Praxis Precision Medicines Inc (PRAX, Financial), a clinical-stage biopharmaceutical company, released its Q3 2023 financial results on November 7, 2023. The company reported a net loss of $24.6 million for the quarter, including $5.8 million of stock-based compensation expense. This represents a decrease from the net loss of $43.9 million, including $6.7 million of stock-based compensation expense, reported for the same period in 2022.
Financial Highlights
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.
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.
Corporate Updates
Praxis initiated Essential3, the Phase 3 program for ulixacaltamide, in November 2023. The company expects to complete enrollment of Essential3 in the first half of 2024. Praxis also completed dosing for Part 1 of the PRAX-222 EMBRAVE study for the treatment of pediatric patients with early-onset SCN2A-DEE in October 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. The company 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.
Looking Ahead
Praxis expects topline results from the PRAX-628 Phase 2a proof-of-concept study evaluating epilepsy patients with PPR in the fourth quarter of 2023. The company also anticipates topline results from the PRAX-562 Phase 2 EMBOLD study for the treatment of pediatric patients with developmental and epileptic encephalopathies (DEEs) in the first half of 2024.
Explore the complete 8-K earnings release (here) from Praxis Precision Medicines Inc for further details.
