Axsome Therapeutics Inc. (NASDAQ:AXSM) shares fell in early trading Monday after the company reported a wider first-quarter loss that missed Wall Street estimates, overshadowing stronger-than-expected revenue.

The New York-based biopharmaceutical company posted a net loss of $64.5 million, or $1.26 per share, for the quarter ended March 31, compared with a loss of $59.4 million, or $1.22 per share, a year earlier. Analysts had expected a loss of 90 cents per share.

Total net product revenue rose 57% year over year to $191.2 million, beating consensus estimates of $189.2 million.

Growth was driven by Auvelity, which generated $153.2 million in sales, up 59% from the prior year. The drug, approved for major depressive disorder, recently secured U.S. Food and Drug Administration approval for agitation associated with Alzheimer's disease, with a commercial launch expected in June.

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