AXSM — what changed in the latest 10-Q
A section-by-section comparison of AXSM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-08-10 vs the prior 10-Q · 2026-05-04
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +7 | −5 | ~27 | 56 |
| Market risk (Item 3) | No paragraph-level changes | 0 | 0 | 0 | 14 |
| Controls & procedures | No paragraph-level changes | 0 | 0 | 0 | 14 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 14 |
| Risk factors | Some risk factors updated | +6 | −1 | ~38 | 480 |
| Other information | No paragraph-level changes | 0 | 0 | 0 | 14 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-08-10
AXS-14 (esreboxetine) is a novel, oral, investigational, highly selective and potent norepinephrine reuptake inhibitor being developed for the management of fibromyalgia. The efficacy and safety of AXS-14 have previously been demonstrated in completed, positive Phase 2 and Phase 3 clinical trials. I…
We generated total revenues of $218.4 million and $150.0 million in the three months ended June 30, 2026 and 2025, respectively, and $409.6 million and $271.5 million in the six months ended June 30, 2026 and 2025, respectively.
Additionally, in the first quarter of 2026, we recorded a milestone revenue of $0.5 million related to an achievement of a regulatory milestone for AUVELITY and in the second quarter of 2026, we recorded a milestone revenue of $0.5 million related to a developmental milestone for SUNOSI.
Product sales, net. AUVELITY U.S. net sales were $180.3 million and $333.0 million for the three and six months ended June 30, 2026, respectively, as compared to $119.6 million and $215.9 million for the same periods in 2025. SUNOSI net sales were $33.8 million and $66.5 million for the three and si…
Research and development expenses decreased by $3.3 million and increased by $4.6 million for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025. The decrease for the three months period was primarily due to lower spending on AXS-05, driven by the tim…
Text removed vs the prior filing · source: 10-Q · 2026-05-04
AXS-14 (esreboxetine) is a novel, oral, investigational, highly selective and potent norepinephrine reuptake inhibitor being developed for the management of fibromyalgia. In May 2025, we submitted an NDA to the FDA for AXS-14 for the management of fibromyalgia based on the previously completed effic…
We generated total revenues of $191.2 million and $121.5 million in the three months ended March 31, 2026 and 2025, respectively.
Product sales, net. AUVELITY U.S. net sales were $152.7 million and $96.2 million for the three months ended March 31, 2026 and 2025, respectively. SUNOSI net sales were $32.6 million and $24.1 million for the three months ended March 31, 2026 and 2025, respectively. We began commercial sales of SYM…
Research and development expenses increased by $7.9 million for the three months ended March 31, 2026, as compared to the same periods in 2025. The increase was primarily related to asset acquisition costs related to AXS-20. We expect research and development costs to moderately increase through the…
On May 8, 2025, we repaid in full our obligations under the Hercules Loan Agreement using proceeds from the Blackstone Loan Agreement. As of March 31, 2026, there are no outstanding obligations under the Hercules Loan Agreement.
Risk factors
Text added vs the prior filing · source: 10-Q · 2026-08-10
On June 26, 2026, the Company entered into a First Incremental Revolving Credit Commitment Supplement and Amendment to the Blackstone Loan Agreement (the “First Incremental Supplement”) with Blackstone, Wilmington Trust and the Lenders party thereto, pursuant to which the aggregate principal amount …
We, directly or through our third-party service providers, may adopt, use or incorporate artificial intelligence (AI) technology and capabilities into the information technology systems, software or other tools that we use in our business and operations. Defects in such AI technology or related secu…
We, directly or through our third-party service providers, may adopt, use or incorporate AI technology and capabilities into information technology systems, software or other tools to help us operate our business more efficiently. Use of AI technology may introduce operational, cybersecurity, privac…
The regulatory framework for AI technologies is rapidly evolving as many federal, state and foreign government bodies and agencies have introduced, enacted or are considering additional laws, regulations, executive orders, guidance and other enforcement initiatives that may affect the development, p…
Further, interpretation and implementation of intellectual property protection in the field of AI are rapidly evolving and there is uncertainty and ongoing litigation in different jurisdictions as to the degree and extent of protection warranted for AI and relevant system inputs and outputs. If we f…
Text removed vs the prior filing · source: 10-Q · 2026-05-04
In addition, in April 2026, following a national security investigation initiated by the U.S. Department of Commerce in April 2025, the President issued a proclamation pursuant to Section 232 of the Trade Expansion Act providing that certain patented pharmaceutical products and related ingredients m…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice