Praxis Precision Medicines
A Boston brain-disorder drug developer with no product sales yet, $1.4 billion in the bank, and two FDA decisions due five weeks apart this winter.
Q2 2026 results, Aug 6, 2026- Revenue
- $0 no product sales; last revenue was $8.6M of partner payments in 2024.
- Cash
- $1.37B cash and securities at June 30, 2026, said to last into 2028.
- Burn
- $164M cash used by operations in the first half of 2026, up from $249M for all of 2025.
- Debt
- None total liabilities are $49M of bills, accruals and a lease.
- Watch
- Dec 27 FDA decision date for relutrigine; ulixacaltamide follows on Jan 29, 2027.
- AI
- Not claimed its platforms use "computational and experimental tools"; filings never say AI.
- Hiring
- 79 → 140 remote listings since Oct 10.
Every dollar so far came from investors.
Praxis has never sold a drug. It spends on trials and, now, on a launch team, paid for by selling shares: $2.4B raised since it started. Small partner deals (a $5M upfront from Tenacia for China rights) are the only other income. Sales start only if the FDA approves relutrigine or ulixacaltamide.
10-Q Q2 2026, liquidity and license notes- 1Two drugs already in front of the FDABoth NDAs passed mid-cycle review with no major concerns found and no advisory committee planned; both carry Breakthrough Therapy status.Q2 2026 results, Aug 6, 2026
- 2A war chest with no debt$1.37B of cash and securities against $49M of liabilities, enough by its own estimate to fund operations into 2028.10-Q Q2 2026, balance sheet
- 3A bench of genetic epilepsy drugs behind the leadsElsunersen won its third Breakthrough Therapy designation in twelve months; three more antisense drugs are due to be picked for development in 2026.Q2 2026 results, Aug 6, 2026
| Company | Worth | Revenue | Growth | Per employee | Paid per $1 | Stock, 1 yr |
|---|---|---|---|---|---|---|
| Praxis Precision Medicines | $7.98B | Not read | Not read | Not read | Not read | +49% |
| Xenon Pharmaceuticals | $3.62B | Not read | Not read | Not read | Not read | −11% |
| Stoke Therapeutics | $1.70B | $28M | −86% | $0.17M | $63.71 | −16% |
| Biohaven | $2.33B | Not read | Not read | Not read | Not read | −14% |
- Praxis Precision Medicines
- Worth
- $7.98B
- Revenue
- Not read
- Growth
- Not read
- Per employee
- Not read
- Paid per $1
- Not read
- Stock, 1 yr
- +49%
- Xenon Pharmaceuticals
- Worth
- $3.62B
- Revenue
- Not read
- Growth
- Not read
- Per employee
- Not read
- Paid per $1
- Not read
- Stock, 1 yr
- −11%
- Stoke Therapeutics
- Worth
- $1.70B
- Revenue
- $28M
- Growth
- −86%
- Per employee
- $0.17M
- Paid per $1
- $63.71
- Stock, 1 yr
- −16%
- Biohaven
- Worth
- $2.33B
- Revenue
- Not read
- Growth
- Not read
- Per employee
- Not read
- Paid per $1
- Not read
- Stock, 1 yr
- −14%
Still losing money: $326 million in FY2025.
Revenue fell 100% in two years.
- FY2023: lost 5267¢ of every $1
- FY2024: lost 2328¢ of every $1
At the first-half burn rate of about $82M a quarter this lasts years, but a two-drug launch will raise spending. The company says into 2028 and warns it could run out sooner.
What the filings say, and what we think it means.
The fact is the filing's. The read, in italics, is ours.
- 01Neutral
Two FDA decisions land five weeks apart.
Q2 2026 results, Aug 6, 2026Relutrigine (rare genetic epilepsies) has a Dec 27, 2026 decision date; ulixacaltamide (essential tremor) Jan 29, 2027. FDA inspections of both found no Form 483 issues.
The whole company turns on these two letters. Approval makes it a commercial business; a rejection would leave a costly launch team with nothing to sell.
- 02Watch
The FDA pushed relutrigine back three months.
Q2 2026 results, Aug 6, 2026In June 2026 the FDA called extra sensitivity analyses a major amendment, moving the date from Sept 27 to Dec 27, 2026.
Extensions like this are procedural and common. They still mean the FDA asked for more math, and Praxis says it will not update again until the decision dates.
- 03Watch
Its biggest epilepsy trial missed.
Q2 2026 results, Aug 6, 2026POWER1 of vormatrigine in focal seizures missed its primary endpoint in June 2026, though it met a 50% responder secondary goal. POWER2 enrollment was paused; restarts are planned for Q4 2026.
Focal seizures (about 3.5M US patients by the company's count) were the largest market in the pipeline. The plan to keep going is a bet the next trials are designed better.
- 04Watch
The tremor drug was nearly written off in 2025.
Clinical Trials Arena, Mar 3, 2025In Feb 2025 an independent monitoring committee said Essential3 Study 1 was unlikely to meet its main goal. Shares fell 40.6% in a day. Praxis kept going and reported positive results in Q4 2025.
The comeback is real on the reported numbers, but the change in analysis is the point critics attack. The FDA's January decision settles it.
- 05Watch
A short seller called the tremor drug a house of cards.
Benzinga via Webull, Nov 20, 2025Culper Research said in Nov 2025 that Praxis changed the main endpoint late and used optimistic assumptions for the 36% of treated patients who dropped out. No company reply was reported.
Allegations from someone betting the stock falls, not findings. They target the exact analysis the FDA is now reviewing.
- 06Watch
Share count up 30% in a year, and still climbing.
10-Q Q2 2026, equity noteShares outstanding rose from 19.4M to 25.2M in 2025, then to 27.9M by June 2026, plus 1.24M pre-funded warrants. Two follow-on sales after good news raised $567M (Oct 2025) and $621M (Jan 2026, at $260 a share).
Normal for a biotech, and selling after strong data is the cheapest way to raise. Each new grant to staff is a smaller slice of a bigger pie.
- 07Neutral
A $250 million share-sale program sits unused.
10-Q Q2 2026, equity noteAn at-the-market agreement with TD Cowen from Sept 2025 allows up to $250M of stock sales. None were made in the first half of 2026.
Spare firepower that can be drawn quietly at market prices. Use of it would show up as dilution in later filings.
- 08Neutral
Switched auditors from EY to KPMG in June.
8-K, Jul 2, 2026The audit committee dismissed Ernst & Young and hired KPMG on June 29, 2026. The filing reports no disagreements and clean prior opinions; no reason is given.
Auditor changes before a first launch are often about scale or fees. No disagreement is the line that matters, and it is clear.
- 09Neutral
UCB handed back a drug program.
10-Q Q2 2026, license notesUCB's option and license for the KCNT1 program ended May 31, 2026. Praxis regained global rights with no termination payment.
A partner walking away is rarely a good sign for that asset, though it is small next to the two drugs under review.
- 10Neutral
Overhead doubled as it builds a sales team.
Q2 2026 results, Aug 6, 2026Admin costs were $27.5M in Q2 2026 against $13.1M a year earlier. Stock pay was $11.3M in the quarter. A Chief Operating Officer was named in Jan 2026.
This is what pre-launch spending looks like. The cost base is being set for a company with products, before any product is approved.
Engineering is paid 39% over market. Operations, 7% over.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Praxis Precision Medicines?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Readable, not callable. An llms.txt and an open robots.txt, but nothing agents can act on.
Still Remote read- YesA site index that AI tools can readpraxismedicines.com serves an llms.txt, auto-generated by its WordPress SEO plugin.checked Nov 1, 2026
- YesLets AI crawlers read its siteNo AI bots named or blocked. Only /wp-admin/ is closed, with a 10 second crawl delay for all bots.checked Nov 1, 2026
- YesTrial data an agent can look up17 Praxis-sponsored studies are listed on ClinicalTrials.gov, which has a public API.checked Nov 1, 2026
- YesOpenings readable by AI assistantsJobs sit on a public Greenhouse board; listed roles are marked United States, Remote.checked Nov 1, 2026
- Not foundAn MCP server, API or agent toolNone. Normal for a drug developer with no product on sale.checked Nov 1, 2026
- Not foundA chat assistant for patients or doctorsThe site offers email contacts and an expanded access policy only.checked Nov 1, 2026
Where Praxis Precision Medicines puts AI to work.
- 1Computer models in drug discovery, but not called AIThe 10-K says its small-molecule platform uses "computational and experimental tools" and its antisense platform a "proprietary, computational workflow". Machine learning is never named.10-K FY2025, business
- 2Trials run partly from patients' homesIts Phase 3 tremor program is registered as a decentralized study, and an SCN2A study was a remote observational one.ClinicalTrials.gov, checked Nov 1, 2026
- 3Hiring for data plumbing, not AIOpen tech roles include a Snowflake platform engineer, a clinical systems and data management director and a commercial data director.Greenhouse board, checked Nov 1, 2026
More listings than on Sep 7, most of them in sales.
The signals, and which way they push.
- TailwindBuilding a sales force ahead of approval.
The job board shows 140 openings; listed roles include territory account specialists, regional medical science liaisons and brand leads, all marked US remote.
- TailwindFunded through launch.
$1.37B, no debt, runway into 2028 and an unused $250M share-sale program.
- HeadwindRevenue depends on two FDA letters.
No product sales yet. Decisions due Dec 27, 2026 and Jan 29, 2027; Q3 results and an investor day follow on Nov 9 and Nov 12.
- HeadwindThe biggest market in the pipeline slipped.
POWER1 missed in focal seizures and POWER2 was paused; any vormatrigine filing moves later than the 2027 plan in the 10-K.
- HeadwindDoubts about how the tremor data were analysed.
A monitoring committee flagged futility in Feb 2025 and a short seller attacked the final analysis in Nov 2025.
Where Praxis Precision Medicines ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Ulixacaltamide is an approved, prescribed essential tremor drug in the US.
Likely 72%ProductsStudy 1 of Essential3 hit its main goal (p<0.0001) and the FDA found no major concerns at mid-cycle. The 2025 futility warning and short-seller critique are the main risks to that call.
Q2 2026 results; 10-K FY2025 - 2
Relutrigine is sold for several genetic epilepsies, wider than its first label.
Likely 72%ProductsIts registrational cohort was stopped early for efficacy, cutting seizures 53% against placebo. EMERALD, with about 200 patients across 50+ causes, reads out in Q4 2026 and could support a 2027 expansion.
10-K FY2025; Q2 2026 results - 3
Praxis sells more stock before it turns a profit.
Likely 72%FundingIt has raised $2.4B to date, twice after good news in the last year, and keeps a $250M share-sale program open. Launch costs are already doubling overhead.
10-Q Q2 2026 - 4
A larger drugmaker buys Praxis.
Coin flip 50%M&ATwo late-stage brain drugs and a genetic epilepsy bench are the kind of assets big pharma buys. But Praxis is hiring its own field force and has cash into 2028, and no bid has been reported.
Greenhouse board; 10-Q Q2 2026 - 5
Praxis rebrands itself as an AI drug discovery company.
Long shot 16%AIIts filings describe computational tools but never name AI or machine learning. Its tech hiring is about data systems for trials and sales.
10-K FY2025; Greenhouse board
Read by the Still Remote research agent on November 1, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.