Axsome Therapeutics, Inc.

Previous wording

AXS-05 (dextromethorphan-bupropion) is a novel, oral, investigational NMDA receptor antagonist, sigma-1 receptor agonist, aminoketone, and CYP2D6 inhibitor being developed for the treatment of Alzheimer’s disease agitation, or AD agitation, and smoking cessation. AXS-05 utilizes a proprietary formulation and dose of dextromethorphan and bupropion, and Axsome’s metabolic inhibition technology, to modulate the delivery of the components. We have successfully completed the Phase 3 clinical program of AXS-05 in AD agitation consisting of four Phase 3, placebo-controlled efficacy trials and a long-term safety trial. AXS-05 has been granted FDA Breakthrough Therapy designation for AD agitation.

Current wording

AXS-05 (dextromethorphan-bupropion) is a novel, oral, investigational NMDA receptor antagonist, sigma-1 receptor agonist, aminoketone, and CYP2D6 inhibitor being developed for the treatment of Alzheimer’s disease agitation, or AD agitation, and smoking cessation. AXS-05 utilizes a proprietary formulation and dose of dextromethorphan and bupropion, and Axsome’s metabolic inhibition technology, to modulate the delivery of the components. We have submitted a supplemental NDA (sNDA) to the FDA for AXS-05 in AD agitation supported by four completed Phase 3, placebo-controlled efficacy trials and a long-term safety trial. AXS-05 has been granted FDA Breakthrough Therapy designation for AD agitation.

Previous wording

Solriamfetol is an oral, DNRI, TAAR1 agonist, and 5-HT 1A agonist being developed for the treatment of attention deficit hyperactivity disorder (“ADHD”), major depressive disorder (MDD) with EDS, binge eating disorder (“BED”) and excessive sleepiness associated with shift work disorder (“SWD”). We recently announced topline results from the FOCUS Phase 3 trial of solriamfetol in ADHD in adults and the PARADIGM Phase 3 trial of solriamfetol in MDD. Enrollment for the ENGAGE and SUSTAIN Phase 3 trials of solriamfetol in BED and SWD, respectively, are ongoing.

Current wording

Solriamfetol is a novel, oral, investigational DNRI, TAAR1 agonist, and 5-HT1A agonist being developed for the treatment of attention deficit hyperactivity disorder (“ADHD”), major depressive disorder (MDD) with EDS, binge eating disorder (“BED”) and excessive sleepiness associated with shift work disorder (“SWD”). In March 2025, we announced topline results from the FOCUS Phase 3 trial of solriamfetol in ADHD in adults, and in April 2025, we announced topline results from the PARADIGM Phase 3 trial of solriamfetol in MDD. Enrollment for the ENGAGE and SUSTAIN Phase 3 trials of solriamfetol in BED and SWD, respectively, are ongoing.

Previous wording

AXS-14 (esreboxetine) is a novel, oral, investigational, highly selective and potent norepinephrine reuptake inhibitor being developed for the management of fibromyalgia. Esreboxetine, the SS-enantiomer of reboxetine, is more potent and selective than racemic reboxetine. We have submitted an NDA to the FDA for AXS-14 for the management of fibromyalgia and, in June 2025, announced that we received a Refusal to File letter from the FDA for the NDA. To address the FDA’s feedback, Axsome will conduct an additional controlled trial.

Current wording

AXS-14 (esreboxetine) is a novel, oral, investigational, highly selective and potent norepinephrine reuptake inhibitor being developed for the management of fibromyalgia. Esreboxetine, the SS-enantiomer of reboxetine, is more potent and selective than racemic reboxetine. In May 2025, we announced that we submitted an NDA to the FDA for AXS-14 for the management of fibromyalgia. In June 2025, we received a Refusal to File letter from the FDA for the NDA. To address the FDA’s feedback, Axsome will conduct an additional controlled trial, which will use a fixed-dose paradigm and a 12-week primary endpoint as requested by the FDA.

Previous wording

Since our incorporation in January 2012, our operations to date have included organizing and staffing our company, business planning, raising capital, developing our compounds, engaging in other discovery and preclinical activities, the commercial launches of Auvelity and Sunosi, and preparatory activities for the launch of Symbravo. Subsequent to our IPO, we financed our operations primarily through proceeds from sales of our common stock to equity investors and debt borrowings. For a further discussion, see the section entitled “Liquidity and Capital Resources” below.

Current wording

Since our incorporation in January 2012, our operations to date have included organizing and staffing our company, business planning, raising capital, developing our compounds, engaging in other discovery and preclinical activities, and the commercial launches of Auvelity, Sunosi, and Symbravo. Subsequent to our IPO, we financed our operations primarily through proceeds from sales of our common stock to equity investors and debt borrowings. For a further discussion, see the section entitled “Liquidity and Capital Resources” below.

Previous wording

We have incurred significant operating and net losses since inception. We incurred net losses of $107.4 million and $147.7 million for the six months ended June 30, 2025 and 2024, respectively. Our accumulated deficit as of June 30, 2025 was $1,230.2 million, and we expect to incur significant expenses and continuing operating losses. We expect our expenses to increase in connection with our ongoing activities, as we continue the commercialization of our on-market products and the development and clinical trials of, and seek regulatory approval for, our current product candidates and any other product candidates that we develop or in-license and advance to clinical development. Further, we have incurred and will continue to incur additional costs associated with operating as a public company. Accordingly, we may need additional financing to support our continuing operations. We may seek to fund our operations through public or private equity, debt financings, or other sources. Adequate additional financing may not be available to us on acceptable terms, or at all. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy. We will need to generate significant revenue to achieve profitability, and we may never do so.

Current wording

We have incurred significant operating and net losses since inception. We incurred net losses of $154.6 million and $212.3 million for the nine months ended September 30, 2025 and 2024, respectively. Our accumulated deficit as of September 30, 2025 was $1,277.4 million, and we expect to incur significant expenses and continuing operating losses. We expect our expenses to increase in connection with our ongoing activities, as we continue the commercialization of our on-market products and the development and clinical trials of, and seek regulatory approval for, our current product candidates and any other product candidates that we develop or in-license and advance to clinical development. Further, we have incurred and will continue to incur additional costs associated with operating as a public company. Accordingly, we may need additional financing to support our continuing operations. We may seek to fund our operations through public or private equity, debt financings, or other sources. Adequate additional financing may not be available to us on acceptable terms, or at all. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy. We will need to generate significant revenue to achieve profitability, and we may never do so.

Previous wording

We generated total revenues of $150.0 million and $87.2 million in the three months ended June 30, 2025 and 2024, respectively, and $271.5 million and $162.2 million in the six months ended June 30, 2025 and 2024, respectively.

Current wording

We generated total revenues of $171.0 million and $104.8 million in the three months ended September 30, 2025 and 2024, respectively, and $442.5 million and $266.9 million in the nine months ended September 30, 2025 and 2024, respectively.

Previous wording

We are eligible to receive sales-based and other milestone payments totaling up to €94.5 million. We will receive a royalty percentage in the mid-twenties on net sales of the Licensed Products (as defined in the Pharmanovia License Agreement) in the Territory. We recognized royalty revenue of $1.1 million and $0.6 million for the three months ended June 30, 2025 and 2024, respectively, and $2.2 million and $1.5 million for the six months ended June 30, 2025 and 2024, respectively, related to Pharmanovia’s sales of Sunosi.

Current wording

We are eligible to receive sales-based and other milestone payments totaling up to €94.5 million. We will receive a royalty percentage in the mid-twenties on net sales of the Licensed Products (as defined in the Pharmanovia License Agreement) in the Territory. We recognized royalty revenue of $1.2 million and $1.0 million for the three months ended September 30, 2025 and 2024, respectively, and $3.4 million and $2.6 million for the nine months ended September 30, 2025 and 2024, respectively, related to Pharmanovia’s sales of Sunosi.

Previous wording

Product sales, net. Auvelity U.S. net sales were $119.6 million and $215.9 million for the three and six months ended June 30, 2025, respectively, as compared to $65.0 million and $118.4 million for the same periods in 2024. Sunosi net sales were $28.9 million and $53.0 million for the three and six months ended June 30, 2025, respectively, as compared to $21.5 million and $42.2 million for the same periods in 2024. We began commercial sales of Symbravo in June 2025 and had U.S. net sales of $0.4 million for the three months ended June 30, 2025. No Symbravo sales were recorded in 2024. The increases in both comparable periods were primarily due to the increase in unit sales volume for both Auvelity and Sunosi, and commercial launch of Symbravo in June 2025.

