It has been about a month since the last earnings report for Axsome Therapeutics (AXSM). Shares have added about 14.7% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Axsome due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Axsome's Q1 Earnings Beat Estimates, Revenues NilAxsome incurred a loss of 78 cents per share in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 83 cents per share and also the year-ago quarter’s loss of 88 cents.Axsome currently does not have any approved product in its portfolio. As a result, the company is yet to generate revenues from the same.Quarter in DetailResearch and development (R&D) expenses were $16.6 million in the quarter, down 39.6% from the year-ago period owing to completion of several studies on the pipeline candidates.General and administrative (G&A) expenses were $11.2 million, up 124% year over year. The significant increase was due to higher pre-commercialization activities to support the anticipated launch of AXS-05 in the second half as well as increased stock compensation expenses and personnel costs.As of Mar 31 2021, Axsome had cash worth $164.7 million compared with $183.9 million as of Dec 31, 2020. Management believes that its cash balance as of March-end along with $225 million worth term-loan facility will be enough to fund its anticipated operations at least through 2024.How Have Estimates Been Moving Since Then?It turns out, estimates revision flatlined during the past month. The consensus estimate has shifted 6.41% due to these changes.VGM ScoresCurrently, Axsome has a subpar Growth Score of D, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of F on the value side, putting it in the fifth quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookAxsome has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Axsome Therapeutics, Inc. (AXSM): Free Stock Analysis Report To read this article on Zacks.com click here.