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Dec 31, 2025
Praxis Q4 2025 Earnings Report
Praxis reported a fourth quarter 2025 net loss of $88.9 million as it advanced multiple late-stage CNS programs and strengthened its balance sheet.
Key Takeaways
Praxis reported no collaboration revenue in Q4 2025 and a net loss of $88.9 million, driven by increased R&D spending to support late-stage programs. The company ended the quarter with $926.1 million in cash, cash equivalents and marketable securities, positioning it to fund operations into 2028.
Q4 2025 net loss was $88.9 million, with EPS of $(3.50).
Research and development expenses increased to $77.5 million in the quarter.
General and administrative expenses were $19.5 million in Q4 2025.
Cash, cash equivalents and marketable securities totaled $926.1 million at year-end 2025.
Forward Guidance
Praxis expects its cash, cash equivalents and marketable securities as of December 31, 2025, together with $621.2 million in net proceeds from its January 2026 public offering, to fund operations into 2028.
Positive Outlook
- Cash and investments of $926.1 million as of December 31, 2025.
- Additional $621.2 million in net proceeds raised in January 2026.
- Two NDA submissions completed for ulixacaltamide and relutrigine.
- Multiple late-stage programs with anticipated topline data in 2026.
- Positioned to transition into a commercial company pending approvals.
Challenges Ahead
- Continued net losses driven by high R&D investment.
- No collaboration revenue recognized in Q4 2025.
- Increasing operating expenses year-over-year.
- Commercial success dependent on regulatory approvals.
Historical Earnings Impact
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