Praxis Precision Medicines, Inc. priced a new public offering of 2,212,000 shares of its common stock at $260.00 per share, targeting gross proceeds of approximately $575 million before underwriting discounts and commissions. The offering is being conducted under a shelf registration statement on Form S‑3ASR and is expected to close on or about January 8 2026, subject to customary closing conditions. The company has granted the underwriters a 30‑day option to purchase up to 331,800 additional shares at the offering price.
The capital raise is intended to extend Praxis’s cash runway into 2028 and provide the financial flexibility needed to advance its three clinical‑stage assets—ulixacaltamide, vormatrigine, and relutrigine—through upcoming regulatory milestones and potential NDA submissions in 2026. Ulixacaltamide has received Breakthrough Therapy Designation for essential tremor, while the company has achieved FDA alignment for relutrigine’s early‑2026 NDA filing. These regulatory milestones underscore the strategic importance of the new capital to accelerate product development.
"We are very pleased with the collaborative discussions we've had with the FDA, which support our path toward an NDA submission in early 2026," said Marcio Souza, President and CEO. "The Breakthrough Therapy Designation for ulixacaltamide further validates our scientific approach and positions us to bring a first‑in‑class therapy to patients more quickly."
Analysts have expressed confidence in Praxis’s pipeline and its ability to reach regulatory milestones, citing the company’s strong cash position of roughly $925 million as of December 31 2025. The offering reflects investor confidence in the company’s strategy to fund its advanced pipeline and reduce near‑term financing pressure.
The $575 million raise will allow Praxis to focus on clinical development without the immediate need for additional financing, positioning the company to pursue NDA submissions for its key assets and potentially expand its therapeutic portfolio. By extending its runway, Praxis can allocate resources to critical clinical milestones, strengthen its competitive position in the CNS disorder space, and maintain momentum toward commercial launch of its first product.
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