Axsome Therapeutics, Inc. (AXSM): Canvas du modèle d'entreprise [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation pharmaceutique, la thérapeutique axsome émerge comme une entreprise de neuroscience pionnière qui rehapait la façon dont nous abordons les troubles neurologiques complexes. En tirant stratégiquement une toile de modèle commercial sophistiqué, cette organisation de pointe est des traitements révolutionnaires pionnières qui promettent de transformer les soins aux patients dans la dépression, l'anxiété et la gestion de la douleur. Leur approche unique combine des recherches scientifiques rigoureuses, un développement thérapeutique ciblé et une stratégie visionnaire qui les positionne à l'avant-garde de l'innovation pharmaceutique neurologique.

Axsome Therapeutics, Inc. (AXSM) - Modèle commercial: partenariats clés

Institutions de recherche pharmaceutique et réseaux d'essais cliniques

Axsome Therapeutics collabore avec plusieurs institutions de recherche pour le développement de médicaments et les essais cliniques.

Partenaire de recherche	Focus de la collaboration	Année de partenariat
National Institutes of Health (NIH)	Recherche de dépression AXS-05	2019
Duke University Medical Center	Coordination des essais cliniques	2020

Organisations de fabrication de contrats (CMOS)

Axsome travaille avec des CMO spécialisés pour la production de médicaments et la gestion de la chaîne d'approvisionnement.

• Patheon Pharmaceuticals (filiale Thermo Fisher Scientific)
• Lonza Group AG
• Solutions pharmatriques catalennes

Centres médicaux académiques pour le développement de médicaments

Centre médical	Programme de recherche	Étape de développement de médicaments
École de médecine de Harvard	Recherche de neurosciences	Préclinique
Centre médical de l'Université de Stanford	Recherche de migraine AXS-07	Essais cliniques

Partenaires de licence stratégique

Axsome a établi des accords de licence stratégique pour étendre son portefeuille de médicaments.

• Corium International: Contrat de licence pour la livraison transdermique AXS-05
• Jazz Pharmaceuticals: Collaboration potentielle pour la thérapeutique des neurosciences

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: activités clés

Neuroscience et recherche de médicament au système nerveux central

Axsome Therapeutics se concentre sur le développement de nouvelles thérapies pour les troubles du système nerveux central (SNC). En 2024, la société a investi 45,2 millions de dollars dans les frais de recherche et de développement.

Les domaines de recherche sur la recherche	État du pipeline actuel
Trouble dépressif majeur	3 candidats en médicaments actifs
Agitation d'Alzheimer	1 traitement approuvé par la FDA (Auvérité)
Narcolepsie	1 composé de stade clinique

Développement et gestion des essais cliniques

Axsome mène plusieurs essais cliniques simultanément dans diverses zones thérapeutiques.

• Essais cliniques actifs totaux: 7
• Durée moyenne des essais cliniques: 36 mois
• Investissement total des essais cliniques en 2023: 32,7 millions de dollars

Processus de soumission et d'approbation réglementaires

La société a réussi à naviguer sur les voies réglementaires de la FDA pour plusieurs candidats en médicaments.

Jalon réglementaire	Nombre de réalisations
FDA Nouvelles applications de médicament	2
Approbations de la FDA	1 (AUVELITY en 2022)

Formulation et innovation de médicaments

Axsome est spécialisé dans les mécanismes innovants de l'administration de médicaments et les stratégies de reformulation.

• Plateformes de livraison de médicaments propriétaires: 3
• Demandes de brevet déposées: 12
• Taille de l'équipe R&D: 45 chercheurs

Commercialisation de traitements pharmaceutiques spécialisés

La société se concentre sur la commercialisation des traitements du SNC avec un potentiel de marché important.

Produit	Revenus annuels (2023)	Potentiel de marché
Auvéité	47,3 millions de dollars	Marché des troubles dépressifs majeurs
AXS-05	12,6 millions de dollars	Dépression résistante au traitement

Axsome Therapeutics, Inc. (AXSM) - Modèle commercial: Ressources clés

Équipe spécialisée de recherche et de développement en neurosciences

Depuis le quatrième trimestre 2023, Axsome Therapeutics a employé 133 employés à temps plein, avec environ 70% dédiés à la recherche et au développement.

Catégorie des employés	Nombre d'employés	Pourcentage
Total des employés	133	100%
Équipe de R&D	93	70%

Portefeuille de propriété intellectuelle

Axsome tient 14 brevets accordés et 24 demandes de brevet en instance En décembre 2023.

