NEW YORK, January 1, 2026, 21:06 ET — Market closed
- Axsome shares rose 22.9% in the last session after the FDA accepted its AXS-05 filing for Alzheimer’s disease agitation.
- The FDA set an April 30, 2026 target action date under the PDUFA process.
- A separate FDA update supports an AXS-12 narcolepsy NDA submission planned for January.
Axsome Therapeutics shares jumped 22.9% in the Dec. 31 session, ending at $182.64 after the company disclosed two U.S. FDA updates that put near-term regulatory milestones back in focus. The stock traded between $148.79 and $184.40 on the day, with about 3.1 million shares changing hands.
The move matters because the FDA set a firm target date for a decision on Axsome’s bid to expand AXS-05 into Alzheimer’s disease agitation, a label expansion that investors view as a step-change opportunity for revenue. The agency’s clock also compresses uncertainty: traders often key off FDA target dates because they define when a binary outcome is most likely to hit the tape.
It also lands in a space with limited approved options. The FDA has previously said Rexulti (brexpiprazole) is approved for agitation associated with dementia due to Alzheimer’s disease, underscoring both competition and the high bar for safety in older patients. 1
Axsome said the FDA accepted for filing its supplemental New Drug Application (sNDA) for AXS-05 (dextromethorphan-bupropion) for Alzheimer’s disease agitation and granted Priority Review, which shortens the agency’s review goal to six months versus about 10 months under standard review. The FDA set a Prescription Drug User Fee Act (PDUFA) target action date of April 30, 2026; PDUFA is the user-fee process that sets the agency’s goal date for acting on an application. “Up to 76% of people with Alzheimer’s disease experience agitation, representing a significant unmet medical need,” CEO Herriot Tabuteau said. 2
The company also disclosed the updates in a Form 8-K filing, which said the FDA actions and pre-NDA meeting minutes were described in press releases filed as exhibits. 3
In a separate Dec. 31 release, Axsome said it received formal pre-NDA meeting minutes supporting an NDA submission for AXS-12 in narcolepsy, and it expects to complete the submission in January 2026. AXS-12 (reboxetine) is being developed for cataplexy — a sudden loss of muscle tone often triggered by strong emotions — and the company said the program has Orphan Drug Designation, a status aimed at therapies for rare diseases. 4
The jump was sharply out of line with the broader biotech tape. The SPDR S&P Biotech ETF was up 0.2% in the same session, while the iShares Nasdaq Biotechnology ETF was down 0.1%.
U.S. markets were closed on Thursday for New Year’s Day, and are scheduled to reopen on Friday, Jan. 2, according to the NYSE holiday calendar. 5
The twin FDA-related headlines concentrate the next set of watchpoints into the first quarter: the AXS-12 filing expected in January and the start of FDA review workstreams for AXS-05 that typically drive follow-on updates as the review proceeds.
Before the next session on Friday, traders will be watching whether Axsome holds above the $180 area after Wednesday’s surge, with the stock’s prior close near $149 serving as an obvious reference level for support if momentum cools.
Before the next session, investors will also look for any confirmation that the AXS-12 NDA has been submitted and whether the FDA accepts the filing for review — the procedural step that begins the agency’s formal timeline.
Before the next session, attention stays anchored on April 30, 2026 as the key catalyst date for AXS-05. Between now and then, the stock is likely to trade on incremental regulatory commentary and how investors handicap commercialization in a market where safety, tolerability and caregiver burden are central.
