Massachusetts-based Praxis Precision Medicine released its Q4 2022 earnings reporting net losses for the quarter of USD 41.2 million, improving by 31% YoY. However, it missed analyst expectations by 12% with a net loss per share of USD 0.87. 

The company is a clinical-stage biopharmaceutical company that is yet to generate any revenue from drug sales. Total operating expenses amounting to USD 41.5 million for Q4 2022 were down 29% YoY. However, for the full 2022 year, operating expenses had increased significantly by 29% YoY due to increases in research and development expenses (up by 29%) in relation to the development of the Cerebrum and Solidus platforms and increase in administrative expenses (up by 28%) due to increase in staff cost.

The company plans to release topline results for its PRAX-944 program in Q1 2023, PRAX-222 program in mid-2023, PRAX-628’s Phase 1 in mid-2023, and PRAX-562’s Phase 2 in the 2H of 2023. The company also partnered with biopharmaceutical company Union Chimique Belge to develop the PRAX-020 program to treat KCNT1 epilepsies, with potential milestone payments of up to USD 100 million. 

As of December 31, 2022, the company’s cash, cash equivalents, and investments stood at USD 100.5 million compared to USD 275.9 million as of December 2021. This was mainly due to cash used in operations during the financial year 2022, and the firm expects the remaining cash balance to be adequate to fund its operation into Q1 2024. The company did not provide guidance for 2023.