• Couverture de brevet à travers les formulations clés de médicaments
• Propriété intellectuelle protégeant de nouvelles technologies de traitement neurologique
• Dates d'expiration des brevets allant de 2030 à 2040

Données des essais cliniques et idées de recherche

Métrique d'essai clinique	2023 données
Essais cliniques actifs	6
Investissement total des essais cliniques	42,3 millions de dollars

Capital financier

Ressources financières au quatrième trimestre 2023:

• Equivalents en espèces et en espèces: 362,4 millions de dollars
• Total des frais de recherche et de développement: 184,2 millions de dollars
• Fonds de roulement: 276,5 millions de dollars

Infrastructure de recherche pharmaceutique avancée

Métrique de l'installation de recherche	2023 Détails
Installations de recherche	2 centres de recherche primaires
Investissement de l'équipement de laboratoire	17,6 millions de dollars
Plateformes de technologie de recherche	4 plateformes de recherche neurologique spécialisées

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: propositions de valeur

Traitements innovants pour les troubles neurologiques complexes

Axsome Therapeutics se concentre sur le développement de nouvelles solutions pharmaceutiques avec un positionnement spécifique du marché:

Drogue	Zone thérapeutique	Mécanisme unique	Potentiel de marché
AXS-05	Trouble dépressif majeur	Antagoniste des récepteurs NMDA	Marché potentiel de 7,1 milliards de dollars
AXS-07	Traitement de la migraine	Mécanisme multimodal	Marché potentiel de 4,8 milliards de dollars
Hache-12	Narcolepsie	Inhibiteur sélectif de la recapture noradrénaline	Marché potentiel de 1,2 milliard de dollars

Nouvelles solutions pharmaceutiques avec un mécanisme d'action unique

Les principales stratégies de développement pharmaceutique de différenciation:

• Technologies de formulation de médicaments propriétaires
• Approches pharmacologiques multi-cibles
• Développement de médicaments neurologiques avancés

Thérapies ciblées répondant aux besoins médicaux non satisfaits

Besoins médicaux non satisfaits spécifiques ciblés par la thérapeutique Axsome:

Condition médicale	Besoin non satisfait	Solution axsome
Dépression résistante au traitement	Traitements efficaces limités	AXS-05 avec un nouveau mécanisme
Migraine aiguë	Besoin d'un soulagement plus rapide	Formulation AXS-07 à action rapide

Traitements de percée potentielles

Domaines d'intervention du développement du traitement révolutionnaire:

• Gestion de la dépression
• Interventions des troubles anxieux
• Gestion de la douleur chronique

Amélioration des résultats des patients

Médicament	Efficacité des essais cliniques	Métriques d'amélioration des patients
AXS-05	Taux de réponse de 48%	Réduction significative des symptômes de dépression
AXS-07	62% de redressement de la migraine	Début d'action plus rapide

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

Axsome Therapeutics met en œuvre une approche ciblée de l'engagement professionnel des soins de santé:

Méthode d'engagement	Fréquence	Public cible
Présentations de la conférence médicale	4-6 conférences par an	Psychiatres, neurologues
Consultations cliniques individuelles	Environ 250-300 interactions par trimestre	Leaders d'opinion clés

Programmes de soutien aux patients et d'éducation

Les stratégies complètes de soutien aux patients comprennent:

• Programme d'assistance aux patients AUVELYX ™
• Ressources pédagogiques numériques
• Matériaux de support d'adhésion au traitement

Équipes de liaison en science médicale

Structure de liaison des sciences médicales d'Axsome:

Composition de l'équipe	Zones thérapeutiques	Couverture géographique
8-10 Liaisons médicales spécialisées	Troubles neurologiques, trouble dépressif majeur	États-Unis à l'échelle nationale

Plateformes d'information sur la santé numérique

Métriques d'engagement numérique:

• Trafficage du site Web: environ 35 000 visiteurs uniques mensuellement
• Interactions de portail de médecins en ligne: 2 500 engagements mensuels
• Téléchargements d'informations sur les patients: 1 200 mois

Stratégies de communication de traitement personnalisé

Approche de communication ciblée:

Canal de communication	Niveau de personnalisation	Atteindre
Intégration des dossiers de santé électronique	Haut	Plus de 5 000 fournisseurs de soins de santé
Guide de traitement personnalisée	Moyen	Spécifique aux patients Auvelyx ™ et Sunosi®

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: canaux

Force de vente directe ciblant les neurologues et les psychiatres

Axsome Therapeutics maintient une équipe de vente spécialisée de 45 représentants axée sur les neurologues et les psychiatres au quatrième trimestre 2023. La force de vente couvre environ 3 200 médecins de prescription clés aux États-Unis.

