Axsome Therapeutics' stock plummeted 5.83% during intraday trading on Monday, as investors reacted negatively to the company's fourth-quarter and full-year 2025 financial results.

While the biopharmaceutical firm reported a revenue beat and a narrower net loss compared to analyst expectations, the market focused on the company's significant operating expenses. For the quarter, operating expenses reached $222.956 million, contributing to a net loss of $28.6 million. This high cost structure, despite strong revenue growth driven by products like AUVELITY, appears to have raised concerns about the path to profitability.

The negative sentiment was evident pre-market, where shares were reported down 2.1% following the earnings release, which then extended into a sharper decline at the market open.