Praxis(US:PRAX)2025-08-04 12:51Financial Performance - The company reported a net loss of $71.1 million for Q2 2025, compared to a net loss of $32.7 million in Q2 2024[1][12]. - Net loss for the six months ended June 30, 2025, was $140,423,000, compared to a net loss of $72,230,000 for the same period in 2024, indicating an increase in losses of approximately 94.5%[27]. - Net loss per share attributable to common stockholders for Q2 2025 was $3.31, compared to $1.74 in Q2 2024, representing an increase of about 90.8%[27]. - Collaboration revenue for the three months ended June 30, 2025, was $0, down from $357,000 in Q2 2024, indicating a decline of 100%[27]. Cash and Investments - Praxis has approximately $447 million in cash and investments as of June 30, 2025, which is expected to fund operations into 2028[1][8]. - Cash and cash equivalents decreased from $215,372,000 to $157,415,000, a reduction of about 26.9%[25]. Research and Development - Research and development expenses increased to $63.0 million for Q2 2025, up from $27.3 million in Q2 2024, primarily due to the Cerebrum™ platform[1][10]. - Research and development expenses rose significantly from $27,260,000 in Q2 2024 to $63,006,000 in Q2 2025, an increase of about 131.5%[27]. - The POWER1 pivotal study for vormatrigine is enrolling well, with plans to initiate POWER2 and POWER3 studies shortly[2][4]. - Relutrigine received FDA Breakthrough Therapy Designation for SCN2A and SCN8A DEEs, which is expected to expedite its regulatory process[2][7]. - The EMERALD registrational study for broad DEEs has been initiated, aiming to enroll up to 160 patients, with completion expected in 2026[7][8]. - The EMBRAVE3 study for elsunersen in SCN2A patients has been initiated, with enrollment for Cohort 1 starting[7][8]. - Praxis has completed enrollment of both Phase 3 studies in the Essential 3 program for Ulixacaltamide, with topline results expected in early fall of 2025[7][8]. Assets and Liabilities - Total assets decreased from $483,110,000 on December 31, 2024, to $452,832,000 on June 30, 2025, representing a decline of approximately 6.3%[25]. - Accounts payable increased from $12,528,000 to $28,832,000, a rise of approximately 130%[25]. - The accumulated deficit grew from $836,740,000 to $977,163,000, an increase of about 16.8%[25]. Operating Expenses - Total operating expenses for the three months ended June 30, 2025, were $76,067,000, compared to $37,845,000 for the same period in 2024, reflecting an increase of approximately 100.5%[27]. - Other income for the six months ended June 30, 2025, was $10,372,000, compared to $7,144,000 for the same period in 2024, reflecting an increase of approximately 45.5%[27].