Aug. 5 at 9:19 AM
$AXSM According to Morgan Stanley’s August 4, 2025 research note on Axsome Therapeutics, their positive and negative views break down roughly as follows:
Positive Highlights
Auvelity launch execution
Auvelity generated
$120 M in 2Q 2025 sales, coming in ~8% above Morgan Stanley’s
$115 M estimate (and 8% above consensus) and delivering 24% quarter-over-quarter growth.
Broad CNS pipeline momentum
“Axsome is progressing multiple programs as part of a broad CNS pipeline,” with near-term catalysts (e.g., Alzheimer’s agitation sNDA, pivotal trials in smoking cessation and fibromyalgia) that could “present upside surprises to the market’s current expectations.”
Regulatory progress
The sNDA filing for AXS-05 in Alzheimer’s disease agitation is on-track for 3Q 2025, an event Morgan Stanley views as a significant value inflection.
Strong cash runway
Axsome exited 2Q 2025 with ~
$303 M in cash and equivalents, “sufficient to fund operations into cash-flow positivity.”
Continued