We remain confident as the company continues to execute on the commercial front and on its clinically de-risked pipeline. Axsome also recently announced sNDA acceptance and granting of priority review for Auvelity in Alzheimer’s disease agitation (AD-A), with a PDUFA date of April 30, 2026. We view the granting of priority review as a win for Axsome shares, supportive of the unmet need in the indication and the approvability of the data package (see our note: FDA Accepts sNDA for 2026 PDUFA and Supportive of Unmet Need). We attribute an 85% likelihood of approval for Auvelity in AD-A, which we see as a large revenue opportunity with peak sales of over $2 billion and meaningful commercial expansion beyond major depressive disorder (MDD) alone.