$PRAX
Praxis Precision Medicines, Inc.

2021 Q4 Form 10-Q Financial Statement

#000168954821000094 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.15M $11.63M $9.440M
YoY Change 60.44% 239.18% 424.44%
% of Gross Profit
Research & Development $43.51M $33.14M $16.27M
YoY Change 167.43% 159.18% 185.44%
% of Gross Profit
Depreciation & Amortization $93.00K $39.00K $20.00K
YoY Change 365.0% 290.0% 100.0%
% of Gross Profit
Operating Expenses $58.66M $44.77M $25.71M
YoY Change 128.15% 176.09% 243.26%
Operating Profit -$44.77M
YoY Change 176.09%
Interest Expense $70.00K $73.00K $10.00K
YoY Change 600.0% -50.0%
% of Operating Profit
Other Income/Expense, Net $73.00K
YoY Change 7200.0%
Pretax Income -$58.59M -$44.70M -$25.71M
YoY Change 127.88% 175.65% 244.18%
Income Tax -$5.000K $5.000K $0.00
% Of Pretax Income
Net Earnings -$58.58M -$44.71M -$25.71M
YoY Change 127.89% 175.68% 247.85%
Net Earnings / Revenue
Basic Earnings Per Share -$1.00
Diluted Earnings Per Share -$1.302M -$1.00 -$650.4K
COMMON SHARES
Basic Shares Outstanding 44.86M shares 44.71M shares 38.26M
Diluted Shares Outstanding 44.71M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $244.4M $277.9M $296.6M
YoY Change -17.61% 142.05%
Cash & Equivalents $138.7M $165.7M $296.6M
Short-Term Investments $105.7M $112.2M
Other Short-Term Assets $11.50M $4.969M $5.700M
YoY Change 101.72% 351.73%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $287.4M $319.3M $302.3M
YoY Change -4.93% 175.65% 564.51%
LONG-TERM ASSETS
Property, Plant & Equipment $1.213M $625.0K $82.00K
YoY Change 1379.27% 537.76% -35.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $472.0K $416.0K $15.00K
YoY Change 3046.67% -79.86% -97.58%
Total Long-Term Assets $5.338M $5.069M $851.0K
YoY Change 527.26% 37.11% -61.28%
TOTAL ASSETS
Total Short-Term Assets $287.4M $319.3M $302.3M
Total Long-Term Assets $5.338M $5.069M $851.0K
Total Assets $292.7M $324.4M $303.2M
YoY Change -3.44% 171.36% 535.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.78M $7.544M $4.088M
YoY Change 163.7% 118.54% 53.28%
Accrued Expenses $26.84M $16.53M $10.87M
YoY Change 146.98% 167.2% 214.59%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.43M $24.75M $15.72M
YoY Change 144.49% 138.39% 130.57%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.501M $3.732M $0.00
YoY Change 1766.0%
Total Long-Term Liabilities $3.501M $3.732M $0.00
YoY Change 1766.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.43M $24.75M $15.72M
Total Long-Term Liabilities $3.501M $3.732M $0.00
Total Liabilities $41.94M $28.49M $15.72M
YoY Change 166.76% 169.19% 107.36%
SHAREHOLDERS EQUITY
Retained Earnings -$316.6M -$258.0M -$149.6M
YoY Change 111.71% 109.31% 84.61%
Common Stock $5.000K $5.000K $4.000K
YoY Change 25.0% 400.0% 300.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares 0.000 shares 0.000 shares
Shareholders Equity $250.8M $295.9M $287.5M
YoY Change
Total Liabilities & Shareholders Equity $292.7M $324.4M $303.2M
YoY Change -3.44% 171.36% 535.67%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$58.58M -$44.71M -$25.71M
YoY Change 127.89% 175.68% 247.85%
Depreciation, Depletion And Amortization $93.00K $39.00K $20.00K
YoY Change 365.0% 290.0% 100.0%
Cash From Operating Activities -$44.86M -$23.96M -$20.22M
YoY Change 121.84% 72.51% 103.22%
INVESTING ACTIVITIES
Capital Expenditures -$531.0K -$450.0K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.70M $14.00M
YoY Change
Cash From Investing Activities $10.17M $13.55M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.713M 212.0K 202.1M
YoY Change -96.18% -99.81% 300.54%
NET CHANGE
Cash From Operating Activities -44.86M -23.96M -20.22M
Cash From Investing Activities 10.17M 13.55M 0.000
Cash From Financing Activities 7.713M 212.0K 202.1M
Net Change In Cash -26.98M -10.20M 181.9M
YoY Change -114.83% -110.74% 349.01%
FREE CASH FLOW
Cash From Operating Activities -$44.86M -$23.96M -$20.22M
Capital Expenditures -$531.0K -$450.0K $0.00
Free Cash Flow -$44.33M -$23.51M -$20.22M
YoY Change 119.22% 69.27% 103.22%

