Praxis Q3 2024 Earnings Report
Key Takeaways
Praxis Precision Medicines reported a net loss of $51.9 million for Q3 2024, with research and development expenses increasing to $41.9 million. The company's cash, cash equivalents, and marketable securities totaled $411.2 million as of September 30, 2024, providing a runway into 2027. Key clinical programs, including ulixacaltamide, vormatrigine, and relutrigine, are advancing towards registrational readiness.
Advanced relutrigine into late-stage development, marking a third molecule with blockbuster potential.
Finalized the operational plan to complete the interim analysis for Essential3 Study 1 for ulixacaltamide in mid-Q1 2025.
Progressed the SCN2A/8A program to registrational stage and expanding studies to cover a broader range of DEEs based on positive EMBOLD cohort 1 results.
The EMPOWER observational study started enrolling patients in the third quarter of 2024 and has already enrolled over 1,000 patients.
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Forward Guidance
Praxis Precision Medicines is set to build on its momentum, advancing all four clinical programs towards registrational readiness in 2025.