Investment Thesis
Fueled by a string of catalysts, the shares of Axsome Therapeutics, Inc. (AXSM) rose exponentially last year. After achieving the major milestones last year, the stock has declined so far as its net losses keep piling up amid the growing R&D expenditure. However, the company remains well-funded to advance the vital late-stage trials, even though its significant catalysts are unlikely in the near term. Meanwhile, subject to the FDA approval, the NDA filings for AXS-05 and AXS-07 for MDD and migraine, respectively, could uncover a peak sales opportunity of more than