Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
Market Information
Our common stock has been listed on the Nasdaq Global Market since March 3, 2017 under the symbol “AXSM”. Prior to that, our common stock was listed on the Nasdaq Capital Market since November 19, 2015, under the symbol “AXSM.”. Prior to our initial public offering, there was no public market for our common stock.
Common Stock Performance Graph
The graph below matches AXSOME Therapeutics, Inc.'s cumulative 5-Year total shareholder return on common stock with the cumulative total returns of the NASDAQ Composite index and the NASDAQ Biotechnology index. The graph tracks the performance of a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from 12/31/2015 to 12/31/2020. The stockholder return shown in the graph below is not necessarily indicative of future performance, and we do not make or endorse any predictions as to future stockholder returns.
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Holders
The number of record holders of our common stock as of February 22, 2021 was seven. This number of holders of record does not reflect the beneficial holders of our common stock who hold shares in street name through brokerage accounts or other nominees. This number of holders of record also does not include stockholders whose shares may be held in trust by other entities. The actual number of holders of our common stock is therefore greater than this number of record holders.
Dividends
We have never declared or paid any cash dividends on our common stock and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our board of directors, subject to applicable laws, and will depend on a number of factors, including our financial condition, results of operations, capital requirements, contractual restrictions, general business conditions, and any other factors that our board may deem relevant. In addition, the terms of our existing term loan with Hercules Capital, Inc., or Hercules, precludes us from paying cash dividends without the consent of Hercules, except under certain circumstances.
ITEM 6. SELECTED FINANCIAL DATA.
The following Statements of Operations Data for the years ended December 31, 2020, 2019, 2018, 2017, and 2016 and Balance Sheet Data as of December 31, 2020, 2019, 2018, 2017, and 2016, as set forth below are derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. This financial data should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Item 8. Financial Statements and Supplementary Data.” Our historical results are not necessarily indicative of the results that may be expected in the future.
Year ended December 31,
2020
2019
2018
2017
2016
Statements of operations data :
Operating expenses:
Research and development
$
70,244,579
$
53,647,067
$
23,495,055
$
19,957,616
$
21,199,860
General and administrative
28,896,749
13,598,030
9,351,522
7,206,691
6,343,648
Total operating expenses
99,141,328
67,245,097
32,846,577
27,164,307
27,543,508
Loss from operations
(99,141,328
)
(67,245,097
)
(32,846,577
)
(27,164,307
)
(27,543,508
)
Interest and amortization of debt discount expense
(2,565,838
)
(1,239,537
)
(1,127,305
)
(1,340,199
)
(132,424
)
Tax credit
53,578
139,448
217,418
207,114
474,279
Change in fair value of warrant liability
—
—
2,791,000
(646,000
)
—
Loss on extinguishment of debt
(1,247,012
)
—
—
—
—
Net loss
$
(102,900,600
)
$
(68,345,186
)
$
(30,965,464
)
$
(28,943,392
)
$
(27,201,653
)
Weighted average common shares outstanding—basic and diluted
37,206,928
34,020,257
26,883,656
22,764,606
19,150,690
Net loss per common share—basic and diluted
$
(2.77
)
$
(2.01
)
$
(1.15
)
$
(1.27
)
$
(1.42
)
As of December 31,
2020
2019
2018
2017
2016
Balance sheet data:
Cash
$
183,876,453
$
219,966,167
$
13,968,742
$
34,021,123
$
36,618,497
Total assets
186,134,323
220,549,760
15,379,279
35,555,564
38,212,608
Total current liabilities
23,437,858
24,494,745
10,821,938
12,175,336
7,170,712
Loan payable, long-term, net of discounts
48,321,848
17,332,626
3,619,420
6,663,005
9,470,445
Accumulated deficit
(278,796,093
)
(175,895,493
)
(107,550,307
)
(76,584,843
)
(47,641,451
)
Total stockholders’ equity
$
113,792,909
$
178,722,389
$
937,921
$
16,717,223
$
21,571,451
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.