Axsome Therapeutics (AXSM) reported a Q1 net loss Monday of $1.22 per diluted share, narrowing from a loss of $1.44 a year earlier.

Analysts polled by FactSet expected a loss of $1.31.

Revenue for the quarter ended March 31 was $121.5 million, up from $75.0 million a year earlier.

Analysts surveyed by FactSet expected $119.2 million.

The biotech company said its cash and cash equivalents as of March 31 totaled $300.9 million, down from $315.4 million in the preceding quarter but enough to finance operations into cash flow positivity.

Shares of the company were up more than 1.6% in recent premarket activity.