Axsome Therapeutics (AXSM) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	AXSOME THERAPEUTICS, INC.
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,075,944
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001579428
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 197,313,408	$ 219,966,167
Prepaid and other current assets	309,370	413,095
Total current assets	197,622,778	220,379,262
Equipment, net	34,518	30,623
Other assets	143,575	139,875
Total assets	197,800,871	220,549,760
Current liabilities:
Accounts payable	12,191,714	10,943,325
Accrued expenses and other current liabilities	9,339,721	10,949,128
Loan payable, current portion	4,568,432	2,602,292
Total current liabilities	26,099,867	24,494,745
Loan payable, long-term	15,544,138	17,332,626
Total liabilities	41,644,005	41,827,371
Stockholders' equity:
Preferred stock, $0.0001 par value per share (10,000,000 shares authorized, none issued and outstanding at March 31, 2020 and December 31, 2019, respectively)
Common stock, $0.0001 par value per share (150,000,000 shares authorized, 37,075,422 and 36,933,217 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively)	3,707	3,693
Additional paid-in capital	364,532,798	354,614,189
Accumulated deficit	(208,379,639)	(175,895,493)
Total stockholders' equity	156,156,866	178,722,389
Total liabilities and stockholders' equity	$ 197,800,871	$ 220,549,760

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	37,075,422	36,933,217
Common stock, shares outstanding	37,075,422	36,933,217

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
Research and development	$ 27,521,400	$ 7,603,081
General and administrative	4,970,057	2,818,392
Total operating expenses	32,491,457	10,421,473
Loss from operations	(32,491,457)	(10,421,473)
Interest and amortization of debt discount (expense)	7,311	(218,903)
Net loss	$ (32,484,146)	$ (10,640,376)
Net loss per common share, basic and diluted	$ (0.88)	$ (0.32)
Weighted average common shares outstanding, basic and diluted	37,061,356	33,052,468

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock	Additional paid-in capital	Accumulated deficit	Total
Beginning balance at Dec. 31, 2018	$ 3,009	$ 108,485,219	$ (107,550,307)	$ 937,921
Balance (in shares) at Dec. 31, 2018	30,087,213
Stock-based compensation		1,256,310		1,256,310
Issuance of common stock upon exercise of options	$ 5	410,157		410,162
Issuance of common stock upon exercise of options (in shares)	52,819
Issuance of warrants upon debt financing		426,000		426,000
Issuance of common stock upon financing	$ 316	24,983,366		24,983,682
Issuance of common stock upon financing (in shares)	3,164,015
Net loss			(10,640,376)	(10,640,376)
Ending balance at Mar. 31, 2019	$ 3,330	135,561,052	(118,190,683)	17,373,699
Balance (in shares) at Mar. 31, 2019	33,304,047
Beginning balance at Dec. 31, 2019	$ 3,693	354,614,189	(175,895,493)	$ 178,722,389
Balance (in shares) at Dec. 31, 2019	36,933,217			36,933,217
Stock-based compensation		2,133,530		$ 2,133,530
Issuance of common stock upon exercise of options	$ 6	629,750		$ 629,756
Issuance of common stock upon exercise of options (in shares)	60,186			60,186
Issuance of common stock upon financing	$ 8	7,155,329		$ 7,155,337
Issuance of common stock upon financing (in shares)	82,019
Net loss			(32,484,146)	(32,484,146)
Ending balance at Mar. 31, 2020	$ 3,707	$ 364,532,798	$ (208,379,639)	$ 156,156,866
Balance (in shares) at Mar. 31, 2020	37,075,422			37,075,422

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities
Net loss	$ (32,484,146)	$ (10,640,376)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,133,530	1,256,310
Non-cash research and development license expense	7,155,337
Amortization of debt discount	177,652	107,433
Depreciation	5,436	11,439
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	103,725	111,668
Other assets	(3,700)	10,829
Accounts payable	1,248,389	(253,060)
Accrued expenses and other current liabilities	(1,609,407)	(103,453)
Net cash used in operating activities	(23,273,184)	(9,499,210)
Cash flows from investing activities
Purchases of equipment	(9,331)
Net cash used in investing activities	(9,331)
Cash flows from financing activities
Procceds from issuance of common stock upon financing, net		24,983,682
Proceeds from issuance of common stock upon exercise of options	629,756	410,162
Proceeds from issuance of term loan		20,000,000
Repayment of principal on term loan		(7,238,889)
Net cash (used in) provided by financing activities	629,756	38,154,955
Net (decrease) increase in cash	(22,652,759)	28,655,745
Cash at beginning of period	219,966,167	13,968,742
Cash at end of period	197,313,408	42,624,487
Supplemental disclosures of cash flow information:
Interest paid	$ 379,167	216,667
Supplemental disclosures of non-cash financing activity:
Issuance of warrants in connection with debt financing		$ 426,000

