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Sep 30, 2024
Praxis Q3 2024 Earnings Report
Praxis Precision Medicines reported financial results and provided a corporate update.
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.
Forward Guidance
Praxis Precision Medicines is set to build on its momentum, advancing all four clinical programs towards registrational readiness in 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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