Current wording

Product sales, net. Auvelity U.S. net sales were $136.1 million and $352.0 million for the three and nine months ended September 30, 2025, respectively, as compared to $80.4 million and $198.8 million for the same periods in 2024. Sunosi net sales were $31.6 million and $84.6 million for the three and nine months ended September 30, 2025, respectively, as compared to $23.4 million and $65.6 million for the same periods in 2024. We began commercial sales of Symbravo in June 2025 and had U.S. net sales of $2.1 million and $2.5 million for the three and nine months ended September 30, 2025. There were no Symbravo sales recorded in 2024, which reflects the timing of the Symbravo approval and launch. The increases in both comparable periods were primarily due to the increase in unit sales volume for both Auvelity and Sunosi, and commercial launch of Symbravo in June 2025.

Previous wording

The following table summarizes the activity of our sales allowance and reserves as of and for the six months ended June 30, 2025 (in thousands):

Current wording

The following table summarizes the activity of our sales allowance and reserves as of and for the nine months ended September 30, 2025 (in thousands):

Previous wording

Royalty revenue. In connection with the February 2023 Pharmanovia License Agreement to commercialize Sunosi in certain ex-U.S. markets, we recognized royalty revenue of $1.1 million and $2.2 million for the three and six months ended June 30, 2025, respectively, as compared to $0.6 million and $1.5 million for the same periods in 2024 attributable to Pharmanovia sales of Sunosi in the out-licensed markets. The increases in both comparable periods were in line with the increase in unit sales volume of Sunosi in certain ex-U.S. markets.

Current wording

Royalty revenue. In connection with the February 2023 Pharmanovia License Agreement to commercialize Sunosi in certain ex-U.S. markets, we recognized royalty revenue of $1.2 million and $3.4 million for the three and nine months ended September 30, 2025, respectively, as compared to $1.0 million and $2.6 million for the same periods in 2024 attributable to Pharmanovia sales of Sunosi in the out-licensed markets. The increases in both comparable periods were in line with the increase in unit sales volume of Sunosi in certain ex-U.S. markets.

Previous wording

Cost of revenue. Cost of revenue was $13.4 million and $23.2 million for the three and six months ended June 30, 2025, respectively, as compared to $8.1 million and $14.4 million for the same periods in 2024. The increase was in line with the increase in sales of Auvelity and Sunosi, and commercial launch of Symbravo in June 2025.

Current wording

Cost of revenue. Cost of revenue was $11.9 million and $35.1 million for the three and nine months ended September 30, 2025, respectively, as compared to $8.4 million and $22.8 million for the same periods in 2024. The increase was in line with the increase in sales of Auvelity and Sunosi, and commercial launch of Symbravo in June 2025.

Previous wording

Research and development. The following table summarizes our research and development expenses for our primary products for the three and six months ended June 30, 2025 and 2024 (in thousands):

Current wording

Research and development. The following table summarizes our research and development expenses for our primary products for the three and nine months ended September 30, 2025 and 2024 (in thousands):

Previous wording

Research and development expenses decreased by $0.4 million and increased by $7.6 million for the three and six months ended June 30, 2025, respectively, as compared to the same periods in 2024. The decrease in the three months ended comparable period was due to the completion of trials for solriamfetol in ADHD and MDD along with AXS-05 in Alzheimer’s Disease Agitation, which was partially offset by higher personnel costs. The increase in the six months ended comparable period was due to higher costs for AXS-07 and AXS-14. This was partially offset by lower spending due to completion of trials for MDD and ADHD for solriamfetol and for AXS-12. We expect research and development costs to stabilize at current levels through the end of 2025 as certain development programs near completion while new development programs are initiated.

Current wording

Research and development expenses decreased by $5.2 million and increased by $2.4 million for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024. The decrease in the three months ended comparable period was due to the completion of trials for solriamfetol in ADHD and MDD and a refund of a regulatory filing fee related to AXS-14, partially offset by ongoing supplier validation costs for AXS-07. The increase in the nine months ended comparable period was due to the ongoing supplier validation costs for AXS-07, partially offset by lower spending due to completion of trials for MDD and ADHD for solriamfetol. We expect research and development costs to moderately increase through the end of 2025 and into 2026 as new development programs commence while certain development programs near completion.

