Praxis reports Q1 net loss of $92.6M; FDA accepts NDAs for ulixacaltamide and relutrigine

Praxis Precision Medicines, Inc.

2026-Q1 EPS reported -$3.20 vs consensus -$3.62 ▲ beat (+11.6%)

FDA accepted NDA for ulixacaltamide (Essential Tremor) with PDUFA Jan 29, 2027; relutrigine NDA (SCN2A/SCN8A DEEs) granted priority review with PDUFA Sept 27, 2026.
Cash and investments $1.4B as of Mar 31, 2026, up from $926.1M Dec 2025; funded into 2028.
Net loss $92.6M vs $69.3M in Q1 2025; R&D expenses $78.0M (up $17.2M YoY); G&A $27.9M (up $14.0M YoY).
EMBRAVE Part A: elsunersen showed 77% placebo-adjusted seizure reduction; 71% patients achieved >50% reduction.
Topline POWER1 (vormatrigine in FOS) expected Q2 2026; EMERALD (relutrigine in broad DEEs) topline Q4 2026.

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