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home / news releases / AXSM - Axsome Therapeutics falls on disclosure it has 'material' deposits with SVB

AXSM - Axsome Therapeutics falls on disclosure it has 'material' deposits with SVB

Axsome Therapeutics Inc.

2023-03-10 16:20:13 ET

  • Axsome ( NASDAQ: AXSM ) Therapeutics closed down Friday ~6% , and is down another 2% in post-market trading after saying it has "material" deposits with both FDIC-shuttered SVB Financial ( SIVB ) and Citi ( C ).
  • In an SEC filing, the company said that while the FDIC will pay depositors an advanced dividend in the next week, "this forecast does not take into account such funds."
  • Axsome ( AXSM ) said that its cash at Citi ( C ) along with remaining committed capital from a $350M term loan facility with Hercules Capital is enough to fund operations.

For further details see:

Axsome Therapeutics falls on disclosure it has 'material' deposits with SVB
Stock Information
Company Name: Axsome Therapeutics Inc.
Stock Symbol: AXSM
Market: NASDAQ
Website: axsome.com
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