Axsome Therapeutics Inc (AXSM) Reports 244% YoY Growth in 3Q 2023 Product Revenue
Axsome Therapeutics Inc (NASDAQ:AXSM) reports a 244% year-over-year growth in total product revenue for 3Q 2023, amounting to $57.8 million.
Auvelity 3Q 2023 net product sales grew by 36% quarter-over-quarter, reaching $37.7 million.
Sunosi 3Q 2023 net product revenue increased by 20% year-over-year, totaling $20.1 million.
Several Phase 3 trials are on track for completion and initiation in 4Q 2023 and 1Q 2024.
On November 6, 2023, Axsome Therapeutics Inc (NASDAQ:AXSM), a biopharmaceutical company specializing in the development and delivery of novel therapies for central nervous system (CNS) disorders, released its financial results for the third quarter ending September 30, 2023. The company reported significant revenue momentum driven by solid performance from both Auvelity and Sunosi.
Financial Highlights
The total product revenue for the third quarter of 2023 was $57.8 million, representing a 244% year-over-year growth. This consisted of net product sales of $57.1 million and royalty revenue of $0.7 million. Auvelity net product sales were $37.7 million for the third quarter of 2023, representing a 36% sequential increase versus the second quarter of 2023. Sunosi net product revenue was $20.1 million for the third quarter of 2023, representing 20% year-over-year growth.
Research and development (R&D) expenses were $28.8 million for the third quarter of 2023, compared to $14.9 million for the comparable period in 2022. Selling, general, and administrative (SG&A) expenses were $83.2 million for the third quarter of 2023, compared to $40.9 million for the comparable period in 2022. The net loss for the third quarter of 2023 was $62.2 million or $(1.32) per share, compared to a net loss of $44.8 million, or $(1.07) per share, for the comparable period in 2022.
Commercial and Development Pipeline
Axsome Therapeutics Inc (NASDAQ:AXSM) is advancing a portfolio of differentiated, patent-protected, CNS product candidates with five in active clinical development. The company is on track to complete enrollment in the SYMPHONY trial in the fourth quarter of 2023, with announcement of topline results anticipated in the first quarter of 2024. The company also expects to submit the NDA for AXS-14 for the management of fibromyalgia in the first quarter of 2024.
Financial Tables
The company's consolidated balance sheets show that as of September 30, 2023, cash and cash equivalents totaled $416.6 million, compared to $200.8 million at December 31, 2022. The total assets were $600.9 million as of September 30, 2023, compared to $331.5 million as of December 31, 2022. The total liabilities were $331.3 million as of September 30, 2023, compared to $221.9 million as of December 31, 2022.
The consolidated statements of operations show a net loss of $62.2 million for the third quarter of 2023, compared to a net loss of $44.8 million for the comparable period in 2022. The net loss per common share was $(1.32) for the third quarter of 2023, compared to $(1.07) for the comparable period in 2022.
Axsome Therapeutics Inc (NASDAQ:AXSM) believes that its current cash is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.
Explore the complete 8-K earnings release (here) from Axsome Therapeutics Inc for further details.
This article first appeared on GuruFocus.
