2024 Q2 Form 10-Q Financial Statement
#000168954824000060 Filed on May 13, 2024
Income Statement
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| Revenue | $357.0K | $431.0K |
| YoY Change | -54.29% | -36.9% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $10.59M | $15.33M |
| YoY Change | 4.52% | 15.55% |
| % of Gross Profit | ||
| Research & Development | $27.26M | $26.98M |
| YoY Change | 6.43% | 5.8% |
| % of Gross Profit | ||
| Depreciation & Amortization | $107.0K | $112.0K |
| YoY Change | 0.94% | 5.66% |
| % of Gross Profit | ||
| Operating Expenses | $37.85M | $42.32M |
| YoY Change | 5.89% | 9.14% |
| Operating Profit | -$37.49M | -$41.89M |
| YoY Change | 7.23% | 9.96% |
| Interest Expense | $4.811M | $2.333M |
| YoY Change | 642.44% | 266.82% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $4.811M | $2.333M |
| YoY Change | 642.44% | 266.82% |
| Pretax Income | -$32.68M | -$39.55M |
| YoY Change | -4.77% | 5.6% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$32.68M | -$39.60M |
| YoY Change | -4.77% | 5.6% |
| Net Earnings / Revenue | -9153.22% | -9187.94% |
| Basic Earnings Per Share | -$1.74 | -$2.84 |
| Diluted Earnings Per Share | -$1.74 | -$2.84 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 17.11M shares | 13.24M shares |
| Diluted Shares Outstanding | 18.82M shares | 13.90M shares |
Balance Sheet
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $351.9M | $207.4M |
| YoY Change | 183.09% | 141.68% |
| Cash & Equivalents | $145.1M | $152.0M |
| Short-Term Investments | $206.7M | $55.44M |
| Other Short-Term Assets | $4.837M | $4.388M |
| YoY Change | -12.52% | -48.86% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $356.7M | $211.8M |
| YoY Change | 174.76% | 124.36% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $369.0K | $476.0K |
| YoY Change | -51.38% | -44.97% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $81.95M | $35.87M |
| YoY Change | ||
| Other Assets | $416.0K | $416.0K |
| YoY Change | 0.0% | 0.0% |
| Total Long-Term Assets | $84.35M | $38.61M |
| YoY Change | 2198.91% | 869.73% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $356.7M | $211.8M |
| Total Long-Term Assets | $84.35M | $38.61M |
| Total Assets | $441.1M | $250.4M |
| YoY Change | 230.39% | 154.52% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $8.195M | $9.404M |
| YoY Change | 2.31% | -44.64% |
| Accrued Expenses | $10.06M | $6.976M |
| YoY Change | -24.47% | -25.41% |
| Deferred Revenue | $1.176M | $1.256M |
| YoY Change | -42.32% | -50.61% |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $20.62M | $18.79M |
| YoY Change | -15.6% | -37.18% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $1.343M | $1.932M |
| YoY Change | -60.99% | -51.69% |
| Total Long-Term Liabilities | $1.343M | $1.932M |
| YoY Change | -60.99% | -51.69% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $20.62M | $18.79M |
| Total Long-Term Liabilities | $1.343M | $1.932M |
| Total Liabilities | $21.96M | $20.73M |
| YoY Change | -21.2% | -38.89% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$726.2M | -$693.5M |
| YoY Change | 20.55% | 22.07% |
| Common Stock | $14.00K | $13.00K |
| YoY Change | 7.69% | 116.67% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $419.1M | $229.7M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $441.1M | $250.4M |
| YoY Change | 230.39% | 154.52% |
Cashflow Statement
| Concept | 2024 Q2 | 2024 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$32.68M | -$39.60M |
| YoY Change | -4.77% | 5.6% |
| Depreciation, Depletion And Amortization | $107.0K | $112.0K |
| YoY Change | 0.94% | 5.66% |
| Cash From Operating Activities | -$27.28M | -$20.86M |
| YoY Change | -12.61% | -36.5% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | ||
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$195.9M | -$91.22M |
| YoY Change | -4018.44% | -368.29% |
| Cash From Investing Activities | -$195.9M | -$91.22M |
| YoY Change | -4018.44% | -368.29% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 216.4M | $182.8M |
| YoY Change | 210.53% | 911.38% |
| NET CHANGE | ||
| Cash From Operating Activities | -27.28M | -$20.86M |
| Cash From Investing Activities | -195.9M | -$91.22M |
| Cash From Financing Activities | 216.4M | $182.8M |
| Net Change In Cash | -6.837M | $70.68M |
| YoY Change | -115.73% | 267.67% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$27.28M | -$20.86M |
| Capital Expenditures | ||
| Free Cash Flow | ||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2024Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
26984000 | usd |
| CY2023Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
25504000 | usd |
| CY2023Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.0667 | |
| CY2023Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.0667 | |
| CY2023Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.0667 | |
| CY2023Q4 | us-gaap |
Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
|
0.0667 | |
| CY2024Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
8791877 | shares |
| CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
8791877 | shares |
| CY2024Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
15333000 | usd |
| CY2023Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
13270000 | usd |
| CY2024Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
42317000 | usd |
| CY2023Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
38774000 | usd |
| CY2024Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-41886000 | usd |
| CY2023Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-38091000 | usd |
| CY2024Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
2333000 | usd |
| CY2023Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
636000 | usd |
| CY2024Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
2333000 | usd |
| CY2023Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
636000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-39553000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-37455000 | usd |
| CY2024Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.84 | |
| CY2024Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-2.84 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-10.58 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-10.58 | |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
13904374 | shares |
| CY2024Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
13904374 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
3540185 | shares |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
3540185 | shares |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-39553000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-37455000 | usd |
| CY2024Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
3000 | usd |
| CY2023Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
154000 | usd |
| CY2024Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-39550000 | usd |
| CY2023Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-37301000 | usd |
| CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
69669000 | usd |
| CY2024Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
14475000 | usd |
| CY2024Q1 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
137000 | usd |
| CY2024Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
143000 | usd |
