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Results support continued development in MDD with concomitant EDS; Phase 3 trial planned in 2025 Approximately 50 percent of MDD patients experience EDS1, highlighting high unmet need NEW YORK, April 01, 2025 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (NASDAQ: AXSM), a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) disorders, today announced results of the PARADIGM Phase 3 proof-of-concept trial of solriamfetol in major depressive disorder (MDD) with and without severe excessive daytime sleepiness (EDS). In the overall patient population, the study did not demonstrate a statistically significant change on the Montgomery-Åsberg Depression Rating Scale (MADRS) total score compared to placebo, the study’s primary endpoint. In the prespecified subgroup of patients with severe EDS, treatment with solriamfetol resulted in greater improvements in depressive symptoms compared to placebo. The study was not powered to demonstrate statistical significance in the prespecified subgroups. Based on the results in the EDS subgroup, Axsome plans to initiate a Phase 3 trial in MDD patients with EDS in 2025. The PARADIGM study was a 6-week, randomized, double-blind, placebo-controlled, multicenter, U.S. trial, in which MDD patients with severe EDS (n=51) and without severe EDS (n=295) were randomized to treatment with solriamfetol 300 mg or placebo. EDS was assessed using the Epworth Sleepiness Scale (ESS). In MDD patients with severe EDS (ESS score ≥16), solriamfetol treatment resulted in clinically meaningful and numerically greater improvements compared to placebo on multiple efficacy measures including MADRS total score, MADRS anhedonia subscale, MADRS remission (total score ≤10), Clinical Global Impression of Severity (CGI-S), Clinical Global Impression of Improvement (CGI-I), and Patient Global Impression of Improvement (PGI-I), at Week 6. In patients without severe EDS, there was no meaningful difference as compared to placebo on the study endpoints. EDS is a common symptom in patients with MDD and has a reported prevalence of approximately 50% in this patient population.1 With EDS, patients have difficulty maintaining wakefulness, and have an increased propensity to fall asleep throughout the day, even in inappropriate circumstances, resulting in impairment of activities of daily living and increased safety risks. Currently, no therapies are approved to treat MDD with EDS. Herriot Tabuteau, MD, Chief Executive Officer of Axsome Therapeutics, said, “We are pleased to have completed the PARADIGM trial which provides data on the potential utility of solriamfetol in patients with MDD. The promising results with solriamfetol in MDD patients with severe EDS align with its known pharmacology and support its further evaluation in this potentially new indication. We plan to initiate a Phase 3 trial in MDD with EDS this year.” Solriamfetol was safe and well tolerated in the trial, with a side effect profile that was consistent with the established safety profile of solriamfetol. Full results will be presented at future scientific conferences. About Major Depressive Disorder Major Depressive Disorder (MDD) is a serious, common, biologically based disorder characterized by depressed mood and loss of interest or pleasure, as well as disturbed sleep or appetite, impaired cognitive function, feelings of guilt and worthlessness, and low energy, among other symptoms. MDD can result in severe functional impairments that interfere with all aspects of life, and in severe cases, can lead to suicide.2 According to the World Health Organization (WHO), depression is the leading cause of disability worldwide, and one of the leading contributors to the global burden of disease. Approximately 21 million adults in the U.S. are affected by MDD each year,3 and approximately two-thirds of patients experience inadequate response with first-line treatment.4 About Solriamfetol Solriamfetol is a dopamine and norepinephrine reuptake inhibitor (DNRI), TAAR1 agonist, and 5-HT1A agonist being developed for the treatment of attention deficit hyperactivity disorder (ADHD), major depressive disorder (MDD), binge eating disorder (BED), and excessive sleepiness associated with shift work disorder (SWD). About Axsome Therapeutics Axsome Therapeutics is a biopharmaceutical company leading a new era in the treatment of central nervous system (CNS) conditions. We deliver scientific breakthroughs by identifying critical gaps in care and develop differentiated products with a focus on novel mechanisms of action that enable meaningful advancements in patient outcomes. Our industry-leading neuroscience portfolio includes FDA-approved treatments for major depressive disorder, excessive daytime sleepiness associated with narcolepsy and obstructive sleep apnea, and migraine, and multiple late-stage development programs addressing a broad range of serious neurological and psychiatric conditions that impact over 150 million people in the United States. Together, we are on a mission to solve some of the brain’s biggest problems so patients and their loved ones can flourish. Forward Looking Statements Certain matters discussed in this press release are “forward-looking statements”. The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. In particular, the Company’s statements regarding trends and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the commercial success of the Company’s Sunosi®, Auvelity®, and Symbravo® products and the success of the Company’s efforts to obtain any additional indication(s) with respect to solriamfetol and/or AXS-05; the Company’s ability to maintain and expand payer coverage; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund the Company’s disclosed clinical trials, which assumes no material changes to the Company’s currently projected revenues or expenses), futility analyses and receipt of interim results, which are not necessarily indicative of the final results of the Company’s ongoing clinical trials, and/or data readouts, and the number or type of studies or nature of results necessary to support the filing of a new drug application (“NDA”) for any of the Company’s current product candidates; the Company’s ability to fund additional clinical trials to continue the advancement of the Company’s product candidates; the timing of and the Company’s ability to obtain and maintain U.S. Food and Drug Administration (“FDA”) or other regulatory authority approval of, or other action with respect to, the Company’s product candidates, including statements regarding the timing of any NDA submission; the Company’s ability to successfully defend its intellectual property or obtain the necessary licenses at a cost acceptable to the Company, if at all; the successful implementation of the Company’s research and development programs and collaborations; the success of the Company’s license agreements; the acceptance by the market of the Company’s products and product candidates, if approved; the Company’s anticipated capital requirements, including the amount of capital required for the commercialization of Sunosi, Auvelity, and Symbravo and for the Company’s commercial launch of its other product candidates, if approved, and the potential impact on the Company’s anticipated cash runway; the Company’s ability to convert sales to recognized revenue and maintain a favorable gross to net sales; unforeseen circumstances or other disruptions to normal business operations arising from or related to domestic political climate, geo-political conflicts or a global pandemic and other factors, including general economic conditions and regulatory developments, not within the Company’s control. The factors discussed herein could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstance. Investors: Mark Jacobson Chief Operating Officer (212) 332-3243 mjacobson@axsome.com Media: Darren Opland Director, Corporate Communications (929) 837-1065 dopland@axsome.com References Source: Axsome Therapeutics, Inc.

