7Baggers

Axsome Therapeutics, Inc
(NASDAQ:AXSM) 

AXSM stock logo

Axsome Therapeutics, Inc., a biopharmaceutical company, engages in the development of novel therapies for central nervous system (CNS) disorders in the United States. Its product pipeline includes AXS-05 for the treatment major depressive disorder and resistant depression disorders; and that is in t...

Founded: 2012
Full Time Employees: 53
Sector: Healthcare
Industry: Biotechnology
Pharmaceuticals
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At a glance:
Bull Thesis:
Bear Thesis:
Main Competitors:
Moat:
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 
                                              
      revenues:
    		                                          
      product sales
    		189,400,000 194,695,000 169,784,000 148,959,000 120,358,000 117,325,000 103,736,000 86,520,000 74,096,000 70,747,000 57,127,000 46,017,000 28,569,000 24,371,528 16,845,792 8,819,786                           
      royalty revenue and milestone revenue
    		1,803,000                                          
      total revenues
    		191,203,000 195,999,000 170,992,000 150,042,000 121,463,000 118,766,000 104,762,000 87,166,000 74,999,000 71,530,000 57,794,000 46,700,000 94,576,000                              
      yoy
    		57.42% 65.03% 63.22% 72.13% 61.95% 66.04% 81.27% 86.65% -20.70%                                  
      qoq
    		-2.45% 14.62% 13.96% 23.53% 2.27% 13.37% 20.19% 16.22% 4.85% 23.77% 23.76% -50.62%                               
      operating expenses:
    		                                          
      cost of revenue
    		14,725,000 12,329,000 11,912,000 13,448,000 9,789,000 10,514,000 8,437,000 8,055,000 6,297,000 7,378,000 6,532,000 4,599,000 7,556,000                              
      research and development
    		52,677,000 48,791,000 40,162,000 49,541,000 44,785,000 55,006,000 45,388,000 49,853,000 36,830,000 30,803,000 28,767,000 20,581,000 17,793,000 14,693,083 14,877,021 15,792,202 12,585,141 13,781,453 13,180,258 14,503,326 16,595,689 17,384,729 14,795,493 10,542,957 27,521,400 19,205,271 15,835,573 11,003,142 7,603,081 7,151,232 6,040,780 5,550,532 4,752,511 4,493,910 4,471,126 5,007,361 5,985,219 5,806,771 5,568,777 5,298,060 4,526,252  
      selling, general and administrative
    		184,996,000 169,297,000 150,235,000 130,280,000 120,787,000 113,271,000 95,564,000 103,554,000 98,970,000 86,809,000 83,188,000 78,935,000 74,191,000 61,497,347 40,892,443 31,160,140                           
      loss in fair value of contingent consideration
    		590,000 -9,068,000 13,185,000 -8,102,000 1,512,000 10,985,000 16,391,000 2,160,000  43,207,000 -180,000 6,053,000                               
      intangible asset amortization
    		1,572,000 1,607,000 1,607,000 1,589,000 1,572,000 1,607,000 1,606,000 1,590,000 1,589,000 1,607,000 1,607,000 1,589,000 1,572,000 1,606,789 1,606,789 925,650                           
      total operating expenses
    		254,560,000 222,956,000 217,101,000 186,756,000 178,445,000 191,383,000 167,386,000 165,212,000 142,274,000 169,804,000 119,914,000 111,757,000 100,950,000 84,288,497 59,257,964 48,000,828 38,288,872 32,608,040 33,407,142 30,847,687 27,844,061 27,744,236 21,126,801 17,778,834 32,491,457 24,428,170 18,947,235 13,448,219 10,421,473 9,450,315 8,243,459 7,989,593 7,163,210 6,444,120 6,297,416 6,750,738 7,672,033 7,625,560 7,207,803 6,827,280 5,882,865  
      income from operations
    		-63,357,000 -26,957,000 -46,109,000 -36,714,000 -56,982,000 -72,617,000 -62,624,000 -78,046,000 -67,275,000 -98,274,000 -62,120,000 -65,057,000 -6,374,000 -59,916,969 -42,412,172 -39,181,042 -38,288,872 -32,608,040 -33,407,142 -30,847,687 -27,844,061 -27,744,236 -21,126,801 -17,778,834 -32,491,457 -24,428,170 -18,947,235 -13,448,219 -10,421,473 -9,450,315 -8,243,459 -7,989,593 -7,163,210 -6,444,120 -6,297,416 -6,750,738 -7,672,033 -7,625,560 -7,207,803 -6,827,280 -5,882,865  
      yoy
    		11.19% -62.88% -26.37% -52.96% -15.30% -26.11% 0.81% 19.97% 955.46% 64.02% 46.47% 66.04% -83.35% 83.75% 26.96% 27.01% 37.51% 17.53% 58.13% 73.51% -14.30% 13.57% 11.50% 32.20% 211.77% 158.49% 129.85% 68.32% 45.49% 46.65% 30.90% 18.35% -6.63% -15.49% -12.63% -1.12% 30.41%      
      qoq
    		135.03% -41.54% 25.59% -35.57% -21.53% 15.96% -19.76% 16.01% -31.54% 58.20% -4.51% 920.66% -89.36% 41.27% 8.25% 2.33% 17.42% -2.39% 8.30% 10.79% 0.36% 31.32% 18.83% -45.28% 33.01% 28.93% 40.89% 29.04% 10.28% 14.64% 3.18% 11.54% 11.16% 2.33% -6.72% -12.01% 0.61% 5.80% 5.57% 16.05%   
      operating margin %
    		-33.14% -13.75% -26.97% -24.47% -46.91% -61.14% -59.78% -89.54% -89.70% -137.39% -107.49% -139.31% -6.74% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity%  
      interest expense
    		-1,185,000 -1,172,000 -1,120,000 -1,834,000 -2,431,000 -2,210,000 -1,978,000 -1,299,000 -1,082,000 -702,000 -757,000 -2,730,000 -2,264,000 -1,322,643 -2,411,040                            
      income before income taxes
    		-64,542,000 -28,129,000 -47,229,000 -48,933,000 -59,413,000 -74,827,000 -64,602,000 -79,345,000 -68,357,000 -98,976,000 -62,877,000 -67,787,000                               
      income tax expense
    		                                          
      net income
    		-64,542,000 -28,559,000 -47,229,000 -47,973,000 -59,413,000 -74,912,000 -64,602,000 -79,345,000 -68,357,000 -98,651,000 -62,199,000 -67,170,000 -11,218,000 -61,239,612 -44,823,212 -41,438,516 -39,632,311 -33,976,136 -34,882,677 -32,284,209 -29,259,970 -29,164,647 -22,924,815 -18,326,992 -32,484,146 -24,806,984 -19,135,612 -13,762,214 -10,640,376 -9,597,015 -8,281,974 -8,280,916 -4,805,559 -7,430,501 -6,433,536 -7,084,316 -7,995,039 -7,328,938 -7,194,584 -6,812,190 -5,865,941  
      yoy
    		8.63% -61.88% -26.89% -39.54% -13.08% -24.06% 3.86% 18.13% 509.35% 61.09% 38.77% 62.10% -71.69% 80.24% 28.50% 28.36% 35.45% 16.50% 52.16% 76.16% -9.93% 17.57% 19.80% 33.17% 205.29% 158.49% 131.05% 66.19% 121.42% 29.16% 28.73% 16.89% -39.89% 1.39% -10.58% 3.99% 36.30%      
      qoq
    		126.00% -39.53% -1.55% -19.26% -20.69% 15.96% -18.58% 16.07% -30.71% 58.61% -7.40% 498.77% -81.68% 36.62% 8.17% 4.56% 16.65% -2.60% 8.05% 10.34% 0.33% 27.22% 25.09% -43.58% 30.95% 29.64% 39.04% 29.34% 10.87% 15.88% 0.01% 72.32% -35.33% 15.50% -9.19% -11.39% 9.09% 1.87% 5.61% 16.13%   
      net income margin %
    		-33.76% -14.57% -27.62% -31.97% -48.91% -63.08% -61.67% -91.03% -91.14% -137.92% -107.62% -143.83% -11.86% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity% -Infinity%  
      net loss per common share, basic and diluted
    		-1,260 -550 -940 -970 -1,220 -1,540 -1,340 -1,670 -1,440 -2,130 -1,320 -1,540 -260 -1.43 -1.07 -1.06  -0.9 -0.93 -0.86 -0.78 -0.79 -0.61 -0.49 -0.88 -0.72 -0.56 -0.41 -0.32 -0.32 -0.31 -0.32      -0.38 -0.38 -0.36 -0.31  
      weighted-average common shares outstanding, basic and diluted
    		51,198,349,000 49,747,178,000 50,021,851,000 49,442,001,000 48,871,163,000 47,914,253,000 48,140,519,000 47,573,229,000 47,393,563,000 45,425,212,000 47,117,196,000 43,669,820,000 43,523,631,000 40,655,941 41,704,362 39,081,100 38,323,167 37,618,599 37,680,966 37,595,069 37,429,450 37,206,928 37,311,726 37,100,770 37,061,356 34,020,257 34,445,489 33,801,749 33,052,468 26,883,656 26,325,904 25,791,177 25,501,188 22,764,606 23,634,040 23,595,702 19,537,897 19,150,690 19,149,906 19,149,417 19,149,417  
      royalty revenue
    		 849,000 1,208,000 1,083,000 1,105,000 643,750 1,026,000 646,000 903,000 783,000 667,000 683,000 272,000                              
      loss on debt extinguishment
    		   -10,385,000                                       
      income tax benefit
    		 -430,000  960,000      -321,250 678,000 617,000                               
      license revenue
    		            65,735,000                              
      gain in fair value of contingent consideration
    		        -1,412,000    -162,000 -225,530 -42,120 -860,000                           
      income before provision for income taxes
    		            -8,638,000                              
      provision for income taxes
    		            -2,580,000                              
      cost of product sales
    		             2,290,928 1,923,831 982,836                           
      interest income
    		               -2,257,474 -1,343,439     -272,962.25 -551,002 -548,158 7,311                  
      general and administrative
    		                25,703,731 18,826,587 20,226,884 16,344,361 11,248,372 10,359,507 6,331,308 7,235,877 4,970,057 5,222,899 3,111,662 2,445,077 2,818,392 2,299,083 2,202,679 2,439,061 2,410,699 1,950,210 1,826,290 1,743,377 1,686,814 1,818,789 1,639,026 1,529,220 1,356,613  
      net income per common share, basic and diluted
    		                -1.03                -0.19 -0.243 -0.27 -0.3 -0.41      
      interest and amortization of debt discount income
    		                 -1,081,991.5 -1,475,535 -1,436,522 -1,415,909                      
      loss on extinguishment of debt
    		                      -1,247,012                    
      tax credit
    		                          139,448    217,418    207,114        
      ​
    		                                          
