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Axsome Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$9.7M in Q3 2026 · −$82.6M over twelve months

Operating cash flow−$9.5M
Capital spending−$197K
Free cash flow−$9.7M
Cash conversion cycle-134 days

Analysis

In Q3 2026, Axsome Therapeutics generated −$9.5M of operating cash flow and spent $197K on capital projects, leaving free cash flow of −$9.7M. That is $10.7M less than in Q3 2025 ($988K).

Over the twelve months to Sep 30, 2026, operating cash flow was −$81.8M; the largest uses were operating cash flow ($81.8M), taxes on employees’ shares ($15.0M), net borrowing (+) / repaid (−) ($3.8M); besides operations, cash came from other financing ($64.6M), shares issued ($25.5M); the cash balance fell by $11.4M.

Operating cash flow was −$9.5M against net income of −$12.9M. The largest differences: receivables −$65.7M, stock-based pay +$26.4M, payables +$17.1M.

Its cash conversion cycle was -134 days (receivables 110 + inventory 208 − payables 452): suppliers fund its working capital.

Free cash flow

Axsome Therapeutics: free cash flow by quarterAxsome Therapeutics: free cash flow by quarter−$26.2MQ4 2024−$43.7MQ1 2025−$32.4MQ2 2025$988KQ3 2025−$18.7MQ4 2025−$20.8MQ1 2026−$33.4MQ2 2026−$9.7MQ3 2026
Operating cash flow less capital spending.
Axsome Therapeutics: operating cash flow against capital spendingAxsome Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$26.2M$30KQ4 2024−$43.4M$338KQ1 2025−$32.4M$13KQ2 2025$1.0M$58KQ3 2025−$18.7M$71KQ4 2025−$20.7M$121KQ1 2026−$33.0M$450KQ2 2026−$9.5M$197KQ3 2026
Latest (Q3 2026): Operating cash flow −$9.5M, Capital spending $197K.

Capital allocation, year by year

Axsome Therapeutics: where the cash came from (up) and went (down), by fiscal yearAxsome Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY2021: Operating cash flow −$108MFY2021: Shares issued $11.8MFY2021: Capital spending −$308K$11.8MFY2021FY2022: Operating cash flow −$117MFY2022: Net borrowing $45.0MFY2022: Shares issued $250MFY2022: Capital spending −$702KFY2022: Acquisitions −$53.0M$295MFY2022FY2023: Operating cash flow −$145MFY2023: Net borrowing $85.0MFY2023: Shares issued $271MFY2023: Capital spending −$582K$356MFY2023FY2024: Operating cash flow −$128MFY2024: Net borrowing −$990KFY2024: Shares issued $40.8MFY2024: Capital spending −$270K$40.8MFY2024FY2025: Operating cash flow −$93.4MFY2025: Net borrowing −$4.1MFY2025: Shares issued $67.9MFY2025: Capital spending −$480K$67.9MFY2025
Over these 5 years operating cash flow totalled −$592M; the largest uses were operating cash flow ($592M) and acquisitions ($53.0M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$314M
Debt$188M
Net cash$126M
Due within a year$70.0M
Cash runway3.8 years

Axsome Therapeutics is burning cash: its operations consume cash, a free cash flow of −$82.6M a year at the current rate against $314M of cash and investments: a runway of about 3.8 years; $70.0M of debt also comes due within a year, which the cash covers before any new financing.

Where the cash came from and went

Axsome Therapeutics: sources (+) and uses (−) of cash, Q3 2026Axsome Therapeutics: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$9.5MOther financing$6.9MCash drawn (+) / kept (−)$6.0MTaxes on employees’ shares−$1.8MNet borrowing (+) / repaid (−)−$1.4MCapital spending−$197K
Axsome Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Axsome Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$81.8MOther financing$64.6MShares issued$25.5MTaxes on employees’ shares−$15.0MCash drawn (+) / kept (−)$11.4MNet borrowing (+) / repaid (−)−$3.8MCapital spending−$839K

From profit to cash

Axsome Therapeutics: net income to operating cash flow, Q3 2026Axsome Therapeutics: net income to operating cash flow, Q3 2026Net income−$12.9MDepreciation & amortization$1.7MStock-based pay$26.4MReceivables−$65.7MInventory−$4.3MPayables$17.1MOperating cash flow−$9.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026110208452-134
Q2 2026110233623-280
Q1 2026112182526-233
Q4 202599193447-155
Q3 2025106163563-294
Q2 2025109118600-373
Q1 2025112147725-465
Q4 2024103131596-362

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$9.5M−$197K−$1.4M—$6.0M−$9.7M
Q2 2026−$33.0M−$450K−$1.2M$13.5M−$14.7M−$33.4M
Q1 2026−$20.7M−$121K−$672K$6.3M$17.8M−$20.8M
Q4 2025−$18.7M−$71K−$541K$5.7M$2.3M−$18.7M
Q3 2025$1.0M−$58K−$664K$9.9M−$22.3M$988K
Q2 2025−$32.4M−$13K−$518K$32.6M−$2.1M−$32.4M
Q1 2025−$43.4M−$338K−$401K$36.7M$14.4M−$43.7M
Q4 2024−$26.2M−$30K−$330K$16.4M$12.0M−$26.2M

Axsome Therapeutics: income statement and cash flow

Axsome Therapeutics, Q3 2026: revenue $260M (+52% year over year), operating margin -4.3%. The chart follows the revenue to costs, profit and cash.

Axsome Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.