AXSMAxsome Therapeutics, Inc.

Pharmaceutical Preparations

Revenue: $638M; 66% YoY
Operating margin: -26.1%; 64% YoY
EBITDA: −$166M; 41% YoY
Market cap: $7.6B
Employees: 185,000; $3K revenue each
Net debt / EBITDA: —; −$196M net debt
AI in 10-K: 0.1; mentions per 10K words

Takeover score 5 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$10M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
15% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentYes
74% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$3K · 18th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.1 per 10K words · 8th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$134M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$50M	$271M	$386M	$638M	66%
Operating income	−$125M	−$180M	−$232M	−$281M	−$167M	41%
Net income	−$130M	−$187M	−$239M	−$287M	−$183M	36%
Operating cash flow	−$108M	−$117M	−$145M	−$128M	−$93M	27%
Capex	$308K	$702K	$582K	$270K	$480K	78%
Stock-based comp	$21M	$38M	$63M	$85M	$94M	10%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $134M · 33
Net: −$134M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$10M	$34M	224	125
FY2024	$10M	$10M	104	93
FY2023	$10M	$10M	98	94
FY2022	$8M	$28M	95	90
FY2021	$8M	−$11M	46	100