| CY2024Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
3000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-39553000 | usd |
| CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
76106000 | usd |
| CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
7593000 | usd |
| CY2023Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
18096000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-39553000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-37455000 | usd |
| CY2024Q1 | us-gaap |
Depreciation
Depreciation
|
112000 | usd |
| CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
106000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
14475000 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7593000 | usd |
| CY2024Q1 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
224000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
201000 | usd |
| CY2024Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
84000 | usd |
| CY2023Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-45000 | usd |
| CY2024Q1 | prax |
Collaboration And License Agreement Noncash Expense
CollaborationAndLicenseAgreementNoncashExpense
|
2500000 | usd |
| CY2023Q1 | prax |
Collaboration And License Agreement Noncash Expense
CollaborationAndLicenseAgreementNoncashExpense
|
0 | usd |
| CY2024Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
808000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-1771000 | usd |
| CY2024Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
3589000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
2314000 | usd |
| CY2024Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-608000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-6498000 | usd |
| CY2024Q1 | prax |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-271000 | usd |
| CY2023Q1 | prax |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-240000 | usd |
| CY2024Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-431000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-683000 | usd |
| CY2024Q1 | us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
-2000 | usd |
| CY2023Q1 | us-gaap |
Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
|
0 | usd |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-20857000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-32846000 | usd |
| CY2024Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
91220000 | usd |
| CY2023Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
0 | usd |
| CY2024Q1 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
0 | usd |
| CY2023Q1 | us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
34000000 | usd |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-91220000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
34000000 | usd |
| CY2024Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
137000 | usd |
| CY2023Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
127000 | usd |
| CY2024Q1 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
143000 | usd |
| CY2023Q1 | us-gaap |
Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
|
101000 | usd |
| CY2024Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
182757000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
18070000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
70680000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
19224000 | usd |
| CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
81716000 | usd |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
62031000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
152396000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
81255000 | usd |
| CY2024Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
151980000 | usd |
| CY2023Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
80839000 | usd |
| CY2024Q1 | us-gaap |
Restricted Cash
RestrictedCash
|
416000 | usd |
| CY2023Q1 | us-gaap |
Restricted Cash
RestrictedCash
|
416000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
152396000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
81255000 | usd |
| CY2024Q1 | prax |
Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
|
168000 | usd |
| CY2023Q1 | prax |
Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
|
0 | usd |
| CY2024Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
Nature of the Business<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%">Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies 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 both rare and more prevalent neurological disorders. The Company is applying genetic insights to the discovery and development of therapies for neurological disorders through two proprietary platforms, using its understanding of shared biological targets and circuits in the brain. Each platform has multiple programs currently, with significant potential for additional program and indication expansion: </span></div><div style="margin-top:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:13.8pt">Cerebrum</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">™, the Company's small molecule platform, utilizes deep understanding of neuronal excitability and neuronal networks and applies a series of computational and experimental tools to develop orally available precision therapies </span></div><div style="margin-top:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;padding-left:14.5pt">Solidus</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">™, the Company's antisense oligonucleotide, or ASO, platform, is an efficient, targeted precision medicine discovery and development engine anchored on a proprietary, computational methodology </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's platforms utilize a deliberate, pragmatic and patient-guided 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 diversified, multimodal CNS portfolio with four clinical-stage product candidates across movement disorders and epilepsy. For the Company's most advanced product candidate under the Cerebrum™ platform, ulixacaltamide (formerly known as PRAX-944), it expects to announce topline results from the ongoing Phase 3 Essential3 clinical trials in essential tremor in the second half of 2024. Within the Company's PRAX-628 program, it announced positive results from its Photo-Paroxysmal Response ("PPR") study in the first quarter of 2024 and plans to initiate the first of two efficacy studies of PRAX-628 in focal onset seizures in the second half of 2024, with topline results expected in 2025. The Company plans to initiate a second PRAX-628 efficacy study in focal onset seizures in the first half of 2025, with topline results expected in the first half of 2026. The Company's PRAX-562 Phase 2 EMBOLD study was initiated in the first quarter of 2023, with cohorts in SCN2A-DEE and SCN8A-DEE; topline results are expected for both cohorts in the third quarter of 2024. For the Company's most advanced product candidate under the Solidus™ platform, elsunersen (formerly known as PRAX-222), it shared results from Part 1 of the EMBRAVE study in the fourth quarter of 2023, and is currently completing multiple global regulatory interactions in anticipation of starting the pivotal phase of the program later in 2024. </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, from the sale of common stock through an initial public offering and at-the-market offerings under its shelf registration statement, and from follow-on public offerings of common stock and pre-funded warrants to purchase common stock. From inception through March 31, 2024, the Company raised $785.3 million in aggregate cash proceeds from these transactions, net of issuance costs. In April 2024, the Company raised net proceeds of $215.8 million from a follow-on public offering of common stock and pre-funded warrants. </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:12pt"><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 $39.6 million for the three months ended March 31, 2024. In addition, as of March 31, 2024, the Company had an accumulated deficit of $693.5 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 March 31, 2024 of $243.3 million will be sufficient to fund its 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 current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all.</span></div> | |
| CY2024Q1 | prax |
Number Of Platforms
NumberOfPlatforms
|
2 | platform |
| CY2024Q1 | prax |
Number Of Product Candidates
NumberOfProductCandidates
|
4 | candidate |
| CY2024Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
785300000 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-39600000 | usd |
| CY2024Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-693500000 | usd |
| CY2024Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
243300000 | usd |
| CY2024Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="margin-top:12pt"><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 expense, collaboration revenue, 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> | |
| CY2024Q1 | prax |
Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
|
4717000 | usd |
| CY2023Q4 | prax |
Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
|
2957000 | usd |
| CY2024Q1 | prax |
Accrued Personnel Related Expenses Current
AccruedPersonnelRelatedExpensesCurrent
|
1661000 | usd |
| CY2023Q4 | prax |
Accrued Personnel Related Expenses Current
AccruedPersonnelRelatedExpensesCurrent
|
3716000 | usd |
| CY2024Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
598000 | usd |
| CY2023Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
743000 | usd |
| CY2024Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
6976000 | usd |
| CY2024Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
1 | segment |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
0 | usd |
| CY2024Q1 | prax |
Cash Equivalents At Carrying Value And Debt Securities Available For Sale Amortized Cost
CashEquivalentsAtCarryingValueAndDebtSecuritiesAvailableForSaleAmortizedCost
|
139623000 | usd |
| CY2024Q1 | prax |
Cash Equivalents And Debt Securities Available For Sale Accumulated Gross Unrealized Gain Current Before Tax
CashEquivalentsAndDebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainCurrentBeforeTax
|
12000 | usd |
| CY2024Q1 | prax |
Cash Equivalents And Debt Securities Available For Sale Accumulated Gross Unrealized Loss Current Before Tax
CashEquivalentsAndDebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedLossCurrentBeforeTax
|
9000 | usd |
| CY2024Q1 | prax |
Cash Equivalents And Debt Securities Available For Sale Fair Value Disclosure
CashEquivalentsAndDebtSecuritiesAvailableForSaleFairValueDisclosure
|
139626000 | usd |
| CY2024Q1 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
|
33 | security |
| CY2024Q1 | us-gaap |
Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
|
42600000 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
87782000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
0 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
35873000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
0 | usd |
| CY2024Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
123655000 | usd |
| CY2023Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
0 | usd |
| CY2024Q1 | us-gaap |
Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
|
0 | usd |
| CY2023Q1 | us-gaap |
Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
|
0 | usd |
| CY2023Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
7416000 | usd |
| CY2022Q4 | prax |
Number Of Performance Obligations
NumberOfPerformanceObligations
|
1 | obligation |
| CY2024Q1 | prax |
Number Of Performance Obligations
NumberOfPerformanceObligations
|
1 | obligation |
| CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2024Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2024Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2023Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2024Q1 | us-gaap |
Treasury Stock Common Shares
TreasuryStockCommonShares
|
0 | shares |
| CY2023Q4 | us-gaap |
Treasury Stock Common Shares
TreasuryStockCommonShares
|
0 | shares |
| CY2024Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
3957359 | shares |
| CY2023Q4 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
1384683 | shares |
| CY2023Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2024Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2024Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2023Q4 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
666163 | shares |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
160.19 | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
428850 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
43.36 | |
| CY2024Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
3634 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
39.30 | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
38000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
7353 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
124.58 | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1084026 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
114.62 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y4M17D | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
14197000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
689361 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
129.09 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P8Y21D | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
7632000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
1084026 | shares |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
114.62 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P8Y4M17D | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
|
14197000 | usd |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0388 | |
| CY2024Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y3D | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.8875 | |
| CY2024Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | |
| CY2024Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
14475000 | usd |
| CY2023Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
7593000 | usd |
| CY2024Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1209454 | shares |
| CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
775038 | shares |
| CY2024Q1 | ecd |
Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
|
false | |
| CY2024Q1 | ecd |
Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
|
false | |
| CY2024Q1 | ecd |
Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
|
false | |
| CY2024Q1 | ecd |
Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
|
false |
