In This Story
Axsome Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net product sales to $103,736,000 from $57,127,000 in the same quarter the previous year. The increase is attributed to higher sales volume for Auvelity and Sunosi.
Operating expenses for the quarter were $167,386,000, up from $119,914,000 in the same quarter of the previous year. This increase is due to higher research and development costs and increased selling, general, and administrative expenses.
The company reported a net loss of $64,602,000 for the quarter, compared to a net loss of $62,199,000 in the previous year. The increase in net loss is due to higher operating expenses despite increased revenue.
Axsome's cash and cash equivalents were $327,341,000 as of September 30, 2024, compared to $386,193,000 as of December 31, 2023.
The filing details various financial activities, including the issuance of common stock through at-the-market offerings, resulting in net proceeds of $23,879,000 for the nine months ended September 30, 2024.
Axsome continues to focus on the commercialization of its approved products, Auvelity and Sunosi, while advancing its pipeline of product candidates for central nervous system disorders.
The company acknowledges its dependence on successful commercialization and potential future financing to meet its operational and development goals.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Axsome Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.