      interest and amortization of debt discount
    		                         -215,180.75 -327,825 -313,995 -218,903 -219,651.25 -270,933 -292,323 -315,349          
      change in fair value of warrant liability
    		                             102,000 15,000 1,000 2,673,000          
      interest and amortization of debt discount/premium income
    		                                 -249,954.5 -343,234 -333,578 -323,006    16,924  
      interest and other income
    		                                     11,308.25 13,219 15,090   
      change in fair value of embedded derivative liabilities
    		                                          
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31 
                                                
        assets
      		                                          
        current assets:
      		                                          
        cash and cash equivalents
      		305,106,000 322,933,000 325,272,000 303,016,000 300,910,000 315,353,000 327,341,000 315,657,000 331,441,000 386,193,000 416,564,000 437,113,000 246,515,000 200,841,955 227,520,218 73,394,640 84,707,782 86,472,854 114,622,893 141,219,090 164,660,132 183,876,453 202,360,292 190,682,109 197,313,408  43,641,861 53,753,137 42,624,487              
        accounts receivable
      		251,062,000 224,464,000 196,507,000 198,825,000 161,398,000 142,001,000                                     
        inventories
      		31,515,000 27,938,000 23,774,000 18,441,000 16,319,000 15,732,000 14,265,000 15,220,000 15,583,000 15,135,000 9,985,000 9,252,000 7,940,000 4,319,921 2,103,477 10,323,746                           
        prepaid and other current assets
      		23,523,000 13,651,000 19,789,000 16,338,000 16,007,000 11,978,000 13,411,000 11,808,000 12,032,000 8,115,000 6,799,000 5,911,000 5,201,000 2,780,665 2,457,513 4,091,369 2,122,144 45,286 401,302 435,804 375,306 148,373 911,992 137,181 309,370 413,095 594,345 814,913 1,134,692 1,246,360 723,669 1,187,961 1,121,003 1,278,418 746,094 842,597 1,179,124 1,380,560 867,099 1,164,873 987,552 996,618 
        total current assets
      		611,206,000 588,986,000 565,342,000 536,620,000 494,634,000 485,064,000 479,113,000 463,027,000 460,490,000 504,263,000 511,763,000 519,686,000 304,449,000 245,641,409 252,383,430 103,977,682 86,829,926 86,518,140 115,024,195 141,654,894 165,035,438 184,024,826 203,272,284 190,819,290 197,622,778 220,379,262 44,236,206 54,568,050 43,759,179 15,215,102 15,944,433 21,539,404 27,753,698 35,299,541 32,419,477 38,837,046 46,198,751 37,999,057 34,754,903 39,916,623 45,065,552 49,032,878 
        equipment
      		567,000 562,000 605,000 667,000 773,000 584,000 683,000 724,000 812,000 846,000 971,000 736,000 703,000 722,515 626,990 634,611 460,946 283,846 314,891 83,444 74,316 52,647 39,745 30,422 34,518 30,623 34,554 40,747 40,393 51,832 64,039 68,635 70,709 68,071 79,344 86,524 93,516 100,730 104,426 33,790 25,192 16,653 
        right-of-use asset - operating lease
      		20,014,000 20,858,000 21,654,000 22,472,000 23,294,000 5,383,000 5,730,000 6,071,000 6,411,000 6,772,000 7,068,000 7,412,000 106,000 420,298 384,568 667,582 946,479 660,162 936,526 1,209,037 1,476,711 1,739,475                     
        goodwill
      		12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 12,042,000 10,310,000 10,310,000 11,897,000 11,897,407                           
        intangible asset
      		38,947,000 40,519,000 42,126,000 43,733,000 45,322,000 46,894,000 48,501,000 50,107,000 51,697,000 53,286,000 54,893,000 56,500,000 58,089,000 59,660,772 61,267,561 62,874,350                           
        non-current inventory and other assets
      		30,831,000 26,838,000 27,481,000 24,251,000 20,606,000 18,531,000 15,389,000 16,255,000 14,276,000 11,027,000 14,120,000 15,262,000 15,522,000 14,721,101 12,398,220                            
        total assets
      		713,607,000 689,805,000 669,250,000 639,785,000 596,671,000 568,498,000 561,458,000 548,226,000 545,728,000 588,236,000 600,857,000 611,638,000 389,179,000 331,476,095 338,957,769 180,559,096 88,560,261 87,785,058 116,598,522 143,264,750 166,903,840 186,134,323 203,629,404 190,989,587 197,800,871 220,549,760 44,439,729 54,777,766 43,901,088 15,379,279 16,125,828 21,725,395 27,939,296 35,555,564 32,618,112 39,042,861 46,411,558 38,212,608 34,918,454 40,007,913 45,148,244 49,076,156 
        liabilities and stockholders’ equity
      		                                          
        current liabilities:
      		                                          
