Praxis Precision Medicines (NASDAQ: PRAX) is a clinical-stage central nervous system biopharmaceutical company developing small molecule and antisense oligonucleotide therapies targeting genetic epilepsies and other CNS disorders. The company generates revenue through collaboration and license agreements rather than product sales, as no candidates have received regulatory approval as of the 10-K filed February 19, 2026. Praxis operates two internal discovery platforms: Cerebrum, focused on CNS small molecules, and Solidus, an ASO platform. Its most advanced candidate, ulixacaltamide, a selective T-type calcium channel inhibitor for essential tremor, has received FDA Breakthrough Therapy Designation and a submitted New Drug Application. Two additional clinical-stage candidates, vormatrigine and relutrigine, target developmental and epileptic encephalopathies. Praxis has an exclusive collaboration and license agreement with Tenacia Biotechnology (Shanghai) to develop and commercialize ulixacaltamide in China, Hong Kong, Macau, and Taiwan. PRAX-020 has been in-licensed by UCB Biopharma SRL. The company is headquartered in the United States and has commenced commercial preparations and pre-launch activities for ulixacaltamide.

Revenue model

Collaboration and license agreements, including an in-licensing deal with UCB Biopharma SRL for PRAX-020 and a commercialization agreement with Tenacia Biotechnology (Shanghai) for ulixacaltamide in select Asian markets. No product revenue disclosed as of the 10-K filed February 19, 2026.

Products and services

Ulixacaltamide: selective T-type calcium channel inhibitor for essential tremor, NDA submitted to FDA, FDA Breakthrough Therapy Designation granted. Vormatrigine: clinical-stage candidate for CNS indications. Relutrigine: clinical-stage Nav channel modulator for developmental and epileptic encephalopathies (DEEs), including SCN2A-DEE and SCN8A-DEE; Phase 2 EMBOLD study stopped early for efficacy in Q4 2025. PRAX-020: in-licensed by UCB Biopharma SRL. Cerebrum platform: small molecule CNS discovery. Solidus platform: antisense oligonucleotide discovery.

Customers and end markets

Patients with essential tremor (approximately 7 million in the United States per the 10-K filed February 19, 2026), patients with developmental and epileptic encephalopathies including SCN2A-DEE and SCN8A-DEE, and patients with other genetic CNS disorders. Collaboration partners include UCB Biopharma SRL and Tenacia Biotechnology (Shanghai).

Value-chain role

Drug discoverer and clinical-stage developer. Relies on third-party contract manufacturers, CROs, and external collaborators for manufacturing, clinical execution, and some commercialization. Pre-commercial stage as of the 10-K filed February 19, 2026.

Geographic exposure

Primary operations in the United States. Ulixacaltamide licensed to Tenacia Biotechnology (Shanghai) for China, Hong Kong, Macau, and Taiwan.

Source: SEC 10-K, filed 2026-02-19

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