Praxis Precision Medicines, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Praxis Precision Medicines, Inc. has filed its Q1 2024 10-Q report, detailing financial positions and equity activities.</b>

AI Summary

Praxis Precision Medicines, Inc. (PRAX) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Praxis Precision Medicines, Inc. filed a 10-Q report for the period ending March 31, 2024. The company is incorporated in Delaware and has a fiscal year end of December 31. The filing includes data related to common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. Specific financial instruments mentioned include money market funds and U.S. government agency debt securities. The filing references various equity offerings including Follow-on Offering, At-the-Market Offering, and License and Collaboration Agreement.

Why It Matters

For investors and stakeholders tracking Praxis Precision Medicines, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial snapshot of Praxis Precision Medicines, Inc., crucial for understanding the company's financial health and operational performance. The detailed breakdown of equity transactions and financial instruments offers insights into the company's capital management strategies and investment portfolio.

Risk Assessment

Risk Level: low — Praxis Precision Medicines, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, indicating routine financial disclosure rather than significant events or material changes that would elevate risk.

Analyst Insight

Monitor future 10-Q filings for trends in equity offerings and the composition of the company's investment portfolio.

Key Numbers

• 2024-03-31 — Conformed Period of Report (Quarterly period ending date)
• 2024-05-13 — Filed As Of Date (Date of filing)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting quarter)
• 2023-03-31 — Prior Year Quarter End (End of the comparable quarter in the previous year)

Key Players & Entities

• Praxis Precision Medicines, Inc. (company) — Filer name
• 0001689548 (company) — Central Index Key
• 2834 (company) — Standard Industrial Classification (Pharmaceutical Preparations)
• DE (company) — State of Incorporation
• 001-39620 (company) — SEC File Number
• 617-300-8460 (company) — Business Phone

FAQ

Industry Context

Praxis Precision Medicines operates in the pharmaceutical preparations industry, focusing on the development of novel therapies.

Regulatory Implications

As a publicly traded company, Praxis Precision Medicines is subject to SEC regulations, including the requirement to file quarterly 10-Q reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management discussion.
2. Analyze the changes in equity accounts for insights into capital raising activities.
3. Track the company's investments in money market funds and government debt securities for liquidity management.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

Additional Paid-In Capital

The amount of money a company receives from selling stock for more than its par value. (Indicates capital raised through equity issuance beyond the nominal stock value.)

Retained Earnings

The cumulative amount of net income that a company has retained over time. (Reflects the company's profitability and its policy on dividend distribution.)

Year-Over-Year Comparison

This filing represents the first 10-Q for the fiscal year 2024, providing the initial quarterly financial data for the year.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share PRAX The Nasdaq Global Select

Filing Documents

• prax-20240331.htm (10-Q) — 704KB
• exhibit31120240331.htm (EX-31.1) — 13KB
• exhibit31220240331.htm (EX-31.2) — 14KB
• exhibit32120230331.htm (EX-32.1) — 13KB
• 0001689548-24-000060.txt (&nbsp;) — 4653KB
• prax-20240331.xsd (EX-101.SCH) — 38KB
• prax-20240331_cal.xml (EX-101.CAL) — 55KB
• prax-20240331_def.xml (EX-101.DEF) — 183KB
• prax-20240331_lab.xml (EX-101.LAB) — 495KB
• prax-20240331_pre.xml (EX-101.PRE) — 348KB
• prax-20240331_htm.xml (XML) — 484KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited) Condensed Consolidated Balance Sheets as of March 3 1 , 202 4 and December 31, 20 23 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 3 1 , 202 4 and 202 3 2 Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended Mar ch 3 1 , 202 4 and 202 3 3 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 3 1 , 202 4 and 202 3 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 3 1 , 202 4 and 202 3 5 Notes to Condensed Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION 28

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 29

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PRAXIS PRECISION MEDICINES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 151,980 $ 81,300 Marketable securities 55,436 — Prepaid expenses and other current assets 4,388 3,580 Total current assets 211,804 84,880 Long-term marketable securities 35,873 — Property and equipment, net 476 588 Operating lease right-of-use assets 1,840 2,064 Other non-current assets 416 416 Total assets $ 250,409 $ 87,948 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 9,404 $ 5,815 Accrued expenses 6,976 7,416 Operating lease liabilities 1,158 1,126 Current portion of deferred revenue 1,256 1,392 Total current liabilities 18,794 15,749 Long-term liabilities: Non-current portion of operating lease liabilities 1,066 1,369 Non-current portion of deferred revenue 866 1,161 Total liabilities 20,726 18,279 Commitments and contingencies (Note 6) Stockholders' equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of March 31, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value; 150,000,000 shares authorized; 13,258,047 shares issued and outstanding as of March 31, 2024, and 8,791,877 shares issued and outstanding as of December 31, 2023 13 13 Additional paid-in capital 923,141 723,577 Accumulated other comprehensive income 3 — Accumulated deficit ( 693,474 ) ( 653,921 ) Total stockholders' equity 229,683 69,669 Total liabilities and stockholders' equity $ 250,409 $ 87,948 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 PRAXIS PRECISION MEDICINES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data) Three Months Ended March 31, 2024 2023 Collaboration rev

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View this 10-Q filing on SEC EDGAR