Axsome Therapeutics

What Axsome Therapeutics does

Axsome Therapeutics is a publicly traded biopharmaceutical company (NASDAQ: AXSM) focused on developing and commercializing therapies for central nervous system (CNS) disorders. Founded in 2012 and headquartered at One World Trade Center in New York, the company has built a commercial portfolio of three FDA-approved products targeting conditions including major depressive disorder (MDD), Alzheimer's disease agitation, migraine, excessive daytime sleepiness in narcolepsy and obstructive sleep apnea. As of mid-2026, the company employs 501-1,000 staff including an expanded field sales force of approximately 630 representatives, and its market capitalization reached approximately $12.35 billion at all-time-high stock levels.

The company's commercial assets center on Auvelity (dextromethorphan HBr and bupropion HCl), a first-in-class NMDA receptor antagonist and sigma-1 agonist approved for MDD in August 2022 and for Alzheimer's disease agitation in April 2026; Sunosi (solriamfetol) for excessive daytime sleepiness in narcolepsy and OSA, acquired from Jazz Pharmaceuticals in 2022; and Symbravo (meloxicam-rizatriptan), an oral acute migraine therapy approved in April 2025. The pipeline is anchored by novel-mechanism CNS candidates: AXS-12 (reboxetine) for narcolepsy with cataplexy (NDA submitted), AXS-14 (esreboxetine) for fibromyalgia (Phase 3 initiated January 2026), AXS-17 (AZD7325/BAER-101), a GABA A receptor α2,3 positive allosteric modulator in-licensed from AstraZeneca for epilepsy, and AXS-20 (balipodect), a PDE10A inhibitor in-licensed from Takeda for schizophrenia and Tourette syndrome. Patent protections extend into the 2040s for lead assets, including a Sunosi settlement extending exclusivity to 2040.

Axsome operates a sales-led, specialty-pharmaceutical go-to-market model with field representatives targeting 68,000 healthcare professionals spanning psychiatrists, neurologists, primary care physicians, and long-term care facilities. Revenue is generated primarily through branded product sales priced at approximately $14,000 per patient per year for Auvelity, with payer coverage reaching 86% of commercial lives for the MDD indication and full Medicare/Medicaid coverage (without prior authorization) for the Alzheimer's agitation indication. The company reported full-year 2025 revenue of $638.5 million (66% year-over-year growth) and Q1 2026 revenue of $191.2 million (57% year-over-year growth), with Auvelity contributing $507.1 million (74% YoY) in 2025. Axsome has supplemented organic R&D with strategic in-licensing (Sunosi from Jazz for $53M in 2022, Baergic Bio/AZD7325 from Avenue Therapeutics/AstraZeneca in November 2025, balipodect from Takeda in April 2026), a $225 million public equity offering in June 2023, and a reported $570 million financing from Blackstone in May 2025.

Name

Axsome Therapeutics

Legal name

Axsome Therapeutics, Inc.

Website

https://axsome.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Axsome Therapeutics is a publicly traded biopharmaceutical company (NASDAQ: AXSM) that develops and commercializes CNS therapies, with three FDA-approved products—Auvelity, Sunosi, and Symbravo—treating major depressive disorder, Alzheimer's disease agitation, excessive daytime sleepiness, and migraine, targeting over 150 million Americans with neurological and psychiatric conditions.

Ownership category

akta.pro rank

Product category

Neurology Pharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF)

Keywords

• CNS pharmaceuticals
• Neurology therapeutics
• Depression treatment
• Migraine medication
• Alzheimer's agitation therapy

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Marketing or Sales, Personnel, Operations, Supply Chain

