Praxis Precision Medicines, Inc. (PRAX)

Praxis Precision Medicines, Inc., a clinical-stage biopharmaceutical company, engages in the development of therapies for central nervous system (CNS) disorders characterized by neuronal excitation-inhibition imbalance in the United States. The company's platforms include Cerebrum, a small molecule platform for CNS small molecule therapies to develop orally available precision therapies; and Solidus to discover and develop antisense oligonucleotide. It also develops ulixacaltamide, a small molecule inhibitor of T-type calcium channels that in NDA for the treatment of essential tremor; relutrigine, a small molecule, which is in NDA for the treatment of SCN2A- and SCN8A-developmental and epileptic encephalopathies (DEE), as well as in Phase 3 trial for broad DEEs; vormatrigine, a small molecule targeting the hyperexcitable state of sodium-channels in the brain that is in Phase 3 trial for the treatment of adjunctive focal epilepsy, as well as in Phase 2 trial for monotherapy focal epilepsy; and Elsunersen, a clinical-stage ASO designed to selectively decrease SCN2A gene expression, which is in Phase 3 trial for the treatment of SCN2A-DEE. In addition, the company is developing product candidates in pre-clinical trial comprising PRAX-020 to treat KCNT1; PRAX-080 that targets PCDH19 mosaic expression disorders; PRAX-090 for targeting SYNGAP1 loss-of-function; and PRAX-100 that targets SCN2A LoF mutations. It has a cooperation and license agreement with RogCon Inc.; research collaboration, option, and license agreement with Ionis Pharmaceuticals, Inc.; and research collaboration and license agreement to develop an iontophoretic transdermal patch for the delivery of ulixacaltamide. The company was formerly known as EpiPM Therapeutics, Inc. and changed its name to Praxis Precision Medicines, Inc. in October 2016. Praxis Precision Medicines, Inc. was incorporated in 2015 and is headquartered in Boston, Massachusetts.

Ticker
PRAX
Exchange
Nasdaq
Sector
Healthcare
Industry
Biotechnology
Market cap
$7.75B
52-week range
$159.74 - $392.70

Valuation

Share price
$277.62 (close of Nov 6, 2026)
P/E (TTM)
-21.48x
Price to book
5.78x
Price to free cash flow
-25.38x
Enterprise value
$6.35B
Book value per share
$48.04

Price performance

PeriodChange
1 day+5.72%
5 days-2.91%
1 month-0.90%
3 months-25.00%
6 months-17.88%
Year to date-5.81%
1 year+61.08%
3 years+1,777.08%
5 years-16.37%
All time-33.42%

Short interest

As of
Oct 15, 2026
Short % of float
14.08%
Shares short
3.92M
Days to cover
7.41
Change since prior report
-6.36%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
-34.54%
Return on invested capital
-37.14%
Return on assets
-32.33%
Return on capital employed
-37.15%

Cash flow and balance sheet

Free cash flow yield (TTM)
-3.94%
Current ratio
15.73x
Net debt to EBITDA
3.70x

Latest reported year

Period end
Dec 31, 2025
Fiscal year
2025
EBITDA
-$326.06M
Net income
-$303.27M
Earnings per share
$-13.48
Research and development
$267.12M
Shares outstanding
22.50M

Income statement by year

Period endRevenueNet incomeEPS
2025-12-31--$303.27M-$13.48
2024-12-31$8.55M-$182.82M-$10.21
2023-12-31$2.45M-$123.28M-$18.69
2022-12-31--$214.03M-$69.65
2021-12-31--$167.06M-$59.10
2020-12-31--$61.82M-$117.90
2019-12-31--$35.51M-$399.00

Margins and returns by year

Period endNet marginReturn on equityReturn on capital
2025-12-31--34.54%-37.14%
2024-12-31-2,137.48%-41.04%-44.80%
2023-12-31-5,037.88%-176.95%-175.12%
2022-12-31--281.22%-270.06%
2021-12-31--66.61%-65.59%
2020-12-31--21.51%-21.50%

Cash and debt by year

Period endCash
2025-12-31$926.10M
2024-12-31$469.50M
2022-12-31$61.62M
2021-12-31$275.90M
2020-12-31$296.61M
2019-12-31$44.81M
2018-12-31$17.95M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31-$249.12M$33.94M
2024-12-31-$131.76M$41.36M
2023-12-31-$111.19M$24.86M
2022-12-31-$185.49M$28.59M
2021-12-31-$125.60M$22.69M
2020-12-31-$52.62M$5.21M
2019-12-31-$33.52M$668.00K
2018-12-31-$20.78M-

Investor relations

Next earnings report

Next confirmed report
Nov 9, 2026
Consensus EPS estimate
$-3.68

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-06Jun 2026-$3.60
2026-05-07Mar 2026-$3.58
2026-02-19Dec 2025$3.00
2025-11-05Sep 2025-$3.45
2025-08-04Jun 2025-$3.40
2025-05-02Mar 2025-$3.20
2025-02-28Dec 2024-$2.96
2024-11-06Sep 2024-$2.01

Filings and sources

Company website
praxismedicines.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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