Filing Flows › Axsome Therapeutics (AXSM) › Q1 2026
Axsome Therapeutics (AXSM) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 4, 2026
Axsome Therapeutics (AXSM) reported revenue of $191M for the first quarter 2026 (Q1 2026), +57% from a year earlier and -2% from the quarter before. Operating margin was -33.1%, net loss $64.5M (33.8% of revenue).
Axsome Therapeutics, Q1 2026: revenue $191M (+57% year over year), operating margin -33.1%, net loss $64.5M, operating cash flow −$20.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $191M | -2% | +57% |
| Operating profit | −$63.4M | — | — |
| Net earnings | −$64.5M | — | — |
| Operating cash flow | −$20.7M | — | — |
What changed
Revenue was $191.2M in Q1 2026, up 57% year over year and down 2% from the previous quarter. Product was the largest line at 99% of revenue. Product added $69.0M year over year (up 57%), 99% of the total change.
Operating costs exceeded revenue by $63.4M, an operating margin of -33.1%. Total costs grew 43% against revenue growth of 57%. The fastest-growing cost line was SG&A (+53%). The quarter ended with a net loss of $64.5M, wider than the previous quarter's $28.6M loss.
Operating cash flow was −$20.7M. Non-cash charges added back $1.7M of depreciation and amortization and $23.4M of share-based compensation. Working capital and other items added $18.7M. Capital expenditures of $121K exceeded it, leaving free cash flow of −$20.8M.
Questions
What was Axsome Therapeutics' revenue in the first quarter 2026?
Axsome Therapeutics (AXSM) reported revenue of $191M for the first quarter 2026 (Q1 2026), +57% from a year earlier and -2% from the quarter before.
Was Axsome Therapeutics profitable in the first quarter 2026?
Operating loss was $63.4M (-33.1% of revenue) and net loss $64.5M.