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Possible new AXSM shares

AXSMDilution

Known so far: no new shares from the prospectus covers read · shelf not limited by the baby-shelf rule · not yet read: converts, ATM.

Shelf room

  • Room today not capped by the baby-shelf rule ($4.4B float, Jun 30, 2025)
How this is worked out

Shelf room on the S-3ASR of Nov 3, 2025: not limited by the baby-shelf rule, because the $4.4B public float stated as of Jun 30, 2025 is $75M or more. Sources: S-3ASR Nov 3, 2025, effective Nov 3, 2025 · public float, as of Jun 30, 2025.

What could become new Axsome Therapeutics (AXSM) shares: warrants and options and RSUs, each with the 10-Q, 10-K, S-3 or 424B filing it comes from.

AXSM dilution ladder

Every source of new shares on record, from the filings that created it.

52.6M outstanding; up to 60.3M fully diluted, +15%

  1. Outstandingas of Oct 26, 2026 (10-Q filed Nov 2) · share count on the cover page
    52.6M
  2. Warrants28K, at $74.7510-Q Nov 2, 2026 · equity note
    +28K
  3. Options and RSUs5.6M options, 2.1M RSUs10-Q Nov 2, 2026 · securities left out of diluted EPS
    +7.7M

Not stated in the filings we read: an ATM program, convertible notes.

Counts, sizes and prices as stated in each filing; the fully diluted count is arithmetic on them. Dollars become shares only at a price a filing states. Not advice.

Shares outstanding

52.6M

Feb 2025 to Oct 2026: from 48.8M to 52.6M.

From the share count on the cover of each 10-Q and 10-K, dated as each cover states.