Previous wording

Selling, general and administrative. Selling, general and administrative expenses were $130.3 million and $251.1 million for the three and six months ended June 30, 2025, respectively, as compared to $103.6 million and $202.5 million for the same periods in 2024. The increases in both comparable periods were related to higher commercial activities for Auvelity and Symbravo, and higher personnel costs related to organizational growth, including non-cash stock-based compensation. We expect selling, general and administrative expenses to increase through the end of 2025 as we expand marketing, promotional, and advertising costs for Auvelity and Symbravo.

Current wording

Selling, general and administrative. Selling, general and administrative expenses were $150.2 million and $401.3 million for the three and nine months ended September 30, 2025, respectively, as compared to $95.6 million and $298.1 million for the same periods in 2024. The increases in both comparable periods were related to higher commercial activities for Auvelity, including a sales force expansion and a national direct-to-consumer advertising campaign, commercial launch of Symbravo, and higher personnel costs related to organizational growth, including non-cash stock-based compensation. We anticipate modest growth in SG&A expenses through 2025 and into 2026 as we increase marketing and promotional spending for Auvelity.

Previous wording

Loss (Gain) in Fair Value of Contingent Consideration. The $8.1 million and $6.6 million changes for the three and six months ended June 30, 2025, respectively, as compared to $2.2 million and $0.7 million changes for the same periods in 2024, were primarily related to changes in significant unobservable inputs, including discount rates.

Current wording

Loss in Fair Value of Contingent Consideration. The $13.2 million and $6.6 million changes for the three and nine months ended September 30, 2025, respectively, as compared to $16.4 million and $17.1 million changes for the same periods in 2024, were primarily related to changes in significant unobservable inputs, including discount rates.

Previous wording

Intangible asset amortization. We amortize the intangible asset, which we recognized as part of the Acquisition, over its useful life of 10 years. Intangible asset amortization was $1.6 million for both the three months ended June 30, 2025 and 2024 and $3.2 million for both the six months ended June 30, 2025 and 2024.

Current wording

Intangible asset amortization. We amortize the intangible asset, which we recognized as part of the Acquisition, over its useful life of 10 years. Intangible asset amortization was $1.6 million for both the three months ended September 30, 2025 and 2024 and $4.8 million for both the nine months ended September 30, 2025 and 2024.

Previous wording

Interest expense, net. Interest expense, net was $1.8 million and $4.3 million for the three and six months ended June 30, 2025, respectively, as compared to $1.3 million and $2.4 million for the same periods in 2024. The increase was mainly due to less interest income on lower cash balances.

Current wording

Interest expense, net. Interest expense, net was $1.1 million and $5.4 million for the three and nine months ended September 30, 2025, respectively, as compared to $2.0 million and $4.4 million for the same periods in 2024. The decrease in the three months ended comparable period was due to the lower interest expense from the Blackstone Loan Agreement, which was partially offset by less interest income on lower cash balances. The increase in the nine months ended comparable period was mainly due to less interest income on lower cash balances.

Previous wording

Income tax expense. We recorded a tax benefit of $1.0 million for the three and six months ended June 30, 2025 due to favorable return-to-provision adjustments attributable to certain foreign tax returns filed during July 2025. We did not record an income tax benefit or expense for the same periods in 2024.

Current wording

Income tax expense. We did not record an income tax expense or benefit for the three months ended September 30, 2025. We recorded a tax benefit of $1.0 million for the nine months ended September 30, 2025 due to favorable return-to-provision adjustments attributable to certain foreign tax returns filed during July 2025 that were recorded as a discrete tax benefit in the second quarter of 2025. We did not record an income tax benefit or expense for the same periods in 2024.

Previous wording

Net loss. Net loss was $48.0 million and $107.4 million for the three and six months ended June 30, 2025, respectively, as compared to $79.3 million and $147.7 million for the same periods in 2024. The decreases in both comparable periods were primarily due to higher sales which was partially offset by higher research and development spend from ongoing clinical trial expenses, higher selling, general and administrative expenses from commercial activities related to Auvelity, Sunosi, and Symbravo, including sales force and marketing spend, and higher personnel costs due to organizational growth, including non-cash stock compensation expense.

