Axsome Therapeutics, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending September 30, 2024. The company, which focuses on central nervous system disorders, achieved total revenues of $104.8 million for the three months ended September 30, 2024, a substantial increase from $57.8 million in the same period of 2023. For the nine months ended September 30, 2024, total revenues reached $266.9 million, compared to $199.1 million in the prior year. This growth was primarily driven by increased product sales, particularly from its FDA-approved products, Auvelity and Sunosi.

Product sales for the third quarter of 2024 amounted to $103.7 million, up from $57.1 million in the previous year. Notably, Auvelity sales surged to $80.4 million from $37.7 million, while Sunosi sales also increased to $23.4 million from $19.4 million. However, the company reported total operating expenses of $167.4 million for the quarter, up from $119.9 million in 2023, leading to a net loss of $64.6 million, slightly higher than the $62.2 million loss reported in the same quarter of the previous year. For the nine-month period, the net loss was $212.3 million, compared to $140.6 million in 2023.

As of September 30, 2024, Axsome's cash and cash equivalents stood at $327.3 million, down from $386.2 million at the end of 2023. The company’s total liabilities increased to $468.6 million from $397.3 million, while total stockholders' equity decreased to $92.9 million from $191.0 million, reflecting an accumulated deficit of $1.05 billion.

Strategically, Axsome has been active in expanding its product portfolio and market presence. The company licensed the U.S. rights to Sunosi from Jazz Pharmaceuticals in May 2022 and has since entered into a licensing agreement with Pharmanovia for its commercialization in Europe and parts of the Middle East and North Africa. The company is also advancing its pipeline, with ongoing clinical trials for several product candidates, including AXS-05, AXS-07, AXS-12, and AXS-14.

In terms of financing, Axsome has amended its Loan and Security Agreement with Hercules Capital, increasing the Tranche 3 Commitment from $75 million to $80 million and extending certain availability periods. The company continues to explore various financing strategies to support its operations and product development, indicating a reliance on future capital raises to sustain its growth trajectory.