Nature of Business and Basis of

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Nature of Business and Basis of Presentation
Nature of Business and Basis of Presentation	Note 1. Nature of Business and Basis of Presentation Axsome Therapeutics, Inc. (“Axsome” or the “Company”) is a biopharmaceutical company developing novel therapies for central nervous system (“CNS”) disorders for which there are limited treatment options. By focusing on this therapeutic area, the Company is addressing significant and growing markets where current treatment options are limited or inadequate. The Company’s core CNS portfolio includes five product candidates, AXS‑05, AXS-07, AXS-09, AXS-12, and AXS-14, which are being developed for multiple indications. The Company aims to become a fully integrated biopharmaceutical company that develops and commercializes differentiated therapies that expand the treatment options available to caregivers and improve the lives of patients living with CNS disorders. The Company was incorporated on January 12, 2012 in the State of Delaware. The accompanying unaudited interim consolidated financial statements have been prepared by the Company in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on March 12, 2020. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments, which are normal recurring adjustments, necessary for the fair presentation of the financial information for the interim periods. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the operating results for the full fiscal year or any future period. Liquidity and Capital Resources The Company has incurred operating losses since its inception, and expects to continue to incur operating losses for the foreseeable future and may never become profitable. As of March 31, 2020, the Company had an accumulated deficit of $208.4 million. The Company’s primary sources of cash have been proceeds from the issuance and sale of its common stock in public offerings. The Company has not yet commercialized any of its product candidates and cannot be sure if it will ever be able to do so. The Company’s ability to achieve profitability depends on a number of factors, including its ability to obtain regulatory approval for its product candidates, successfully complete any post-approval regulatory obligations and successfully commercialize its product candidates alone or in partnership. The Company may continue to incur substantial operating losses even if it begins to generate revenues from its product candidates. The Company believes its existing cash will be sufficient to fund its anticipated operating cash requirements for at least twelve months following the date of this filing. The actual amount of cash that the Company will need to operate is subject to many factors, including, but not limited to, the timing, design and conduct of clinical trials for its product candidates. The Company may use a combination of public and private equity offerings, debt financings, other third-party funding, strategic alliances, licensing arrangements or marketing and distribution arrangements if market conditions are favorable or in light of other strategic considerations to finance its future cash needs. The Company’s common stock is listed on the Nasdaq Global Market and trades under the symbol “AXSM”.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates; the Company’s ability to obtain regulatory approval to market its products, if approved; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, the Company’s products, if approved; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, if approved; and the Company’s ability to raise additional financing. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve and maintain profitability. Use of Estimates Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock‑based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; and the recoverability of the Company’s net deferred tax assets and related valuation allowance. Foreign Currency Translation Expenses denominated in foreign currency are translated into U.S. dollars at the exchange rate on the date the expense is incurred. Assets and liabilities of foreign operations are translated at period-end exchange rates. The effect of exchange rate fluctuations on translating foreign currency into U.S. dollars is included in the Statements of Operations and is not material to the Company’s financial statements. Segment and Geographic Information Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business as one operating segment, which is the business of developing novel therapies for the management of CNS disorders. Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. The Company’s cash and cash equivalents includes holdings in checking and overnight sweep accounts. The Company’s cash equivalents, which are money market funds held in a sweep account, are measured at fair value on a recurring basis. As of March 31, 2020, the balance of cash and cash equivalents was $197.3 million, which approximates fair value and was determined based upon Level 1 inputs. The sweep account is valued using quoted market prices with no valuation adjustments applied. Accordingly, these securities are categorized as Level 1. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At March 31, 2020, the majority of the Company’s cash was held by one financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three‑level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 —Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments are cash, accounts payable, accrued liabilities, and current and long-term debt. The carrying values for cash, accounts payable and accrued liabilities reported in the accompanying consolidated financial statements approximate their respective fair values due to their short‑term maturities. The carrying value of debt, the 2019 Term Loan (see Note 4 – Loan and Security Agreement), is estimated to approximate its fair value as the interest rate approximates the market rate for loans with similar terms and risk characteristics. Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining long-term financing. These costs are classified on the consolidated balance sheet as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense in the consolidated statement of operations using the effective interest rate method over the term of the debt agreement. Equipment Equipment consists primarily of computer equipment and is recorded at cost. Equipment is depreciated on a straight‑line basis over its estimated useful life, which the Company estimates to be three years. When equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in operating expenses. Research and Development Costs Research and development expenses primarily consist of costs incurred in performing research and development activities, including preclinical studies, clinical trials, manufacturing costs, regulatory costs, employee salaries and benefits, stock‑based compensation expense, contract services, including external research and development expenses incurred under arrangements with third parties, such as contract research organizations (“CROs”), facilities costs, overhead costs, depreciation, and other related costs. Generally, research and development costs are expensed as incurred. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. The Company makes estimates of costs incurred in relation to clinical site costs. The Company analyzes the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. The Company reviews and accrues clinical trial study expenses based on work performed and relies upon estimates of those costs applicable to the stage of completion of a study. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of the Company’s policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on the Company’s estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract. Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2020 and has not recorded an income tax benefit for the three months ended March 31, 2020 and 2019 since it determined that a full valuation allowance is required against the Company’s deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position as well as consideration of the available facts and circumstances. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. As of March 31, 2020, the Company does not believe any material uncertain tax positions are present. In the event the Company determines that accrual of interest or penalties are necessary in the future, the amount will be presented as a component of income tax expense. Stock‑Based Compensation For stock options issued, the Company estimates the grant date fair value of each option using the Black‑Scholes option pricing model. The Black-Scholes model takes into account the expected volatility of the Company’s common stock, expected dividends of the Company’s common stock, the risk-free interest rate, the estimated life of the option, the closing market price of the Company’s common stock and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management’s judgment. In addition, the Company recognizes expense for equity awards forfeitures as they occur. For restricted stock units (“RSUs”) issued, the Company issues them in the form of Company common stock. The fair value of these awards is based on the market close price per share on the grant date. Prior to January 1, 2020, the Company only granted stock options. Beginning in 2020, for grants to employees, the Company granted a mix of stock options and RSUs. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to performance-based vesting conditions, the Company recognizes stock-based compensation expense using the accelerated attribution method when it is probable that the performance condition will be achieved. The expense related to the stock-based compensation is recorded within the same financial statement line item as the grantee’s cash compensation. The Company’s policy upon exercise of stock options and RSUs is that shares will be issued as new shares from the Company’s 2015 Omnibus Incentive Compensation Plan available share pool. Basic and Diluted Net Loss per Common Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, stock options, and RSUs, which would result in the issuance of incremental shares of common stock. As the impact of these items is anti‑dilutive during periods of net loss, there was no difference between basic and diluted net loss per share of common stock for the three months ended March 31, 2020 and 2019. Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the expected impact of this standard, but does not expect it to have a material impact on its consolidated financial statements upon adoption.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2020
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 3. Accrued Expenses and Other Current Liabilities At March 31, 2020 and December 31, 2019 accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2020 2019 Research and development $ 7,758,043 $ 8,209,594 Accrued compensation 455,176 2,056,356 Other 1,126,502 683,178 Total $ 9,339,721 $ 10,949,128

