Praxis Q4 2024 Earnings Report
Key Takeaways
Praxis Precision Medicines reported fourth quarter 2024 financial results, featuring collaboration revenue of $7.5 million, research and development expenses of $56.3 million, general and administrative expenses of $15.1 million, and a net loss of $58.7 million. The company's cash, cash equivalents, and marketable securities totaled $469.5 million as of December 31, 2024, expected to fund operations into 2028. Additionally, the IDMC recommended that the Study 1 be stopped for futility.
IDMC recommended stopping the Study 1 for futility.
Praxis will continue both Study 1 and Study 2 to completion, with topline results expected in Q3 2025.
Praxis recognized $7.5 million in collaboration revenue during the quarter related to its agreement with UCB.
Praxis had $469.5 million in cash, cash equivalents and marketable securities as of December 31, 2024.
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Praxis Revenue by Segment
Forward Guidance
Praxis Precision Medicines is focused on advancing its pipeline programs and expects multiple topline readouts in 2025. The company anticipates initiating the EMERALD study by mid-year 2025 and remains on track to nominate development candidates for its early-stage ASO therapeutic initiatives in 2025.
Positive Outlook
- Multiple topline readouts expected in 2025 from the ENERGY program.
- EMPOWER observational study continues with over 3,000 patients consented.
- RADIANT Phase 2 study topline results expected by mid-year 2025.
- POWER1 Phase 2/3 registrational study topline results anticipated in the second half of 2025.
- EMERALD study for DEEs expected to be initiated by mid-year 2025.
Challenges Ahead
- IDMC recommended that the Essential3 program be stopped for futility based on interim analysis of Study 1.
- Topline results for the Essential3 program are expected in the third quarter of 2025, and the decision to submit an NDA will be made after analyzing the final results for Study 1 and Study 2.
- Uncertainties inherent in clinical trials
- Preliminary analyses from ongoing studies differing materially from final data from preclinical studies and completed clinical trials
- Regulatory approvals to conduct trials