$PRAX
Praxis Precision Medicines, Inc. Stock $prax

$prax Overview Financials Valuation SEC Filings Company Website

2022 Q3 Form 10-Q Financial Statement

#000168954822000111 Filed on August 08, 2022

Income Statement

Concept	2022 Q3	2022 Q2	2022 Q1
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$13.85M	$16.37M	$16.20M
YoY Change	19.06%	51.54%	70.67%
% of Gross Profit
Research & Development	$30.44M	$43.62M	$52.65M
YoY Change	-8.15%	69.87%	193.67%
% of Gross Profit
Depreciation & Amortization	$102.0K	$119.0K	$93.00K
YoY Change	161.54%	296.67%	304.35%
% of Gross Profit
Operating Expenses	$44.29M	$60.39M	$68.85M
YoY Change	-1.08%	65.54%	151.1%
Operating Profit	-$44.29M	-$60.39M	-$68.85M
YoY Change	-1.08%	65.54%	151.1%
Interest Expense	$345.0K	$200.0K	$132.0K
YoY Change	372.6%	143.9%	164.0%
% of Operating Profit
Other Income/Expense, Net	$345.0K	$200.0K	$132.0K
YoY Change	372.6%	143.9%	186.96%
Pretax Income	-$43.95M	-$60.19M	-$68.72M
YoY Change	-1.69%	65.36%	151.04%
Income Tax	$0.00
% Of Pretax Income
Net Earnings	-$43.95M	-$60.19M	-$68.72M
YoY Change	-1.7%	65.36%	151.04%
Net Earnings / Revenue
Basic Earnings Per Share	-$0.96	-$1.32	-$1.51
Diluted Earnings Per Share	-$0.96	-$1.32	-$1.51
COMMON SHARES
Basic Shares Outstanding	45.58M shares	45.54M shares	45.46M shares
Diluted Shares Outstanding	45.77M shares	45.54M shares	45.46M shares

Balance Sheet

Concept	2022 Q3	2022 Q2	2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$123.7M	$165.4M	$210.6M
YoY Change	-55.47%	-43.03%	-9.12%
Cash & Equivalents	$62.44M	$56.04M	$77.85M
Short-Term Investments	$61.30M	$109.4M	$132.7M
Other Short-Term Assets	$8.572M	$10.18M	$11.96M
YoY Change	72.51%	10.02%	53.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$132.3M	$175.6M	$234.5M
YoY Change	-58.57%	-49.61%	-15.83%
LONG-TERM ASSETS
Property, Plant & Equipment	$1.077M	$1.134M	$1.142M
YoY Change	72.32%	523.08%	947.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$416.0K	$416.0K	$416.0K
YoY Change	0.0%	-16.13%	4522.22%
Total Long-Term Assets	$4.590M	$4.837M	$5.031M
YoY Change	-9.45%	-4.75%	630.19%
TOTAL ASSETS
Total Short-Term Assets	$132.3M	$175.6M	$234.5M
Total Long-Term Assets	$4.590M	$4.837M	$5.031M
Total Assets	$136.9M	$180.4M	$239.5M
YoY Change	-57.8%	-48.96%	-14.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$10.12M	$11.82M	$13.27M
YoY Change	34.17%	59.72%	129.81%
Accrued Expenses	$17.88M	$25.77M	$30.93M
YoY Change	8.2%	229.26%	318.75%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$28.98M	$38.54M	$45.22M
YoY Change	17.08%	144.22%	229.18%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$2.756M	$3.010M	$3.259M
YoY Change	-26.15%	-23.97%
Total Long-Term Liabilities	$2.756M	$3.010M	$3.259M
YoY Change	-26.15%	-23.97%
TOTAL LIABILITIES
Total Short-Term Liabilities	$28.98M	$38.54M	$45.22M
Total Long-Term Liabilities	$2.756M	$3.010M	$3.259M
Total Liabilities	$31.74M	$41.55M	$48.48M
YoY Change	11.42%	110.49%	252.9%
SHAREHOLDERS EQUITY
Retained Earnings	-$489.5M	-$445.5M	-$385.3M
YoY Change	89.73%	108.86%	117.81%
Common Stock	$5.000K	$5.000K	$5.000K
YoY Change	0.0%	0.0%	25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares		0.000 shares	0.000 shares
Shareholders Equity	$105.2M	$138.9M	$191.0M
YoY Change
Total Liabilities & Shareholders Equity	$136.9M	$180.4M	$239.5M
YoY Change	-57.8%	-48.96%	-14.23%

