AXSM financial statements

The full income statement, balance sheet, and cash-flow statement for Axsome Therapeutics Inc. (AXSM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 48.0M2024-09 48.5M2024-12 48.8M2025-03 49.2M2025-06 49.9M2025-09 50.4M2025-12 51.2M2026-03 51.5M2026-06 52.4M+9.1% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	638M YoY+65.5%	386M YoY+42.5%	271M YoY+440.8%	50.0M	—
Cost of revenue	—	—	—	5.20M	—
	—	—	—	—	125M YoY+25.8%
Research & development	183M YoY-2.0%	187M YoY+91.0%	97.9M YoY+69.0%	57.9M YoY-0.2%	58.1M YoY-17.3%
Selling, general & administrative	571M YoY+38.7%	411M YoY+27.3%	323M YoY+102.9%	159M YoY+139.0%	66.6M YoY+130.6%
General & administrative	63.3M YoY+16.7%	54.2M YoY+45.1%	37.4M YoY+46.6%	25.5M YoY-61.8%	66.6M YoY+130.6%
Selling & marketing	440M YoY+50.1%	293M YoY+23.7%	237M YoY+126.7%	105M	—
Amortization of intangibles	6.38M YoY-0.3%	6.39M YoY+0.3%	6.38M YoY+54.0%	4.14M	—
Operating income	-167M YoY+40.6%	-281M YoY-21.0%	-232M YoY-28.9%	-180M YoY-44.2%	-125M YoY-25.8%
Interest expense	-15.9M YoY+26.2%	-21.6M YoY-7.7%	-20.0M YoY-107.4%	-9.66M	—
Interest & investment income	9.37M YoY-37.6%	15.0M YoY+10.5%	13.6M YoY+484.4%	2.32M	—
Pre-tax income	-184M YoY+36.0%	-287M YoY-20.5%	-238M YoY-27.3%	-187M YoY-43.5%	-130M
Income tax	-530K YoY-723.5%	85.0K YoY-91.1%	960K	0.00	0.00
Net income	-183M YoY+36.2%	-287M YoY-20.1%	-239M YoY-27.8%	-187M YoY-43.5%	-130M YoY-26.7%
	-$3.68 YoY+38.6%	-$5.99 YoY-13.7%	-$5.27 YoY-14.6%	-$4.60 YoY-32.6%	-$3.47 YoY-25.3%
EPS (basic)	-$3.68 YoY+38.6%	-$5.99 YoY-13.7%	-$5.27 YoY-14.6%	-$4.60 YoY-32.6%	-$3.47 YoY-25.3%
	49.7M YoY+3.8%	47.9M YoY+5.5%	45.4M YoY+11.7%	40.7M YoY+8.1%	37.6M YoY+1.1%
	49.7M YoY+3.8%	47.9M YoY+5.5%	45.4M YoY+11.7%	40.7M YoY+8.1%	37.6M YoY+1.1%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	589M YoY+21.4%	485M YoY-3.8%	504M YoY+105.3%	246M YoY+183.9%	86.5M YoY-53.0%
Cash & equivalents	323M YoY+2.4%	315M YoY-18.3%	386M YoY+92.3%	201M YoY+132.3%	86.5M YoY-53.0%
Accounts receivable	224M YoY+58.1%	142M YoY+49.8%	94.8M YoY+151.5%	37.7M	—
Inventory	27.9M YoY+77.6%	15.7M YoY+3.9%	15.1M YoY+250.3%	4.32M	—
Prepaid expenses	13.7M YoY+14.0%	12.0M YoY+47.6%	8.12M YoY+191.8%	2.78M YoY+6041.0%	45.3K YoY-69.5%
	690M YoY+21.3%	568M YoY-3.4%	588M YoY+77.5%	331M YoY+277.6%	87.8M YoY-52.8%
Property, plant & equipment	562K YoY-3.8%	584K YoY-31.0%	846K YoY+17.2%	722K YoY+154.4%	284K YoY+439.1%
Operating lease right-of-use	20.9M YoY+287.5%	5.38M YoY-20.5%	6.77M YoY+1512.4%	420K YoY-36.4%	660K YoY-62.0%
Goodwill	12.0M YoY+0.0%	12.0M YoY+0.0%	12.0M YoY+16.8%	10.3M	—
Intangible assets	40.5M YoY-13.6%	46.9M YoY-12.0%	53.3M YoY-10.7%	59.7M	—
Other non-current assets	—	—	—	—	323K YoY+1.7%
	379M YoY+64.6%	230M YoY+65.7%	139M YoY+43.8%	96.6M YoY+318.6%	23.1M YoY-1.6%
Accounts payable	65.5M YoY-9.0%	72.0M YoY+77.0%	40.7M YoY+5.4%	38.6M YoY+193.6%	13.1M YoY-2.6%
Short-term & current debt	70.0M	0.00	—	—	—
Current lease liability	434K YoY-76.3%	1.83M YoY+44.8%	1.27M YoY+198.1%	425K YoY-31.5%	621K YoY-49.1%
Finance lease liability (current)	2.54M YoY+79.1%	1.42M	—	—	—
	602M YoY+17.6%	511M YoY+28.8%	397M YoY+79.0%	222M YoY+207.6%	72.2M YoY-0.3%
