Praxis Precision Medicines (PRAX) Q3 2026 earnings summary

Executive summary

• FDA reviews of ulixacaltamide and relutrigine continue, with PDUFA target dates of Jan. 29, 2027 and Dec. 27, 2026, respectively.

• Cash and investments of $1.3B at Sept. 30, 2026 are expected to fund operations into 2028; EMERALD topline results are expected in Q4 2026.

Financial highlights

• Q3 2026 R&D expense was $64.2M vs. $65.8M YoY; G&A was $42.7M vs. $12.6M, and total operating expenses were $106.9M vs. $78.4M.

• Q3 net loss was $94.2M, including $14.9M of stock-based compensation, vs. $73.9M including $7.4M YoY.

• 9M 2026 net loss was $270.5M vs. $214.4M; operating expenses were $309.7M vs. $229.2M YoY.

Outlook and guidance

• EMERALD topline results in broad DEEs are expected in Q4 2026; the study is in its final stages.

• EMBRAVE3 enrollment continues to progress strongly, with topline results anticipated in 2027.

• POWER3 vormatrigine monotherapy study initiation is expected in 2027; POWER2 has restarted with an updated design.

• Ulixacaltamide field sales hiring is expected to be completed in Q4 2026; relutrigine’s commercial team is fully hired.