We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Praxis Precision Medicines Inc | NASDAQ:PRAX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 40.47 | 36.00 | 42.35 | 0 | 13:39:10 |
“This quarter was momentous for Praxis as we began our first Phase 3 studies in ulixacaltamide for essential tremor,” said Marcio Souza, president and chief executive officer of Praxis. “Our epilepsy portfolio continues to advance as well, with elsunersen completing the final dosing for Part 1 of the EMBRAVE study and preliminary data shared at our 2023 R&D Day showing solid improvement to reduce seizures, while PRAX-562 and PRAX-628 are enrolling well in their respective Phase 2 programs. We look forward to sharing the PRAX-628 data in photo-paroxysmal response (PPR) in the near future.”
Recent Business Highlights and Upcoming Milestones:
Cerebrum™ Small Molecule Platform
Solidus™ Antisense Oligonucleotide (ASO) Platform
Third Quarter 2023 Financial Results:
As of September 30, 2023, Praxis had $101.1 million in cash and cash equivalents, compared to $100.5 million in cash, cash equivalents and marketable securities as of December 31, 2022. The increase of $0.6 million primarily reflects $63.4 million in net proceeds from Praxis’ June 2023 underwritten public offering and $24.1 million in net proceeds from at-the-market offerings of shares of Praxis’ common stock, partially offset by cash used in operations of $87.3 million during the nine months ended September 30, 2023.
Praxis recognized $0.5 million in collaboration revenue during the three months ended September 30, 2023, related to its Option and License Agreement with UCB.
Research and development expenses were $17.3 million for the three months ended September 30, 2023, compared to $30.4 million for the three months ended September 30, 2022. The decrease in research and development expenses of $13.2 million was primarily attributable to $10.5 million in decreased expenses related to Praxis’ Cerebrum™ platform, $0.8 million in decreased expenses related to Praxis’ Solidus™ platform and $1.9 million in decreased personnel-related expenses. General and administrative expenses were $8.7 million for the three months ended September 30, 2023, compared to $13.9 million for the three months ended September 30, 2022. The decrease in general and administrative expenses of approximately $5.1 million was primarily due to a decrease in personnel-related expenses, consulting costs and professional fees.
Praxis reported a net loss of $24.6 million for the three months ended September 30, 2023, including $5.8 million of stock-based compensation expense, compared to $43.9 million for the three months ended September 30, 2022, including $6.7 million of stock-based compensation expense.
As of September 30, 2023, Praxis had 128.5 million shares of common stock outstanding.
About PraxisPraxis Precision Medicines is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for CNS disorders characterized by neuronal excitation-inhibition imbalance. Praxis is applying genetic insights to the discovery and development of therapies for rare and more prevalent neurological disorders through our proprietary small molecule platform, Cerebrum™, and antisense oligonucleotide (ASO) platform, Solidus™, using our understanding of shared biological targets and circuits in the brain. Praxis has established a diversified, multimodal CNS portfolio including multiple programs across movement disorders and epilepsy, with four clinical-stage product candidates. For more information, please visit www.praxismedicines.com and follow us on Facebook, LinkedIn and Twitter.
Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995 and other federal securities laws, including express or implied statements regarding Praxis’ future expectations, plans and prospects, including, without limitation, statements regarding the anticipated timing of our clinical trials, the development of our product candidates, the anticipated timing of regulatory submissions, and our projected cash runway, as well as other statements containing the words “anticipate,” “believe,” “continue,” “could,” “endeavor,” “estimate,” “expect,” “anticipate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and similar expressions that constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995.
The express or implied forward-looking statements included in this press release are only predictions and are subject to a number of risks, uncertainties and assumptions, including, without limitation: uncertainties inherent in clinical trials; reported interim data from ongoing studies and trials differing materially from final data from preclinical studies and completed clinical trials; the expected timing of clinical trials, data readouts and the results thereof, and submissions for regulatory approval or review by governmental authorities; regulatory approvals to conduct trials; Praxis’ anticipated cash runway; and other risks concerning Praxis’ programs and operations as described in its Annual Report on Form 10-K for the year ended December 31, 2022, its Quarterly Reports on Form 10-Q and other filings made with the Securities and Exchange Commission. Although Praxis’ forward-looking statements reflect the good faith judgment of its management, these statements are based only on information and factors currently known by Praxis. As a result, you are cautioned not to rely on these forward-looking statements. Any forward-looking statement made in this press release speaks only as of the date on which it is made. Praxis undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.
PRAXIS PRECISION MEDICINES, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands)(Unaudited)
September 30, 2023 | December 31, 2022 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 101,085 | $ | 61,615 | |||
Marketable securities | — | 38,874 | |||||
Prepaid expenses and other current assets | 2,242 | 10,351 | |||||
Property and equipment, net | 700 | 971 | |||||
Operating lease right-of-use assets | 2,282 | 2,901 | |||||
Other non-current assets | 416 | 416 | |||||
Total assets | $ | 106,725 | $ | 115,128 | |||
Liabilities and stockholders’ equity | |||||||
Accounts payable | $ | 7,166 | $ | 14,672 | |||
Accrued expenses | 6,979 | 15,850 | |||||
Operating lease liabilities | 2,756 | 3,500 | |||||
Deferred revenue | 3,068 | 5,000 | |||||
Common stock | 13 | 5 | |||||
Additional paid-in capital | 713,786 | 606,918 | |||||
Accumulated other comprehensive loss | — | (173 | ) | ||||
Accumulated deficit | (627,043 | ) | (530,644 | ) | |||
Total liabilities and stockholders' equity | $ | 106,725 | $ | 115,128 |
PRAXIS PRECISION MEDICINES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except share and per share amounts)(Unaudited)
Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Collaboration revenue | $ | 468 | $ | — | $ | 1,932 | $ | — | |||||||
Operating expenses: | |||||||||||||||
Research and development | 17,260 | 30,439 | 68,378 | 126,711 | |||||||||||
General and administrative | 8,724 | 13,851 | 32,121 | 46,822 | |||||||||||
Total operating expenses | 25,984 | 44,290 | 100,499 | 173,533 | |||||||||||
Loss from operations | (25,516 | ) | (44,290 | ) | (98,567 | ) | (173,533 | ) | |||||||
Other income: | |||||||||||||||
Other income, net | 884 | 345 | 2,168 | 677 | |||||||||||
Total other income | 884 | 345 | 2,168 | 677 | |||||||||||
Net loss | $ | (24,632 | ) | $ | (43,945 | ) | $ | (96,399 | ) | $ | (172,856 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.18 | ) | $ | (0.96 | ) | $ | (1.12 | ) | $ | (3.79 | ) | |||
Weighted average common shares outstanding, basic and diluted | 135,591,429 | 45,774,376 | 86,447,174 | 45,591,888 |
Investor Contact Praxis Precision Medicines investors@praxismedicines.com 857-702-9452 Media Contact Ian Stone Canale Communications Ian.stone@canalecomm.com 619-849-5388
1 Year Praxis Precision Medicines Chart |
1 Month Praxis Precision Medicines Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions