AXSM · CIK 0001579428
What Axsome Therapeutics, Inc. told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for AXSM. More may follow as additional filings are processed.
In its own words
What could break it.
Customer concentration
- three largest customers 35% / 31% / 25% of gross product saleshigh
Axsome's product revenue is extremely concentrated in three customers (likely the major pharma wholesalers) at ~35%, 31% and 25% of FY2025 gross product sales (~91% combined), none obligated to purchase minimum volumes.
“For the year ended December 31, 2025 , the Company's three largest customers represented approximately 35 %, 31 %, and 25 % of the Company's gross product sales.”
SEC filing →As of 2026
Regulatory & policy
- US drug-pricing reform (Medicaid rebate cap removal, Medicare Part D)medium
Axsome's product pricing is exposed to U.S. healthcare reform — the American Rescue Plan removed the Medicaid drug-rebate cap (effective Jan 1, 2024) and the Medicare Part D coverage-gap program requires a 70% point-of-sale discount on brand drugs, pressuring net price.
“the American Rescue Plan Act of 2021 was signed into law, which eliminates the statutory Medicaid drug rebate cap, currently set at 100% of a drug's average manufacturer price, for single source and innovator multiple source drugs, effective January 1, 2024.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
Pharmanovia
“The Company also sells SUNOSI to Distributors in Canada and on a product supply basis to Pharmanovia. SUNOSI is subsequently sold by Pharmanovia in certain ex-U.S. markets.”
Cited →
Its suppliers
SK Biopharmaceuticals Co., Ltd.
“Royalty Agreement with Jazz Pharmaceuticals, SK Biopharmaceuticals Co., Ltd. and Aerial Biopharma, LLC In connection with the Acquisition, in addition to the upfront purchase price, we assumed certain liabilities in connection wit”
Cited →“Royalty Agreement with Jazz Pharmaceuticals, SK Biopharmaceuticals Co., Ltd. and Aerial Biopharma, LLC In connection with the Acquisition, in addition to the upfront purchase price, we assumed certain liabilities in connection wit”
Cited →
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