Loan and Security Agreement

Loan and Security Agreement	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Loan and Security Agreement	Note 4. Loan and Security Agreement Current Term Loan 2019 Term Loan In March 2019, the Company entered into a $24.0 million growth capital term loan facility (the “2019 Term Loan”) with Silicon Valley Bank (“SVB”) and WestRiver Innovation Lending Fund VIII, L.P (“WestRiver”). The two-tranche loan agreement consists of an initial $20.0 million tranche (the “Term A Loan Advance”), which was funded upon closing, with the remaining $4.0 million (the “Term B Loan Advance”) initially available to be drawn, at the Company’s option, subject to the achievement of positive data, on or prior to August 15, 2019 (which was extended to December 31, 2019, in connection with the First Amendment to the 2019 Term Loan, as discussed below), with respect to the Company’s Phase 2 clinical trial for AXS-12 in narcolepsy, sufficient to submit a Phase 3 protocol to FDA, provided that the Company has not received any objections from the FDA within thirty days after submission of such Phase 3 protocol (the “Milestone Event”). A portion of the first tranche was used to satisfy the Company’s existing obligations under the 2016 Amended Term Loan (as defined below) with SVB, which consisted of $5.6 million in outstanding principal balance and $0.85 million as a final payment fee, and such obligations are considered to be fully repaid and performed. The Term B Loan Advance of $4.0 million was not drawn down by the Company and has since expired. The loan bears interest at an annual rate equal to the greater of (i) seven and one-half of one percent (7.50%) and (ii) two percent (2%) above the Prime Rate. The loan advances mature in February 2023 and initially had an interest-only payment period of 12 months (which was extended to 18 months in connection with the First Amendment to the 2019 Term Loan, as discussed below), extendable to 18 months upon the drawing of the Term B Loan Advance (which is now extendable to 24 months as a result of the First Amendment to the 2019 Term Loan). The Company did not draw down on the Term B Loan Advance, and therefore, the interest-only monthly payment period was not extended. Principal payments coming due within twelve months have been classified as current liabilities in the accompanying balance sheet. In addition, the Company was initially required to pay a final payment fee of 6.0% of the principal amount extended on the date of repayment of the 2019 Term Loan (which was increased to 6.3% in connection with the First Amendment to the 2019 Term Loan, as discussed below), which is being accreted and amortized into interest expense using the effective interest rate method over the term of the loan. The Company could initially prepay all, but not less than all, of the 2019 Term Loan, subject to a prepayment premium of 3.0% of the outstanding principal if prepaid within one year of the effective date of the loan, 2.0% of the outstanding principal if prepaid after the first anniversary of the effective date but on or prior to the second anniversary of the effective date, and 1.0% of the outstanding principal if prepaid after the second anniversary of the effective date. The 2019 Term Loan is collateralized by a security interest in all of the Company’s assets except intellectual property. The Company’s intellectual property is subject to a negative pledge. First Amendment to the 2019 Term Loan On July 25, 2019 (the “First Amendment Effective Date”), the Company entered into the first amendment to the 2019 Term Loan (the “First Amendment to the 2019 Term Loan”). Under the First Amendment to the 2019 Term Loan, the interest-only monthly payment period was extended to 18 months after the date of the 2019 Term Loan, which may be further extended to 24 months upon receipt by the Company of the Term B Loan Advance. The Company’s ability to draw down the Term B Loan Advance was extended to December 31, 2019, subject to the Company’s achievement of the Milestone Event prior to or on December 31, 2019. The Term B Loan Advance and the Term A Loan Advance (together, the “Loan Advances”) mature on February 1, 2023 (the “Maturity Date”). Pursuant to the 2019 Term Loan, as amended by the First Amendment to the 2019 Term Loan, following the interest-only payment period, the Company will begin making monthly payments of principal in equal monthly installments for 30 consecutive months (provided, that, upon the occurrence of the Milestone Event, the repayment schedule will be decreased to 24 consecutive months) and monthly payments of interest, until the Maturity Date. Interest will accrue on the unpaid principal balance of the outstanding Loan Advances at a floating per annum rate equal to the greater of (i) seven and one-half of one percent (7.50%) and (ii) two percent (2.0%) above the prime rate. The First Amendment to the 2019 Term Loan increased the final payment fee, payable upon the Company’s repayment of the Loan Advances from 6.0% to 6.3% of the original principal amount of the Loan Advances. The Company may prepay all, but not less than all of the Loan Advances, subject to a prepayment fee of 3.0% of any amount prepaid prior to the first anniversary of the First Amendment Effective Date, 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the First Amendment Effective Date through and including the second anniversary of the First Amendment Effective Date, or 1.0% of the amount prepaid if the prepayment occurs after the second anniversary of the First Amendment Effective Date, but prior to the Maturity Date. These percentages are unchanged from the original 2019 Term Loan. The Company evaluated whether the First Amendment to the 2019 Term Loan entered into in July 2019 represented a debt modification or extinguishment in accordance with ASC 470-50, Debt – Modifications and Extinguishments . As the present value of the cash flows under the terms of the First Amendment to the 2019 Term Loan is less than 10% different from the remaining cash flows under the terms of the 2019 Term Loan, the First Amendment to the 2019 Term Loan was accounted for as a debt modification. Therefore, the unamortized balance of debt discount costs incurred in connection with 2019 Term Loan are being amortized through maturity in February 2023 utilizing the effective interest rate method. Previous Term Loan Prior to the 2019 Term Loan, the Company had a $20.0 million Term Loan Agreement with SVB which was executed in November 2016 (“2016 Original Term Loan”). The three-tranche term loan consisted of an initial $10.0 million tranche triggered upon closing, with the remaining $10.0 million available to be drawn in two $5.0 million tranches, at the Company’s option, subject to the achievement of certain clinical and financial milestones. The Company did not achieve the conditional criteria to access the second and third tranches before the specified dates and the $10.0 million in additional term loan advances subsequently expired. The 2016 Original Term Loan bore interest at an annual rate equal to 4.50% plus the prime rate, which is the greater of 3.50% or the Wall Street Journal prime rate, and was payable monthly. It was to mature in November 2020 and had an interest-only payment period until December 1, 2017, which was extendable to May 2018 upon the drawing of the second tranche. Because the Company did not achieve the conditional criteria to access the second and third term advances before the specified dates, the $10.0 million in additional term loan advances expired and the Company began to repay principal in December 2017. Following the interest-only payment period, the Company began making monthly payments of principal and interest and such payments would continue until the maturity date. Principal payments coming due within twelve months had been classified as current liabilities in the accompanying balance sheet. In addition to principal and interest payments under the 2016 Original Term Loan, the Company was required to pay a final payment fee of 8.5% of the principal amount extended on the date of repayment of the 2016 Original Term Loan. The Company accrued the final payment fee into interest expense using the effective interest rate method until the entry into the 2019 Term Loan in March 2019, at which time the Company paid SVB $0.85 million in satisfaction of all final payment fee liabilities due under the 2016 Original Term Loan. The Company was permitted to prepay all, but not less than all, of the 2016 Original Term Loan subject to a prepayment premium of 3.0% of the outstanding principal if prepaid within two years of the effective date of the loan, 2.0% of the outstanding principal if prepaid during the third year of the loan, and 1.0% of the outstanding principal if prepaid after the third year. The 2016 Original Term Loan was collateralized by a security interest in all of the Company’s assets except intellectual property. The Company’s intellectual property was subject to a negative pledge. In November 2018, the Company amended the 2016 Original Term Loan with SVB to provide an additional $4.0 million growth capital loan. The additional capital was available to be drawn on the amendment effective date which was November 26, 2018 through May 31, 2019, at the Company’s option, conditioned upon the achievement of a clinical milestone, which required the Company’s receipt of positive data of the Company’s Phase 2 clinical trial of AXS-12 for the treatment of narcolepsy, sufficient to submit a Phase 3 protocol to the FDA and to proceed to a Phase 3 trial (“2016 Amended Term Loan”). The financial terms for this additional growth capital were more favorable than those of the 2016 Original Term Loan. All other terms and conditions from the 2016 Original Term Loan agreement remained in place. The additional $4.0 million growth capital loan had to be drawn by May 31, 2019 and would bear interest at an annual rate equal to the greater of the prime rate plus 2.00%, or 7.25%, if drawn. The Company’s obligations under the 2016 Amended Term Loan, along with the ability of the Company to draw down on the additional $4.0 million tranche, were considered performed and completed in connection with the establishment of the 2019 Term Loan. The Company evaluated whether the 2019 Term Loan entered into in March 2019 represented a debt modification or extinguishment in accordance with ASC 470-50, Debt – Modifications and Extinguishments . As the present value of the cash flows under the terms of the 2019 Term Loan is less than 10% different from the remaining cash flows under the terms of the 2016 Original Term Loan and the 2016 Amended Term Loan, the 2019 Term Loan was accounted for as a debt modification. Since the borrowing capacity of the 2019 Term Loan is greater than the borrowing capacity from the 2016 Original Term Loan and the 2016 Amended Term Loan, the unamortized balance of debt discount costs incurred in connection with those loans and additional debt discount costs incurred in connection with entry into the 2019 Term Loan, are being amortized through maturity in February 2023 utilizing the effective interest rate method. Loan Interest Expense and Amortization The Company incurred interest expense of $379,167 and $216,667 for the three months ended March 31, 2020 and 2019, respectively. In addition, amortization of the final payment fee was $119,014 and $69,665 for the three months ended March 31, 2020 and 2019, respectively. The outstanding debt and unamortized debt discount balances are as follows: March 31, December 31, 2020 2019 Total Outstanding Debt $ 20,000,000 $ 20,000,000 Add: accreted liability of final payment fee 523,378 404,364 Less: unamortized debt discount, long-term (312,573) (405,071) Less: current portion of long-term debt (4,666,667) (2,666,667) Loan payable, long-term $ $ Current portion of long-term debt $ $ Less: current portion of unamortized debt discount Loan payable, current portion $ $ Further information on warrants issued related to the debt financings and amendments are disclosed in Note 6 - Stockholders’ Equity under the “Warrants” section. Amortization of the debt discount in relation to warrants issued as described above was $58,638 and $37,768 for three months ended March 31, 2020 and 2019, respectively. Scheduled Principal Payments on Outstanding Debt, as of March 31, 2020, are as follows : 2020 2,666,667 2021 8,000,000 2022 8,000,000 2023 1,333,333 Total principal payments outstanding $ 20,000,000 The Company was in compliance with all covenants and requirements of its financing arrangements as of and during the three months ended March 31, 2020.

