Praxis reports Q1 net loss $37.5M; PRAX-628 Phase 1 positive, cash runway into Q2 2024

Praxis Precision Medicines, Inc.

Q1 net loss $37.5M ($0.65 per share); cash & investments $85.8M as of March 31, 2023, funding operations into Q2 2024.
PRAX-628 Phase 1 well-tolerated; PK supports once-daily dosing; concentrations >15-fold MES EC50, indicating potential best-in-class efficacy for focal epilepsy.
Ulixacaltamide End-of-Phase 2 FDA meeting scheduled June 2023; Phase 3 program in essential tremor planned for H2 2023.
PRAX-562 EMBOLD study topline results expected Q4 2023; PRAX-222 EMBRAVE topline results expected H2 2023.
R&D expenses decreased to $25.5M from $52.7M YoY; G&A expenses decreased to $13.3M from $16.2M.

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Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Praxis Precision Medicines, Inc. reported the three months ended March 31, 2023 results: revenue $0.7 million.

Period: the three months ended March 31, 2023
Revenue: $0.7 million
Result: reported results

Exact text from the filing

Praxis recognized $0.7 million in collaboration revenue during the three months ended March 31, 2023

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Source: SEC EDGAR

accession 0001689548-23-000084

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