Axsome Therapeutics Files Q2 2024 10-Q

TL;DR

**AXSM Q2 10-Q filed. Financials updated, including stock options and retained earnings.**

AI Summary

Axsome Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported on its financial performance, including details on employee stock options and restricted stock units. Key financial figures such as retained earnings and additional paid-in capital as of June 30, 2023, were also disclosed.

Why It Matters

This filing provides investors with an update on Axsome's financial health and operational details for the second quarter of 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a public company, but the pharmaceutical sector inherently carries risks related to drug development and market approval.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Covers financial activities up to this date.)
• 2024-01-01 — Reporting Period Start Date (Covers financial activities from this date.)
• 2023-06-30 — Prior Year Comparison Date (Used for comparative financial data like retained earnings.)

Key Players & Entities

• Axsome Therapeutics, Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of the reporting period
• 2024-01-01 (date) — Start of reporting period for employee stock and RSUs
• 2024-06-30 (date) — End of reporting period for employee stock and RSUs
• June 30, 2023 (date) — Date for retained earnings and additional paid-in capital

FAQ

Key Financial Figures

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

Filing Documents

• axsm-20240630.htm (10-Q) — 2327KB
• 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
• 0000950170-24-090828.txt ( ) — 9997KB
• axsm-20240630.xsd (EX-101.SCH) — 1490KB
• axsm-20240630_htm.xml (XML) — 1697KB

— 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 35 ITEM 3 Quantitative and Qualitative Disclosure About Market Risk 48 ITEM 4

Controls and Procedures

Controls and Procedures 48

— OTHER INFORMATION

PART II — OTHER INFORMATION ITEM 1

Legal Proceedings

Legal Proceedings 49 ITEM 1A

Risk Factors

Risk Factors 50 ITEM 5 Other Information 108 ITEM 6 Exhibits 110

Signatures

Signatures 111 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) June 30, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 315,657 $ 386,193 Accounts receivables, net 120,342 94,820 Inventories, net 15,220 15,135 Prepaid and other current assets 11,808 8,115 Total current assets 463,027 504,263 Equipment, net 724 846 Right-of-use asset - operating lease 6,071 6,772 Goodwill 12,042 12,042 Intangible asset, net 50,107 53,286 Non-current inventory and other assets 16,255 11,027 Total assets $ 548,226 $ 588,236 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 61,340 $ 40,679 Accrued expenses and other current liabilities 116,771 90,501 Operating lease liability, current portion 1,419 1,267 Contingent consideration, current 7,040 6,407 Total current liabilities 186,570 138,854 Contingent consideration, non-current 69,620 73,300 Loan payable, long-term 179,330 178,070 Operating lease liability, long-term 6,829 7,035 Finance lease liability, long-term 3,025 — Total liabilities 445,374 397,259 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, 47,801,578 and 47,351,363 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively) 5 5 Additional paid-in capital 1,086,120 1,026,543 Accumulated deficit ( 983,273 ) ( 835,571 ) Total stockholders' equity 102,852 190,977 Total liabilities and stockholders' equity $ 548,226 $ 588,236 The accompanying notes are an integral part of the consolidated financial statements. 4 Table of Contents Axsome Therapeutics, Inc.

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