- Revenue Growth Q4 revenue rose 65% YoY to $196M, with FY2025 total revenue up 66% to $639M, driven by Auvelity’s $155.1M Q4 sales (68% YoY).<br>
- Auvelity’s Market Expansion Achieved $500M+ in third-year sales, with 225,000 prescriptions in Q4 (42% YoY growth), and sNDA for Alzheimer’s agitation under priority review (PDUFA April 30).<br>
- Sunosi & Cymbravo Performance Sunosi sales grew 40% YoY to $36.7M, while Cymbravo generated $4.1M in Q4, with 13,000 prescriptions and 5,300 new patients.<br>
- Financial Resilience FY2025 net loss narrowed to $74.9M ($1.54/share) from $104.4M ($2.15/share) in 2024, with $323M cash reserves projected to fund operations until cash flow positivity.<br>
- Pipeline Advancements AXS-05 Phase III for smoking cessation to start Q2 2026, AXS-12 NDA for narcolepsy imminent, and Solriamfetol trials expanding to ADHD, binge eating, and MDD with hypersomnia.<br>
Commercial Performance
The company's commercial performance was driven by the strong sales of Auvelity, Sunosi, and Cymbravo. Auvelity achieved over 225,000 prescriptions in the quarter, representing 42% year-over-year growth and 8% sequential growth. Ari Maizel highlighted that the company has initiated its third and largest expansion of the Auvelity sales force to approximately 600 sales representatives. Sunosi delivered another strong quarter of performance, with over 54,000 prescriptions representing 11% year-over-year and 3% sequential growth.
Pipeline Advancements
Axsome is advancing a broad and innovative CNS pipeline, including five novel product candidates across nine high-impact indications. The sNDA for Auvelity in Alzheimer's disease agitation has been accepted with priority review designation, and the company is preparing for launch. The company is also advancing its planned Phase III trial of AXS-05 in smoking cessation and expects to submit its NDA package for AXS-12 in narcolepsy imminently.
Financial Position
The company ended the year with $323 million in cash and cash equivalents, which is expected to be sufficient to fund anticipated operations into cash flow positivity. The company's financial results reflect its growing commercial portfolio and the continued advancement of its industry-leading CNS pipeline. Total cost of revenue was $12.3 million and $47.5 million for the fourth quarter and full year of 2025, respectively.
Valuation and Growth Prospects
Analysts estimate next year's revenue growth at 51.7%. The company's current valuation metrics include a P/S Ratio of 13.8 and an EV/EBITDA of -51.57. These metrics suggest that the market is pricing in significant growth expectations for the company. With a strong commercial performance and advancing pipeline, Axsome is poised to deliver innovative medicines and generate significant value through the next decade.