AXSM Stock: Insider Activity, Filings & Research

Axsome Therapeutics, Inc. (AXSM) — Drillr’s hub for AXSM insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, AXSM insiders filed 0 open-market buys and 5 sales (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$5.1M

Insider trades by month Buys Sells

Dec

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Jun

Context3-month price +42.3%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
Jun 2, 2026	Coleman Markdirector	Sell	5,537	$223.39
Jun 2, 2026	Coleman Markdirector	Sell	6,000	$233.46
May 5, 2026	Jacobson Mark L.officer: Chief Operating Officer	Sell	233	$228.18
May 5, 2026	Jacobson Mark L.officer: Chief Operating Officer	Option	4,517	$12.95
May 5, 2026	Jacobson Mark L.officer: Chief Operating Officer	Sell	4,517	$227.94
May 5, 2026	Jacobson Mark L.officer: Chief Operating Officer	Option	233	$12.95
Apr 23, 2026	TABUTEAU HERRIOTdirector, 10 percent owner, officer: Chief Executive Officer	Grant	24,081	—
Apr 23, 2026	Jacobson Mark L.officer: Chief Operating Officer	Grant	8,669	—
Apr 23, 2026	Murdock Hunter R.officer: General Counsel	Grant	7,224	—
Apr 23, 2026	Pizzie Nickofficer: Chief Financial Officer	Grant	8,188	—
Apr 23, 2026	Maizel Ariofficer: Chief Commercial Officer	Grant	7,224	—
Apr 23, 2026	Maizel Ariofficer: Chief Commercial Officer	Sell	7,500	$182.42
Apr 23, 2026	Maizel Ariofficer: Chief Commercial Officer	Option	7,500	$70.73
Feb 27, 2026	Murdock Hunter R.officer: General Counsel	Grant	16,385	—
Feb 27, 2026	TABUTEAU HERRIOTdirector, 10 percent owner, officer: Chief Executive Officer	Grant	54,623	—

Source: AXSM SEC Form 4 filings, latest Jun 2, 2026. For informational purposes only — not investment advice.

Overview

Axsome Therapeutics, Inc. (NASDAQ:AXSM) is a biopharmaceutical company founded in 2012 and headquartered in New York. The company went public in 2015 and focuses on developing and commercializing novel therapies for central nervous system (CNS) disorders. Axsome has successfully transitioned from a pure development-stage company to a commercial-stage biopharmaceutical company with multiple approved products generating significant revenue growth.

Business

Axsome operates in the biopharmaceutical industry, specifically targeting central nervous system disorders including depression, migraine, narcolepsy, and neurodegenerative diseases. The CNS therapeutics market is characterized by high unmet medical needs, complex regulatory pathways, and significant commercial opportunities for effective treatments. The company's primary commercial products include Auvelity, an FDA-approved treatment for major depressive disorder that combines dextromethorphan and bupropion in a novel formulation. Depression affects millions of Americans, and existing treatments often have delayed onset of action or limited efficacy. Auvelity addresses these limitations by providing rapid antidepressant effects through a unique dual-mechanism approach. Sunosi (solriamfetol) is the company's second commercial product, approved for treating excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea. Sleep disorders represent a significant healthcare burden, with millions of patients experiencing debilitating daytime sleepiness that affects their quality of life and productivity. The company's newest approved product is Symbravo, recently approved for acute migraine treatment. Migraine is a neurological condition affecting over 39 million Americans, with existing treatments often providing inadequate relief or causing significant side effects. Axsome's revenue is primarily derived from these three commercial products, with Auvelity representing approximately 75% of total product revenue, Sunosi contributing about 22%, and Symbravo just beginning commercialization. The company also maintains an extensive pipeline of investigational treatments for conditions including fibromyalgia, Alzheimer's disease agitation, ADHD, and other CNS disorders.

Revenue model

Axsome generates revenue primarily through direct product sales of its approved medications to wholesalers, distributors, and specialty pharmacies in the United States. The company employs a traditional pharmaceutical business model where it develops drugs through clinical trials, obtains regulatory approval, and then commercializes them through its own sales force. The company's revenue streams include net product sales from Auvelity (major depressive disorder), Sunosi (excessive daytime sleepiness), and the newly launched Symbravo (acute migraine). Paying customers are ultimately patients with CNS disorders, though the company sells directly to pharmaceutical distributors and specialty pharmacies who then dispense to patients. Insurance coverage and reimbursement are critical factors, with the company actively working to expand payer coverage for its products. Factors that positively impact margins include successful market penetration, expanded insurance coverage, price optimization, and operational leverage from the existing commercial infrastructure. The company has demonstrated strong revenue growth with Auvelity showing 80% year-over-year growth and total product revenue reaching $121.5 million in Q1 2025. Margin pressures come from several sources including competitive pricing in the CNS market, insurance formulary restrictions, high sales and marketing expenses required to educate healthcare providers, and the substantial R&D investments needed to support the extensive clinical pipeline. The company currently operates at negative margins due to significant ongoing R&D expenses and commercial infrastructure investments, though management expresses confidence in achieving cash flow positivity as revenue scales. Manufacturing and supply chain costs are managed through third-party relationships, while the company maintains control over product quality and regulatory compliance. Seasonal patterns affect some products, with depression treatments typically experiencing slower growth in Q1 and Q3 due to seasonal prescription patterns.