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2020
Net Loss per Common Share
Net Loss per Common Share	Note 5. Net Loss per Common Share The following table sets forth the computation of basic and diluted net loss per common share: Three months ended March 31, 2020 2019 Basic and diluted net loss per common share: Net loss $ (32,484,146) $ (10,640,376) Weighted average common shares outstanding—basic and diluted 37,061,356 33,052,468 Net loss per common share—basic and diluted $ (0.88) $ (0.32) The following potentially dilutive securities outstanding at March 31, 2020 and 2019 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti‑dilutive: March 31, 2020 2019 Stock options 3,962,733 3,100,209 Restricted stock units 149,389 — Warrants 69,656 181,369 Total 4,181,778 3,281,578

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Stockholders' Equity	Note 6. Stockholders’ Equity Capital Structure In May 2019, the Company entered into a Sales Agreement with SVB Leerink (the “May 2019 Sales Agreement”), pursuant to which the Company could sell up to $50 million in shares of its common stock from time to time through SVB Leerink, acting as the Company’s sales agent, in one or more at-the-market offerings utilizing the 2016 Shelf Registration Statement (as defined below). SVB Leerink was entitled to receive a commission of 3.0% of the gross proceeds for any shares sold under the May 2019 Sales Agreement. The shares that were unsold under the May 2019 Sales Agreement at the time of the expiration of the 2016 Shelf Registration Statement were rolled over to the December 2019 Sales Agreement (see below). In December 2019, the Company entered into a new Sales Agreement with SVB Leerink (the “December 2019 Sales Agreement”), pursuant to which the Company may sell up to $80 million in shares of the Company’s common stock from time to time through SVB Leerink, acting as the Company’s sales agent, in one or more at-the-market offerings utilizing the 2019 Shelf Registration Statement. SVB Leerink is entitled to receive a commission of 3.0% of the gross proceeds for any shares sold under the December 2019 Sales Agreement. The Company did not issue any shares of common stock pursuant to the December 2019 Sales Agreement during the three months ended March 31, 2020. In December 2019, the Company completed an underwritten public offering, whereby the Company sold 2,300,000 shares of common stock at a public offering price of $87.00 per share. The Company received gross proceeds of approximately $200.1 million and net proceeds of approximately $187.1 million, after deducting underwriting discounts and offering expenses. The holders of shares of common stock are entitled to one vote for each share of common stock held at all meetings of stockholders and written actions in lieu of meetings. The holders of shares of common stock are entitled to receive dividends, if and when declared by the board of directors. Shelf Registration Statement On December 5, 2019, the Company filed an automatic shelf registration statement (“2019 Shelf Registration Statement”) with the Securities and Exchange Commission (“SEC”) for the issuance of common stock, preferred stock, warrants, rights, debt securities and units. The 2019 Shelf Registration Statement was automatically effective upon filing with the SEC and is currently the Company’s only active shelf registration statement. The 2019 Shelf Registration Statement was filed in part to replace the Company’s previous non-automatic shelf registration statement, which became effective on December 16, 2016, and provided for the issuance of common stock, preferred stock, warrants, rights, debt securities and units up to an aggregate amount of $150.0 million (the “2016 Shelf Registration Statement”). The 2016 Shelf Registration Statement expired on December 16, 2019. Through the date of this report, the Company has issued common stock of approximately $207.4 million pursuant to the 2019 Shelf Registration Statement. Under SEC rules, the 2019 Shelf Registration Statement allows for the potential future offer and sale by the Company, from time to time, in one or more public offerings, of an indeterminate amount of the Company’s common stock, preferred stock, debt securities, and units at indeterminate prices. At the time any of the securities covered by the 2019 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering. Equity Incentive Plans There were 2,673,533 shares available for the issuance of stock options or stock-based awards under the Company’s 2015 Omnibus Incentive Compensation Plan at March 31, 2020. Stock Options The following table sets forth the stock option activity for the three months ended March 31, 2020: Weighted Weighted average Aggregate Number average contractual intrinsic of shares exercise price term value Outstanding at December 31, 2019 3,458,447 $ 10.19 Granted 566,815 51.12 Exercised (60,186) 10.46 Forfeited (2,343) 13.98 Expired — — Outstanding at March 31, 2020 3,962,733 $ 16.04 8.0 $ 171,744,639 Vested and expected to vest at March 31, 2020 3,954,064 $ 16.07 8.0 $ 171,248,106 Exercisable at March 31, 2020 1,958,757 $ 7.48 6.4 $ 100,572,453 The fair value of each stock option grant is estimated on the date of grant using the Black‑Scholes option pricing model. The expected term of the Company’s stock options has been determined utilizing the “simplified” method as described in the SEC’s Staff Accounting Bulletin No. 107 relating to stock‑based compensation. The simplified method was chosen because the Company has limited historical option exercise experience due to its short operating history. The risk‑free interest rate is based on the U.S. Treasury yield in effect at the time of grant for a period approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. Expected volatility is based on historical volatilities of similar entities within the Company’s industry which were commensurate with the Company’s expected term assumption. The weighted average grant date fair value of options granted was $31.27 per option for the three months ended March 31, 2020. As of March 31, 2020, there was $30.5 million of total unrecognized compensation cost related to non‑vested stock options which is expected to be recognized over a weighted average period of 3.6 years. These amounts do not include 14,530 options outstanding as of March 31, 2020, which are performance‑based and vest upon the achievement of certain corporate milestones. Stock‑based compensation will be measured and recorded if and when it is probable that the milestone will occur. Restricted Stock Units In 2020, the Company began granting RSUs covering an equal number of its shares of common stock to employees. For the three months ended March 31, 2020 the weighted-average grant date fair value was $45.14. The fair value of RSUs is determined on the date of the grant based on the market price of its shares of common stock as of that date. The fair value of the RSUs is recognized as an expense ratably over the vesting period of four years. As of March 31, 2020, total compensation cost not yet recognized related to unvested RSUs was $6.7 million, which is expected to be recognized over a weighted-average period of 4.0 years. The following table sets forth the RSU activity for the three months ended March 31, 2020: Weighted Weighted average Aggregate Number average contractual intrinsic of shares exercise price term value Outstanding at December 31, 2019 — $ — Granted 149,389 45.14 Released — — Forfeited — — Outstanding at March 31, 2020 149,389 $ 45.14 4.0 $ 8,788,555 Stock‑based compensation expense recognized for the three months ended March 31, 2020 and 2019 was allocated as follows: Three months ended March 31, 2020 2019 Research and development $ 634,375 $ 101,701 General and administrative 1,499,155 1,154,609 Total $ 2,133,530 $ 1,256,310 Warrants The following table summarizes warrant activity for the three months ended March 31, 2020: Weighted average Warrants exercise price Outstanding at December 31, 2019 69,656 $ 7.21 Issued — — Exercised — — Outstanding at March 31, 2020 69,656 $ 7.21 In connection with the 2016 Original Term Loan, SVB and Life Science Loans, LLC received warrants to purchase an aggregate 65,228 shares of the Company’s common stock at an exercise price of $7.41 per share, which are exercisable for seven years from the date of issuance. The warrants were classified as a component of stockholders’ equity. In September 2019, SVB exercised in full the 32,614 warrants it received in connection with the 2016 Original Term Loan via a cashless exercise. The Company issued SVB 24,328 shares of its common stock in connection with the warrant exercise, and did not receive any cash proceeds. The 2016 warrants have a seven-year term and expire on November 8, 2023. As of March 31, 2020, Life Sciences portion of 32,614 warrants remain outstanding. Additionally, in c onnection with the 2016 Amended Term Loan , SVB and WestRiver Innovation Lending Fund VIII, L.P. received warrants to purchase an aggregate 15,750 shares of the Company’s common stock at an exercise price of $3.06 per share, which are exercisable for seven years from the date of issuance. Both of these warrants were classified as a component of stockholders’ equity. Prior to entering into the 2019 Term Loan, the fair value of these warrants and the closing costs were recorded as debt discounts and were being amortized using the effective interest rate method over the term of the loan. In August 2019, SVB exercised in full the 7,875 warrants it received in connection with the 2016 Amended Term Loan via a cashless exercise. The Company issued SVB 6,969 shares of its common stock in connection with the warrant exercise, and did not receive any cash proceeds. The 2018 warrants have a seven-year term and expire on November 25, 2025. As of March 31, 2020, WestRiver’s portion of 7,875 warrants remain outstanding. Due to the debt modification upon entry of the 2019 Term Loan, the unamortized balance of the deferred debt issuance costs incurred with the 2016 Amended Term Loan will continue to be amortized through maturity in February 2023 along with the debt issuance costs of the 2019 Term Loan utilizing the effective interest rate method. In connection with the 2019 Term Loan, SVB and WestRiver received warrants to purchase an aggregate 70,000 shares of the Company’s common stock at a price per share equal to $8.10 (the “March 2019 Warrants”). The warrants would initially be earned based upon the usage of the facility and are exercisable until March 4, 2026. The warrants were classified as a component of stockholder’s equity, of which 58,332 warrants were immediately exercisable and the remaining 11,668 warrants could be earned based on usage of the second tranche of the 2019 Term Loan. The additional warrants were initially immediately exercisable if and when the Term B Loan Advance was funded (however, the March 2019 Warrants were amended in connection with the First Amendment to the 2019 Term Loan, as discussed below). T he relative fair value of the warrants of approximately $0.4 million at the time of issuance, which was determined using the Black-Scholes option-pricing model, was recorded as additional paid-in capital and reduced the carrying value of the debt. The discount on the debt is being amortized to interest expense over the term of the debt utilizing the effective interest rate method. In connection with the First Amendment to the 2019 Term Loan, the March 2019 Warrants were amended to fix the number of shares that may be issued upon exercise of each such March 2019 Warrant at 29,167 shares of common stock, and SVB and WestRiver were issued new warrants (the “July 2019 Warrants”), which become exercisable only upon funding of the Term B Loan Advance, to purchase 5,750 shares of the Company’s common stock at a price per share equal to $25.71. The July 2019 Warrants replace the portion of the March 2019 Warrants that could originally be earned by SVB and WestRiver upon funding of the Term B Loan Advance. Due to the Company not drawing down on the Term B Loan Advance by December 31, 2019, the July 2019 Warrants have been terminated. In December 2019, SVB exercised in full its portion of 29,167 warrants it received in connection with the 2019 Term Loan via a cashless exercise. The Company issued SVB 24,185 shares of its common stock in connection with the warrant exercise and did not receive any cash proceeds. As of March 31, 2020, WestRiver’s portion of 29,167 warrants remain outstanding.

