Business
Axsome Therapeutics Reports Second Quarter 2023 Financial Results and Provides Business Update
Total 2Q 2023 product revenue of $46.7 million Auvelity® 2Q 2023 net product sales of $27.6 million, representing 76% quarter-over-quarter growth Sunosi® 2Q
About this update from Axsome Therapeutics, Inc.
[{"type":"text","content":"Total 2Q 2023 product revenue of $46.7 million Auvelity® 2Q 2023 net product sales of $27.6 million, representing 76% quarter-over-quarter growth Sunosi® 2Q 2023 net product revenue of $19.1 million Pro forma second quarter cash balance of $468.8 million FOCUS Phase 3 trial of solriamfetol in attention-deficit hyperactivity disorder initiated Positive FDA pre-IND meeting feedback received for two new potential indications for solriamfetol: Phase 3 trial initiations planned for binge eating disorder in 4Q 2023, and shift work disorder in 1Q 2024 Company to host conference call today at 8:00 AM Eastern NEW YORK, Aug. 07, 2023 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company developing and delivering novel therapies for the management of central nervous system (CNS) disorders, today reported financial results for the second quarter ended June 30, 2023. “We exhibited strong financial performance and pipeline advancement in the second quarter. Given the positive reception to date from clinicians to the Auvelity launch, we are expanding the Auvelity sales force by approximately 100 representatives. The expansion combined with our innovative DCC approach is expected to significantly increase our reach from approximately 26,000 to 44,000 physicians who write greater than 80% of branded antidepressant prescriptions,” said Herriot Tabuteau, MD, Chief Executive Officer of Axsome. “Our Q2 relaunch of Sunosi is also well underway, and we are seeing positive results from these efforts. Our late-stage CNS pipeline continues to expand, and we are pleased to announce the launch of three new high value potential indications for solriamfetol: ADHD, for which we recently initiated the FOCUS Phase 3 trial, and binge eating disorder and shift work disorder for which we intend to initiate Phase 3 trials over the next two quarters based on positive FDA feedback on their development plans. We also look forward to topline results from the SYMPHONY Phase 3 trial of AXS-12 in narcolepsy and the ADVANCE-2 Phase 3 trial of AXS-05 in Alzheimer’s disease agitation, which remain on track. Following our recent public offering of common stock, we are solidly positioned to further build value across our commercial and development portfolio.” Second Quarter 2023 Financial Highlights Total product revenue for the second quart...