Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Axsome Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
50
271
386
638
Cost of revenue
5.2
26.1
33.3
47.5
Gross profit
44.8
245
352
591
Research and development
21.2
20
23.5
53.6
70.2
58.1
57.9
97.9
187
183
Selling, general and administrative
28.9
66.6
159
323
411
571
Selling and marketing
105
237
293
440
General and administrative
6.34
7.21
9.35
13.6
28.9
66.6
25.5
37.4
54.2
63.3
Operating expenses
27.5
27.2
32.8
67.2
99.1
125
Operating income
-27.5
-27.2
-32.8
-67.2
-99.1
-125
-180
-232
-281
-167
Interest expense
-9.66
-20
-21.6
-15.9
Pre-tax income
-130
-187
-238
-287
-184
Income tax
0
0
0
0
0
0
0
0.96
0.09
-0.53
Net income
-27.2
-28.9
-31
-68.3
-103
-130
-187
-239
-287
-183
EBITDA
-27.5
-27.1
-32.8
-67.2
-99.1
-125
-180
-231
-280
-166
EPS, basic
-1.42
-1.27
-1.15
-2.01
-2.77
-3.47
-4.60
-5.27
-5.99
-3.68
EPS, diluted
-1.42
-1.27
-1.15
-2.01
-2.77
-3.47
-4.60
-5.27
-5.99
-3.68
Shares, basic (weighted)
19.2
22.8
26.9
34
37.2
37.6
40.7
45.4
47.9
49.7
Shares, diluted (weighted)
19.2
22.8
26.9
34
37.2
37.6
40.7
45.4
47.9
49.7
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
36.6
34
14
220
184
86.5
201
386
315
323
Receivables
37.7
94.8
142
224
Inventory
4.32
15.1
15.7
27.9
Other current assets
1.38
1.28
1.25
0.41
0.15
0.05
2.78
8.12
12
13.7
Total current assets
38
35.3
15.2
220
184
86.5
246
504
485
589
Property, plant and equipment
0.1
0.07
0.05
0.03
0.05
0.28
0.72
0.85
0.58
0.56
Lease right-of-use assets
1.74
0.66
0.42
6.77
5.38
20.9
Goodwill
10.3
12
12
12
Intangible assets
59.7
53.3
46.9
40.5
Other non-current assets
0.11
0.19
0.11
0.14
0.32
0.32
Total assets
38.2
35.6
15.4
221
186
87.8
331
588
568
690
Accounts payable
4.08
3.44
3.69
10.9
13.5
13.1
38.6
40.7
72
65.5
Accrued liabilities
2.82
2.68
1.05
2.06
2.87
4.05
11.3
20.5
28.2
36.9
Short-term debt
0.27
3.27
3.29
2.6
0
70
Total current liabilities
7.17
12.2
10.8
24.5
23.4
23.1
96.6
139
230
379
Long-term debt
9.47
6.66
3.62
17.3
48.3
49.1
94.3
178
181
118
Lease liabilities
0.58
7.04
6.05
23.2
Total liabilities
16.6
18.8
14.4
41.8
72.3
72.2
222
397
511
602
Total debt
9.74
9.93
6.91
19.9
48.3
49.1
94.3
178
181
188
Paid-in capital
69.2
93.3
108
355
393
425
706
1,027
1,180
1,394
Retained earnings
-47.6
-76.6
-108
-176
-279
-409
-596
-836
-1,123
-1,306
Shareholders' equity
21.6
16.7
0.94
179
114
15.6
110
191
57
88.3
Total equity
21.6
16.7
0.94
179
114
15.6
110
191
57
88.3
Total liabilities and equity
38.2
35.6
15.4
221
186
87.8
331
588
568
690
Shares outstanding
19.1
25.5
30.1
36.9
37.4
37.8
43.5
47.4
48.7
50.9
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-27.2
-28.9
-31
-68.3
-103
-130
-187
-239
-287
-183
Depreciation and amortization
0.02
0.04
0.05
0.04
0.02
0.08
0.26
0.46
0.53
0.5
Stock-based compensation
2.03
2.07
1.75
6.12
14.8
20.8
37.7
62.6
85.2
93.8
Change in receivables
-37.7
-57.1
-47.2
-82.5
Change in inventory
-1.33
-8.16
0.74
-10.7
Change in payables
2.19
-0.65
0.25
7.26
2.56
-0.36
25.5
2.07
31.3
-6.46
Cash from operations
-21.3
-26.5
-30.1
-46.4
-78.5
-108
-117
-145
-128
-93.4
Capital expenditures
-0.1
-0.01
-0.03
-0.02
-0.05
-0.31
-0.7
-0.58
-0.27
-0.48
Acquisitions
-53
Cash from investing
-0.1
-0.01
-0.03
-0.02
-0.05
-0.31
-53.7
-0.58
-0.27
-0.48
Debt issued
10
20
50
Debt repaid
-0.28
-3.33
-7.24
-21.7
-332
Stock issued
0.03
23.7
12.9
238
14.1
7.44
244
259
40.8
67.9
Cash from financing
9.97
23.9
10
252
42.4
11.1
285
331
57.8
101
Net change in cash
-11.4
-2.6
-20.1
206
-36.1
-97.4
114
185
-70.8
7.58
Free cash flow
-21.4
-26.5
-30.1
-46.4
-78.5
-109
-117
-146
-129
-93.9
Interest paid
0.05
0.87
0.77
1.29
2.1
4.63
7.69
16.7
19.7
14.6
Income taxes paid
-0.18
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $195.09 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
93.2%
Gross profit / revenue.
Operating margin
-24.0%
Operating income / revenue.
EBITDA margin
-23.9%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-24.6%
Pre-tax income / revenue.
Net margin
-24.7%
Net income / revenue.
FCF margin
-9.3%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-9.2%
Cash from operations / revenue.
Return on equity (ROE)
-230.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-25.2%
Net income / average total assets.
R&D / revenue
24.2%
Research and development expense / revenue.
SG&A / revenue
91.8%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
12.4%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.1%
Capital expenditures / revenue.
D&A / revenue
0.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
65.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
133.7%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
67.7%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
136.2%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y
54.9%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
-6.9%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
-4.9%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
21.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
27.7%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
30.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
3.8%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
7.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
6.0%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
1.43x
Current assets / current liabilities.
Quick ratio
1.30x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.69x
(Cash + short-term investments) / current liabilities.
Debt / equity
2.26x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
24.7%
Total debt / total assets.
Liabilities / assets
89.1%
Total liabilities / total assets.
Net debt
-$131.9M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$3.70
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$14.99
Revenue / diluted weighted shares.
FCF per share
-$1.39
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.38
Cash from operations / diluted weighted shares.
Book value per share
$1.59
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
13.2x
Market cap / revenue.
P/B
123x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
301x
Market cap / tangible book value, when positive.
EV/Sales
13.0x
Enterprise value / revenue.
FCF yield
-0.7%
Free cash flow / market cap.
Earnings yield
-1.9%
Net income / market cap (the inverse of P/E).
What was Axsome Therapeutics, Inc.'s revenue in fiscal 2025?
Axsome Therapeutics, Inc. reported revenue of $638.5M for fiscal 2025, 65.5% higher than the year before.
Was Axsome Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $183.2M.
How much free cash flow did Axsome Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $93.4M minus capital expenditures of $480.0K left free cash flow of -$93.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.