License Agreements

License Agreements	3 Months Ended
	Mar. 31, 2020
License Agreements.
License Agreements	Note 7. License Agreements Exclusive License Agreement with Pfizer In January 2020, the Company entered into an exclusive license agreement with Pfizer Inc. for Pfizer’s clinical and nonclinical data, and intellectual property for reboxetine, the active pharmaceutical ingredient in AXS-12 which the Company is developing for the treatment of narcolepsy. The agreement also provides the Company exclusive rights to develop and commercialize esreboxetine, a new late-stage product candidate now referred to as AXS-14, in the U.S. for the treatment of fibromyalgia. Under the terms of the Agreement, Pfizer received 82,019 shares of the Company’s common stock having a stated value of $8.0 million, based on the average closing price of the Company’s common stock for the ten prior trading days of $97.54, in consideration for the license and rights and also received an upfront cash payment of $3.0 million. The Company determined that the fair value of each share of common stock granted to Pfizer on the closing date of January 9, 2020 was $87.24, based on the closing price of the Company's common stock on that date. As a result, the fair value of the stock issued was $7.2 million and therefore, the total research and development expense recognized was $10.2 million related to the Pfizer License Agreement during the three months ended March 31, 2020. Pfizer can also receive up to $323 million in regulatory and sales milestones, and tiered mid-single to low double-digit royalties on future sales. Pfizer will also have a right of first negotiation on any potential future strategic transactions involving AXS-12 and AXS-14. During the three months ended March 31, 2020, no milestone payments or royalties were paid to Pfizer by the Company. Exclusive License Agreements with Antecip In 2012, the Company entered into three exclusive license agreements with Antecip Bioventures II LLC, or Antecip, an entity owned by Axsome’s Chief Executive Officer and Chairman of the Board, Herriot Tabuteau, M.D., in which it was granted exclusive licenses to develop, manufacture, and commercialize Antecip’s patents and applications related to the development of AXS‑02, AXS‑05, and AXS‑04, a product candidate that is currently in early stage development, anywhere in the world for human therapeutic, veterinary, and diagnostic use. Pursuant to the agreements, the Company is required to use commercially reasonable efforts to develop, obtain regulatory approval for and commercialize AXS‑02, AXS‑05, and AXS‑04. Under the terms of the agreements, the Company is required to pay to Antecip a royalty equal to 4.5% for AXS‑02, 3.0% for AXS‑05, and 1.5% for AXS‑04, of net sales of products containing the licensed technology by the Company, its affiliates, or permitted sublicensees. These royalty payments are subject to reduction by an amount up to 50.0% of any required payments to third parties. Unless earlier terminated by a party for cause or by the Company for convenience, the agreements shall remain in effect on a product‑by‑product and country‑by‑country basis until the later to occur of (i) the applicable product is no longer covered by a valid claim in that country or (ii) 10 years from the first commercial sale of the applicable product in that country. Upon expiration of the agreements with respect to a product in a country, the Company’s license grant for that product in that country will become a fully paid‑up, royalty‑free, perpetual non‑exclusive license. If Antecip terminates any of the agreements for cause, or if the Company exercises its right to terminate any of the agreements for convenience, the rights granted to the Company under such terminated agreement will revert to Antecip. To date, the Company has not been required to make any payments to Antecip under any of the license agreements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Summary of Significant Accounting Policies
Significant Risks and Uncertainties	Significant Risks and Uncertainties The Company’s operations are subject to a number of factors that can affect its operating results and financial condition. Such factors include, but are not limited to: the results of clinical testing and trial activities of the Company’s product candidates; the Company’s ability to obtain regulatory approval to market its products, if approved; competition from products manufactured and sold or being developed by other companies; the price of, and demand for, the Company’s products, if approved; the Company’s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products, if approved; and the Company’s ability to raise additional financing. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve and maintain profitability.
Use of Estimates	Use of Estimates Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock‑based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.
Foreign Currency Translation	Foreign Currency Translation Expenses denominated in foreign currency are translated into U.S. dollars at the exchange rate on the date the expense is incurred. Assets and liabilities of foreign operations are translated at period-end exchange rates. The effect of exchange rate fluctuations on translating foreign currency into U.S. dollars is included in the Statements of Operations and is not material to the Company’s financial statements.
Segment and Geographic Information	Segment and Geographic Information Operating segments are defined as components of an enterprise for which separate discrete information is available for evaluation by the chief operating decision maker or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business as one operating segment, which is the business of developing novel therapies for the management of CNS disorders.
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments that have maturities of three months or less when acquired to be cash equivalents. The Company’s cash and cash equivalents includes holdings in checking and overnight sweep accounts. The Company’s cash equivalents, which are money market funds held in a sweep account, are measured at fair value on a recurring basis. As of March 31, 2020, the balance of cash and cash equivalents was $197.3 million, which approximates fair value and was determined based upon Level 1 inputs. The sweep account is valued using quoted market prices with no valuation adjustments applied. Accordingly, these securities are categorized as Level 1.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At March 31, 2020, the majority of the Company’s cash was held by one financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. Assets and liabilities that are measured at fair value are reported using a three‑level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1 —Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 —Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 —Inputs that are unobservable for the asset or liability. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The Company’s financial instruments are cash, accounts payable, accrued liabilities, and current and long-term debt. The carrying values for cash, accounts payable and accrued liabilities reported in the accompanying consolidated financial statements approximate their respective fair values due to their short‑term maturities. The carrying value of debt, the 2019 Term Loan (see Note 4 – Loan and Security Agreement), is estimated to approximate its fair value as the interest rate approximates the market rate for loans with similar terms and risk characteristics.
Debt Issuance Costs	Debt Issuance Costs Debt issuance costs consist of costs incurred in obtaining long-term financing. These costs are classified on the consolidated balance sheet as a direct deduction from the carrying amount of the related debt liability. These expenses are deferred and amortized as part of interest expense in the consolidated statement of operations using the effective interest rate method over the term of the debt agreement.
Equipment	Equipment Equipment consists primarily of computer equipment and is recorded at cost. Equipment is depreciated on a straight‑line basis over its estimated useful life, which the Company estimates to be three years. When equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and the resulting gain or loss is included in operating expenses.
Research and Development Costs	Research and Development Costs Research and development expenses primarily consist of costs incurred in performing research and development activities, including preclinical studies, clinical trials, manufacturing costs, regulatory costs, employee salaries and benefits, stock‑based compensation expense, contract services, including external research and development expenses incurred under arrangements with third parties, such as contract research organizations (“CROs”), facilities costs, overhead costs, depreciation, and other related costs. Generally, research and development costs are expensed as incurred. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and amortized over the period that the goods are delivered or the related services are performed, subject to an assessment of recoverability. The Company makes estimates of costs incurred in relation to clinical site costs. The Company analyzes the progress of clinical trials, including levels of patient enrollment, invoices received and contracted costs when evaluating the adequacy of the amount expensed and the related prepaid asset and accrued liability. Significant judgments and estimates must be made and used in determining the accrued balance and expense in any accounting period. The Company reviews and accrues clinical trial study expenses based on work performed and relies upon estimates of those costs applicable to the stage of completion of a study. With respect to clinical site costs, the financial terms of these agreements are subject to negotiation and vary from contract to contract. Payments under these contracts may be uneven, and depend on factors such as the achievement of certain events, the successful recruitment of patients, the completion of portions of the clinical trial or similar conditions. The objective of the Company’s policy is to match the recording of expenses in its financial statements to the actual services received and efforts expended. As such, expense accruals related to clinical site costs are recognized based on the Company’s estimate of the degree of completion of the event or events specified in the specific clinical study or trial contract.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, operating losses, and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. Valuation allowances are provided if, based upon the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company estimates an annual effective tax rate of 0% for the year ending December 31, 2020 and has not recorded an income tax benefit for the three months ended March 31, 2020 and 2019 since it determined that a full valuation allowance is required against the Company’s deferred tax assets. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position as well as consideration of the available facts and circumstances. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. As of March 31, 2020, the Company does not believe any material uncertain tax positions are present. In the event the Company determines that accrual of interest or penalties are necessary in the future, the amount will be presented as a component of income tax expense.
Stock Based Compensation	Stock‑Based Compensation For stock options issued, the Company estimates the grant date fair value of each option using the Black‑Scholes option pricing model. The Black-Scholes model takes into account the expected volatility of the Company’s common stock, expected dividends of the Company’s common stock, the risk-free interest rate, the estimated life of the option, the closing market price of the Company’s common stock and the exercise price. The estimates utilized in the Black-Scholes calculation involve inherent uncertainties and the application of management’s judgment. In addition, the Company recognizes expense for equity awards forfeitures as they occur. For restricted stock units (“RSUs”) issued, the Company issues them in the form of Company common stock. The fair value of these awards is based on the market close price per share on the grant date. Prior to January 1, 2020, the Company only granted stock options. Beginning in 2020, for grants to employees, the Company granted a mix of stock options and RSUs. For awards subject to service-based vesting conditions, the Company recognizes stock-based compensation expense on a straight-line basis over the requisite service period, which is generally the vesting term. For awards subject to performance-based vesting conditions, the Company recognizes stock-based compensation expense using the accelerated attribution method when it is probable that the performance condition will be achieved. The expense related to the stock-based compensation is recorded within the same financial statement line item as the grantee’s cash compensation. The Company’s policy upon exercise of stock options and RSUs is that shares will be issued as new shares from the Company’s 2015 Omnibus Incentive Compensation Plan available share pool.
Basic and Diluted Net Loss per Common Share	Basic and Diluted Net Loss per Common Share Basic net loss per share of common stock is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share of common stock includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, stock options, and RSUs, which would result in the issuance of incremental shares of common stock. As the impact of these items is anti‑dilutive during periods of net loss, there was no difference between basic and diluted net loss per share of common stock for the three months ended March 31, 2020 and 2019.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12) enhances and simplifies various aspects of the income tax accounting guidance, including requirements such as tax basis step-up in goodwill obtained in a transaction that is not a business combination, ownership changes in investments, and interim-period accounting for enacted changes in tax law. ASU 2019-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2020. Early adoption is permitted, including adoption in an interim period. The Company is currently evaluating the expected impact of this standard, but does not expect it to have a material impact on its consolidated financial statements upon adoption.

