AXSM - Axsome gains after Q1 results for newly launched depression therapy

2023-05-08 09:28:58 ET

Axsome Therapeutics ( NASDAQ: AXSM ) added ~6% pre-market after its Q1 2023 results as investors turned attention to sales of its newly approved depression therapy, Auvelity, during its first full quarter of commercial launch.

In October, Axsome ( AXSM ) launched Auvelity following the FDA approval of the rapid-acting oral therapy for major depressive disorder in adults.

Backed by $15.7M of Auvelity net product sales, the company’s total net product sales reached $28.6M in Q1 2023, up from $24.4M in the preceding quarter when Auvelity net product sales stood at $5.2M.

However, Axsome’s ( AXSM ) total revenue reached $94.6M, powered by license revenue of $65.7M and royalty revenue of $0.3M thanks to a licensing agreement with U.K.-based Pharmanovia for sleep disorder therapy Sunosi.

Meanwhile, the net loss narrowed ~72% YoY to $11.2M indicating the upfront license revenue received from Pharmanovia, while the cash and cash equivalents grew ~23% from 2022 year-end to $246.5M.

As for upcoming milestones, Axsome ( AXSM ) plans to share topline data this year for AXS-12 in narcolepsy from a Phase 3 trial and expects marketing submissions for migraine candidate AXS-07 and fibromyalgia therapy AXS-14 in H2 and Q4 2023, respectively.

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