Axsome Therapeutics has reported strong financial growth for the fourth quarter and full year of 2024, highlighting significant revenue increases and progress in its clinical pipeline. The company achieved total net product revenue of $118.8 million for the fourth quarter, representing 66% year-over-year growth, and $385.7 million for the full year, an 88% increase compared to 2023.

Key contributors to revenue growth include Auvelity, with fourth-quarter sales of $92.6 million, marking an 89% increase from the prior year, and full-year sales reaching $291.4 million, up 124%. Sunosi also performed well, generating $26.2 million in fourth-quarter revenue and $94.3 million for the year, reflecting year-over-year growth of 16% and 26%, respectively.

Axsome achieved a major regulatory milestone with the U.S. approval of Symbravo for the acute treatment of migraines. The company also completed a Phase 3 clinical program for AXS-05 in Alzheimer's disease agitation, with an NDA submission expected in the second half of 2025. Additionally, positive results were reported from the Phase 3 ENCORE trial for AXS-12 in narcolepsy, with an NDA submission anticipated in the latter half of the year.

Research and development expenses increased to $187.1 million for the year, reflecting ongoing clinical trials and expansion efforts. Selling, general, and administrative expenses also rose to $411.4 million due to commercialization activities for Auvelity and Sunosi. The company reported a net loss of $74.9 million for the fourth quarter and $287.2 million for the full year, impacted by non-cash charges, stock-based compensation, and acquisition-related expenses.

At year-end, Axsome had cash and cash equivalents of $315.4 million, compared to $386.2 million at the end of 2023. The company remains focused on advancing its late-stage pipeline and expanding its market presence with multiple new product launches anticipated in the coming months.