PRAX · Praxis Precision Medicines, Inc.

Praxis Precision Medicines announced its first quarter 2026 financial results alongside significant clinical and regulatory milestones, marking a pivotal moment for the company's CNS precision neuroscience pipeline. Financially, the company reported a net loss of $92.6 million, up from $69.3 million in Q1 2025, primarily driven by increased research and development expenses of $78.0 million (versus $60.8 million prior year), attributed to $9.2 million more on the Cerebrum platform, $3.8 million in personnel costs, and $3.0 million on the Solidus platform. General and administrative expenses rose to $27.9 million from $13.9 million, reflecting $9.8 million in higher personnel expenses and $3.5 million in professional fees, including $17.1 million in stock-based compensation versus $8.8 million last year. Balance sheet strength improved markedly with cash, cash equivalents, and marketable securities at $1.4 billion as of March 31, 2026, up $473.9 million from December 31, 2025, mainly from a January 2026 follow-on public offering and interest income, offsetting operational burn and providing runway into 2028. On the pipeline front, FDA acceptance of the ulixacaltamide NDA for Essential Tremor (affecting ~7 million U.S. patients) sets a PDUFA date of January 29, 2027, with commercial preparations accelerating including leadership hires, distribution network, and the 'ESSENTIAL to me' campaign. Relutrigine NDA for SCN2A/SCN8A DEEs received priority review with PDUFA September 27, 2026, positioning for potential first-in-class approval and Pediatric Review Voucher eligibility; EMERALD study recruitment completed with Q4 2026 data. EMBRAVE Part A topline for elsunersen demonstrated 77% placebo-adjusted seizure reduction (p=0.015), 71% achieving >50% reduction, 57% seizure-free periods, and disease-modifying benefits in sleep, motor function, and development, with no safety signals. Vormatrigine POWER1 topline due Q2 2026. CEO Marcio Souza highlighted these as inflection points accelerating commercial roadmap. With 27.9 million shares outstanding, these catalysts underscore Praxis' path to multiple launches in high-unmet-need CNS indications.