Psychiatrist Sees Auvelity Becoming the Preferred 1L Therapy in Alz Agitation

Research evidence excerpt

Psychiatrist Sees Auvelity Becoming the Preferred 1L Therapy in Alz Agitation

Axsome Therapeutics, Inc. (AXSM)

Equity Research

May 20, 2026

In addition to Auvelity quarterly beats, other key 2026-27 catalysts: (1) Phase III Sunosi data

in H2:26 for BED and 2027 for SWD (both 5-15% stock move). (2) Reboxetine's approval in NT1

narcolepsy by H1:27 (+5-10% move).

Exhibit 1 - AXSM Newsflow

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Source: Jefferies

Exhibit 2 - AXSM Auvelity's Label Looks Favorable to Rexulti (Atypical Antipsychotic), Not Carrying a Black

Box Warning for Increased Mortality in Elderly Patients (only a Class-Effect Black Box)

Company Lundbeck AXSM

Branded Rexulti Auvelity

Drug Name brexpiprazole (oral atypical antipsychotic) dextromethorphan + bupropion (oral NMDA)

AADAD Indication "Treatmentdisease" of agitation associated with dementia due to Alzheimer's "Treatmentdisease" of agitation associated with dementia due to Alzheimer's

Days 1-7: 30/105mg (dextromethorphan/bupropion) QD

Dosing and Titration: Days 1-7: 0.5mg, Days 8-14: 1mg, Day 15 onward: 2mg (all Titration:(morning). Days 8-14: 30/105mg BID separated by 8 hours. Day 15

QD once-daily) Administration

onward: 45/105mg BID, separated by 8 hours

Increased mortality in elderly patients with dementia-related

Black Box Warning psychosis and suicidal thoughts and behaviors in pediatric and young Suicidal thoughts and behaviors in pediatric and young adults

adults

NMS, tardive dyskinesia, metabolic changes, compulsive

Warnings and Stroke,behaviors, leukopenia/neutropenia, hypotension, seizures, metabolic Seizure,serotoninhypertension,syndrome, fetalmania,toxicity,psychosis,hyponatremiaglaucoma, dizziness, Precautions

changes, motor impairment

≥2%: 9% dizziness, 8% somnolence, 6% dyspepsia, fatigue, 5%