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Accrued Expenses
Schedule of accrued expenses	March 31, December 31, 2020 2019 Research and development $ 7,758,043 $ 8,209,594 Accrued compensation 455,176 2,056,356 Other 1,126,502 683,178 Total $ 9,339,721 $ 10,949,128

Loan and Security Agreement (Ta

Loan and Security Agreement (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of outstanding debt and unamortized debt discount balances	March 31, December 31, 2020 2019 Total Outstanding Debt $ 20,000,000 $ 20,000,000 Add: accreted liability of final payment fee 523,378 404,364 Less: unamortized debt discount, long-term (312,573) (405,071) Less: current portion of long-term debt (4,666,667) (2,666,667) Loan payable, long-term $ $ Current portion of long-term debt $ $ Less: current portion of unamortized debt discount Loan payable, current portion $ $
Schedule of principal payments	2020 2,666,667 2021 8,000,000 2022 8,000,000 2023 1,333,333 Total principal payments outstanding $ 20,000,000

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2020
Net Loss per Common Share
Computation of basic and diluted net loss per common share	Three months ended March 31, 2020 2019 Basic and diluted net loss per common share: Net loss $ (32,484,146) $ (10,640,376) Weighted average common shares outstanding—basic and diluted 37,061,356 33,052,468 Net loss per common share—basic and diluted $ (0.88) $ (0.32)
Schedule of potentially dilutive securities	March 31, 2020 2019 Stock options 3,962,733 3,100,209 Restricted stock units 149,389 — Warrants 69,656 181,369 Total 4,181,778 3,281,578

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Stockholders' Equity
Schedule of stock option activity	Weighted Weighted average Aggregate Number average contractual intrinsic of shares exercise price term value Outstanding at December 31, 2019 3,458,447 $ 10.19 Granted 566,815 51.12 Exercised (60,186) 10.46 Forfeited (2,343) 13.98 Expired — — Outstanding at March 31, 2020 3,962,733 $ 16.04 8.0 $ 171,744,639 Vested and expected to vest at March 31, 2020 3,954,064 $ 16.07 8.0 $ 171,248,106 Exercisable at March 31, 2020 1,958,757 $ 7.48 6.4 $ 100,572,453
Schedule of RSU activity	Weighted Weighted average Aggregate Number average contractual intrinsic of shares exercise price term value Outstanding at December 31, 2019 — $ — Granted 149,389 45.14 Released — — Forfeited — — Outstanding at March 31, 2020 149,389 $ 45.14 4.0 $ 8,788,555
Schedule of stock-based compensation expense	Three months ended March 31, 2020 2019 Research and development $ 634,375 $ 101,701 General and administrative 1,499,155 1,154,609 Total $ 2,133,530 $ 1,256,310
Schedule of warrant activity	Weighted average Warrants exercise price Outstanding at December 31, 2019 69,656 $ 7.21 Issued — — Exercised — — Outstanding at March 31, 2020 69,656 $ 7.21

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Details)	Mar. 31, 2020USD ($)product$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares
Nature of Business and Basis of Presentation
Number of late-stage candidates in Company's product candidate portfolio | product	5
Common stock, shares authorized | shares	150,000,000	150,000,000
Common stock, par value | $ / shares	$ 0.0001	$ 0.0001
Preferred stock, shares authorized | shares	10,000,000	10,000,000
Preferred stock, par value | $ / shares	$ 0.0001	$ 0.0001
Accumulated deficit | $	$ 208,379,639	$ 175,895,493

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2020USD ($)segmentInstitution	Dec. 31, 2019USD ($)
Segment and Geographic Information
Number of operating segments | segment	1
Cash Equivalents
Cash Equivalents | $	$ 197,313,408	$ 219,966,167
Concentration of Credit Risk
Number of financial institutions that hold the Company's cash | Institution	1
Equipment
Estimated useful life	3 years
Income Taxes
Effective tax rate	0.00%

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses and Other Current Liabilities
Research and development	$ 7,758,043	$ 8,209,594
Accrued compensation	455,176	2,056,356
Other	1,126,502	683,178
Total	$ 9,339,721	$ 10,949,128

Loan and Security Agreement - A

Loan and Security Agreement - Additional Information (Details)	Jul. 25, 2019installment	Mar. 31, 2019USD ($)tranche	Nov. 30, 2018USD ($)	Nov. 30, 2016USD ($)tranche	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Number of loan tranches | tranche		2
Repayment of principal on term loan						$ 7,238,889
Prepayment premium, percent of principal, if prepaid within two years				3.00%
Prepayment premium, percent of principal, if prepaid during the third year				2.00%
Prepayment premium, percent of principal, if prepaid after third year				1.00%
Interest expense					$ 379,167
Amortization of debt issuance costs					$ 119,014
Term Loan
Number of monthly installments | installment	30
Interest expense						216,667
Amortization of debt issuance costs						69,665
Term Loan | Milestone Met
Number of monthly installments | installment	24
2019 Term Loan
Maximum loan amount		$ 24,000,000				$ 24,000,000
Interest-only payment period	18 months	12 months
Annual interest rate	(7.50%)
Interest rate basis		7.50%
Interest rate spread		7.50%
Final payment fee, percent of principal	6.30%	6.00%				6.00%
Prepayment premium, percent of principal, if prepaid within one year	3.00%	3.00%				3.00%
Prepayment premium, condition one, term		1 year
Prepayment premium, percent of principal, if prepaid during the second year	2.00%	2.00%				2.00%
Prepayment premium, percent of principal, if prepaid after second year	1.00%	1.00%				1.00%
2019 Term Loan | Prime Rate
Interest rate basis	2.00%	2.00%
Interest rate spread	2.00%	2.00%
Term Loan 2019, Tranche One
Loan amount		$ 20,000,000				$ 20,000,000
Final payment fee		850,000
Repayment of principal on term loan		5,600,000
Term Loan 2019, Tranche Two
Remaining credit facility to be drawn		$ 4,000,000				$ 4,000,000
Interest-only payment period	24 months	18 months
Original Term Loan 2016
Maximum loan amount				$ 20,000,000
Number of loan tranches | tranche				3
Interest rate basis				3.50%
Interest rate spread				3.50%
Final payment fee, percent of principal				8.50%
Final payment fee		$ 850,000
Base interest rate				4.50%
Term Loan 2016, Tranche One
Loan amount				$ 10,000,000
Term Loan 2016, Tranche Two
Maximum loan amount				5,000,000
Term Loan 2016, Tranche Three
Maximum loan amount				5,000,000
Term Loan 2016, Tranche Two and Three
Maximum loan amount				$ 10,000,000
Number of loan tranches | tranche				2
Amount of borrowing facility expired				$ 10,000,000
Amended Term Loan 2016
Loan amount			$ 4,000,000
Minimum | Amended Term Loan 2016 | Prime Rate
Interest rate basis			2.00%
Interest rate spread			2.00%
Maximum | Amended Term Loan 2016 | Prime Rate
Interest rate basis			7.25%
Interest rate spread			7.25%

Loan and Security Agreement - O

Loan and Security Agreement - Outstanding Debt and Unamortized Debt Discount (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Total Outstanding Debt	$ 20,000,000	$ 20,000,000
Add: accreted liability of final payment fee	523,378	404,364
Less: unamortized debt discount, long-term	(312,573)	(405,071)
Less: current portion of long-term debt	(4,666,667)	(2,666,667)
Loan payable, long-term	15,544,138	17,332,626
Current portion of long-term debt	4,666,667	2,666,667
Current portion of unamortized debt discount	(98,235)	(64,375)
Loan payable, current portion	$ 4,568,432	$ 2,602,292

Loan and Security Agreement - S

Loan and Security Agreement - Schedule of Principal Payments (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020	$ 2,666,667
2021	8,000,000
2022	8,000,000
2023	1,333,333
Total principal payments outstanding	$ 20,000,000	$ 20,000,000

Net Loss per Common Share - Com

Net Loss per Common Share - Computation of Basic and Diluted Net Loss per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic and diluted net loss per common share:
Net loss	$ (32,484,146)	$ (10,640,376)
Weighted average common shares outstanding, basic and diluted	37,061,356	33,052,468
Net loss per common share, basic and diluted	$ (0.88)	$ (0.32)

