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Dec 31, 2022
Praxis Q4 2022 Earnings Report
Praxis Precision Medicines reported financial results, providing a corporate update.
Key Takeaways
Praxis Precision Medicines reported a net loss of $41.2 million for Q4 2022, with cash and investments of $100.5 million as of December 31, 2022. The company anticipates topline results for the ulixacaltamide Essential1 study in Q1 2023 and data from its clinical-stage epilepsy programs throughout 2023.
Praxis expects topline results from the ulixacaltamide (PRAX-944) Essential1 study for essential tremor in Q1 2023.
Topline results are expected for each of three clinical-stage epilepsy programs in 2023.
PRAX-562 Phase 2 EMBOLD Study results in DEEs are expected in 2H23.
Cash and investments totaled $100.5 million as of December 31, 2022, supporting operations into 1Q24.
Praxis
Praxis
Forward Guidance
Praxis Precision Medicines anticipates several milestones in 2023, including topline results from clinical trials and advancement of development candidates.
Positive Outlook
- Topline results from ulixacaltamide (PRAX-944) Essential1 study expected in 1Q23.
- PRAX-222 first-in-patient EMBRAVE Study safety data expected mid-2023.
- PRAX-628 first-in-human Phase 1 data expected mid-2023.
- PRAX-562 Phase 2 EMBOLD Study results expected in 2H23.
- Nomination of a development candidate for PRAX-080 for PCDH19 expected in the second half of 2023.
Challenges Ahead
- Uncertainties inherent in clinical trials.
- Expected timing of submissions for regulatory approval or review by governmental authorities.
- Regulatory approvals to conduct trials.
- Praxis’ ability to continue as a going concern.
- Risks concerning Praxis’ programs and operations as described in its Annual Report on Form 10-K.