Long-term debt	118M YoY-34.8%	181M YoY+1.5%	178M YoY+88.9%	94.3M YoY+92.0%	49.1M YoY+1.6%
Non-current lease liability	23.2M YoY+283.4%	6.05M YoY-14.1%	7.04M	—	—
Operating lease liability (total)	23.6M YoY+199.7%	7.88M YoY-5.1%	8.30M YoY+1854.9%	425K YoY-31.6%	621K YoY-65.6%
Finance lease liability (total)	6.80M YoY+55.8%	4.37M	—	—	—
Finance lease liability	4.21M YoY+42.9%	2.94M	—	—	—
	88.3M YoY+54.9%	57.0M YoY-70.1%	191M YoY+74.3%	110M YoY+600.9%	15.6M YoY-86.3%
Common stock	5.00K YoY+0.0%	5.00K YoY+0.0%	5.00K YoY+25.0%	4.00K YoY+5.8%	3.78K YoY+1.2%
Additional paid-in capital	1.39B YoY+18.2%	1.18B YoY+14.9%	1.03B YoY+45.4%	706M YoY+66.2%	425M YoY+8.2%
Retained earnings	-1.31B YoY-16.3%	-1.12B YoY-34.4%	-836M YoY-40.1%	-596M YoY-45.7%	-409M YoY-46.8%
Total liabilities & equity	690M YoY+21.3%	568M YoY-3.4%	588M YoY+77.5%	331M YoY+277.6%	87.8M YoY-52.8%
	50.9M YoY+4.6%	48.7M YoY+2.8%	47.4M YoY+8.9%	43.5M YoY+15.0%	37.8M YoY+1.2%
	50.9M YoY+4.6%	48.7M YoY+2.8%	47.4M YoY+8.9%	43.5M YoY+15.0%	37.8M YoY+1.2%
	51.2M YoY+4.9%	48.8M YoY+2.9%	47.4M YoY+8.9%	43.5M YoY+13.1%	38.5M YoY+2.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-93.4M YoY+27.3%	-128M YoY+11.5%	-145M YoY-24.5%	-117M YoY-7.7%	-108M YoY-37.9%
Depreciation & amortization	6.88M YoY-0.7%	6.92M YoY+1.3%	6.83M YoY+55.2%	4.40M YoY+5692.1%	76.0K YoY+218.5%
Intangible amortization	6.38M YoY-0.3%	6.39M YoY+0.3%	6.38M YoY+54.0%	4.14M	—
Share-based compensation	93.8M YoY+10.0%	85.2M YoY+36.1%	62.6M YoY+66.0%	37.7M YoY+81.3%	20.8M YoY+41.0%
Change in receivables	82.5M YoY+74.8%	47.2M YoY-17.4%	57.1M YoY+51.5%	37.7M	—
Change in inventory	10.7M YoY+1532.8%	-744K YoY-109.1%	8.16M YoY+512.8%	1.33M	—
Change in payables	-6.46M YoY-120.6%	31.3M YoY+1410.0%	2.07M YoY-91.9%	25.5M YoY+7270.7%	-355K YoY-113.9%
	-480K YoY-77.8%	-270K YoY+53.6%	-582K YoY+98.9%	-53.7M YoY-17335.7%	-308K YoY-571.2%
Capital expenditure	480K YoY+77.8%	270K YoY-53.6%	582K YoY-17.1%	702K YoY+127.9%	308K YoY+571.2%
Free cash flow	-93.9M YoY+27.0%	-129M YoY+11.7%	-146M YoY-24.3%	-117M YoY-8.0%	-109M YoY-38.3%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	101M YoY+75.4%	57.8M YoY-82.5%	331M YoY+16.3%	285M YoY+2456.9%	11.1M YoY-73.8%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00 YoY-100.0%
Long-term debt repaid	332M	0.00	0.00	0.00	0.00 YoY-100.0%
Common stock issued	67.9M YoY+66.5%	40.8M YoY-84.2%	259M YoY+6.1%	244M YoY+3178.1%	7.44M YoY-47.4%
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	7.58M YoY+110.7%	-70.8M YoY-138.2%	185M YoY+62.1%	114M YoY+217.4%	-97.4M YoY-169.9%
Interest paid	14.6M YoY-25.7%	19.7M YoY+17.7%	16.7M YoY+117.7%	7.69M YoY+66.2%	4.63M YoY+120.5%
Income taxes paid	-180K	—	—	—	—
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	9.34B YoY+126.4%	4.13B YoY+9.6%	3.77B YoY+12.4%	3.35B YoY+130.4%	1.45B YoY-52.3%
P/S	14.6× YoY+36.8%	10.7× YoY-36.5%	16.9×	—	—
P/B	105.8× YoY+46.2%	72.4× YoY+417.9%	14.0× YoY-34.3%	21.3× YoY-77.1%	93.0× YoY+247.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: AXSM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all AXSM filings on SEC EDGAR → Not investment advice.