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Saturday, May 28, 2022

Axsome Therapeutics, Inc. (AXSM) Stock Surged 24.31% Today, Here’s Why

Axsome Therapeutics, Inc. (AXSM) stock soared 24.31% in the current-market trading session at the price of $40.65 following an SEC filing of Form 8-K.

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Axsome Therapeutics is a biopharmaceutical firm that develops and commercializes innovative therapies for CNS illnesses with limited treatment options. The company is transforming the overall approach to treating and managing CNS conditions. AXSM has dedicated to introducing products that significantly improve patients’ lives and provide new therapeutic options.

AXSM to Acquire Sunosi

On 28th March 2022, AXSM reported entering a definitive deal to acquire Sunosi from Jazz Pharmaceuticals. Sunosi is a DNRI indicator to enhance wakefulness in patients with extreme daytime sleepiness due to OSA or narcolepsy. The transaction had approved by AXSM’s board of directors and is subject to customary closing conditions.

Under the agreement, AXSM will obtain commercial, manufacturing, development, and intellectual property rights of Sunosi from Jazz. Meanwhile, Axsome will grant Jazz an upfront payment of US$53M. AXSM expects to fund the transaction through its current term loan facility of US$300M with Hercules Capital.

AXSM Market Outlook

Axsome had cash of roughly S$86.5M on 31st December  2021. The company hopes that its current cash, along with the capital from the US$300M term loan facility, will be enough to fund its operating plan. Axsome expects to have higher operating expenses this year as it continues to advance its pipeline and construct the commercial function.

In 2021, AXSM launched two new investigational therapies for patients with migraine and depression. The stock is also advancing its industry-leading CNS channel. It expects to file NDA for AXS-14 and publish topline results of its Phase-III AXS-12 clinical trials in 2023. The company will soon disclose the FDA review of its AXS-05 application in depression. Additionally, it will file NDA for AXS-07 to treat migraine on 30th April 2022.

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