Praxis

May 11, 2023

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Mar 31, 2023

Praxis Q1 2023 Earnings Report

Praxis Precision Medicines reported financial results for the first quarter of 2023 and provided a corporate update.

Key Takeaways

Praxis Precision Medicines reported a net loss of $37.5 million for the first quarter of 2023. As of March 31, 2023, the company's cash and investments totaled $85.8 million, expected to fund operations into the second quarter of 2024. Each of the four clinical-stage programs has made meaningful progress this year and the company anticipate additional value inflecting milestones throughout the pipeline in the coming months.

Ulixacaltamide essential tremor End-of-Phase 2 meeting with FDA scheduled for June 2023

PRAX-628 Phase 1 study results support preclinical profile indicating potential for best-in-class-efficacy for focal epilepsy

Initiating a PRAX-628 Phase 2 study in focal epilepsy later this year, and also plan to share results from PRAX-562 and PRAX-222 programs in rare, genetic epilepsies.

Cash and investments of $85.8 million as of March 31, 2023 supports runway into 2Q24

Previous year: -$22.7