Axsome Therapeutics Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Axsome Therapeutics, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

Axsome Therapeutics, Inc. (AXSM) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Axsome Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024, with a fiscal year end of December 31. Key dates mentioned include January 1, 2024, to March 31, 2024, for financial reporting periods. The company's business and mailing address are listed as One World Trade Center, 22nd Floor, New York, NY 10007. Axsome Therapeutics is classified under Pharmaceutical Preparations (SIC code 2834).

Why It Matters

For investors and stakeholders tracking Axsome Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for Axsome Therapeutics, crucial for assessing the company's current standing and future prospects. The detailed financial information, including revenue segments and expenses, allows stakeholders to evaluate the company's growth trajectory and investment potential in the pharmaceutical sector.

Risk Assessment

Risk Level: medium — Axsome Therapeutics, Inc. shows moderate risk based on this filing. The filing is a standard 10-Q, which typically contains a mix of positive and negative information, and does not inherently signal a significant shift in risk profile without further detailed analysis of the content not provided.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-Q to understand Axsome Therapeutics' performance and potential challenges.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-06 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)
• 001-37635 — SEC File Number (SEC File Number)

Key Players & Entities

• Axsome Therapeutics, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-06 (date) — Filed as of date
• One World Trade Center, 22nd Floor (address) — Business address street 1
• New York (location) — Business address city
• 10007 (postal_code) — Business address zip
• 2834 (industry_code) — Standard Industrial Classification
• Pfizer Inc. (company) — Mentioned in relation to license agreements

FAQ

Industry Context

Axsome Therapeutics operates in the pharmaceutical preparations industry, focusing on the development and commercialization of novel therapies.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file quarterly reports (10-Q) detailing financial performance and business activities.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review any disclosed risk factors or management discussion and analysis for potential business challenges.
3. Compare the current quarter's performance to previous periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Report Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: 10-Q Filing Date — Date the report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending March 31, 2024, providing an update since the previous quarterly report.

Key Financial Figures

• $0.0001 — h registered: Common Stock, Par Value $0.0001 Per Share AXSM The Nasdaq Global Ma

Filing Documents

• axsm-20240331.htm (10-Q) — 1958KB
• axsm-ex31_1.htm (EX-31.1) — 14KB
• axsm-ex31_2.htm (EX-31.2) — 14KB
• axsm-ex32_1.htm (EX-32.1) — 7KB
• axsm-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-053697.txt (&nbsp;) — 9239KB
• axsm-20240331.xsd (EX-101.SCH) — 1608KB
• axsm-20240331_htm.xml (XML) — 1430KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION ITEM 1

Financial Statements

Financial Statements 4 ITEM 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 ITEM 3 Quantitative and Qualitative Disclosure About Market Risk 47 ITEM 4

Controls and Procedures

Controls and Procedures 47

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 48 ITEM 1A

Risk Factors

Risk Factors 49 ITEM 5 Other Information 107 ITEM 6 Exhibits 108

Signatures

Signatures 109 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain matters discussed in this report, including matters discussed under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations," may constitute forward-looking statements for purposes of the Securities Act of 1933, as amended, or the Securities Act, and the Securities Exchange Act of 1934, as amended, or the Exchange Act, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied by such forward-looking statements. The words "anticipate," "believe," "estimate," "may," "expect" and similar expressions are generally intended to identify forward-looking statements. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation, those discussed under the captions "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in this report, as well as other factors which may be identified from time to time in our other filings with the U.S. Securities and Exchange Commission, or the SEC, or in the documents where such forward-looking statements appear. All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements. Such forward-looking statements include, but are not limited to, statements about: our expectations for increases or decreases in expenses; our expectations for the clinical and preclinical development, manufacturing and regulatory approval of our product candidates, and commercialization of our pharmaceutical products or any other products that we may acquire or in-license; our estimates of the sufficiency of

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS Axsome Therapeutics, Inc. Consolidated Balance Sheets (In thousands, except share and per share amounts) March 31, December 31, 2024 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 331,441 $ 386,193 Accounts receivables, net 101,434 94,820 Inventories, net 15,583 15,135 Prepaid and other current assets 12,032 8,115 Total current assets 460,490 504,263 Equipment, net 812 846 Right-of-use asset - operating lease 6,411 6,772 Goodwill 12,042 12,042 Intangible asset, net 51,697 53,286 Non-current inventory and other assets 14,276 11,027 Total assets $ 545,728 $ 588,236 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 53,791 $ 40,679 Accrued expenses and other current liabilities 82,716 90,501 Operating lease liability, current portion 1,153 1,267 Contingent consideration, current 6,388 6,407 Total current liabilities 144,048 138,854 Contingent consideration, non-current 70,000 73,300 Loan payable, long-term 178,689 178,070 Operating lease liability, long-term 7,258 7,035 Finance lease liability, long-term 1,697 — Total liabilities 401,692 397,259 Stockholders' equity: Preferred stock, $ 0.0001 par value per share ( 10,000,000 shares authorized, none issued and outstanding) — — Common stock, $ 0.0001 par value per share ( 150,000,000 shares authorized, 47,464,575 and 47,351,363 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively) 5 5 Additional paid-in capital 1,047,959 1,026,543 Accumulated deficit ( 903,928 ) ( 835,571 ) Total stockholders' equity 144,036 190,977 Total liabilities and stockholders' equity $ 545,728 $ 588,236 The accompanying notes are an integral part of the consolidated financial statements. 4 Table of Contents Axsome Therapeutics,

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) (In thousands, except share and per share amounts) Note 1. Nature of Business and Basis of Presentation Axsome Therapeutics, Inc. ("Axsome" or the "Company") is a biopharmaceutical company developing and delivering novel therapies for central nervous system ("CNS") conditions that have limited treatment options. By focusing on this therapeutic area, the Company is addressing significant and growing markets where current treatment options are limited or inadequate. The Company was incorporated on January 12, 2012 in the State of Delaware. The Company's CNS portfolio includes three not yet approved product candidates, AXS-07, AXS-12, and AXS-14, which are being developed for multiple indications, and two approved products - Auvelity (the components of which are referred to as "AXS-05") and Sunosi - both of which are also being developed for further indications. The Company refers herein to Sunosi, Auvelity, AXS-07, AXS-12, AXS-14 and its programs to develop additional indications for AXS-05 and solriamfetol as the Company's products. The Company acquired the U.S. rights to Sunosi from Jazz Pharmaceuticals plc ("Jazz") in May 2022 and worldwide ex-U.S. rights (excluding certain Asian markets) from Jazz in November 2022 (collectively, the "Acquisition"). Sunosi is a product approved by the U.S. Food and Drug Administration (the "FDA") and marketed in the U.S. to improve wakefulness in adult patients with excessive daytime sleepiness ("EDS") associated with narcolepsy or obstructive sleep apnea. Sunosi was approved in Europe in January 2020 by the European Commission. In February 2023, the Company announced a licensing transaction with Atnahs Pharma UK Limited ("Pharmanovia") to market Sunosi in Europe and certain countries in the Middle East / North Africa. In August 2022, the Company announced the FDA approval of Auvelity, and in October 2022, the U.S. commercial availability of Auvelity for the treatment

View Full Filing

View this 10-Q filing on SEC EDGAR