Praxis Precision Medicines, Inc.PRAX
NasdaqGS•Healthcare•Biotechnology
Praxis Precision Medicines, Inc., a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance in the United States. The company's platforms include Cerebrum, a small molecule platform for CNS small molecule therapies to develop orally available precision therapies; and Solidus to discover and develop antisense oligonucleotide. It also develops ulixacaltamide, a small molecule inhibitor of T-type calcium channels that in NDA for the treatment of essential tremor; relutrigine, a small molecule, which is in NDA for the treatment of SCN2A- and SCN8A-developmental and epileptic encephalopathies (DEE), as well as in Phase 3 trial for broad DEEs; vormatrigine, a small molecule targeting the hyperexcitable state of sodium-channels in the brain that is in Phase 3 trial for the treatment of adjunctive focal epilepsy, as well as in Phase 2 trial for monotherapy focal epilepsy; and Elsunersen, a clinical-stage ASO designed to selectively decrease SCN2A gene expression, which is in Phase 3 trial for the treatment of SCN2A-DEE. In addition, the company is developing product candidates in pre-clinical trial comprising PRAX-020 to treat KCNT1; PRAX-080 that targets PCDH19 mosaic expression disorders; PRAX-090 for targeting SYNGAP1 loss-of-function; and PRAX-100 that targets SCN2A LoF mutations. It has a cooperation and license agreement with RogCon Inc.; and a research collaboration, option, and license agreement with Ionis Pharmaceuticals, Inc. The company was formerly known as EpiPM Therapeutics, Inc. and changed its name to Praxis Precision Medicines, Inc. in October 2016. Praxis Precision Medicines, Inc. was incorporated in 2015 and is headquartered in Boston, Massachusetts.
Praxis Precision Medicines, Inc (PRAX) reported trailing twelve months revenue of $0 as of March 2026, a 100.0% decline year-over-year. Quarterly revenue reached $0, reflecting a contraction in sales.
Praxis Precision Medicines, Inc reported a TTM net loss of $326.53M, with quarterly EBITDA of $-105.82M. The operating margin contracted from -7472800000.0% to -10586000000.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (-10586000000.0%) and net margin (-9256100000.0%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from -6929600000.0% a year ago, reflecting increased costs or interest expense.
PRAX trades at a P/S of N/A. The price-to-book ratio of 5.5x indicates a significant premium over book value.
The company reported negative free cash flow of $-86.21M, indicating cash consumption over the period. The balance sheet shows $1.46B in total assets with no in long-term debt against $1.41B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -5400728772.2%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
TTM revenue has contracted 24.1% — significant decline indicating deteriorating demand.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 53.4% — significant dilution, likely from stock compensation or capital raises.