Shares of Axsome Therapeutics (NASDAQ: AXSM) were sinking 7.5% as of 11:24 a.m. ET on Monday. And while many stocks were tumbling due to the Bank of Japan's interest rate hike, that wasn't the main cause of Axsome's decline. Instead, the biopharmaceutical company announced disappointing second-quarter results before the market opened today.

Axsome reported net product revenue in the second quarter of $87.2 million, up 87% year over year. This result topped the consensus Wall Street revenue estimate of $86.9 million. But the company posted a net loss in the quarter of $79.3 million, or $1.67 per share. Analysts surveyed by LSEG were expecting a loss of $1.33 per share.

Research and development costs more than doubled year over year to nearly $49.9 million. Its selling, general, and administrative costs jumped 31% to $103.6 million.

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Source Fool.com