Axsome Therapeutics, Inc. key statistics and ratios

In fiscal 2025, Axsome Therapeutics, Inc. had an operating margin of -26.1%, debt equal to 212.6% of equity and a current ratio of 1.55. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Axsome Therapeutics, Inc.: financial ratios, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	89.6%	—	—	—	—
Operating margin	−359.3%	−85.7%	−72.7%	−26.1%	−17.5%
Net margin	−374.0%	−88.4%	−74.5%	−28.7%	−18.2%
Free-cash-flow margin	−234.3%	−53.8%	−33.4%	−14.7%	−9.5%
Return on equity	−170.8%	−159.2%	—	—	−162.4%
Return on assets	−56.5%	−52.0%	−49.7%	−29.1%	−20.7%
Asset turnover	0.15	0.59	0.67	1.01	1.14
Current ratio	2.54	3.63	2.11	1.55	1.42
Debt to equity	86.7%	94.3%	317.0%	212.6%	178.4%
R&D as % of revenue	115.8%	36.2%	48.5%	28.7%	22.9%
SG&A as % of revenue	318.3%	119.4%	106.7%	89.4%	88.5%
Capital spending as % of revenue	1.4%	0.2%	0.1%	0.1%	0.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Axsome Therapeutics, Inc.: financial ratios, 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
Operating margin	−61.1%	−46.9%	−24.5%	−27.0%	−13.8%	−33.1%	−22.7%	−4.3%
Net margin	−63.1%	−48.9%	−32.0%	−27.6%	−14.6%	−33.8%	−23.5%	−5.0%
Free-cash-flow margin	−22.1%	−36.0%	−21.6%	0.6%	−9.6%	−10.9%	−15.3%	−3.7%
Current ratio	2.11	2.03	1.57	1.57	1.55	1.39	1.43	1.42
Debt to equity	317.0%	340.9%	256.6%	254.5%	212.6%	344.1%	225.6%	178.4%
R&D as % of revenue	46.3%	36.9%	33.0%	23.5%	24.9%	27.6%	21.2%	19.5%
SG&A as % of revenue	95.4%	99.4%	86.8%	87.9%	86.4%	96.8%	95.3%	78.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

5 of 7 checks passed · September 30, 2026

What it owns · $827m

Short-term assets $725mLonger-term assets $102m

What it owes, and who funded it · $827m

Short-term liabilities $510mLonger-term liabilities $212mShareholders' equity $105m

Short-term assets cover short-term liabilities $725m of assets due within a year against $510m of liabilities due within a year.
Short-term assets cover long-term liabilities $725m short-term assets against $212m of longer-dated liabilities.
More cash than debt $314m of cash against $188m of debt.
Debt below 40% of shareholders' equity Debt is 178% of equity.
Debt burden no higher than five years ago Debt to equity moved from 336% to 178% over five years.
A year's operating cash flow covers at least 20% of debt −$82m of operating cash flow against $188m of debt.
Operating profit covers interest at least five times over Operating income of −$151m against −$7m of interest.

From Axsome Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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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.