AXSM Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Axsome Therapeutics, Inc. had $638M of revenue in fiscal 2025, up 65.5% on the year before.
Last close Β· Oct 23, 2026
$145.04
7.1%Hi! I read Axsome Therapeutics, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+65.5%
Yes. Sales grew 65.5% last year.
Does it make a profit?
β28.7%
No. It lost money last year.
Does profit turn into cash?
β14.7%
No. It spent more cash than it brought in.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Axsome Therapeutics, Inc. had $638M of revenue in fiscal 2025, up 65.5% on the year before. Its operating margin was β26.1%, up 46.6Β pts: of every 100 in sales, about β26 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Axsome Therapeutics, Inc. lost $183M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$93.9M in fiscal 2025, β14.7% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $134M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$134M
8 insiders
Of sales under plans
100%
$134M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 3, 2026 | Mark L. JacobsonChief Operating Officer | Sold plan | 10,000 | $208.65 | $2.1M | Form 4 |
| Aug 6, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 4,660 | $213.95 | $1.0M | Form 4 |
| Aug 5, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 45,004 | $212.01 | $9.5M | Form 4 |
| Jul 1, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 49,666 | $240.25 | $11.9M | Form 4 |
| Jun 11, 2026 | Roger JeffsDirector | Sold plan | 286 | $249.12 | $0.1M | Form 4 |
| Jun 10, 2026 | Susan MahonyDirector | Sold plan | 300 | $246.18 | $0.1M | Form 4 |
| Jun 10, 2026 | Roger JeffsDirector | Sold plan | 286 | $246.18 | $0.1M | Form 4 |
| Jun 10, 2026 | Mark ColemanDirector | Sold plan | 643 | $249.00 | $0.2M | Form 4 |
| Jun 9, 2026 | Susan MahonyDirector | Sold plan | 300 | $237.21 | $0.1M | Form 4 |
| Jun 9, 2026 | Nick PizzieChief Financial Officer | Sold plan | 33,000 | $240.09 | $7.9M | Form 4 |
| Jun 9, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 49,670 | $241.01 | $12.0M | Form 4 |
| Jun 2, 2026 | Mark ColemanDirector | Sold plan | 5,537 | $223.39 | $1.2M | Form 4 |
| Jun 1, 2026 | Mark ColemanDirector | Sold plan | 6,000 | $230.30 | $1.4M | Form 4 |
| May 29, 2026 | Mark ColemanDirector | Sold plan | 6,000 | $233.46 | $1.4M | Form 4 |
| May 5, 2026 | Mark L. JacobsonChief Operating Officer | Sold plan | 233 | $228.18 | $0.1M | Form 4 |
| May 4, 2026 | Mark L. JacobsonChief Operating Officer | Sold plan | 4,517 | $227.94 | $1.0M | Form 4 |
| Apr 22, 2026 | Ari MaizelChief Commercial Officer | Sold plan | 7,500 | $182.42 | $1.4M | Form 4 |
| Feb 26, 2026 | Mark L. JacobsonChief Operating Officer | Sold plan | 35,378 | $161.88 | $5.7M | Form 4 |
| Feb 26, 2026 | Mark ColemanDirector | Sold plan | 25,000 | $161.11 | $4.0M | Form 4 |
| Feb 2, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 32,410 | $185.60 | $6.0M | Form 4 |
| Jan 22, 2026 | Nick PizzieChief Financial Officer | Sold plan | 12,000 | $187.92 | $2.3M | Form 4 |
| Jan 21, 2026 | Ari MaizelChief Commercial Officer | Sold plan | 7,500 | $184.44 | $1.4M | Form 4 |
| Jan 7, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 31,261 | $170.38 | $5.3M | Form 4 |
| Jan 6, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 29,450 | $172.33 | $5.1M | Form 4 |
| Jan 5, 2026 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 78,703 | $171.28 | $13.5M | Form 4 |
| Dec 31, 2025 | Mark E SaadDirector | Sold plan | 37,577 | $165.18 | $6.2M | Form 4 |
| Dec 4, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 10,558 | $148.18 | $1.6M | Form 4 |
| Dec 3, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 20,163 | $146.94 | $3.0M | Form 4 |
| Dec 2, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 49,252 | $144.59 | $7.1M | Form 4 |
| Nov 5, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 21,775 | $134.49 | $2.9M | Form 4 |
| Nov 4, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 50,459 | $133.79 | $6.8M | Form 4 |
| Nov 3, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 91,705 | $132.34 | $12.1M | Form 4 |
| Oct 8, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 12,774 | $118.84 | $1.5M | Form 4 |
| Oct 7, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 13,390 | $118.77 | $1.6M | Form 4 |
| Oct 6, 2025 | Herriot TabuteauChief Executive Officer, Director, 10% owner | Sold plan | 19,220 | $120.17 | $2.3M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Axsome Therapeutics, Inc. has $128M more cash than debt.
