Cambridge biotech tracker · Boston
Praxis Precision Medicines
Listed on Nasdaq as PRAX, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $1.37B
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $76.3M
- avg. operating cash flow, 4 qtrs
- Runway
- 4.5 yrs
- 3+ years
- Net loss
- $83.7M
- Q2 '26
- R&D expense
- $69.4M
- 72% of opex
- Raised, last 4 qtrs
- +$1.23B
- net financing cash flow
- FDA decision
- Jan 2027
- FDA decision · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
4.5 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $25.4M a month.
Management’s own date
Into 2028
Jan–Dec 2028
That implies $45.7M to $76.0M a month, 1.8–3.0× the recent pace.
Planning to spend faster“We expect that our cash, cash equivalents, and marketable securities as of June 30, 2026 will be sufficient to fund our operating expenditures and capital expenditure requirements necessary to advance our operating activities into 2028.”
Cash against the calendar
What the runway has to reach.
Jan 29, 2027
FDA target action date (PDUFA)
Disclosed in the 8-K filed Aug 6, 2026Does the cash reach it?
Cash past the catalyst
- Runway
- 4.5 years
- Time to the date
- 3 months
It is about 3 months out. At the current burn there is roughly 51 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Dec 2026Phase 3A Clinical Trial of Elsunersen in Pediatric SCN2A-DEE to Assess Efficacy and Safety
- Dec 2026Phase 3A Clinical Trial for Participants With DEE to Assess Efficacy, Safety, Tolerability, and PK of Relutrigine
- Dec 2026FDA decisionFDA target action date (PDUFA)
- Jan 2027Phase 3Randomized Clinical Trial Evaluating the Efficacy and Safety of Vormatrigine in Adults With Focal Seizures
- Jan 2027FDA decisionFDA target action date (PDUFA)
- May 2028Phase 3Clinical Trial of Vormatrigine in Adult Patients With Epilepsy
FDA decision dates disclosed in filings
“…-cycle meeting completed for relutrigine FDA identified no major safety or efficacy concerns to date and does not plan to request an advisory committee meeting PDUFA date of December 27, 2026 FDA Bioresearch Monitoring (BIMO) inspections of Praxis for both ulixacaltamide and relutrigine completed with no Form FDA 483 observations Commerci…”
“…meeting completed for ulixacaltamide HCl FDA identified no major safety or efficacy concerns to date and does not plan to request an advisory committee meeting PDUFA date of January 29, 2027 Mid-cycle meeting completed for relutrigine FDA identified no major safety or efficacy concerns to date and does not plan to request an advisory comm…”
Pulled from the company’s own filing text. An approval decision is a financing event as much as a clinical one, since the commercial build-out has to be funded months before any revenue from it arrives.
Pipeline
8 active trials, through phase 3.
Phase 3 · 5Phase 2/3 · 1Phase 1/2 · 1Phase 2 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a FDA target action date in Jan 2027, about 3 months out. That leaves roughly 51 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 4.5 years of runway
Cash and investments of $1.37B at Q2 '26 against an average operating cash burn of $76.3M per quarter over the last four reported quarters runs out around December 2030. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $963M since Q3 '24
Net financing inflows of $1.23B over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
R&D is 72% of operating expenses
$69.4M of R&D against $96.9M of total operating expenses in Q2 '26, with G&A at $27.5M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
Accumulated deficit of $1.32B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $411M | −$27.5M | −$51.9M | $41.9M | $15.3M | $302K | $12.4M | $1.4M |
| Q4 '24 · Dec 31, 24 | $215M | −$56.1M | −$58.7M | $56.3M | $15.1M | $7.5M | $8.6M | $114M |
| Q1 '25 · Mar 31, 25 | $472M | −$53.0M | −$69.3M | $60.8M | $13.9M | $0 | $8.8M | $54.3M |
| Q2 '25 · Jun 30, 25 | $447M | −$54.7M | −$71.1M | $63.0M | $13.1M | $0 | $7.8M | $28.6M |
| Q3 '25 · Sep 30, 25 | $389M | −$65.1M | −$73.9M | $65.8M | $12.6M | $0 | $7.4M | $6.8M |
| Q4 '25 · Dec 31, 25 | $926M | −$76.3M | −$88.6M | $77.5M | $19.5M | $0 | $9.9M | $613M |
| Q1 '26 · Mar 31, 26 | $1.45B | −$86.2M | −$92.6M | $78.0M | $27.9M | — | $17.1M | $609M |
| Q2 '26 · Jun 30, 26 | $1.37B | −$77.5M | −$83.7M | $69.4M | $27.5M | — | $11.3M | $4.6M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.