Axsome Therapeutics reported QQ3 2025 revenue of $170.99 million, up 63.22% year over year and 13.96% quarter over quarter, underscoring meaningful top-line momentum as the company advances its CNS portfolio. Gross profit reached $159.08 million with a robust gross margin of 93.03%, signaling favorable product-level economics or licensing arrangements that cushion operating economics on the surface. However, the quarter delivered a negative bottom line and EBITDA, with net income of -$47.23 million and EBITDA of -$46.11 million, driven primarily by substantial operating expenses (R&D $40.16 million; SG&A $150.24 million; total operating expenses $205.19 million). EPS was -$0.94 on a weighted average share count of ~50.02 million. The result reflects a deliberate investment phase in ongoing Phase III programs (e.g., AXS05 and AXS07) and pre-commercialization efforts, suggesting near-term profitability hinges on successful pipeline milestones and scale efficiencies. Absent explicit quarterly guidance in the provided data, the outlook remains contingent on upcoming trial data readouts, potential partnerships, and the pace of commercial uptake once products reach revenue-generating milestones.