A phase 3 study evaluating Axsome's Sunosi as a treatment for ADHD has achieved its primary and a key secondary endpoint, the New York City company said. Taking a gamble by purchasing the rights to an underperforming narcolepsy drug may soon begin paying dividends for Axsome Therapeutics.The New York City central nervous system (CNS) specialist has scored in a phase 3 trial testing Sunosi (solriamfetol) on adults with attention deficit hyperactivity disorder (ADHD).The study achieved its primary and key secondary endpoint as Sunosi, compared to placebo, provided “substantial and statistically significant” improvement in ADHD symptoms and a “statistically significant” reduction in overall ADHD severity.In 2022, Axsome paid $53 million up front to acquire Sunosi from Jazz Pharmaceuticals, three years after the Ireland drugmaker scored FDA approval to treat patients with narcolepsy and obstructive sleep apnea (OSA).The companies struck the deal believing Axsome was better equipped to develop the dopamine and norepinephrine reuptake inhibitor (DNRI) for other indications—including major depressive disorder (MDD), binge eating disorder (BED), and excessive sleepiness associated with shift work disorder (SWD).In the ADHD trial, coded Focus, Axsome tested 516 adults in three treatment arms, with patients receiving placebo or Sunosi in a 150 mg dose or a 300 mg dose for six weeks.As measured by the Adult ADHD Investigator Symptom Rating Scale (AISRS), Sunosi dosed at 150 mg provided average reductions from baseline of 17.7 points, compared to 14.3 points for placebo. Overall, Sunosi provided a 45% mean reduction from baseline in ADHD symptoms. With clinical response defined as a 30% improvement from baseline, 54% of patients in the 150 mg arm reached the standard compared to 41% of those on placebo.As for the 300 mg dose of Sunosi, results were numerically superior to placebo, but came up short of statistical significance.The results square up with those produced by Supernus’ Qelbree, “which showed a similar 3.8-point placebo-normalized reduction in AISRS at Week 6,” William Blair analyst Myles Minter, Ph.D., wrote in a note to investors Tuesday, though he warned of the difficulty in making cross-trial comparisons.“The symptom improvements observed with solriamfetol were accompanied by a favorable safety and tolerability profile,” Gregory Mattingly, M.D., president of the American Professional Society for ADHD and Related Disorders, said in a release. “Based on these compelling data, solriamfetol has the potential to be an important new treatment option for adult patients living with ADHD.” Axsome did not address a regulatory filing timeline for Sunosi in the indication. CEO Herriot Tabuteau, M.D., said that the company plans to initiate a trial in pediatric patients this year. Citing FDA guidelines, Minter suggested that Axsome may need to run two separate pediatric trials for both adolescents 13 to 17 years of age and younger kids. Upon the approval of Sunosi six years ago, Leerink Partners analyst Ami Fadia projected potential sales of $500 million by 2023, given its novel mechanism of action and strong efficacy data to back it up.But the treatment was never on that trajectory under Jazz, which reported the drug's sales as $58 million in 2021. Sunosi has shown more promise under the wing of Axsome as 2024 sales reached $94 million, which was an increase of 26% from 2023. Things are happening quickly for Axsome, which Tabuteau founded in 2013. Two months ago, the company gained an FDA approval for migraine treatment Symbravo and saw its market cap surge to $5.3 billion. Axsome has projected Symbravo as a potential blockbuster.Axsome's first approval came in 2022 for major depressive disorder (MDD) treatment Auvelity, which racked up sales of $291 million last year. Potentially building on Auvelity, Axsome is also expected to report data for Sunosi as an MDD treatment from the phase 3 Paradigm study in the first quarter. However, as Minter noted, more than one phase 3 trial is needed for an MDD filing with the FDA.Minter added that the latest ADHD readout “adds to a string of recent wins for the company, including clarity" on a regulatory path to an NDA filing for Alzheimer’s disease treatment AXS-05.