v3.26.3
Segment Information
 9 Months Ended
Sep. 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 September 30,

 

 

Nine months ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Total revenues

 

$

259,691

 

 

$

170,992

 

 

$

669,269

 

 

$

442,497

 

Less:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue (excluding amortization and depreciation)

 

 

17,804

 

 

 

11,912

 

 

 

46,093

 

 

 

35,149

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Solriamfetol

 

 

16,471

 

 

 

9,518

 

 

 

41,099

 

 

 

32,094

 

AXS-05

 

 

12,974

 

 

 

13,855

 

 

 

35,369

 

 

 

42,896

 

AXS-07

 

 

4,793

 

 

 

4,825

 

 

 

14,847

 

 

 

15,379

 

AXS-12

 

 

2,013

 

 

 

1,873

 

 

 

5,900

 

 

 

6,019

 

AXS-14

 

 

3,502

 

 

 

(1,460

)

 

 

9,742

 

 

 

5,951

 

Other research and development(a)

 

 

3,258

 

 

 

4,744

 

 

 

20,316

 

 

 

11,942

 

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

 

 

17,660

 

 

 

19,739

 

 

 

64,299

 

 

 

44,623

 

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

 

 

166,701

 

 

 

114,200

 

 

 

477,251

 

 

 

305,864

 

Stock-based compensation expense

 

 

26,356

 

 

 

23,103

 

 

 

76,942

 

 

 

71,022

 

Loss (Gain) in fair value of contingent consideration

 

 

(2,380

)

 

 

13,185

 

 

 

(3,286

)

 

 

6,595

 

Interest expense, net(b)

 

 

1,721

 

 

 

1,120

 

 

 

4,446

 

 

 

5,385

 

Other segment items(c)

 

 

1,695

 

 

 

1,607

 

 

 

4,984

 

 

 

14,193

 

Segment net loss

 

 

(12,877

)

 

 

(47,229

)

 

$

(128,733

)

 

$

(154,615

)

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of net loss

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments and reconciling items

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Consolidated net loss

 

 

(12,877

)

 

 

(47,229

)

 

$

(128,733

)

 

$

(154,615

)
(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 $1,721 for the three months ended September 30, 2026 comprises (i) consolidated interest expense of $3,415 and (ii) consolidated interest income of $1,694. Interest expense, net of $4,446 for the nine months ended September 30, 2026 comprises (i) consolidated interest expense of $9,707 and (ii) consolidated interest income of $5,261. Interest expense, net of $1,120 for the three months ended September 30, 2025 comprises (i) consolidated interest expense of $3,375 and (ii) consolidated interest income of $2,255. Interest expense, net of $5,385 for the nine months ended September 30, 2025 comprises (i) consolidated interest expense of $12,719 and (ii) consolidated interest income of $7,334.
(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.