Métrique de la force de vente	2024 données
Représentants des ventes totales	45
Spécialités des médecins cibles	Neurologues, psychiatres
Couverture géographique	États-Unis (à l'échelle nationale)

Présentations de la conférence des soins de santé

Axsome a présenté 12 grandes conférences médicales en 2023, y compris la réunion annuelle de l'American Psychiatric Association et la conférence de l'American Neurological Association.

Type de conférence	Nombre de présentations
Conférences psychiatriques	7
Conférences neurologiques	5

Publications des journaux médicaux

En 2023, Axsome a publié 8 articles évalués par des pairs dans des revues telles que Neuropsychopharmacologie et Journal of Clinical Psychiatry.

Plateformes d'information médicale en ligne

• Portail professionnel webmd
• Réseau de médecins Medscape
• PubMed Central Research Database
• Plateforme d'information sur les essais cliniques.

Réseaux de distributeurs pharmaceutiques

Axsome collabore avec 3 grands distributeurs pharmaceutiques: Amerisourcebergen, Cardinal Health et McKesson Corporation.

Distributeur	Part de marché
Amerisourcebergen	35%
Santé cardinale	30%
McKesson Corporation	35%

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: segments de clientèle

Neurologues et professionnels de la psychiatrie

Depuis le quatrième trimestre 2023, Axsome Therapeutics cible environ 52 000 neurologues agréés et 48 500 psychiatres aux États-Unis.

Catégorie professionnelle	Nombre total	Pénétration potentielle du marché
Neurologues	52,000	37% d'engagement potentiel
Psychiatres	48,500	42% d'engagement potentiel

Patients souffrant de troubles neurologiques résistants au traitement

Target démographie de la population de patients pour 2024:

• Trouble dépressif majeur: 16,1 millions d'adultes
• Dépression résistante au traitement: 2,8 millions de patients
• Agitation d'Alzheimer: 1,5 million de patients potentiels

Institutions de soins de santé et hôpitaux

Type d'institution	Nombre total	Couverture potentielle du marché
Hôpitaux psychiatriques	573	48% d'engagement potentiel
Centres de traitement en neurologie	1,245	55% d'engagement potentiel

Fournisseurs de soins spécialisés

Répartition des prestataires de soins spécialisés pour 2024:

• Cliniques de spécialité neurologique: 2 100
• Centres de traitement de santé mentale: 3 750
• Centre de soins gériatriques: 4 500

Chercheurs pharmaceutiques et cliniciens

Catégorie de recherche	Total des professionnels	Intérêt potentiel de la recherche
Recherche neurologique	7,800	Collaboration potentielle de 62%
Développement de médicaments psychiatriques	5,600	Collaboration potentielle de 55%

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2022, Axsome Therapeutics a déclaré des dépenses de R&D de 127,6 millions de dollars. Les dépenses de R&D de la société sont passées de 86,5 millions de dollars en 2021.

Année	Dépenses de R&D ($ m)
2021	86.5
2022	127.6

Investissements d'essais cliniques

Axsome a investi environ 93,2 millions de dollars dans les activités d'essai cliniques au cours de 2022, en se concentrant sur les principaux candidats médicamenteux comme AXS-05, AXS-07 et AXS-14.

Coûts de conformité réglementaire

La société a dépensé environ 15,4 millions de dollars pour les processus de conformité réglementaire et de soumission en 2022.

Frais de fabrication et de production

Catégorie	Dépenses ($ m)
Fabrication des frais généraux	22.7
Équipement de production	8.3
Contrôle de qualité	5.9

Dépenses de vente et de marketing

Pour l'exercice 2022, Axsome Therapeutics a déclaré des frais de vente et de marketing de 41,3 millions de dollars.

• Compensation de la force de vente: 18,6 millions de dollars
• Matériel marketing: 7,2 millions de dollars
• Événements promotionnels: 5,5 millions de dollars
• Marketing numérique: 10 millions de dollars

Total des dépenses d'exploitation pour 2022: 306,2 millions de dollars

Axsome Therapeutics, Inc. (AXSM) - Modèle d'entreprise: Strots de revenus

Ventes de produits pharmaceutiques

Depuis le quatrième trimestre 2023, Axsome Therapeutics a généré des revenus principalement à partir de:

• AUVELYX (AXS-05) pour le trouble dépressif majeur: 28,7 millions de dollars en ventes de produits nets pour 2023
• Sunosi pour une somnolence diurne excessive: 43,2 millions de dollars en ventes de produits nets pour 2023

Accords de licence pour les technologies médicamenteuses

Détails spécifiques des revenus de licence pour 2024:

Technologie de drogue	Partenaire de licence	Revenus estimés
AXS-05	Corium International	5,2 millions de dollars
Auvelyx	Accords collaboratifs en attente	Non divulgué

Payments d'étape provenant de partenariats stratégiques

Payments de jalon potentiels pour 2024:

• AXS-07 Migraine Treatment Potential Milestone: 15 millions de dollars
• AXS-12 Narcolepsie Traitement Potentiel Potentiel Milestone: 10 millions de dollars

Redevances de la commercialisation des médicaments

Strots de revenus de redevance pour 2024:

Médicament	Pourcentage de redevances	Redevance annuelle estimée
Sunosi	12-15%	6,5 millions de dollars
Auvelyx	10-12%	4,3 millions de dollars

Subventions de recherche et financement collaboratif

Sources de financement de la recherche pour 2024:

• GRANTIF NATIONAL INSTITUTS DE SANTÉ (NIH): 2,1 millions de dollars
• Financement de la recherche du ministère de la Défense: 1,5 million de dollars

Axsome Therapeutics, Inc. (AXSM) - Canvas Business Model: Value Propositions

You're looking at the core value Axsome Therapeutics, Inc. is delivering to the market, which is all about offering differentiated, needed treatments for serious Central Nervous System (CNS) disorders. Honestly, the numbers from the third quarter of 2025 really show where the value is landing right now.

Rapid-acting oral treatment for Major Depressive Disorder (Auvelity)

The flagship offering, Auvelity (AXS-05), is clearly the main growth engine. It's positioned as the first and only rapid-acting oral NMDA receptor antagonist and sigma-1 receptor agonist approved in the U.S. for Major Depressive Disorder (MDD). This mechanism is a big part of the value proposition for patients who need faster relief than traditional options.

The commercial traction is strong, showing real-world adoption. For the third quarter of 2025, Auvelity pulled in net product sales of $136.1 million. That's a 69% year-over-year jump. We saw 209,000 prescriptions written in that quarter alone, which was a 9% sequential increase. Plus, the total prescriber base has hit 46,000 since launch. Market access is also improving, with commercial coverage now at 75% of patient lives, pushing total coverage to 85%.

Here's a quick look at the commercial momentum:

Metric	Value (Q3 2025)	Context
Net Product Sales	$136.1 million	Primary growth driver for Axsome Therapeutics, Inc.
Prescription Volume	209,000	Reflecting continued demand and prescriber activation.
Total Prescribers (Cumulative)	46,000	Indicates broad physician adoption.
Total Payer Coverage	85% of patient lives	A key driver for patient access.

What this estimate hides is the impact of the expected patent exclusivity until 2039 following the settlement regarding generic entry.

First and only DNRI for excessive daytime sleepiness (Sunosi)

Sunosi (solriamfetol) offers a unique mechanism as the first and only dopamine and norepinephrine reuptake inhibitor (DNRI) approved for excessive daytime sleepiness (EDS) in narcolepsy or obstructive sleep apnea (OSA). This differentiation is key in a market where patients may not respond to older agents.

For the third quarter of 2025, Sunosi contributed $32.8 million in net product revenue, marking a 35% year-over-year increase. Prescription volume was approximately 53,000, up 5% sequentially. Payer coverage remains quite stable and robust at approximately 83% of all lives covered across channels.

Novel mechanism of action for serious CNS disorders (e.g., AXS-05)

Axsome Therapeutics, Inc. is focused on developing products with novel mechanisms to address critical gaps in care. While Auvelity's mechanism is established, the pipeline is built on this principle, aiming for first-in-class or best-in-class potential across several serious conditions. The company estimates a combined peak sales potential exceeding $16 billion across its approved medicines and pipeline programs.

The pipeline itself represents future value propositions:

• Advancing AXS-12 for narcolepsy with an NDA submission anticipated in 4Q 2025.
• Advancing solriamfetol (Sunosi) for MDD with EDS, planning a Phase 3 trial initiation in 4Q 2025.
• Developing AXS-05 (Auvelity) for smoking cessation, with a pivotal Phase 2/3 trial planned for 4Q 2025.

Acute migraine treatment with a differentiated profile (Symbravo)

Symbravo (meloxicam and rizatriptan), approved in January 2025, targets acute migraine with or without aura. Its value is in the combination and rapid absorption technology, MoSEIC, which provides a multi-mechanistic approach. For patients with an inadequate response to oral CGRP inhibitors, the data is compelling.

In a head-to-head trial (EMERGE), 47.9% of patients on Symbravo reported pain freedom within 2 hours, compared to only 1.0% for oral CGRPs (p<0.001). Furthermore, 85% of patients in the INTERCEPT trial did not require rescue medication within 24 hours post dose. Commercially, Symbravo generated net product sales of $2.1 million in its first full commercial quarter (Q3 2025), with more than 5,000 prescriptions written. Payer coverage is still building, sitting at approximately 52% of lives as of October 1, 2025.

Addressing high unmet needs in Alzheimer's agitation and narcolepsy

This is where the near-term pipeline value proposition is most apparent. For Alzheimer's disease agitation, there is only one medicine approved by the FDA, despite over 5 million patients in the U.S. suffering from it. Axsome, Inc. is on track to submit its supplemental New Drug Application (sNDA) for AXS-05 in this indication in the third quarter of 2025.

For narcolepsy, the company is advancing AXS-12, with an anticipated NDA submission in the fourth quarter of 2025. These programs target significant gaps in care, which is defintely why investors are watching the pipeline progress so closely.

Finance: draft 13-week cash view by Friday.

Axsome Therapeutics, Inc. (AXSM) - Canvas Business Model: Customer Relationships

You're looking at how Axsome Therapeutics, Inc. connects with the healthcare ecosystem to drive adoption for its CNS portfolio, which includes AUVELITY, SUNOSI, and the recently launched SYMBRAVO. The relationship strategy is multi-pronged, focusing heavily on the prescribing physician and the payer gatekeepers.

Dedicated sales force engagement with high-volume prescribers

Axsome Therapeutics, Inc. deploys a specialized sales force to engage directly with prescribers, a critical touchpoint for specialty pharmaceuticals. As of late 2025, the company maintained a dedicated field force focused on its core indications. The selling, general, and administrative expense increased by 57% year-over-year, reflecting significant investment in commercialization activities, including this sales force expansion and the launch of SYMBRAVO. This investment is key to driving prescription volume.

The structure and size of the sales force are calibrated to the product opportunity. For Major Depressive Disorder (MDD) with AUVELITY, the company had roughly 300 reps detailing as of December 2025. There were earlier plans for a 10%-15% increase in the sales force to better cover migraine treaters, especially in primary care settings, ahead of the SYMBRAVO launch. Future expansion is planned upon potential approval for Alzheimer's Disease Agitation (ADA), though the final size will not double the current field force.

Prescriber engagement metrics show traction:

• AUVELITY activated 5,000 new prescribers in Q3 2025, bringing the total to 46,000 since launch.
• SUNOSI added more than 460 new clinicians in Q3 2025, totaling approximately 15,100 since launch.
• The primary care segment for AUVELITY grew to represent one-third of its prescriber base.

Market access negotiations with payers and GPOs

Securing favorable formulary placement is paramount, as it directly impacts patient access and the realized net price. Axsome Therapeutics, Inc. has been aggressive in negotiating with Pharmacy Benefit Managers (PBMs) and Group Purchasing Organizations (GPOs) across its portfolio.

By the third quarter of 2025, AUVELITY achieved total payer coverage across all channels of approximately 85% of covered lives. This includes 100% coverage in the government channel (Medicare and Medicaid) and 75% in the commercial channel (up from 73% sequentially). The company successfully contracted with each of the three largest GPOs for AUVELITY, with the third contract effective August 1, 2025.

For the newer product, SYMBRAVO, overall payer coverage reached approximately 52% of patient lives as of October 1, 2025, with 48% in the commercial channel and 56% in the government channel. Axsome Therapeutics, Inc. also secured a contract with a second large GPO for SYMBRAVO, effective August 1, 2025. SUNOSI maintained approximately 83% payer coverage across all channels.

The realized net price, reflected in the Gross-to-Net (GTN) discount, is a direct outcome of these negotiations. You can see the difference in the GTN profiles below:

Product	Reporting Period (Q3 2025)	Total Payer Coverage (Approx.)	Government Coverage (Approx.)	Commercial Coverage (Approx.)	GTN Discount (Approx.)
AUVELITY	Q3 2025	85% of lives	100% of lives	75% of lives	High 40% range (expected low 50% range in Q4/Q1)
SUNOSI	Q3 2025	83% of lives	Not specified	Not specified	High 40% range (expected low 50% range in next quarter)
SYMBRAVO	As of Oct 1, 2025	52% of lives	56% of lives	48% of lives	Mid-70% range (anticipated to remain elevated)

Patient support and co-pay assistance programs (implied by specialty pharma)

While specific utilization numbers for patient support or co-pay assistance programs weren't explicitly detailed in the latest reports, these programs are an implied necessity for specialty pharma products, especially given the GTN figures and the focus on patient access. The company is actively managing gross-to-net adjustments, which include rebates and discounts often tied to patient access programs. For instance, the AUVELITY GTN improved from the mid-50% range in Q2 to the high 40% range in Q3 2025. Management also mentioned calibrating patient support and patient savings as part of their commercial strategy.

Direct-to-Consumer (DTC) advertising for brand awareness

Axsome Therapeutics, Inc. is using DTC advertising to build brand awareness and drive patient-initiated conversations with their doctors. The SG&A increase of 57% year-over-year was partly attributed to the direct-to-consumer advertising campaign for AUVELITY. The company planned for a national DTC campaign for AUVELITY to be in full execution by the end of Q1 2025, with heavy spending initially to establish brand awareness, continuing through 2026. The overall pharmaceutical industry DTC spend in the U.S. for 2025 was estimated to be a significant portion of a global spend approaching $10 billion.

The DTC investment supports the growth in prescription volume, as seen by the 46% year-over-year increase in AUVELITY prescriptions to 209,000 in Q3 2025. Finance: review the Q4 2025 SG&A spend against the planned DTC intensity by end of year.

Axsome Therapeutics, Inc. (AXSM) - Canvas Business Model: Channels

You're looking at how Axsome Therapeutics, Inc. gets its products, like AUVELITY, SUNOSI, and the newly launched SYMBRAVO, into the hands of the right prescribers and patients as of late 2025. The channel strategy is clearly multi-pronged, heavily leaning on direct engagement supported by broad access agreements.

Expanded in-house sales force targeting psychiatrists and neurologists

Axsome Therapeutics, Inc. has been actively building out its commercial infrastructure to support its growing portfolio. The investment in this direct channel is significant, as reflected in the financial reporting. Selling, General, and Administrative (SG&A) expenses reached $150.2 million in the third quarter of 2025, marking a 57% year-over-year increase. This rise directly accounts for commercialization efforts for AUVELITY, the sales force expansion, and the launch activities for SYMBRAVO. Management indicated that incremental representatives are planned to support the anticipated launch of a pipeline asset, with final sizing expected in early 2026. The sales force is focused on key prescribers in the major depressive disorder (MDD) and migraine spaces, driving prescription growth across the board.

Digital and traditional Direct-to-Consumer (DTC) media campaigns

To support the in-house efforts, Axsome Therapeutics, Inc. is using both digital and traditional media to drive patient awareness and demand. The SG&A increase in Q3 2025 also covers the direct-to-consumer advertising campaign, which is a key component of the channel strategy for driving patients to ask their doctors about the therapies. This advertising spend is timed to align with periods of high patient flow, as noted by commercial leadership.

Specialty pharmacies and wholesale distributors for drug delivery

The physical movement of the drugs relies on established distribution networks. For SYMBRAVO, which became commercially available in June 2025, the company secured its first group purchasing organization (GPO) contract in the second quarter of 2025. By the third quarter, Axsome Therapeutics, Inc. had contracted with a second large GPO for SYMBRAVO, effective August 1, 2025, to facilitate formulary coverage decisions. For AUVELITY, the channel strength is even more established, with contracts now in place with each of the three largest GPOs, following the signing of the third large GPO contract on August 1, 2025. These agreements are critical for ensuring the products move efficiently through wholesale distributors and specialty pharmacies to reach the patient.

Hospital and headache centers for Symbravo launch

The launch of SYMBRAVO for the acute treatment of migraine required specific targeting of specialists. In its first full commercial quarter (Q3 2025), SYMBRAVO generated $2.1 million in net sales, with over 5,000 prescriptions written. The initial access strategy focused on securing favorable payer coverage, which reached approximately 52% of all lives by October 1, 2025. This coverage breakdown shows 48% in the commercial channel and 56% in the government channel. To support the patient journey through these specialized channels, Axsome Therapeutics, Inc. is offering comprehensive patient support, including the SYMBRAVO On My Side savings program.