Revenue model

1. Pharmaceutical Product Sales: Axsome generates revenue through the sale of FDA-approved CNS medications including Auvelity (dextromethorphan-bupropion), Sunosi (solriamfetol), and Symbravo (meloxicam-rizatriptan). Q1 2026 total revenues were $191.2 million, representing 57% year-over-year growth. The company has achieved significant revenue growth trajectory with full-year 2025 revenue of $638.5 million, up 66% from 2024.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Axsome Therapeutics is a biopharmaceutical company that develops and commercializes FDA-approved central nervous system (CNS) therapies. Its commercial portfolio includes Auvelity (dextromethorphan-bupropion) for major depressive disorder and Alzheimer's disease agitation, Sunosi (solriamfetol) for excessive daytime sleepiness in narcolepsy and obstructive sleep apnea, and Symbravo (meloxicam-rizatriptan) for acute migraine. The company also advances a late-stage pipeline of CNS candidates (AXS-12, AXS-14, AXS-17, AXS-20) targeting narcolepsy with cataplexy, fibromyalgia, epilepsy, schizophrenia, and Tourette syndrome.

Product overview

Axsome Therapeutics is a biopharmaceutical company with an FDA-approved neuroscience portfolio of three commercial products: Auvelity (dextromethorphan-bupropion) for major depressive disorder and Alzheimer's disease agitation, Sunosi (solriamfetol) for excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and Symbravo (meloxicam and rizatriptan) for migraine. The company is developing multiple late-stage CNS pipeline candidates including AXS-05 for additional indications, AXS-12 for narcolepsy with cataplexy, AXS-14 for fibromyalgia, AXS-17 for epilepsy, and AXS-20 for schizophrenia and Tourette syndrome. The portfolio addresses conditions affecting over 150 million people in the United States.

Differentiator

Problem solved

Functional benefit

Brands

• Auvelity: FDA-approved treatment for major depressive disorder and agitation associated with dementia due to Alzheimer's disease. First-in-class NMDA receptor antagonist and sigma-1 agonist.
• Sunosi
• Symbravo

Products and services

• Auvelity (dextromethorphan-bupropion) FDA-approved extended-release tablet combining dextromethorphan HBr (45mg) and bupropion HCl (105mg); a first-in-class NMDA receptor antagonist and sigma-1 agonist for adults with major depressive disorder and for the treatment of agitation associated with dementia due to Alzheimer's disease.
• Sunosi (solriamfetol) FDA-approved medication for excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea in adult patients.
• Symbravo (meloxicam and rizatriptan) FDA-approved oral acute migraine medication combining meloxicam and rizatriptan, indicated for the acute treatment of migraine with or without aura in adults.

Quantifiable outcome

• 72% reduction in relapse risk vs placebo for Auvelity in Alzheimer's agitation (ACCORD-2 trial)
• +5 more outcomes

Named customers3 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Alzheimer's AssociationminorGTM or Marketing Partner · 18 June 2026Axsome partnered with the Alzheimer's Association as part of Alzheimer's & Brain Awareness Month, participating in over 30 Walk to End Alzheimer's events across the United States and sharing educational resources.
• Alzheimer's Foundation of AmericaminorGTM or Marketing Partner · 18 June 2026Axsome partnered with Alzheimer's Foundation of America for Alzheimer's & Brain Awareness Month, sharing educational resources and supporting caregiver awareness initiatives.
• Headache AllianceminorGTM or Marketing Partner · 1 June 2026Axsome partnered with Headache Alliance to support Migraine and Headache Awareness Month in June, including sponsorship of the 'Headache in the City' educational campaign in New York City and sharing resources from leading migraine advocacy organizations.
• Takeda PharmaceuticalcoreStrategic or Co-development Partner · 1 April 2026Axsome acquired exclusive global rights to balipodect (AXS-20), a selective PDE10A inhibitor, from Takeda for schizophrenia and Tourette syndrome. The deal included upfront payments, milestone payments, and future royalties. Phase 3 trials for schizophrenia expected to begin in 2026.
• AstraZeneca ABcoreStrategic or Co-development Partner · 6 November 2025Axsome acquired exclusive global rights to AZD7325 (renamed AXS-17), a novel GABA A receptor α2,3 subtype-selective positive allosteric modulator, from AstraZeneca. The transaction involved acquiring Baergic Bio, a subsidiary of Avenue Therapeutics, for $0.3 million upfront plus up to $82 million in milestone payments. The drug is being developed for epilepsy treatment with Phase 2 studies planned for 2026.
• Avenue TherapeuticsminorStrategic or Co-development Partner · 6 November 2025Axsome acquired Baergic Bio, a subsidiary of Avenue Therapeutics, as part of the AZD7325 acquisition deal. Avenue is expected to receive the majority of future revenue through milestone payments and royalties.
• Jazz PharmaceuticalscoreStrategic or Co-development Partner · 29 March 2022Axsome acquired Sunosi from Jazz Pharmaceuticals to expand its neuroscience portfolio and establish global presence. The acquisition was expected to be immediately revenue-generating with potential peak revenues exceeding $1 billion, supporting product launches in depression and migraine.

