v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

Note 19. Segment Information

The Company views its operations and manages its business as one operating and reportable segment, which is the business of developing and delivering novel therapies for the management of CNS disorders. The Company’s focus centers around the CNS disorders market as its primary operating environment. Consistent with the operational structure, the Chief Executive Officer, as the chief operating decision maker (“CODM”), manages and allocates resources on a consolidated basis. This decision-making process reflects the way in which the financial information is regularly reviewed and used by the CODM to evaluate performance, set operational targets, forecast future financial results, and allocate resources.

The Company’s CODM assesses financial performance and allocates resources based on consolidated net loss that also is reported on the consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM utilizes consolidated net loss by comparing actual results against budgeted amounts on a quarterly basis. As part of this process, consolidated net loss is a critical performance measure used to evaluate the Company’s operating performance and guide strategic decisions and resource allocations, including additional investments in research and development and commercialization activities.

The following table provides information about the Company’s one reportable segment and includes the reconciliation to consolidated net loss.

 

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

218,375

 

 

$

150,042

 

 

$

409,578

 

 

$

271,505

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (excluding amortization and depreciation)

 

 

13,564

 

 

 

13,448

 

 

 

28,289

 

 

 

23,237

 

Research and development expense (excluding stock-based compensation expense):

 

 

 

 

 

 

 

 

 

 

 

 

Solriamfetol

 

 

13,397

 

 

 

10,770

 

 

 

24,628

 

 

 

22,576

 

AXS-05

 

 

11,491

 

 

 

14,564

 

 

 

22,395

 

 

 

29,041

 

AXS-07

 

 

4,584

 

 

 

6,075

 

 

 

10,054

 

 

 

10,554

 

AXS-12

 

 

2,399

 

 

 

1,737

 

 

 

3,887

 

 

 

4,146

 

AXS-14

 

 

3,544

 

 

 

6,225

 

 

 

6,240

 

 

 

7,411

 

Other research and development(a)

 

 

3,073

 

 

 

3,229

 

 

 

17,058

 

 

 

7,198

 

General and administrative expense (excluding stock-based compensation expense)

 

 

24,615

 

 

 

13,234

 

 

 

46,639

 

 

 

24,884

 

Selling and marketing expense (excluding stock-based compensation expense)

 

 

164,113

 

 

 

99,376

 

 

 

310,550

 

 

 

191,664

 

Stock-based compensation expense

 

 

27,148

 

 

 

24,611

 

 

 

50,586

 

 

 

47,919

 

Gain in fair value of contingent consideration

 

 

(1,496

)

 

 

(8,102

)

 

 

(906

)

 

 

(6,590

)

Interest expense, net(b)

 

 

1,540

 

 

 

1,834

 

 

 

2,725

 

 

 

4,265

 

Other segment items(c)

 

 

1,717

 

 

 

11,014

 

 

 

3,289

 

 

 

12,586

 

Segment net loss

 

 

(51,314

)

 

 

(47,973

)

 

$

(115,856

)

 

$

(107,386

)

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net loss

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

 

(51,314

)

 

 

(47,973

)

 

$

(115,856

)

 

$

(107,386

)
(a)
Other research and development expenses primarily consist of facilities charges, third party consultant costs, costs related to other product candidates, costs related to asset acquisitions, and other unallocated costs.
(b)
Interest expense, net of $1,540 for the three months ended June 30, 2026 comprises (i) consolidated interest expense of $3,200 and (ii) consolidated interest income of $1,660. Interest expense, net of $2,725 for the six months ended June 30, 2026 comprises (i) consolidated interest expense of $6,292 and (ii) consolidated interest income of $3,567. Interest expense, net of $1,834 for the three months ended June 30, 2025 comprises (i) consolidated interest expense of $4,086 and (ii) consolidated interest income of $2,252. Interest expense, net of $4,265 for the six months ended June 30, 2025 comprises (i) consolidated interest expense of $9,344 and (ii) consolidated interest income of $5,079.
(c)
Other segment items included in Segment net loss include intangible asset amortization, loss on debt extinguishment, and other miscellaneous items.

See Note 2. Summary of Significant Accounting Policies for further details on the products from which the Company derives its revenues.

See Note 13. Revenues for details of revenue from external customers by geography.