Axsome Therapeutic (NASDAQ:AXSM) added ~6% premarket after its first-quarter 2023 results, as investors turned to sales of its newly approved depression treatment, Auvelity, in its first full quarter of commercial launch.
In October, Axsome (AXSM) launched Auvelity following the FDA approval of rapid-acting oral treatment for major depressive disorder in adults.
Supported by $15.7 million in Auvelity product net sales, the company’s total product net sales reached $28.6 million in the first quarter of 2023, compared to $24.4 million in the prior quarter when sales net income from Auvelity products amounted to $5.2 million.
However, Axsome’s (AXSM) total revenue reached $94.6 million, fueled by licensing revenue of $65.7 million and royalty revenue of $0.3 million thanks to a license agreement with the British company Pharmanovia for the sleep disorder therapy Sunosi.
Meanwhile, net loss decreased approximately 72% year-on-year to $11.2 million, indicating initial licensing revenue received from Pharnovia, while cash and cash equivalents increased approximately 23%. % compared to the end of the year 2022 to reach 246.5 million dollars.
Regarding next steps, Axsome (AXSM) plans to share key data for AXS-12 in narcolepsy this year from a Phase 3 trial and awaits marketing submissions for migraine candidate AXS-07 and AXS-14 fibromyalgia treatment in Q2 and Q4 2023, respectively. .
Learn more about Axsome
- Axsome enters licensing agreement with Pharnovia for Sunosi sleep disorder treatment
- Axsome Therapeutics: things are going well