Cash, debt and the ratios that show how comfortably Axsome Therapeutics, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $86.5M | $201M | $386M | $315M | $323M |
| Debt incl. finance leases | $49.1M | $94.3M | $178M | $185M | $195M |
| Debt / equity | 3.1x | 0.9x | 0.9x | 3.2x | 2.1x |
| Current ratio | 3.8x | 2.5x | 3.6x | 2.1x | 1.6x |
| Quick ratio | 3.8x | 2.5x | 3.5x | 2.0x | 1.5x |
| Total assets | $87.8M | $331M | $588M | $568M | $690M |
| Total liabilities | $72.2M | $222M | $397M | $511M | $602M |
| Shareholders' equity | $15.6M | $110M | $191M | $57.0M | $88.3M |
| Net debt (β = net cash) | β$37.4M | β$107M | β$208M | β$130M | β$128M |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Axsome Therapeutics, Inc. passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 1 / 7 | 1 / 7 | 4 / 7 | 1 / 7 | 1 / 7 | 3 / 7 | 4 / 8 | 2 / 8 | 4 / 8 |
| Accruals ratio | β15.5% | β6.7% | β3.6% | β18.6% | β12.0% | β16.2% | β33.7% | β20.5% | β27.5% | β14.3% |
| Altman Z'' | β2.25 | β6.96 | β35.21 | 5.66 | β1.15 | β19.77 | β6.04 | β2.70 | β6.70 | β5.64 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | β | β | β | β | β | β | $0.0M | $271M | $386M | $638M |
| Gross profit | β | β | β | β | β | β | β$5.2M | β | β | β |
| Research and development | $21.2M | $20.0M | $23.5M | $53.6M | $70.2M | $58.1M | $57.9M | $97.9M | $187M | $183M |
| Operating income | β$27.5M | β$27.2M | β$32.8M | β$67.2M | β$99.1M | β$125M | β$180M | β$232M | β$281M | β$167M |
| Interest expense | β | β | β | β | β | β | β$9.7M | β$20.0M | β$21.6M | β$15.9M |
| Pretax income | β | β | β | β | β | β$130M | β$187M | β$238M | β$287M | β$184M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $1.0M | $0.1M | β$0.5M |
| Net income | β$27.2M | β$28.9M | β$31.0M | β$68.3M | β$103M | β$130M | β$187M | β$239M | β$287M | β$183M |
| Diluted EPS | β$1.42 | β$1.27 | β$1.15 | β$2.01 | β$2.77 | β$3.47 | β$4.60 | β$5.27 | β$5.99 | β$3.68 |
| Diluted shares | 0.02B | 0.02B | 0.03B | 0.03B | 0.04B | 0.04B | 0.04B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||||||
| Cash from operations | β$21.3M | β$26.5M | β$30.1M | β$46.4M | β$78.5M | β$108M | β$117M | β$145M | β$128M | β$93.4M |
| Capital expenditure | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.3M | $0.7M | $0.6M | $0.3M | $0.5M |
| Free cash flow | β$21.4M | β$26.5M | β$30.1M | β$46.4M | β$78.5M | β$109M | β$117M | β$146M | β$129M | β$93.9M |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M | $0.3M | $0.5M | $0.5M | $0.5M |
| Stock-based compensation | $2.0M | $2.1M | $1.8M | $6.1M | $14.8M | $20.8M | $37.7M | $62.6M | $85.2M | $93.8M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $36.6M | $34.0M | $14.0M | $220M | $184M | $86.5M | $201M | $386M | $315M | $323M |
| Total debt | $9.7M | $9.9M | $6.9M | $19.9M | $48.3M | $49.1M | $94.3M | $178M | $181M | $188M |
