Praxis

Nov 09, 2022

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Sep 30, 2022

Praxis Q3 2022 Earnings Report

Reported financial results for the third quarter of 2022.

Key Takeaways

Praxis Precision Medicines reported a net loss of $43.9 million for the third quarter of 2022, with $123.7 million in cash and investments as of September 30, 2022, expected to fund operations into the first quarter of 2024. The company is advancing its pipeline with upcoming milestones including topline results from the PRAX-944 Essential1 study and initiation of studies for epilepsy programs.

Praxis expects topline results from the PRAX-944 Essential1 study for essential tremor in 1Q23.

The PRAX-222 EMBRAVE study for SCN2A-DEE is set to initiate in 4Q22, with topline results for the initial dose cohort expected in 2023.

A PRAX-628 Phase 1 healthy volunteer study is planned to start in 4Q22, with a focal epilepsy study planned for 2023.

Cash and investments totaled $123.7 million as of September 30, 2022, supporting operations into 1Q24.