Praxis logs $926M cash, files two NDAs, gains $800–$1,200 price targets
Praxis reported year-end 2025 cash of $926 million and $621 million net proceeds, supporting pre-launch activities for NDA-submitted ulixacaltamide and relutrigine and Phase 3/ASO trial readouts in H1 2026. Guggenheim and Piper Sandler lifted price targets to $800 and $1,200, noting a $15 billion essential tremor market and over $20 billion peak pipeline revenue potential.
1. Financial Results and Cash Position
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.
2. NDA Submissions and Pipeline Progress
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.
3. Analyst Price Target Increases
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.