Net Loss per Common Share - Pot

Net Loss per Common Share - Potentially Dilutive Securities Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	4,181,778	3,281,578
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	3,962,733	3,100,209
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	149,389
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities	69,656	181,369

Stockholders' Equity - Capital

Stockholders' Equity - Capital Structure (Details)	1 Months Ended		3 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares	May 31, 2019USD ($)	Mar. 31, 2020USD ($)Vote / shares	Dec. 16, 2016USD ($)
Subsidiary, Sale of Stock [Line Items]
Common stock sales agreement, authorized amount	$ 80,000,000	$ 50,000,000
Common stock sales agreement, gross sales			$ 0
Common stock sales agreement, commission percentage	3.00%	3.00%
Common stock, voting right per share | Vote / shares			1
Underwritten Public Offering
Subsidiary, Sale of Stock [Line Items]
Shares issued | shares	2,300,000
Share Price | $ / shares	$ 87
Proceeds from issuance of common stock, gross	$ 200,100,000
Proceeds from issuance of common stock, net	$ 187,100,000
2016 Shelf Registration
Subsidiary, Sale of Stock [Line Items]
Shelf Registration Statement, maximum aggregate amount issuable				$ 150,000,000
2019 Shelf Registration
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common stock, gross			$ 207,400,000

Stockholders' Equity - Equity I

Stockholders' Equity - Equity Incentive Plans (Details)	Mar. 31, 2020shares
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant	2,673,533

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details)	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Number of shares
Beginning balance outstanding (in shares) | shares	3,458,447
Granted (in shares) | shares	566,815
Exercised (in shares) | shares	(60,186)
Forfeited (in shares) | shares	(2,343)
Ending balance outstanding (in shares) | shares	3,962,733
Vested and expected to vest (in shares) | shares	3,954,064
Exercisable (in shares) | shares	1,958,757
Weighted average exercise price
Beginning balance outstanding (in dollars per share) | $ / shares	$ 10.19
Granted (in dollars per share) | $ / shares	51.12
Exercised (in dollars per share) | $ / shares	10.46
Forfeited (in dollars per share) | $ / shares	13.98
Ending balance outstanding (in dollars per share) | $ / shares	16.04
Vested and expected to vest (in dollars per share) | $ / shares	16.07
Exercisable (in dollars per share) | $ / shares	$ 7.48
Weighted average contractual term
Outstanding (in years)	8 years
Vested and expected to vest (in years)	8 years
Exercisable (in years)	6 years 4 months 24 days
Aggregate intrinsic value
Outstanding (in dollars) | $	$ 171,744,639
Vested and expected to vest (in dollars) | $	171,248,106
Exercisable (in dollars) | $	$ 100,572,453

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested options outstanding | shares	14,530
Weighted average
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value (in dollars per share) | $ / shares	$ 31.27
Unrecognized compensation cost related to non-vested stock options expected to be recognized | $	$ 30.5
Expected vesting period for non-vested share-based compensation	3 years 7 months 6 days

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Units (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2020	Mar. 31, 2020
Restricted stock units
Compensation cost	$ 2,133,530	$ 1,256,310
Restricted stock units
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 45.14			$ 45.14
Vesting period	4 years
Compensation cost	$ 6,700,000
Number of shares
Granted (in shares)			149,389
Ending balance outstanding (in shares)	149,389
Weighted average exercise price
Granted (in dollars per share)	$ 45.14
Ending balance (in dollars pershare)	$ 45.14
Weighted average contractual term
Weighted average contractual term	4 years
Aggregate intrinsic value
Aggregate intrinsic value				$ 8,788,555

Stockholders' Equity - Stock-ba

Stockholders' Equity - Stock-based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense (income)	$ 2,133,530	$ 1,256,310
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense (income)	634,375	101,701
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense (income)	$ 1,499,155	$ 1,154,609

Stoholders' Equity - Warrant Ac

Stoholders' Equity - Warrant Activity (Details) - USD ($)	1 Months Ended				3 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2020	Jul. 25, 2019	Mar. 31, 2019	Nov. 30, 2018	Nov. 30, 2016
Warrants
Warrants outstanding beginning balance					69,656
Warrants issued
Warrants exercised
Warrants outstanding ending balance	69,656				69,656
Weighted average exercise price
Beginning balance (in dollars per share)					$ 7.21
Ending balance (in dollars per share)	$ 7.21				7.21
Exercise price of warrants (in dollars per share)	$ 7.21				$ 7.21	$ 7.21
Warrants | Original Term Loan 2016
Warrants
Warrants exercised		32,614
Weighted average exercise price
Warrant term						7 years				7 years
Common stock to be issued if warrants are exercised (in shares)										65,228
Exercise price of warrants (in dollars per share)										$ 7.41
Outstanding warrants						$ 32,614
Shares issued		24,328
Warrants | Amended Term Loan 2016
Warrants
Warrants exercised			7,875
Weighted average exercise price
Warrant term			7 years						7 years
Common stock to be issued if warrants are exercised (in shares)									15,750
Exercise price of warrants (in dollars per share)									$ 3.06
Outstanding warrants						7,875
Shares issued			6,969
Warrants | 2019 Term Loan
Warrants
Warrants issued				58,332
Warrants exercised	29,167
Weighted average exercise price
Ending balance (in dollars per share)				$ 8.10
Common stock to be issued if warrants are exercised (in shares)							29,167	70,000
Exercise price of warrants (in dollars per share)				$ 8.10				$ 8.10
Outstanding warrants						29,167
Shares issued	24,185
Fair value						$ 400,000
Warrants | Term Loan 2019, Tranche Two
Weighted average exercise price
Common stock to be issued if warrants are exercised (in shares)							5,750
Exercise price of warrants (in dollars per share)							$ 25.71
Warrants issuable in future				11,668

License Agreements (Details)

License Agreements (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)shares	Mar. 31, 2019USD ($)	Dec. 31, 2012item	Jan. 09, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)shares
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of common shares | shares		37,075,422				36,933,217
Value of common stock		$ 3,707				$ 3,693
Research and development expense recognized		27,521,400	$ 7,603,081
Pfizer Inc | License Agreements
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of common shares | shares	82,019
Value of common stock	$ 8,000,000
Prior trading days	10 days
Share price | $ / shares	$ 97.54
Upfront cash payment	$ 3,000,000
Fair value share price | $ / shares					$ 87.24
Fair value of common stock					$ 7,200,000
Research and development expense recognized		10,200,000
Future milestone payments		323,000,000
Milestone payments or royalties		$ 0
Pfizer Inc | License Agreements | AXS-04
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement royalty as a percent of net sales				1.50%
Antecip | License Agreements
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of exclusive license agreements | item				3
License agreement royalty, maximum reduction percent as a result of required third party payments				50.00%
License agreement term, from first commercial sale				10 years
Antecip | License Agreements | AXS-02
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement royalty as a percent of net sales				4.50%
Antecip | License Agreements | AXS-05
Research and Development Arrangement, Contract to Perform for Others [Line Items]
License agreement royalty as a percent of net sales				3.00%

Uncategorized Items - axsm-2020

Label	Element	Value
Warrant [Member]
Amortization of Debt Discount (Premium)	us-gaap_AmortizationOfDebtDiscountPremium	$ 37,768
Amortization of Debt Discount (Premium)	us-gaap_AmortizationOfDebtDiscountPremium	$ 58,638