Axsome Therapeutics is a U.S.-focused biopharmaceutical company that develops and commercializes drugs for CNS disorders. Axsome sells three FDA-approved branded prescription drugs through its own salesforce. Auvelity, approved for major depressive disorder, is the company's flagship product and the first oral NMDA receptor antagonist approved for MDD. Sunosi, acquired from Jazz Pharmaceuticals, is a wake-promoting agent for excessive daytime sleepiness in sleep apnea and narcolepsy patients. Symbravo, launched in mid-2025, treats acute migraine and was developed using Axsome's proprietary MoSEIC drug absorption technology. Axsome sells exclusively in the U.S., with roughly 600 reps promoting Auvelity to psychiatrists, primary care physicians, and neurologists. Axsome's economics hinge on gross-to-net discounts — the gap between list price and net revenue after rebates and co-pay assistance — which run in the mid-to-high 40% range for its mature products. Payer coverage and formulary placement are key revenue drivers, particularly for Symbravo, which is still building coverage. Axsome's near-term pipeline is built largely around label expansion of existing molecules: an FDA decision on Auvelity for Alzheimer's disease agitation is expected in April 2026, and an NDA for AXS-12 in narcolepsy is imminent. Axsome is also running Phase 3 trials for solriamfetol in ADHD, binge eating disorder, and other indications.