Axsome Therapeutics, Inc. cash flow statement

In fiscal 2025, Axsome Therapeutics, Inc.'s operations generated −$93.4m of cash; it spent $480,000 on capital projects, leaving free cash flow of −$93.9m.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Axsome Therapeutics, Inc.: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Cash from operations	−117	−145	−128	−93	−82
Depreciation and amortisation	0	0	1	1	1
Stock-based pay	38	63	85	94	100
Capital spending	1	1	0	0	1
Free cash flow	−117	−146	−129	−94	−83
Free cash flow after stock pay	−155	−208	−214	−188	−182
Shares issued	244	259	41	68	25

US$ millions unless shown otherwise. Fiscal quarters.

Axsome Therapeutics, Inc.: cash flow statement, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Cash from operations	−26	−43	−32	1	−19	−21	−33	−9
Depreciation and amortisation	0	0	0	0	0	0	0	0
Stock-based pay	22	23	25	23	23	23	27	26
Capital spending	0	0	0	0	0	0	0	0
Free cash flow	−26	−44	−32	1	−19	−21	−33	−10
Free cash flow after stock pay	−48	−67	−57	−22	−41	−44	−61	−36
Shares issued	16	20	33	10	6	6	13	0

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Axsome Therapeutics, Inc.'s SEC filings (10-K and 10-Q), retrieved November 3, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Axsome Therapeutics, Inc.