Praxis reports Q3 net loss $73.9M; ulixacaltamide Phase 3 positive; pro forma cash ~$956M

Praxis Precision Medicines, Inc.

2025-Q3 EPS reported -$9.97 vs consensus -$3.51 ▼ miss (-184.0%)

Ulixacaltamide met primary endpoints in both Essential3 Phase 3 studies for essential tremor; pre-NDA meeting with FDA scheduled Q4 2025.
Q3 net loss $73.9M vs $51.9M YoY; R&D expenses rose to $65.8M from $41.9M.
Cash and marketable securities $389.2M at Sept 30; October public offering added ~$567M net, extending runway into 2028.
Vormatrigine POWER1 study for focal onset seizures fully enrolled; topline expected 1H 2026.
Relutrigine interim analysis for SCN2A/SCN8A DEEs planned Q4 2025; if positive, NDA submission possible early 2026.

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