        accounts payable
      		106,702,000 65,537,000 54,227,000 91,628,000 85,659,000 71,997,000 64,253,000 61,340,000 53,791,000 40,679,000 29,098,000 42,958,000 35,770,000 38,605,312 12,844,629 19,430,961 12,595,112 13,149,329 13,381,681 11,611,996 14,621,717 13,504,022 11,315,126 9,363,225 12,191,714 10,943,325 9,447,359 6,137,120 3,434,184 3,687,245 4,167,369 3,175,178 3,874,592 3,435,456 2,942,999 4,038,645 4,740,702 4,081,173 3,867,584 3,035,038 1,830,422 1,892,363 
        accrued expenses and other current liabilities
      		250,731,000 232,853,000 225,632,000 170,902,000 149,199,000 147,987,000 122,176,000 116,771,000 82,716,000 90,501,000 78,454,000 65,324,000 58,774,000 51,630,813 40,021,759 16,480,322 10,987,222 9,295,180 10,445,172 10,162,831 5,864,526 8,713,249 9,026,412 7,091,470 9,339,721 10,949,128 8,413,107 4,777,958 3,739,846 3,843,299 3,387,771 2,953,631 2,153,051 2,679,534 2,743,575 2,276,750 2,535,124 2,820,377     
        operating lease liability, current portion
      		628,000 434,000 736,000 337,000 454,000 1,835,000 1,627,000 1,419,000 1,153,000 1,267,000 438,000 350,000 108,000 424,673 416,876 709,120 967,248 620,675 880,116 1,088,841 1,196,539 1,220,587                     
        contingent consideration, current
      		11,150,000 10,012,000 9,695,000 9,232,000 8,602,000 8,285,000 8,131,000 7,040,000 6,388,000 6,407,000 6,672,000 6,342,000 6,000,000 5,900,000 7,000,000 5,950,000                           
        short-term borrowings
      		70,000,000 70,000,000 70,000,000 70,000,000                                       
        total current liabilities
      		439,211,000 378,836,000 360,290,000 342,099,000 243,914,000 230,104,000 196,187,000 186,570,000 144,048,000 138,854,000 114,662,000 114,974,000 100,652,000 96,560,798 60,283,264 42,570,403 24,549,582 23,065,184 24,706,969 22,863,668 21,682,782 23,437,858 20,341,538 23,001,956 26,099,867 24,494,745 18,508,989 13,070,100 7,709,797 10,821,938 10,942,696 9,525,984 9,420,951 12,175,336 8,403,616 8,211,190 8,355,750 7,170,712 6,735,536 5,103,558 3,913,732 2,631,895 
        contingent consideration, non-current
      		73,730,000 77,540,000 89,870,000 79,655,000 90,590,000 91,680,000 82,980,000 69,620,000 70,000,000 73,300,000 31,550,000 33,500,000 29,100,000 31,100,000 27,400,000 29,330,407                           
        loan payable, long-term
      		117,850,000 117,746,000 117,642,000 117,540,000 181,377,000 180,710,000 180,002,000 179,330,000 178,689,000 178,070,000 177,446,000 176,820,000 147,615,000 94,258,888 93,913,159 93,458,824 49,312,665 49,089,522 49,173,709 48,882,599 48,597,943 48,321,848 48,026,108 13,744,321 15,544,138 17,332,626 19,108,144 17,424,721 18,817,592 3,619,420 4,440,375 5,190,512 5,932,191 6,663,005 7,375,439 8,077,063 8,775,328 9,470,445     
        operating lease liability, long-term
      		22,385,000 23,182,000 23,041,000 23,624,000 23,905,000 6,046,000 6,440,000 6,829,000 7,258,000 7,035,000 7,691,000 7,540,000        81,863 329,916 581,708                     
        finance lease liability, long-term
      		5,844,000 4,206,000 4,680,000 3,792,000 3,680,000 2,943,000 2,951,000 3,025,000 1,697,000                                  
        total liabilities
      		659,020,000 601,510,000 595,523,000 566,710,000 543,466,000 511,483,000 468,560,000 445,374,000 401,692,000 397,259,000 331,349,000 332,834,000 277,367,000 221,919,686 181,596,423 165,359,634 73,862,247 72,154,706 73,880,678 71,828,130 70,610,641 72,341,414 68,367,646 36,746,277 41,644,005 41,827,371 37,617,133 30,494,821 26,527,389 14,441,358 15,383,071 14,716,496 15,353,142 18,838,341 15,779,055 16,288,253 17,131,078 16,641,157    2,631,895 
        stockholders’ equity:
      		                                          
        preferred stock, 0.0001 par value per share...
      		                                          