Scale indicators17 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Sage Therapeutics: CNS-focused biopharmaceutical company that developed Zurzuvae (zuranolone) for postpartum depression, a first-in-class neuroactive steroid. Directly comparable to Axsome in CNS specialty pharma focus, novel-mechanism depression therapeutics, and small-cap commercial profile. Recently acquired by Biogen.
• Intra-Cellular Therapies: CNS biopharmaceutical company that developed Caplyta (lumateperone) for schizophrenia and bipolar depression. Highly comparable in CNS specialty focus, novel mechanism therapeutics, and similar commercial scaling trajectory. Recently acquired by Johnson & Johnson.
• Acadia Pharmaceuticals: CNS-focused biopharmaceutical company commercializing Nuplazid (pimavanserin) for Parkinson's disease psychosis and other CNS indications. Directly comparable in CNS specialty pharma positioning, novel-mechanism therapeutics, and similar revenue scale (~$700M+).
• Neurocrine Biosciences: Neuroscience-focused biopharmaceutical company with Ingrezza (valbenazine) for tardive dyskinesia and other CNS therapies. Comparable in CNS specialty focus, commercial-stage neurology/psychiatry franchise, and similar growth trajectory though larger market cap.
• Jazz Pharmaceuticals: Specialty biopharmaceutical company focused on neuroscience and sleep medicine, including narcolepsy/OSA products. Direct comparable as the previous owner of Sunosi (which Axsome acquired in 2022), with overlapping CNS and sleep disorder franchises.
• Supernus Pharmaceuticals: CNS specialty pharmaceutical company focused on neurological and psychiatric conditions including epilepsy, ADHD, and Parkinson's disease. Comparable in CNS specialty positioning, multiple-product portfolio strategy, and similar revenue scale.
• Karuna Therapeutics: CNS biopharmaceutical company that developed Cobenfy (xanomeline-trospium), a first-in-class M1/M4 muscarinic agonist for schizophrenia. Highly comparable to Axsome in CNS novel-mechanism therapeutics and schizophrenia indication overlap with AXS-20. Acquired by Bristol Myers Squibb.

Emerging players

• BioXcel Therapeutics: Clinical-stage biopharmaceutical company applying AI to neuroscience and immuno-oncology drug development, with Igalmi (dexmedetomidine) approved for acute agitation in schizophrenia/bipolar. Comparable in CNS focus with overlap in agitation therapeutics adjacent to Auvelity's Alzheimer's agitation indication.

Broad incumbents

• Lundbeck: Global CNS-focused pharmaceutical company with established franchises in depression, schizophrenia, migraine, and Alzheimer's disease. Comparable in CNS specialty focus and overlapping indications (depression, migraine, Alzheimer's) with Axsome's portfolio, though much larger and more geographically diversified.
• Otsuka Pharmaceutical: Major pharmaceutical company with significant CNS franchise including Abilify (aripiprazole) for schizophrenia/bipolar and Rexulti for depression. Comparable in CNS specialty focus, depression franchise overlap with Auvelity, and broad CNS commercial infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/axsome
• LinkedInlinkedin.com/company/axsome-therapeutics-inc-

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds8 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Axsome Therapeutics