Axsome’s Q1 Revenue Soars 57% to $191.2M, FDA Approves Auvelity
Axsome’s Q1 2026 net product revenue reached $191.2 million, up 57% year-over-year, driven by Auvelity’s $153.2 million (59% growth) and Sunosi’s $33.9 million (34% growth). The FDA approved Auvelity for Alzheimer’s agitation and the company advanced an AXS-12 NDA and added a pre-Phase 3 PDE10A inhibitor to its pipeline.
1. Q1 Financial Performance
Axsome reported total net product revenue of $191.2 million for Q1 2026, up 57% year-over-year, including Auvelity sales of $153.2 million (59% growth) and Sunosi revenue of $33.9 million (34% growth). R&D expenses rose to $52.7 million and SG&A costs increased to $185.0 million, resulting in a net loss of $64.5 million.
2. Commercial Highlights
Approximately 223,000 Auvelity prescriptions were written in Q1, a 35% increase over the prior year, with payer coverage at 86% of lives. Sunosi scripts grew 16% to 54,000, with coverage at 83% of lives, while Symbravo net product sales reached $4.1 million in the quarter.
3. Approval and Pipeline Updates
The FDA approved Auvelity for agitation associated with dementia due to Alzheimer’s disease, with a commercial launch planned for June 2026. Axsome submitted an NDA for AXS-12 to treat narcolepsy-related cataplexy and added AXS-20, a potentially first-in-class PDE10A inhibitor for schizophrenia and Tourette syndrome, to its pipeline.
4. Cash Position and Outlook
Cash and cash equivalents totaled $305.1 million at March 31, 2026, down slightly from $322.9 million at year-end. The company believes this cash balance is sufficient to fund operations through cash flow positivity under its current operating plan.