Cashflow Statement

Concept	2022 Q3	2022 Q2	2022 Q1
OPERATING ACTIVITIES
Net Income	-$43.95M	-$60.19M	-$68.72M
YoY Change	-1.7%	65.36%	151.04%
Depreciation, Depletion And Amortization	$102.0K	$119.0K	$93.00K
YoY Change	161.54%	296.67%	304.35%
Cash From Operating Activities	-$44.92M	-$57.21M	-$54.11M
YoY Change	87.46%	90.6%	110.36%
INVESTING ACTIVITIES
Capital Expenditures	-$45.00K	-$110.0K	$289.0K
YoY Change	-90.0%	59.42%	7125.0%
Acquisitions
YoY Change
Other Investing Activities	$48.00M	$35.00M	-$8.261M
YoY Change	242.86%	-244.87%	-94.1%
Cash From Investing Activities	$47.96M	$34.89M	-$8.550M
YoY Change	253.91%	-244.0%	-93.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$1.368M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	3.365M	504.0K	$1.209M
YoY Change	1487.26%	-99.49%	338.04%
NET CHANGE
Cash From Operating Activities	-44.92M	-57.21M	-$54.11M
Cash From Investing Activities	47.96M	34.89M	-$8.550M
Cash From Financing Activities	3.365M	504.0K	$1.209M
Net Change In Cash	6.401M	-21.81M	-$61.45M
YoY Change	-162.75%	-148.33%	-62.86%
FREE CASH FLOW
Cash From Operating Activities	-$44.92M	-$57.21M	-$54.11M
Capital Expenditures	-$45.00K	-$110.0K	$289.0K
Free Cash Flow	-$44.87M	-$57.10M	-$54.40M
YoY Change	90.86%	90.67%	111.45%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Amendment Flag AmendmentFlag	false
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2022
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	dei	Entity Central Index Key EntityCentralIndexKey	0001689548
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2022-06-30
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-39620
	dei	Entity Registrant Name EntityRegistrantName	PRAXIS PRECISION MEDICINES, INC.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	47-5195942
	dei	Entity Address Address Line1 EntityAddressAddressLine1	99 High Street
	dei	Entity Address Address Line2 EntityAddressAddressLine2	30th Floor
	dei	Entity Address City Or Town EntityAddressCityOrTown	Boston
	dei	Entity Address State Or Province EntityAddressStateOrProvince	MA
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	02110
	dei	City Area Code CityAreaCode	617
	dei	Local Phone Number LocalPhoneNumber	300-8460
	dei	Security12b Title Security12bTitle	Common Stock, par value $0.0001 per share
	dei	Trading Symbol TradingSymbol	PRAX
	dei	Security Exchange Name SecurityExchangeName	NASDAQ
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	dei	Entity Filer Category EntityFilerCategory	Large Accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Shell Company EntityShellCompany	false
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	us-gaap	Nature Of Operations NatureOfOperations	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 excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and disease. The Company is applying insights from genetic epilepsies to both rare and more prevalent neurological disorders, using its understanding of shared biological targets and circuits in the brain. The Company applies a deliberate and pragmatic precision approach, leveraging a suite of translational tools including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, the Company has established a broad CNS portfolio with multiple programs, including product candidates across movement disorders, epilepsy and psychiatric disorders, with three clinical-stage product candidates. The Company expects to announce topline results from the Phase 2b clinical trial in essential tremor, or ET, for its lead clinical-stage movement disorders program, the initiation of two first-in-patient studies for its lead small molecule epilepsy program and its lead antisense oligonucleotide, or ASO, epilepsy program and the launch of an additional clinical development program this year. In addition, the Company has established a robust pipeline of preclinical stage programs through internal research and in-licensing, including one of the largest portfolios of targeted epilepsy programs in the industry.</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 redeemable convertible preferred stock and from the sale of common stock through an initial public offering, a follow-on public offering and at-the-market offerings under its shelf registration statement. From inception through June 30, 2022, the Company raised $517.8 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%">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 a net loss of $128.9 million for the six months ended June 30, 2022. In addition, as of June 30, 2022, the Company had an accumulated deficit of $445.5 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 June 30, 2022 of $165.4 million will be sufficient to fund the operating expenditures 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 </span></div>current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.
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	us-gaap	Use Of Estimates UseOfEstimates	<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:24.75pt"><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, accrued and prepaid research and development expenses, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. 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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CY2022Q2	us-gaap	Preferred Stock Shares Authorized PreferredStockSharesAuthorized	10000000	shares
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CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber	9826672	shares
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CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue	753000	usd
CY2022Q2	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber	2904632	shares
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CY2022Q2	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	7611000	usd
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	us-gaap	Allocated Share Based Compensation Expense AllocatedShareBasedCompensationExpense	15497000	usd
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Files In Submission

Name	View Source	Status
0001689548-22-000111-index-headers.html	Edgar Link	pending
0001689548-22-000111-index.html	Edgar Link	pending
0001689548-22-000111.txt	Edgar Link	pending
0001689548-22-000111-xbrl.zip	Edgar Link	pending
exhibit31120220630.htm	Edgar Link	pending
exhibit31220220630.htm	Edgar Link	pending
exhibit32120220630.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
prax-20220630.htm	Edgar Link	pending
prax-20220630.xsd	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
R11.htm	Edgar Link	pending
R12.htm	Edgar Link	pending
R13.htm	Edgar Link	pending
R14.htm	Edgar Link	pending
R15.htm	Edgar Link	pending
R16.htm	Edgar Link	pending
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$PRAX
Praxis Precision Medicines, Inc. Stock $prax

2022 Q3 Form 10-Q Financial Statement

#000168954822000111 Filed on August 08, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PRAX Praxis Precision Medicines, Inc. Stock $prax

2022 Q3 Form 10-Q Financial Statement

#000168954822000111 Filed on August 08, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$PRAX
Praxis Precision Medicines, Inc. Stock $prax