Facts In Submission

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us-gaap Depreciation
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5481000 USD
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2160000 USD
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0 USD
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NetCashProvidedByUsedInInvestingActivities
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102352000 USD
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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prax Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpenses
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prax Deferred Offering Costs Included In Accounts Payable And Accrued Expenses
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us-gaap Nature Of Operations
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Nature of the Business<div style="margin-top:4pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (“CNS”) disorders characterized by neuronal imbalance. The Company has established a broad portfolio, including multiple disclosed programs across CNS disorders, including depression, epilepsy, movement disorders and pain syndromes, with three clinical-stage product candidates. The Company intends to develop differentiated therapies that can deliver long-term benefits to human health by meaningfully impacting patients and society. The Company’s most advanced programs, PRAX-114 and PRAX-944, are currently in Phase 2/3 and Phase 2 development, respectively. PRAX-114 is an extrasynaptic GABA</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">A</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> receptor preferring positive allosteric modulator currently being developed for the treatment of major depressive disorder and for the treatment of women with menopausal and mood symptoms. The Company plans to initiate Phase 2 trials of PRAX-114 in post-traumatic stress disorder and essential tremor ("ET") in the fourth quarter of 2021 and intends to disclose plans for a Phase 2b trial in women with menopausal and mood symptoms in the fourth quarter of 2021. PRAX-944 is a selective small molecule inhibitor of T-type calcium channels currently being developed for the treatment of ET. The Company plans to initiate a Phase 2 trial of PRAX-944 in Parkinson's disease in the first half of 2022. In addition, the Company completed a Phase 1 healthy volunteer trial of its third clinical program, PRAX-562, a persistent sodium current blocker, for the potential treatment of a broad range of rare CNS disorders, such as severe pediatric epilepsies and rare adult cephalgias. The Company plans to initiate a Phase 2 trial in rare adult cephalgias in the fourth quarter of 2021. In addition to the clinical programs, the Company has multiple disclosed preclinical and discovery product candidates in development for severe genetic epilepsies and multiple undisclosed preclinical and discovery product candidates for a range of CNS disorders. </span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Praxis was incorporated in 2015 and commenced operations in 2016. The Company has funded its operations primarily with proceeds from the issuance of convertible debt and redeemable convertible preferred stock, and from the sale of common stock through an initial public offering and a follow-on public offering. From inception through September 30, 2021, the Company raised $509.4 million in aggregate cash proceeds from these transactions, net of issuance costs. </span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In May 2021, the Company completed a follow-on public offering in which the Company issued and sold 5,750,000 shares of its common stock at a public offering price of $18.25 per share, including 750,000 shares of common stock issued and sold pursuant to the underwriters' exercise, in full, of their option to purchase additional shares of common stock, for aggregate gross proceeds of $104.9 million. The Company received approximately $98.4 million in net proceeds after deducting discounts, commissions and offering expenses payable by the Company.</span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales.</span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40)</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued.</span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has incurred recurring losses since its inception, including net losses of $108.5 million for the nine months ended September 30, 2021. In addition, as of September 30, 2021, the Company had an accumulated deficit of $258.0 million. The Company expects to continue to generate operating losses for the foreseeable future.</span></div><div style="margin-top:12pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company expects that its cash, cash equivalents and marketable securities as of September 30, 2021 of $314.4 million will be sufficient to fund the operating expenses and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these condensed consolidated financial statements. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.</span></div>
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<div style="margin-top:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expense, stock-based compensation expense, and the valuation of equity awards prior to the Company's initial public offering. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates.</span></div>
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8598
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8560
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
30.91
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6521000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
953000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16587000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1385000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
75200000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M6D
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-44705000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-16216000 USD
us-gaap Net Income Loss
NetIncomeLoss
-108479000 USD
us-gaap Net Income Loss
NetIncomeLoss
-36114000 USD
CY2021Q3 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
CY2020Q3 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
3943000 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
8046000 USD
CY2021Q3 prax Gain Loss On Repurchase Of Temporary Equity
GainLossOnRepurchaseOfTemporaryEquity
0 USD
CY2020Q3 prax Gain Loss On Repurchase Of Temporary Equity
GainLossOnRepurchaseOfTemporaryEquity
0 USD
prax Gain Loss On Repurchase Of Temporary Equity
GainLossOnRepurchaseOfTemporaryEquity
0 USD
prax Gain Loss On Repurchase Of Temporary Equity
GainLossOnRepurchaseOfTemporaryEquity
493000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-44705000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20159000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-108479000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43667000 USD
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44714941 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44714941 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1665902 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1665902 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41608017 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41608017 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1645982 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1645982 shares
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.00
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.00
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-12.10
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-12.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.61
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-26.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-26.53
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6797266 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30891684 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6797266 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30891684 shares

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