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Jun 30, 2024
Praxis Q2 2024 Earnings Report
Praxis Precision Medicines reported financial results for the second quarter 2024 and provided a corporate update.
Key Takeaways
Praxis Precision Medicines reported a net loss of $32.7 million for the second quarter of 2024. The company's cash and investments totaled $433.8 million as of June 30, 2024, providing a cash runway into 2027.
Up to four programs in registrational phase by 2025
Planned interim analysis for ulixacaltamide Essential3 Study 1 to be conducted in Q4 2024
Topline results for Phase 2 EMBOLD study of relutrigine in SCN2A and SCN8A developmental and epileptic encephalopathies (DEEs) expected in Q3 2024
PRAX-628 Phase 2/3 POWER1 study to initiate in Q4 2024
Revenue by Segment
Forward Guidance
Praxis expects to advance its portfolio and has multiple programs in registrational stage. The company anticipates topline data from several studies in the near term.
Positive Outlook
- Essential3 program continues to progress well, with a pre-planned interim analysis of Study 1 to be conducted later this year.
- On track for a successful topline readout enabling an NDA filing in 2025
- Sharing topline results of the EMBOLD study for relutrigine, formerly known as PRAX-562, in SCN2A and 8A patients later this quarter
- Executing on the ENERGY program, a comprehensive set of studies, including a new Phase 2 Study (RADIANT)
- Anticipate the rapid advancement of all four clinical programs in our portfolio towards regulatory registrations.
Challenges Ahead
- Uncertainties inherent in clinical trials
- Preliminary analyses from ongoing studies differing materially from final data from preclinical studies and completed clinical trials
- The expected timing of clinical trials, data readouts and the results thereof
Historical Earnings Impact
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Avg. Return Before/After Earnings
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