent quarters), with earnings per share remaining negative (basic EPS around -0.55 to -0.94 in recent quarters).
Net income remains negative across recent quarters: -28,559,000 in 2025 Q4 and -47,229,000 in 2025 Q3, reflecting ongoing losses.
Retained earnings show a substantial accumulated deficit (about -1,277,402,000 in 2025 Q3), highlighting a history of losses that has not yet been offset by equity gains.
Total operating expenses remain high relative to gross profit in Q4 2025 (Total Operating Expenses 210,627,000 vs Total Gross Profit 183,670,000), contributing to an operating loss of -26,957,000.

05/06/26 09:28 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Axsome Therapeutics' Financials

When does Axsome Therapeutics' financial year end?

According to the most recent income statement we have on file, Axsome Therapeutics' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

How has Axsome Therapeutics' net income changed over the last 10 years?

Axsome Therapeutics' net income appears to be on an upward trend, with a most recent value of -$183.17 million in 2025, rising from -$12.21 million in 2015. The previous period was -$287.22 million in 2024. Check out Axsome Therapeutics' forecast to explore projected trends and price targets.

What is Axsome Therapeutics' operating income?

Axsome Therapeutics' total operating income in 2025 was -$166.76 million, based on the following breakdown:

Total Gross Profit: $591.02 million
Total Operating Expenses: $757.78 million

How has Axsome Therapeutics' revenue changed over the last 10 years?

Over the last 10 years, Axsome Therapeutics' total revenue changed from $0.00 in 2015 to $638.50 million in 2025, a change of 63,849,600,000.0%.

How much debt does Axsome Therapeutics have?

Axsome Therapeutics' total liabilities were at $601.51 million at the end of 2025, a 17.6% increase from 2024, and a 22,754.6% increase since 2015.

How much cash does Axsome Therapeutics have?

In the past 10 years, Axsome Therapeutics' cash and equivalents has ranged from $13.97 million in 2018 to $386.19 million in 2023, and is currently $322.93 million as of their latest financial filing in 2025.

How has Axsome Therapeutics' book value per share changed over the last 10 years?

Over the last 10 years, Axsome Therapeutics' book value per share changed from 3.89 in 2015 to 1.75 in 2025, a change of -55.0%.

Related Companies

Financial statements for NASDAQ:AXSM last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Axsome Therapeutics (AXSM) Financials

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Axsome Therapeutics' Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Axsome Therapeutics (AXSM) Financials

Annual Income Statements for Axsome Therapeutics

Quarterly Income Statements for Axsome Therapeutics

Annual Cash Flow Statements for Axsome Therapeutics

Quarterly Cash Flow Statements for Axsome Therapeutics

Annual Balance Sheets for Axsome Therapeutics

Quarterly Balance Sheets for Axsome Therapeutics

Annual Metrics And Ratios for Axsome Therapeutics

Quarterly Metrics And Ratios for Axsome Therapeutics

Financials Breakdown Chart

Key Financial Trends

Frequently Asked Questions About Axsome Therapeutics' Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools