Axsome Therapeutics Adds 7% As Q1 Results Better Than Consensus

(RTTNews) - Shares of Axsome Therapeutics, Inc. (AXSM) are rising more than 7% Monday morning after the company reported first-quarter results, above the Street view.

Axsome reported a net loss of $11.2 million or $0.26 per share for the first quarter, narrower than $39.6 million, or $1.03 per share loss for the comparable period last year, driven by increased revenue.

Analysts on average polled by Thomson-Reuters were expecting a loss of $1.04 per share.

Revenue for the quarter was $94.6 million compared with no revenue for the same quarter a year ago. The company had product sales of $28.6 million, license revenue of $65.7 million, and royalty revenue of $0.3 million. The consensus estimate was for $26.07 million.

Looking forward, Axsome believes that its current cash, along with the remaining committed capital from the $350 million term loan facility, is sufficient to fund anticipated operations into cash flow positivity, based on the current operating plan.

AXSM, currently at $79.03, has traded in the range of $20.63-$82.85 in the last 1 year.