Current wording

Net loss. Net loss was $47.2 million and $154.6 million for the three and nine months ended September 30, 2025, respectively, as compared to $64.6 million and $212.3 million for the same periods in 2024. The decreases in both comparable periods were primarily due to higher sales which was partially offset by higher research and development spend from ongoing clinical trial expenses, higher selling, general and administrative expenses from commercial activities related to Auvelity and Symbravo, including sales force and marketing spend, and higher personnel costs due to organizational growth, including non-cash stock compensation expense.

Previous wording

On December 2, 2022, we filed an automatic shelf registration statement with the SEC for the issuance of common stock, preferred stock, warrants, rights, debt securities, and units up to an unlimited amount, which we refer to as the 2022 Shelf Registration Statement. It was declared effective by the SEC upon filing. In the future, we may conduct additional offerings of one or more of these securities utilizing the 2022 Shelf Registration Statement in such amounts, prices and terms to be announced when and if the securities are offered. At the time any of our securities covered by the 2022 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering.

Current wording

Contemporaneously herewith, we filed an automatic shelf registration statement with the SEC for the issuance of common stock, preferred stock, warrants, rights, debt securities, and units up to an unlimited amount, which we refer to as the 2025 Shelf Registration Statement. In the future, we may conduct additional offerings of one or more of these securities utilizing the 2025 Shelf Registration Statement in such amounts, prices and terms to be announced when and if the securities are offered. At the time any of our securities covered by the 2025 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering.

Previous wording

In December 2022, in connection with the 2022 Shelf Registration Statement, we filed a new sales agreement prospectus to replace the prior prospectus supplement filed in August 2022 associated with the expired 2019 Shelf Registration Statement. The new sales agreement prospectus covered the issuance and sale by us of up to the same $250 million of our common stock that may be issued and sold from time to time through Leerink, as the sales agent, under the March 2022 Sales Agreement.

Current wording

Also contemporaneously herewith, in connection with the 2025 Shelf Registration Statement, we filed a new sales agreement prospectus to replace the prior prospectus supplement filed in December 2022 associated with the 2022 Shelf Registration Statement, which would have expired in December 2025. The new sales agreement prospectus covered the issuance and sale by us of up to the same $250 million of our common stock that may be issued and sold from time to time through Leerink, as the sales agent, under the March 2022 Sales Agreement.

Previous wording

Under the March 2022 Sales Agreement, for the six months ended June 30, 2025, we received approximately $37.3 million in gross proceeds through the sale of 322,970 shares, of which net proceeds were approximately $36.5 million.

Current wording

Under the March 2022 Sales Agreement, for the nine months ended September 30, 2025, we received approximately $47.2 million in gross proceeds through the sale of 411,482 shares, of which net proceeds were approximately $46.3 million.

Previous wording

On January 17, 2025, we entered into an Amendment to our Sublease, or First Amendment, pursuant to which we will relinquish our existing space in One World Trade Center and commence occupancy of different space within the building. This space is utilized as our corporate and executive offices. The First Amendment extends the Initial Sublease expiration date to January 31, 2036. We now have a one-time option to terminate the Sublease effective March 30, 2031 upon the payment of a fee to the sublandlord. The Company is responsible for base rent under the Sublease and certain additional customary variable costs, such as an allocable portion of building taxes and operating expenses. In connection with the Initial Sublease and First Amendment, we received certain rent and work concessions from the sublandlord.

Current wording

On January 17, 2025, we entered into an Amendment to our Sublease, or First Amendment, pursuant to which we relinquished our then existing space in One World Trade Center and commenced occupancy of different space within the building. This space is utilized as our corporate and executive offices. The First Amendment extends the Initial Sublease expiration date to January 31, 2036. We now have a one-time option to terminate the Sublease effective March 30, 2031 upon the payment of a fee to the sublandlord. The Company is responsible for base rent under the Sublease and certain additional customary variable costs, such as an allocable portion of building taxes and operating expenses. In connection with the Initial Sublease and First Amendment, we received certain rent and work concessions from the sublandlord.

Previous wording

Operating Activities. Cash used in operating activities for the six months ended June 30, 2025 was $75.8 million, as compared to $83.6 million for the same period in 2024. The decrease of $7.8 million was primarily due to higher net product revenues from Auvelity and Sunosi in 2025, which was partially offset by an increase in cash used in commercial and clinical related activities.

