Axsome Therapeutics reported solid revenue momentum in QQ4 2024 with revenue of $118.8 million, up 66.0% year-over-year and 13.4% quarter-over-quarter, supported by a favorable gross margin of approximately 89-91%. Despite a robust top line, the company posted a substantial operating loss of about $72.6 million and a net loss near $74.9 million in the quarter, driven by steep research and development and selling, general and administrative (SG&A) expenditures. EBITDA was negative at roughly $70.5 million, and the company continues to burn cash as it funds late-stage development and commercialization readiness for its CNS portfolio, including AXS05, AXS07, AXS12, and AXS14 programs.
Axsome ended QQ4 2024 with a solid liquidity position: cash and cash equivalents of about $315.4 million and net debt of approximately -$122.4 million (cash exceeds debt). Free cash flow remained negative at about -$26.2 million for the quarter, underscoring ongoing investment in pipeline assets. The balance sheet shows total assets of ~$568.5 million and total liabilities of ~$511.5 million, with accumulated deficit (retained earnings) around -$1.1228 billion, indicating a long-running burn that will require continued pipeline progression or strategic financing to support long-term value creation.
Given the lack of formal forward guidance in the disclosed materials, Axsome’s near-term trajectory hinges on upcoming CNS program milestones and potential licensing opportunities. The company’s cash runway, competitive positioning in CNS, and gross-margin resilience support a constructive longer-term view, but the path to sustained profitability remains contingent on successful data from late-stage trials and the monetization of its pipeline.