Culper Research published on Axsome Therapeutics (NASDAQ: AXSM — $3.50 billion), a drugmaker targeting central nervous system conditions like depression and Alzheimer’s. Culper alleged the launch of the company’s major depressive disorder drug, Auvelity, was “aided by undisclosed consignment deals with dodgy mail-order pharmacies” which inflated the company’s revenue. Culper noted that the company “has simply not been paid for 43% of its reported Auvelity revenues since launch” and dismissed its auditor, Ernst & Young, in 2023. Culper also raised concerns about Auvelity’s formulation and price, writing,“Axsome is run out of the 22nd floor of One World Trade by CEO Herriot Tabuteau, a career-long banker whose business now rests on the idea of combining two generic drugs into one, then selling that drug at a 30x markup. Axsome isn't focused on patients, but profiteering.”
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