Axsome Therapeutics Inc (0HKF.L) Q1 2025 Earnings Report

Axsome Therapeutics reported a strong top-line expansion in QQ1 2025 with USD 121.463 million in revenue, up approximately 61.95% year-over-year, supported by a robust gross margin of 91.94%. The company, however, continues to incur substantial operating losses driven by aggressive SG&A and R&D investments, resulting in a net loss of USD 59.413 million and an EPS of -1.22 for the quarter. Despite negative earnings, the quarterly results reflect a company investing heavily in its pipeline and platform leadership in CNS disorders, with gross profitability masking ongoing profitability headwinds from clinical development and commercialization expenditures. The balance sheet remains liquidity-strong, showing USD 300.9 million in cash and equivalents and a net cash position, suggesting runway to fund ongoing trials and potential partnerships. The earnings landscape is characterized by a classic biotech growth profile: meaningful near-term cash burn in exchange for long-term value creation through AXS05, AXS07, AXS12, and AXS14 programs, with several near-term catalysts anticipated to influence the risk-reward profile for investors.