        common stock, 0.0001 par value per share...
      		5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 4,000 4,350 4,342 3,991 3,888 3,782 3,769 3,765 3,756 3,737 3,733 3,726 3,707 3,693 3,450 3,433 3,330 3,009 2,683 2,625 2,555 2,549 2,367 2,361 2,354 1,916 1,915 1,915 1,915 1,915 
        additional paid-in capital
      		1,425,085,000 1,394,251,000 1,351,124,000 1,303,243,000 1,235,400,000 1,179,797,000 1,140,768,000 1,086,120,000 1,047,959,000 1,026,543,000 1,006,423,000 953,520,000 719,359,000 705,884,795 692,450,128 505,465,383 463,525,522 424,825,655 417,937,024 411,773,127 404,345,506 392,585,265 384,889,471 380,946,215 364,532,798 354,614,189 157,907,655 156,232,409 135,561,052 108,485,219 98,693,366 96,677,592 93,974,001 93,299,517 85,991,032 85,473,053 84,914,616 69,210,986 68,493,516 68,020,369 65,887,336 65,231,144 
        accumulated deficit
      		-1,370,503,000 -1,305,961,000 -1,277,402,000 -1,230,173,000 -1,182,200,000 -1,122,787,000 -1,047,875,000 -983,273,000 -903,928,000 -835,571,000 -736,920,000 -674,721,000 -607,551,000 -596,332,736 -535,093,124 -490,269,912 -448,831,396 -409,199,085 -375,222,949 -340,340,272 -308,056,063 -278,796,093 -249,631,446 -226,706,631 -208,379,639 -175,895,493 -151,088,509 -131,952,897 -118,190,683 -107,550,307 -97,953,292 -89,671,318 -81,390,402 -76,584,843 -69,154,342 -62,720,806 -55,636,490 -47,641,451 -40,312,513 -33,117,929 -24,654,739 -18,788,798 
        total stockholders’ equity
      		54,587,000 88,295,000 73,727,000 73,075,000 53,205,000 57,015,000 92,898,000 102,852,000 144,036,000 190,977,000 269,508,000 278,804,000 111,812,000 109,556,409 157,361,346 15,199,462 14,698,014 15,630,352 42,717,844 71,436,620 96,293,199 113,792,909 135,261,758 154,243,310 156,156,866 178,722,389 6,822,596 24,282,945 17,373,699 937,921 742,757 7,008,899 12,586,154 16,717,223 16,839,057 22,754,608 29,280,480 21,571,451 28,182,918 34,904,355 41,234,512 46,444,261 
        total liabilities and stockholders’ equity
      		713,607,000 689,805,000 669,250,000 639,785,000 596,671,000 568,498,000 561,458,000 548,226,000 545,728,000 588,236,000 600,857,000 611,638,000 389,179,000 331,476,095 338,957,769 180,559,096 88,560,261 87,785,058 116,598,522 143,264,750 166,903,840 186,134,323 203,629,404 190,989,587 197,800,871 220,549,760 44,439,729 54,777,766 43,901,088 15,379,279 16,125,828 21,725,395 27,939,296 35,555,564 32,618,112 39,042,861 46,411,558 38,212,608 34,918,454 40,007,913 45,148,244 49,076,156 
        accounts receivables
      		      124,096,000 120,342,000 101,434,000 94,820,000 78,415,000 67,410,000 44,793,000 37,698,868 20,302,222 16,167,927                           
        other assets
      		               507,464 322,910 322,910 322,910 317,375 317,375 317,375 317,375 139,875 143,575 139,875 168,969 168,969 101,516 112,345 117,356 117,356 114,889 187,952 119,291 119,291 119,291 112,821 59,125 57,500 57,500 26,625 
        loan payable, current portion
      		                       6,547,261 4,568,432 2,602,292 648,523 2,155,022 535,767 3,291,394 3,285,556 3,280,175 3,275,308 3,269,346 2,717,042 1,895,795 1,079,924 269,162     
        cash
      		                         219,966,167    13,968,742 15,220,764 20,351,443 26,632,695 34,021,123 31,673,383 37,994,449 45,019,627 36,618,497 33,887,804 38,751,750 44,078,000 48,036,260 
        warrant liability
      		                              102,000 117,000 118,000 2,791,000         
        accrued expenses
      		                                      2,867,952 2,068,520 2,083,310 739,532 
        deferred financing fees
      		                                          
        loan from related party
      		                                          
        convertible notes, net of discounts, non-current portion
      		                                          
        interest payable, non-current portion
      		                                          
        embedded derivative liabilities
      		                                          
        stockholders’ equity
      		                                          
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30 2016-06-30 2016-03-31 
                                                 
          cash flows from operating activities
        		                                         
          net loss
        		-64,542,000 -28,559,000 -47,229,000 -47,973,000 -59,413,000 -74,912,000 -64,602,000 -79,345,000 -68,357,000 -98,651,000 -62,199,000 -67,170,000 -11,218,000 -61,239,612 -44,823,212   -33,976,136 -34,882,677 -32,284,209 -29,259,970 -29,164,647 -22,924,815 -18,326,992 -32,484,146 -24,806,984 -19,135,612 -13,762,214 -10,640,376 -9,597,015 -8,281,974 -8,280,916 -4,805,559 -7,430,501 -6,433,536 -7,084,316 -7,995,039 -7,328,938 -7,194,584 -6,812,190 -5,865,941 
          adjustments to reconcile net loss to net cash from operating activities:
        		                                         
