Filing Flows › Axsome Therapeutics (AXSM) › Q3 2025
Axsome Therapeutics (AXSM) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 3, 2025
Axsome Therapeutics (AXSM) reported revenue of $171M for the third quarter 2025 (Q3 2025), +63% from a year earlier and +14% from the quarter before. Operating margin was -27.0%, net loss $47.2M (27.6% of revenue).
Axsome Therapeutics, Q3 2025: revenue $171M (+63% year over year), operating margin -27.0%, net loss $47.2M, operating cash flow $1.0M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $171M | +14% | +63% |
| Operating profit | −$46.1M | — | — |
| Net earnings | −$47.2M | — | — |
| Operating cash flow | $1.0M | — | — |
| Free cash flow | $988K | — | — |
What changed
Revenue was $171.0M in Q3 2025, up 63% year over year and up 14% from the previous quarter. Product was the largest line at 99% of revenue. Product added $66.0M year over year (up 64%), 100% of the total change.
Operating costs exceeded revenue by $46.1M, an operating margin of -27.0%. Total costs grew 30% against revenue growth of 63%. The fastest-growing cost line was SG&A (+57%). The quarter ended with a net loss of $47.2M, narrower than the previous quarter's $48.0M loss.
Operating cash flow was $1.0M. Non-cash charges added back $1.7M of depreciation and amortization and $23.1M of share-based compensation. Working capital and other items added $23.4M. Capital expenditures of $58K left free cash flow of $1.0M.
Questions
What was Axsome Therapeutics' revenue in the third quarter 2025?
Axsome Therapeutics (AXSM) reported revenue of $171M for the third quarter 2025 (Q3 2025), +63% from a year earlier and +14% from the quarter before.
Was Axsome Therapeutics profitable in the third quarter 2025?
Operating loss was $46.1M (-27.0% of revenue) and net loss $47.2M.