Guggenheim raised its target to $800 and Piper Sandler to $1,200, highlighting a $15 billion essential tremor opportunity and projecting over $20 billion in peak sales from the combined CNS pipeline. Praxis closed 2025 with $926 million in cash and investments and secured $621 million net proceeds from a January 2026 offering, extending its cash runway into 2028. The company has submitted NDAs for ulixacaltamide in essential tremor and relutrigine in SCN2A/SCN8A developmental and epileptic encephalopathies, while preparing for commercial launches and awaiting Phase 3 and ASO trial toplines in the first half of 2026.