          stock-based compensation expense
        		23,438,000 22,730,000 23,103,000 24,611,000 23,308,000 21,986,000 21,660,000 21,382,000 20,190,000 18,915,000 14,840,000 15,922,000 12,943,000 10,768,490 9,197,661 10,161,678 7,598,329 5,888,824 5,725,217 5,456,242 3,731,097 5,605,833 2,868,818 4,148,025 2,133,530 2,813,859 1,156,435 888,556 1,256,310 353,080 392,665 474,659 534,570 536,919 388,045 483,631 663,615 434,725 458,468 482,033 656,192 
          amortization of intangible asset
        		1,572,000 1,607,000 1,607,000 1,589,000 1,572,000 1,607,000 1,606,000 1,590,000 1,589,000 1,607,000 1,607,000 1,589,000 1,572,000 1,606,789 1,606,789                           
          amortization of debt discount
        		159,000 161,000 158,000 317,000 667,000 708,000 672,000 641,000 619,000 454,000 627,000 909,000 584,000 345,727 453,929 459,879 223,143 225,153 291,110 284,657 276,095 295,741 134,345 179,012 177,652 178,251 176,924 187,385 107,433 82,055 88,576 96,523 108,481 117,647 119,623 117,606 115,645     
          depreciation
        		116,000 114,000 120,000 120,000 149,000 129,000 131,000 140,000 132,000 133,000 136,000 100,000 90,000 85,333 73,677 67,794 36,636 31,045 27,230 9,749 8,326 7,382 5,522 5,524 5,436 5,392 9,389 11,110 11,439 12,207 13,077 11,713 11,938 11,274 10,783 10,387 10,113 9,751 5,618 3,003 2,112 
          loss in fair value of contingent consideration
        		590,000 -9,068,000 13,185,000 -8,102,000 1,512,000 10,985,000 16,391,000   43,207,000 -180,000                               
          gain from lease modification
        		 0 0 0 -2,250,000                                     
          non-cash lease expense
        		844,000 797,000 817,000 823,000 609,000 346,000 341,000 341,000 360,000 335,000 343,000                               
          right-of-use asset amortization for finance lease
        		679,000 553,000 684,000 537,000 412,000 337,000 324,000 263,000 110,000                                 
          changes in operating assets and liabilities:
        		                                         
          accounts receivable
        		-26,598,000 -27,957,000 2,318,000 -37,428,000 -19,396,000 -17,905,000 -3,754,000 -18,907,000 -6,615,000 -16,405,000 -11,005,000 -22,617,000 -7,094,000 -17,396,646 -4,134,295                           
          inventories
        		-3,110,000 -3,640,000 -4,994,000 -1,777,000 -249,000 -1,129,000 1,288,000 690,000 -105,000 -4,888,000 1,664,000 -1,312,000 -3,620,000 -1,322,316 -285,854                           
          prepaid expenses and other current assets
        		-9,872,000 6,138,000 -3,451,000 -331,000 -4,029,000 1,433,000 -1,603,000 224,000 -3,917,000 -1,317,000 -888,000 -710,000 -2,420,000 -323,152 -1,207,737 872,368 -2,076,858 356,016 34,502 -60,498 -226,933 763,619 -774,811 172,189 103,725 181,250 220,568 319,779 111,668 -522,691 464,292 -66,958 157,415 -532,323 96,503 336,527 201,436 -513,461 297,774 -177,321 9,066 
          non-current inventory and other assets
        		-1,762,000 149,000 -1,936,000 -2,268,000 -955,000 -3,014,000 860,000 -162,000 -867,000 3,093,000 1,142,000 260,000 -801,000 -3,217,009                            
          accounts payable
        		41,165,000 11,310,000 -37,401,000 5,969,000 13,662,000 7,744,000 2,913,000 7,549,000 13,112,000 11,581,000 -13,860,000 7,188,000 -2,835,000 25,760,683 -6,586,332 6,835,849 -554,217 -232,352 1,769,685 -3,009,721 1,117,695 2,188,896 1,951,901 -2,828,489 1,248,389 1,495,966 3,310,239 2,702,935 -253,060 -480,124 992,191 -699,414 439,136 492,457 -1,095,646 -702,057 659,529 213,589 832,546 1,204,616 -61,941 
          accrued expenses and other current liabilities
        		17,229,000 7,174,000 54,247,000 21,504,000 818,000 25,670,000 5,323,000 33,487,000 -8,415,000 11,361,000 13,985,000 3,963,000 7,143,000 13,196,054 23,541,437 5,493,100 1,692,042 -1,149,992 282,341 4,298,305 -2,848,723 -313,162 1,934,942 -2,248,251 -1,609,407 2,536,021 3,635,149 1,038,112 -103,453 455,528 434,140 800,580 -526,483 -64,042 466,826       
          operating lease liability
        		-608,000                                         
          net cash from operating activities
        		-20,700,000 -18,653,000 1,046,000 -32,423,000 -43,375,000 -26,202,000 -18,631,000 -30,110,000 -53,467,000 -30,362,000 -53,548,000 -55,349,000 -5,821,000 -27,563,242 -22,757,920 -33,536,656 -32,652,980 -28,840,519 -26,776,203 -25,393,553 -27,215,489 -20,553,517 -15,734,586 -18,895,282 -23,273,184 -17,567,151 -10,626,908 -8,681,790 -9,499,210 -9,793,949 -5,912,033 -7,667,280 -6,680,439 -6,291,230 -6,447,402 -7,096,596 -6,636,424 -7,216,675 -4,802,371 -5,314,649 -3,947,609 
          capital expenditures
        		-121,000 -71,000 -58,000 -13,000 -338,000 -30,000 -90,000 -52,000 -98,000 -7,000 -371,000 -133,000 -71,000 -180,858 -66,056 -241,459 -213,736 0 -258,677 -18,877 -29,995 -20,287 -14,845 -1,428 -9,331 -1,461 -3,196 0  0 -8,481 -9,639 -14,576 -1 -3,603 -3,395 -2,899 -6,055 -76,254 -11,601 -10,651 
          free cash flows
        		-20,821,000 -18,724,000 988,000 -32,436,000 -43,713,000 -26,232,000 -18,721,000 -30,162,000 -53,565,000 -30,369,000 -53,919,000 -55,482,000 -5,892,000 -27,744,100 -22,823,976 -33,778,115 -32,866,716 -28,840,519 -27,034,880 -25,412,430 -27,245,484 -20,573,804 -15,749,431 -18,896,710 -23,282,515 -17,568,612 -10,630,104 -8,681,790  -9,793,949 -5,920,514 -7,676,919 -6,695,015 -6,291,231 -6,451,005 -7,099,991 -6,639,323 -7,222,730 -4,878,625 -5,326,250 -3,958,260 
          cash flows from investing activities
        		                                         
