PRAX (Praxis Precision Medicines Inc.) stock: $298.95, $8.35B market cap, $758.6M cash, $7.59B EV, $9.44B fully diluted market cap. Next expected readout: Dec-26. Lead program: 1.0mg/kg/day PRAX-562 (Developmental and Epileptic Encephalopathy 1), Phase 3. Data from Fully Diluted's biotech stocks database.
Enterprise value
$7,588.1M
Balance sheet
| Cash | $758.6M |
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| Debt | $0.0M |
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| Net cash | $758.6M |
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| Enterprise value | $7,588.1M |
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| Basic shares | 27.9M shares |
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| Fully diluted shares | 31.6M shares |
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| Fully diluted market cap | $9,438.2M |
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| Cash per share | $27.19 |
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Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.
Price history
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Upcoming catalysts
| Expected | Drug | Phase | Indication | Mgmt guide |
|---|
| Jan 12 - Feb 23 | 1mg elsunersen | Phase 3 | Epileptic Encephalopathy; SCN2A Encephalopathy | — |
| Jul 12 - Aug 23 | vormatrogine | Phase 3 | Epilepsy, Tonic-Clonic; Focal Seizure; Primary Generalized Seizure | — |
Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Full readout calendar →
Pipeline assets
ulixacaltamide
Phase 3 · Active Modality: small molecule
Target T-type calcium channels
Partnerships Remagine Labs (July 2026 research collaboration and license for an iontophoretic transdermal patch delivery of ulixacaltamide)
Indications- essential tremor (Stage not disclosed)
Status note NDA submitted based on Phase 3 Essential3 program; accepted for review. Mid-cycle meeting completed with no major safety or efficacy concerns identified and no advisory committee planned. Commercial pre-launch activities underway.
relutrigine
Phase 3 · Active Modality: small molecule
Target NaV
Indications- SCN2A and SCN8A developmental and epileptic encephalopathies (Stage not disclosed)
- broad developmental and epileptic encephalopathies (EMERALD study) (Stage not disclosed)
Status note NDA submitted based on the registrational cohort of the EMBOLD study; accepted for priority review. Mid-cycle meeting completed with no major safety or efficacy concerns identified and no advisory committee planned. If EMERALD is positive it could support an sNDA submission in 2027.
vormatrigine
Phase 2 · Active Modality: small molecule
Target NaV
Indications- focal onset seizures (Stage not disclosed)
- generalized epilepsy (Stage not disclosed)
Status note ENERGY program ongoing (EMPOWER observational, RADIANT Phase 2, POWER1/2/3 efficacy studies). POWER1 did not meet its primary endpoint (June 2026); POWER2 enrollment paused pending program reassessment. RADIANT Phase 2 open-label study reported positive results in second half of 2025.
elsunersen
Phase 3 · Active Modality: antisense oligonucleotide (ASO)
Target SCN2A
Indications- SCN2A gain-of-function developmental and epileptic encephalopathies (Stage not disclosed)
Status note FDA breakthrough therapy designation granted June 2026 for seizures associated with SCN2A DEEs caused by gain-of-function variants. Positive topline results from EMBRAVE Part A announced April 2026. EMBRAVE3 currently enrolling.
PRAX-080
Preclinical · Active Modality: antisense oligonucleotide (ASO)
Target PCDH19
Indications- PCDH19 mosaic expression disorders (Stage not disclosed)
Status note Novel ASO with preclinical proof of mechanism; development candidate nomination anticipated in 2026.
PRAX-090
Preclinical · Active Modality: antisense oligonucleotide (ASO)
Target SYNGAP1
Indications- SYNGAP1 loss-of-function disorders (severe intellectual disability and epilepsy) (Stage not disclosed)
Status note Novel ASO with preclinical proof of mechanism; development candidate nomination anticipated in 2026.
PRAX-100
Preclinical · Active Modality: antisense oligonucleotide (ASO)
Target SCN2A
Indications- SCN2A loss-of-function disorders (autism spectrum disorders) (Stage not disclosed)
Status note Novel ASO with preclinical proof of mechanism; development candidate nomination anticipated in 2026.
Per-asset detail extracted from the 10-Q filed 2026-08-06. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.