Competitive moat

Axsome's competitive moat is moderate and primarily based on intellectual property protection, regulatory barriers, and specialized CNS expertise. The company's approved products benefit from patent protection and regulatory exclusivity periods that provide temporary competitive advantages. Auvelity's unique dual-mechanism formulation and rapid onset profile differentiate it from existing antidepressants, while Sunosi offers advantages in the sleep disorder market through its distinct mechanism of action. The company's specialized focus on CNS disorders creates some competitive advantages through accumulated expertise in complex neurological conditions, established relationships with key opinion leaders, and experience navigating CNS-specific regulatory requirements. The sales force's specialization in neurology and psychiatry practices provides targeted market access that would be difficult for generalist pharmaceutical companies to replicate quickly. However, Axsome faces significant competitive threats from large pharmaceutical companies with substantially greater resources, established market positions, and broader product portfolios. The CNS market is highly competitive with numerous approved treatments and extensive pipeline competition. Generic competition will eventually erode exclusivity for current products, and the company's relatively small size limits its ability to compete on marketing spend and market access negotiations with major payers. The company's pipeline approach of developing multiple indications for existing compounds (such as solriamfetol for ADHD, binge eating disorder, and shift work disorder) provides some strategic advantages through leveraging existing safety data and manufacturing capabilities. However, this strategy also creates dependence on a limited number of core compounds, increasing risk if safety issues or competitive threats emerge. Overall, Axsome's moat is primarily time-limited patent protection rather than sustainable competitive advantages, making execution speed and successful pipeline development critical for long-term success.

Risks & safety

Axsome presents a moderate margin of safety profile with some strengths offset by typical biotech risks. • Liquidity position: Strong with $300.9 million in cash and cash equivalents as of Q1 2025, providing substantial runway for operations • Debt burden: Manageable debt-to-equity ratio of 3.94, though elevated due to negative equity from accumulated losses • Cash burn: Operating cash flow negative at $43.4 million in Q1 2025, but improving from prior periods as revenue scales • Current ratio: Healthy at 2.03, indicating adequate short-term liquidity to meet obligations • Revenue growth: Strong at 62% year-over-year growth providing positive momentum toward profitability • Valuation concerns: High price-to-book ratio reflects significant accumulated losses and speculative premium typical of growth-stage biotech • Profitability: Currently unprofitable with net loss of $59.4 million in Q1 2025, though management projects path to cash flow positivity • Pipeline risk: Heavy dependence on successful clinical trial outcomes and regulatory approvals for future growth • Market competition: Intense competition in CNS markets from well-resourced pharmaceutical companies The company's transition to commercial-stage operations with growing revenue provides more predictable cash flows compared to pure development-stage biotechs, though execution risks remain significant.

Recent development

Over the past few years, Axsome has executed a strategic transformation from a development-stage company to a commercial-stage biopharmaceutical company with multiple revenue-generating products. The company successfully launched Auvelity for major depressive disorder, which has become the primary revenue driver with consistent growth reaching $96.2 million in quarterly sales. The acquisition and integration of Sunosi expanded the company's commercial portfolio into sleep disorders, providing a second revenue stream and leveraging the existing commercial infrastructure. The company has systematically expanded its sales force, growing to approximately 300 representatives to support Auvelity's continued market penetration. Recent regulatory achievements include the approval of Symbravo for acute migraine treatment, adding a third commercial product to the portfolio. The company is preparing for Symbravo's commercial launch with approximately 100 dedicated sales representatives targeting neurology and headache specialist practices. Pipeline advancement has been significant, with multiple late-stage programs progressing toward regulatory submissions. The company submitted an NDA for AXS-14 in fibromyalgia and is preparing sNDA submissions for AXS-05 in Alzheimer's disease agitation and AXS-12 in narcolepsy with cataplexy, all expected in 2025. Strategic pipeline expansion includes developing solriamfetol for multiple new indications including ADHD, major depressive disorder with excessive daytime sleepiness, binge eating disorder, and shift work disorder. This approach leverages existing safety data and manufacturing capabilities while targeting large patient populations with significant unmet medical needs. The company has also focused on improving market access through payer coverage expansion, with Auvelity achieving coverage for approximately 78% of total lives and ongoing efforts to reduce utilization management restrictions.

AXSM company profile · for informational purposes only — not investment advice.

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