It has been about a month since the last earnings report for Axsome Therapeutics (AXSM Quick QuoteAXSM - Free Report) . Shares have lost about 0.4% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Axsome due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Axsome Q1 Loss Widens, Revenues Rise on Higher Auvelity Sales

Axsome incurred a loss of $1.26 per share in the first quarter of 2026, wider than the Zacks Consensus Estimate of a loss of 85 cents. The company had reported a loss of $1.22 per share in the year-ago quarter.

Axsome’s total revenues surged 57.4% year over year to $191.2 million in the first quarter, beating the Zacks Consensus Estimate of $189 million. The year-over-year increase in revenues was primarily driven by strong sales of Auvelity as well as other marketed drugs.

Quarter in Detail

Total revenues in the first quarter consisted of product revenues from Auvelity, Sunosi, and the newest drug, Symbravo, as well as royalty and milestone revenues.

Net product revenues were $189.4 million in the quarter, reflecting an increase of 57.4% year over year. Royalty and milestone revenues totaled $1.8 million in the quarter, reflecting royalties on Sunosi’s sales in out-licensed territories.

Auvelity recorded sales of $153.2 million, up 59% from the year-ago quarter’s level. Sales of the drug beat the Zacks Consensus Estimate of $144 million.

Per Axsome, around 223,000 prescriptions were recorded for Auvelity in the first quarter, reflecting a year-over-year increase of 35%.

Sunosi’s net product sales were $33.9 million in the quarter, up 34% from the year-ago quarter’s level. Total prescriptions for Sunosi in the United States grew 16% year over year to 54,000.

Axsome’s newest drug, Symbravo, was launched in June 2025 in the United States. Sales of the drug came in at $4.1 million in the first quarter and were flat sequentially. Symbravo’s sales missed the Zacks Consensus Estimate of $6.7 million.

Total prescriptions for Symbravo grew 36% sequentially to 17,000 in the first quarter of 2026.

Research and development expenses (including stock-based compensation) were $52.7 million, up 17.6% from the year-ago quarter’s level, due to a one-time acquisition-related expense.

Selling, general and administrative expenses (including stock-based compensation) totaled $185 million, up 53.1% year over year. The increase was due to higher commercial activities for Auvelity and Symbravo, and also the ongoing pre-launch activities for Auvelity for the Alzheimer’s disease agitation indication.

As of March 31, 2026, Axsome had cash and cash equivalents worth $305.1 million compared with $322.9 million as of Dec. 31, 2025.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -69.78% due to these changes.

VGM Scores

At this time, Axsome has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with an F. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Axsome has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.