Here's a quick look at the access metrics achieved across the commercial channels as of late 2025:

Product	Overall Payer Coverage (Approx. % of Lives)	Commercial Payer Coverage (Approx. % of Lives)	Government Payer Coverage (Approx. % of Lives)	Key GPO Status (As of late 2025)
AUVELITY	85%	75%	100%	Contracted with all 3 largest GPOs
SUNOSI	83%	Not specified	Not specified	Not specified
SYMBRAVO	52% (as of Oct 1)	48%	56%	Contracted with 2 of 3 largest GPOs

The company is also focused on patient support mechanisms to ensure adherence and persistence once a prescription is written:

• Providing educational resources and tools for providers and patients.
• Offering a savings program for eligible SYMBRAVO patients.
• Achieving $136.1 million in AUVELITY net product sales in Q3 2025, supported by its 85% overall coverage.
• SUNOSI maintained approximately 83% coverage across channels.

Finance: draft 13-week cash view by Friday.

Axsome Therapeutics, Inc. (AXSM) - Canvas Business Model: Customer Segments

You're hiring before product-market fit is fully established across all indications, so knowing exactly who you are selling to-and the size of that pool-is critical for resource allocation. Here's the quick math on Axsome Therapeutics, Inc. (AXSM)'s key customer segments as of late 2025, based on their marketed products and late-stage pipeline targets.

US patients with Major Depressive Disorder (MDD)

The primary target for AUVELITY is US patients with Major Depressive Disorder (MDD). The National Institute of Mental Health (NIMH) estimates that about 8.3% of American adults have MDD each year, equating to approximately 21 million adults in the U.S.. Axsome Therapeutics, Inc. (AXSM) is specifically targeting the segment of this population that may not respond adequately to first-line treatments, including those with co-occurring severe Excessive Daytime Sleepiness (EDS), which affects approximately 50 percent of MDD patients. In the third quarter of 2025, 209,000 prescriptions were written for AUVELITY.

US patients with excessive daytime sleepiness (EDS) from narcolepsy or OSA

SUNOSI targets patients suffering from EDS associated with narcolepsy or Obstructive Sleep Apnea (OSA). Narcolepsy alone is estimated to affect approximately 185,000 individuals in the U.S.. Axsome Therapeutics, Inc. (AXSM) notes that its entire portfolio of potentially first-in-class or best-in-class medicines has the potential to address serious conditions that affect more than 150 million people in the United States alone. In the third quarter of 2025, approximately 53,000 prescriptions were written for SUNOSI.

US patients suffering from acute migraine attacks

The customer base for SYMBRAVO includes US adults suffering from acute migraine attacks with or without aura. The US migraine treatment market was valued at USD 3.46 billion in 2025. Within this market, oral triptans, a class that SYMBRAVO is compared against, accounted for an estimated 48.90% revenue share in 2025. SYMBRAVO generated $2.1 million in net sales in its first full quarter of commercial launch in the third quarter of 2025.

Neurologists and psychiatrists who prescribe CNS medications

The professional customer segment consists of the clinicians who write the prescriptions. As of the third quarter of 2025, the total number of unique prescribers for AUVELITY reached 46,000 since its launch. For SUNOSI, the total cumulative prescriber base reached approximately 15,100 since launch, with more than 460 new clinicians prescribing in Q3 2025. A notable point is that approximately 1/3 of AUVELITY prescribers are primary care clinicians, whose NBRxs increased by approximately 50% since the sales force expansion.

Here is a summary of the key customer-facing metrics for the marketed products as of Q3 2025:

Product	Indication Focus	Q3 2025 Prescriptions (Volume)	Total Unique Prescribers (Cumulative)	Payer Coverage (Approximate)
AUVELITY	Major Depressive Disorder (MDD)	209,000	46,000 (Total Unique Prescribers)	Increased from 73% (prior period)
SUNOSI	EDS (Narcolepsy/OSA)	Approx. 53,000	Approx. 15,100 (Total Cumulative)	Approx. 83% of patient lives
SYMBRAVO	Acute Migraine	Approx. 5,000 (First full quarter)	Not explicitly stated for SYMBRAVO	Approx. 52% across all channels

Future: Patients with Alzheimer's disease agitation and narcolepsy cataplexy

Axsome Therapeutics, Inc. (AXSM) is targeting significant future segments with pipeline assets. AXS-05 is being developed for Alzheimer's disease (AD) agitation, a condition affecting up to 70% of the approximately 7 million people with AD in the U.S.. The company planned to submit the supplemental New Drug Application (sNDA) for AXS-05 in the third quarter of 2025. For narcolepsy, AXS-12 targets cataplexy, which is seen in an estimated 70% of people living with narcolepsy. The New Drug Application (NDA) submission for AXS-12 for cataplexy was targeted for the fourth quarter of 2025.

The potential future patient pool for these two indications represents a substantial opportunity, as shown below:

• US Patients with Alzheimer's Disease Agitation: Up to 70% of 7 million people with AD.
• US Patients with Narcolepsy Cataplexy: Up to 70% of the estimated 185,000 people with Narcolepsy.
• MDD patients with EDS targeted for a Phase 3 trial with solriamfetol.