| Finance lease liabilities | β | β | β | β | β | β | β | β | $4.4M | $6.8M |
| Current assets | $38.0M | $35.3M | $15.2M | $220M | $184M | $86.5M | $246M | $504M | $485M | $589M |
| Current liabilities | $7.2M | $12.2M | $10.8M | $24.5M | $23.4M | $23.1M | $96.6M | $139M | $230M | $379M |
| Inventory | β | β | β | β | β | β | $4.3M | $15.1M | $15.7M | $27.9M |
| Property and equipment, net | $0.1M | $0.1M | $0.1M | $0.0M | $0.1M | $0.3M | $0.7M | $0.8M | $0.6M | $0.6M |
| Goodwill | β | β | β | β | β | β | $10.3M | $12.0M | $12.0M | $12.0M |
| Intangible assets | β | β | β | β | β | β | $59.7M | $53.3M | $46.9M | $40.5M |
| Total assets | $38.2M | $35.6M | $15.4M | $221M | $186M | $87.8M | $331M | $588M | $568M | $690M |
| Total liabilities | $16.6M | $18.8M | $14.4M | $41.8M | $72.3M | $72.2M | $222M | $397M | $511M | $602M |
| Shareholders' equity | $21.6M | $16.7M | $0.9M | $179M | $114M | $15.6M | $110M | $191M | $57.0M | $88.3M |
| Margins | ||||||||||
| Operating margin | β | β | β | β | β | β | β | β85.7% | β72.7% | β26.1% |
| EBITDA margin | β | β | β | β | β | β | β | β85.5% | β72.6% | β26.0% |
| Net margin | β | β | β | β | β | β | β | β88.4% | β74.5% | β28.7% |
| FCF margin | β | β | β | β | β | β | β | β53.8% | β33.4% | β14.7% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β | β | β4,777.7% | β | β | β |
| Return on capital employed | β88.7% | β116.2% | β720.7% | β34.3% | β60.9% | β192.7% | β76.5% | β51.6% | β82.9% | β53.6% |
| Return on equity | β126.1% | β151.2% | β350.8% | β76.1% | β70.4% | β201.5% | β299.0% | β159.2% | β231.6% | β252.1% |
| Return on assets | β71.2% | β78.5% | β121.6% | β57.9% | β50.6% | β95.2% | β89.3% | β52.0% | β49.7% | β29.1% |
| Return on tangible equity | β126.1% | β173.1% | β3,301.6% | β38.2% | β90.4% | β834.3% | β472.7% | β190.4% | β | β512.6% |
| Growth | ||||||||||
| Revenue growth | β | β | β | β | β | β | β | β | 42.5% | 65.5% |
| Share count change | β | 18.9% | 18.1% | 26.5% | 9.4% | 1.1% | 8.1% | 11.7% | 5.5% | 3.8% |
| Financial health | ||||||||||
| Debt / equity | 0.5x | 0.6x | 7.4x | 0.1x | 0.4x | 3.1x | 0.9x | 0.9x | 3.2x | 2.1x |
| Current ratio | 5.3x | 2.9x | 1.4x | 9.0x | 7.9x | 3.8x | 2.5x | 3.6x | 2.1x | 1.6x |
| Quick ratio | 5.3x | 2.9x | 1.4x | 9.0x | 7.9x | 3.8x | 2.5x | 3.5x | 2.0x | 1.5x |
| Capital allocation | ||||||||||
| Capex / revenue | β | β | β | β | β | β | β | 0.2% | 0.1% | 0.1% |
| Stock comp / revenue | β | β | β | β | β | β | β | 23.1% | 22.1% | 14.7% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 1.0 | 1.0 | 4.0 | 1.0 | 1.0 | 3.0 | 4.0 | 2.0 | 4.0 |
| Altman Z'' | β2.3 | β7.0 | β35.2 | 5.7 | β1.2 | β19.8 | β6.0 | β2.7 | β6.7 | β5.6 |
| Accruals ratio | β15.5% | β6.7% | β3.6% | β18.6% | β12.0% | β16.2% | β33.7% | β20.5% | β27.5% | β14.3% |
Source: SEC EDGAR XBRL filings (CIK 0001579428). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