          purchases of equipment
        		-121,000 -71,000 -58,000 -13,000 -338,000 -30,000 -90,000 -52,000 -98,000 -7,000 -371,000 -133,000 -71,000 -180,858 -66,056 -241,459 -213,736 0 -258,677 -18,877 -29,995 -20,287 -14,845 -1,428 -9,331 -1,461 -3,196   0 -8,481 -9,639 -14,576 -1 -3,603 -3,395 -2,899 -6,055 -76,254 -11,601 -10,651 
          net cash from investing activities
        		-121,000 -71,000 -58,000 -13,000 -338,000 -30,000 -90,000 -52,000 -98,000 -7,000 -371,000 -133,000 -71,000 -180,858 -66,056 -53,241,459 -213,736 0 -258,677 -18,877 -29,995 -20,287 -14,845 -1,428 -9,331 -1,461 -3,196   0 -8,481 -9,639 -14,576 -1 -3,603 -3,395 -2,899 -6,055 -76,254 -11,601 -10,651 
          cash flows from financing activities
        		                                         
          proceeds from draw down of debt
        		70,000,000 70,000,000 70,000,000       0 0 30,000,000 55,000,000 0 0                           
          repayment of debt
        		-70,000,000 -70,000,000 -70,000,000                                       
          payments on principal portion of finance lease obligation
        		-672,000 -541,000 -664,000 -518,000 -401,000 -330,000 -311,000 -186,000 -163,000                                 
          proceeds from issuance of common stock upon financing
        		6,343,000 5,675,000 9,946,000 32,633,000 19,650,000 16,419,000 13,101,000   0 33,750,000   0 174,984,808 30,794,647 31,008,601 0 0 1,096,503 6,115,864 2,050,507 0   193,778,437 0 19,471,698 24,983,682 8,921,732 1,590,668 2,229,001 139,920         
          cash paid for common stock issuance costs
        		-95,000 -98,000 -189,000 -517,000 -393,000 -329,000 -262,000   0 -2,046,000                               
          proceeds from issuance of common stock upon exercise of options
        		9,981,000    17,035,000    2,501,000 1,145,000 4,317,000 6,570,000 387,000 2,828,863 3,064,261 176,412 181,637 1,091,523 438,683 958,895 1,913,299 39,458 190,226 190,409 629,756 44,505 483,838 205,336 410,162             
          payment of contingent consideration
        		-3,262,000 -2,945,000 -2,507,000 -2,203,000 -2,285,000 -2,131,000 -1,940,000 -1,888,000 -1,907,000 -1,722,000 -1,440,000 -1,311,000 -1,738,000 -1,600,350                            
          payments of tax withholdings on stock awards
        		-9,301,000 -1,044,000 -842,000 -888,000 -4,336,000 -533,000                                    
          net cash from financing activities
        		2,994,000 16,385,000 21,268,000 34,542,000 29,270,000 14,244,000 30,405,000 14,378,000 -1,187,000 -2,000 33,370,000 246,080,000 51,565,000 1,065,837 176,949,554 75,464,973 31,101,644 690,480 438,683 1,971,388 8,029,163 2,089,965 27,427,614 12,265,411 629,756 193,892,918 518,828 19,821,904 38,154,955 8,541,927 789,835 1,395,667 -693,413 8,638,971 129,939 74,813 15,040,453 9,953,423    
          net decrease in cash
        		-17,827,000   2,106,000 -14,443,000                                    -3,958,260 
          cash at beginning of period
        		322,933,000 0 0 0 315,353,000 0 0 0 386,193,000    200,842,000 0 0 0 86,472,854 0 0 0 183,876,453 0 0 0 219,966,167 0 0 0 13,968,742 0 0 0 34,021,123 0 0 0 36,618,497 0 0 0 48,036,260 
          cash at end of period
        		305,106,000 -2,339,000 22,256,000 2,106,000 300,910,000 -11,988,000 11,684,000 -15,784,000 331,441,000    246,515,000 -26,678,263 154,125,578 -11,313,142 84,707,782 -28,150,039 -26,596,197 -23,441,042 164,660,132 -18,483,839 11,678,183 -6,631,299 197,313,408 176,324,306 -10,111,276 11,128,650 42,624,487 -1,252,022 -5,130,679 -6,281,252 26,632,695 2,347,740 -6,321,066 -7,025,178 45,019,627 2,730,693 -4,863,946 -5,326,250 44,078,000 
          supplemental disclosures of cash flow information:
        		                                         
