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Praxis Q1 2025 Earnings Report
Praxis Precision Medicines reported its first quarter 2025 financial results, highlighting progress in its epilepsy portfolio and a strong cash position.
Key Takeaways
Praxis Precision Medicines reported a net loss of $69.3 million for Q1 2025, with research and development expenses significantly increasing to $60.8 million. The company maintains a strong cash position of $472.0 million, extending its runway into 2028.
Cash and investments totaled $472.0 million as of March 31, 2025, providing a runway into 2028.
Research and development expenses increased to $60.8 million in Q1 2025, up from $27.0 million in Q1 2024, primarily due to increased Cerebrum™ platform expenses.
The company reported a net loss of $69.3 million for Q1 2025, compared to $39.6 million in Q1 2024.
Praxis is on track for six major study readouts across four programs over the next 12 months, including pivotal studies for DEE programs.
Praxis
Praxis
Forward Guidance
Praxis anticipates a transformative year with multiple upcoming catalysts and data readouts, including topline results for vormatrigine from the RADIANT study by mid-2025 and POWER1 study in H2 2025. The company plans to initiate pivotal studies for DEE programs in mid-2025 and expects topline results for EMBOLD and EMBRAVE studies in H1 2026.
Positive Outlook
- On track for six major study readouts across four programs over the next 12 months.
- Ready to initiate pivotal studies in two DEE programs (EMERALD and EMBRAVE3) in mid-2025.
- Vormatrigine continues to demonstrate a best-in-class safety profile with no food effect and higher dosing tolerability.
- Registrational cohort of EMBOLD study is recruiting strongly and on track for topline results no later than H1 2026.
- EMBRAVE study with elsunersen is progressing well, with topline results expected in H1 2026 to support the registrational package.
Challenges Ahead
- Interim analysis of Essential3 study 1 for ulixacaltamide was not what was expected, with the study recommended to be stopped for futility.
- The company will continue the Essential3 studies to completion and share topline results in Q3 2025, after which a decision will be made regarding NDA filing.
- No collaboration revenue recognized in Q1 2025, a decrease from the previous year due to the exercise of an option by UCB.
- Increased research and development expenses primarily due to the Cerebrum™ platform.
- Net loss increased significantly compared to the previous year.