Current wording

Operating Activities. Cash used in operating activities for the nine months ended September 30, 2025 was $74.8 million, as compared to $102.2 million for the same period in 2024. The decrease of $27.4 million was primarily due to higher net product revenues from Auvelity and Sunosi in 2025, which was partially offset by an increase in cash used in commercial and clinical related activities.

Previous wording

Investing Activities. Cash used in investing activities for the six months ended June 30, 2025 was $351 thousand, as compared to $150 thousand for the same period in 2024. The increase was impacted by the move into our new corporate office space during the first quarter of 2025.

Current wording

Investing Activities. Cash used in investing activities for the nine months ended September 30, 2025 was $409 thousand, as compared to $240 thousand for the same period in 2024. The increase was attributable to additional equipment purchases in 2025 to support our expanded office space and workforce.

Previous wording

Financing Activities. Cash provided by financing activities was $63.8 million for the six months ended June 30, 2025, which included net proceeds of $186.4 million from draw-downs related to the Blackstone Loans and net proceeds of $51.4 million from issuance of common stock for financing purposes as well as proceeds of $28.7 million from the issuance of common stock upon the exercise of employee stock options and under the ESPP, which was partially offset by the repayment of the Hercules Loan, for a total of $192.0 million, and payments of contingent consideration and tax withholdings on stock awards, for a total of $9.7 million. Cash provided by financing activities was $13.2 million for the six months ended June 30, 2024, which included net proceeds of $11.0 million from issuance of common stock for financing purposes as well as proceeds of $9.2 million from the issuance of common stock upon the exercise of employee stock options and under the ESPP, which was partially offset by payments of contingent consideration and tax withholdings on stock awards, for a total of $6.7 million.

Current wording

Financing Activities. Cash provided by financing activities was $85.1 million for the nine months ended September 30, 2025, which included net proceeds of $256.4 million from draw-downs related to the Blackstone Loans and net proceeds of $61.1 million from issuance of common stock for financing purposes as well as proceeds of $44.2 million from the issuance of common stock upon the exercise of employee stock options and under the ESPP, which was partially offset by the repayment of the Hercules Loan and revolving loan commitments under the Blackstone Loan Agreement, for a total of $262.0 million, and payments of contingent consideration and tax withholdings on stock awards, for a total of $13.1 million. Cash provided by financing activities was $43.6 million for the nine months ended September 30, 2024, which included net proceeds of $23.9 million from issuance of common stock for financing purposes as well as proceeds of $29.5 million from the issuance of common stock upon the exercise of employee stock options and under the ESPP, which was partially offset by payments of contingent consideration and tax withholdings on stock awards, for a total of $9.2 million.

Previous wording

As of July 28, 2025, we had 846 full‑time employees. None of our employees are represented by a collective bargaining agreement and we have never experienced any work stoppage. We believe that we maintain good relations with our employees. Our employees are highly skilled, and many hold advanced degrees. Many of our employees have experience with drug commercialization or development. Our future performance depends significantly upon the continued service of our key scientific, technical and senior management personnel and our continued ability to attract and retain highly skilled employees. We provide our employees with competitive salaries and bonuses, opportunities for equity ownership, development programs that enable continued learning and growth and a robust employment package that promotes well-being across all aspects of their lives. In addition to salaries, these programs include potential annual discretionary bonuses, stock awards, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, and flexible work schedules, among other benefits. We may take further actions, in compliance with all appropriate government regulations, that we determine to be in the best interest of our employees.

Current wording

As of October 27, 2025, we had 816 full‑time employees. None of our employees are represented by a collective bargaining agreement and we have never experienced any work stoppage. We believe that we maintain good relations with our employees. Our employees are highly skilled, and many hold advanced degrees. Many of our employees have experience with drug commercialization or development. Our future performance depends significantly upon the continued service of our key scientific, technical and senior management personnel and our continued ability to attract and retain highly skilled employees. We provide our employees with competitive salaries and bonuses, opportunities for equity ownership, development programs that enable continued learning and growth and a robust employment package that promotes well-being across all aspects of their lives. In addition to salaries, these programs include potential annual discretionary bonuses, stock awards, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off, family leave, and flexible work schedules, among other benefits. We may take further actions, in compliance with all appropriate government regulations, that we determine to be in the best interest of our employees.