          interest paid
        		2,932,000 3,050,000 3,217,000 3,769,000 4,590,000 4,755,000 5,024,000 5,008,000 4,903,000 4,868,000 4,730,000 3,916,000 3,216,000 2,569,486 2,530,431 1,467,625 1,118,750 1,143,125 1,169,166 1,169,167 1,143,750 917,955 416,836 383,334 379,167 308,339 383,334 379,166 216,667             
          operating lease right-of-use asset obtained in exchange for operating lease liability
        		 0 0 0 23,869,000     38,000 0 7,203,000 561,000 0 0 0 561,380                         
          finance lease right-of-use asset obtained in exchange for finance lease liability
        		3,433,000 115,000 2,035,000 828,000 1,532,000 465,000 318,000 2,080,000 2,492,000                                 
          decrease in operating lease right-of-use asset due to lease modification
        		 0 0 0 5,349,000                                     
          decrease in operating lease liability due to lease modification
        		 0 0 0 7,599,000                                     
          loss on debt extinguishment
        		 0 0                                       
          payment of debt issuance costs
        		 0 0       855,000 -856,000 -224,000 -1,217,000 0 0                           
          proceeds from issuance of common stock upon exercise of options and under employee stock purchase plan
        		 15,338,000 15,524,000   1,148,000 20,290,000                                   
          net increase in cash
        		 -2,339,000    -11,988,000 11,684,000 -15,784,000 -54,752,000 -30,371,000 -20,549,000 190,598,000 45,673,000 -26,678,263 154,125,578 -11,313,142 -1,765,072 -28,150,039 -26,596,197 -23,441,042 -19,216,321 -18,483,839 11,678,183 -6,631,299 -22,652,759 176,324,306 -10,111,276 11,128,650 28,655,745 -1,252,022 -5,130,679 -6,281,252 -7,388,428   -7,025,178 8,401,130 2,730,693 -4,863,946   
          supplemental disclosures of non-cash financing activity:
        		                                         
          issuance of warrants in connection with debt financing
        		                     0    0 0 -39,000 426,000             
          change in operating lease liability
        		  -182,000 -399,000 208,000 -187,000 -181,000 -163,000 109,000 213,000 240,000 18,000 -317,000 -352,464 -292,244 -258,128 -214,807 -259,441 -290,588 -355,751 -275,840                     
          cash paid for business combination
        		             0 0                           
          supplemental disclosures of non-cash investing activity:
        		                                         
          fair value of contingent consideration in a business combination
        		         41,485,000 -1,620,000   2,600,000 -880,407                           
          payments of tax withholdings on stock award
        		       -1,328,000 -1,618,000 -280,000 -355,000 -333,000 -867,000 -162,676 -261,635 -18,926 -88,594 -91,703 0                       
          gain in fair value of contingent consideration
        		        -1,412,000    -162,000  -42,120                           
          supplemental non-cash investing activities:
        		                                         
          cash and cash equivalents at beginning of period
        		          0                               
          cash and cash equivalents at end of period
        		          -20,549,000                               
          amortization of operating lease right-of-use asset
        		            314,000 324,531 283,014 278,897 275,063 276,364 272,512 267,673 262,764                     
          non-cash research and development license expense
        		                     0 0 0 7,155,337                 
          loss on extinguishment of debt
        		                     0                    
          repayment of principal on term loan
        		                     0    0 0 0 -7,238,889 -833,333 -833,333 -833,334 -833,333         
          other assets
        		                 0    0   -3,700 29,094 0 -67,453 10,829 5,011 0 -2,467 73,063 -68,661 0 0 -6,470 -53,696 -1,625 0 -30,875 
          net income
        		                -39,632,311                         
          adjustments to reconcile net income to net cash from operating activities:
        		                                         
          ​
        		                                         
          accrued research and development
        		                2,726,847                         
          accrued compensation
        		                2,013,040                         
          accrued general and administrative
        		                5,856,779                         
          accrued interest
        		                390,556                         
          total
        		                10,987,222                         
          proceeds from issuance of term loan
        		                     0    0 0 0 20,000,000             
          proceeds from issuance of common stock upon exercise of warrants
        		                         69,976 34,990   99,203            
          payment of debt financing costs
        		                                         
          common stock issued in connection with license agreement with pfizer, inc.
        		                                         
          change in fair value of warrants
        		                             -102,000 -15,000 -1,000 -2,673,000         
          shares of common stock issued in connection with license agreement with pfizer, inc.
        		                                         
          establishment of warrant liabilities in connection with common stock issuance
        		                                         
          amortization of debt issuance costs
        		                                         
          non-cash interest expense
        		                                         
          change in fair value of embedded derivative liabilities
        		                                         
          proceeds from issuance of convertible notes
        		                                         
          proceeds from issuance of initial public offering
        		                                         
          payment of loan from related party
        		                                         
          conversion of convertible notes to common stock
        		                                         
          proceeds from issuance of common stock
        		                                  0 -8,929 14,790,021     
          proceeds from exercise of options
        		                                  89,314 18,742 201,163 18,351    
          proceeds from exercise of warrants
        		                                  40,625 65,000 49,269     
          net (decrease) in cash
        		                                         
          accrued expenses
        		                                    -285,253  799,432 -14,790 1,343,778 
          change in fair value of warrant and embedded derivative liabilities
        		                                         
          deferred financing fees
        		                                         
          proceeds from initial public offering
        		                                         
          receipt of subscription receivable
        		                                         
          warrants issued to placement agent for offering costs
        		                                         
          debt issuance costs
        		                                         
          amortization of debt (premium) discount