Axsome Therapeutics revenue surges 57% as Auvelity gains new Alzheimer’s approval

Axsome Therapeutics (NASDAQ:AXSM) reported a 57% year-over-year increase in net product revenue for the first quarter of 2026, totaling $191.2 million.

The growth was spearheaded by the company’s flagship antidepressant, Auvelity, which generated $153.2 million in sales, a 59% rise compared to the same period last year.

The quarterly performance comes as the company prepares for a significant expansion of its commercial footprint.

In late April 2026, the FDA approved Auvelity for the treatment of agitation associated with dementia due to Alzheimer’s disease.

This landmark approval makes Auvelity a first-in-class treatment for a high-burden symptom, with a full commercial launch scheduled for June 2026.

To support this rollout, Axsome has expanded its specialized sales force to approximately 630 representatives.

While revenue growth remained strong, Axsome reported a net loss of $64.5 million, or $1.26 per share, exceeding the analyst consensus estimate of a $0.83 loss.

The wider deficit was primarily driven by a surge in operating expenses.

Selling, general, and administrative (SG&A) expenses rose to $185 million, up from $120.8 million in Q1 2025, reflecting pre-launch activities for the Alzheimer’s indication and increased direct-to-consumer marketing.

Meanwhile, while Sunosi revenue for the period reached $33.9 million, a 34% increase year-over-year, Symbravo, the newly launched therapy contributed $4.1 million in its initial full quarter of sales.

Axsome ended the quarter with $305.1 million in cash and cash equivalents.

Management indicated that its current capital position, combined with projected revenue growth from its commercial portfolio, is sufficient to fund operations through to cash flow positivity.