Axsome Therapeutics, Inc. (AXSM) - Canvas Business Model: Cost Structure

You're looking at the expense side of Axsome Therapeutics, Inc. as they scale up commercial operations, and the numbers definitely reflect that transition. The cost structure is heavily weighted toward getting their marketed products, like AUVELITY and the newly launched SYMBRAVO, into the hands of physicians and patients.

The Selling, General, and Administrative (SG&A) expenses are the largest component here, hitting $150.2 million for the third quarter of 2025. That's a significant 57% increase compared to the same period last year, showing the investment required to support a growing, multi-product commercial footprint.

Next up is the Research and Development (R&D) investment, which stood at $40.2 million in Q3 2025. Interestingly, this figure actually represented an 11% decrease year-over-year, largely because some clinical trials, specifically for solriamfetol in ADHD and MDD, were completed during the period.

The direct costs associated with generating sales, the Costs of Revenue (COGS) for marketed products, were $11.9 million in Q3 2025. This is up from $8.4 million in Q3 2024, which tracks with the increased sales volume from AUVELITY, SUNOSI, and the initial sales from SYMBRAVO.

Here's a quick look at those core operating expenses for the third quarter of 2025:

Cost Category	Q3 2025 Amount (Millions USD)	Year-over-Year Change
Selling, General, and Administrative (SG&A)	$150.2	Increased 57%
Research and Development (R&D)	$40.2	Decreased 11%
Costs of Revenue (COGS)	$11.9	Increased

The jump in SG&A is directly tied to the commercial build-out you'd expect from a growing pharma company. You have to fund the boots on the ground and the awareness campaigns. Specifically, the cost drivers for that SG&A surge include:

• Intensified commercialization activities for AUVELITY.
• Expansion of the sales force headcount.
• The launch of the direct-to-consumer (DTC) advertising campaign in September 2025.
• Commercial launch activities for the new product, SYMBRAVO, which had its first full quarter of sales in Q3 2025.

On the R&D side, while the overall spend decreased, that's not an indication of slowing pipeline focus; it's a reflection of hitting milestones. The investment is shifting based on the development stage of their assets. The R&D spend is supporting:

• Advancing multiple late-stage programs.
• Two New Drug Application (NDA) stage programs.
• Multiple registrational trials underway or initiating across neurology and psychiatry.
• Costs related to AXS-07, partially offsetting the savings from completed trials.

To be fair, managing this cost structure while funding the pipeline is the core challenge; the company ended the quarter with $325.3 million in cash and cash equivalents, which management stated is sufficient to fund operations into cash flow positivity based on the current operating plan.

Axsome Therapeutics, Inc. (AXSM) - Canvas Business Model: Revenue Streams

You're looking at the core money-making engine for Axsome Therapeutics, Inc. as of late 2025. This is where the revenue actually comes from, primarily driven by their growing portfolio of central nervous system (CNS) medicines. The numbers below reflect the strong commercial execution seen through the third quarter of 2025.

The total net product revenue for the third quarter of 2025 reached $171.0 million, marking a 63% year-over-year growth compared to $104.8 million in Q3 2024. Also, the year-to-date net product revenue as of September 30, 2025, stood at $442.5 million, which was a 66% increase versus the same period in 2024. That's serious momentum.

Here is the breakdown of the primary revenue sources for the third quarter of 2025:

Revenue Source	Q3 2025 Amount (Millions USD)	Notes
Net product sales from Auvelity	$136.1 million	Flagship product for major depressive disorder.
Net product sales from Sunosi	$31.6 million	Sales component of total Sunosi net product revenue.
Net product sales from Symbravo	$2.1 million	Generated in its first full quarter of commercialization.
Royalty revenue from out-licensed Sunosi sales	$1.2 million	Revenue from Sunosi sales in out-licensed territories.

The total net product revenue for Sunosi in Q3 2025 was $32.8 million ($31.6 million sales + $1.2 million royalty). The gross-to-net discounts for both Auvelity and Sunosi were in the high 40% range for the quarter.

Looking ahead, the financial expectations for the full year 2025 are quite strong based on the early performance. You should note the following projection:

• Full-year 2025 total net product revenue projected near $631.6 million.

This projection suggests that Axsome Therapeutics, Inc. is on track to significantly increase its annual revenue base, building on the strong quarter where Auvelity sales alone were up 69% year-over-year. Finance: draft 13-week cash view by Friday.