Axsome Therapeutics Reports Second Quarter 2024 Financial Results and Provides Business Update

Conference Call Scheduled for Today

NEW YORK, NY, USA, August 5, 2024 - Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company developing novel therapies for the treatment of central nervous system (CNS) disorders, today reported financial results for the second quarter ended June 30, 2024, and provided a business update.

Financial Results

Total revenue for the second quarter of 2024 was $XX million, compared to $XX million for the same period in 2023. The increase in revenue was primarily driven by the commercial launch of AUVELITY^® (dextromethorphan HBr and bupropion HCl) in January 2024.

Net loss for the second quarter of 2024 was $XX million, or $XX per share, compared to a net loss of $XX million, or $XX per share, for the same period in 2023. The increase in net loss was primarily due to increased operating expenses associated with the commercial launch of AUVELITY.

"We are pleased with our progress in the second quarter, which included the successful launch of AUVELITY and continued advancement of our clinical pipeline," said Herriot Tabuteau, MD, Chief Executive Officer of Axsome Therapeutics. "We remain confident in our ability to execute on our strategic plan and deliver value to our shareholders."

Business Update

In addition to the financial results, Axsome provided an update on its business. The company announced that it is on track to submit a New Drug Application (NDA) for AXS-05 for the treatment of Alzheimer's disease agitation in the second half of 2024. The company also announced that it is initiating a Phase 3 clinical trial of AXS-12 for the treatment of fibromyalgia in the second half of 2024.

Axsome will host a conference call and webcast today at 8:00 AM Eastern Time to discuss the second quarter financial results and provide a business update. Interested parties can access the webcast here: https://event.webcasts.com/starthere.jsp?ei=1581092&tp_key=499a0452d0