The company remains in a pre-revenue state with quarterly revenue growth at -100% and operating losses widening to $105.9 million in 2026Q1 due to aggressive R&D spending.
| Sales/Revenue | 0 | 0 | 8.55M | 2.45M | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -100% | -100% | 249.53% | - | - | - | - | - | - |
| Cost of Goods Sold | 128.84M | 140K | 152.41M | 86.77M | 154.44M | 0 | 0 | 679K | 1K |
| COGS % of Revenue | - | - | 1781.98% | 3545.81% | - | - | - | - | - |
| Gross Profit | -128.84M | -140K | -143.86M | -84.32M | -154.44M | 0 | 0 | -679K | -1K |
| Gross Margin % | - | - | -1681.98% | -3445.81% | - | - | - | - | - |
| Gross Profit Growth % | - | 99.9% | -70.61% | 45.4% | - | - | 100% | -67800% | - |
| Operating Expenses | 228.53M | 326.06M | 56.3M | 42.05M | 60.55M | 167.33M | 61.97M | 35.79M | 22.72M |
| OpEx % of Revenue | - | - | 658.31% | 1718.59% | - | - | - | - | - |
| Selling, General & Admin | 73.03M | 59.08M | 56.3M | 42.05M | 59.55M | 47.08M | 16.99M | 6.23M | 3.9M |
| SG&A % of Revenue | - | - | 658.31% | 1718.59% | - | - | - | - | - |
| Research & Development | 284.3M | 267.12M | 152.41M | 86.77M | 155.04M | 120.26M | 44.98M | 29.56M | 18.82M |
| R&D % of Revenue | - | - | 1781.98% | 3545.81% | - | - | - | - | - |
| Other Operating Expenses | -2M | 0 | -152.41M | -86.77M | -154.04M | 0 | 0 | 0 | 0 |
| Operating Income | -357.33M | -326.2M | -200.16M | -126.37M | -214.99M | -167.33M | -61.97M | -35.79M | -22.72M |
| Operating Margin % | - | - | -2340.29% | -5164.41% | - | - | - | - | - |
| Operating Income Growth % | - | -62.96% | -58.39% | 41.22% | -28.48% | -170.03% | -73.15% | -57.53% | - |
| EBITDA | -357.2M | -326.06M | -199.81M | -125.94M | -214.57M | -167.15M | -61.92M | -35.11M | -22.72M |
| EBITDA Margin % | - | - | -2336.1% | -5146.75% | - | - | - | - | - |
| EBITDA Growth % | -53.49% | -63.19% | -58.65% | 41.3% | -28.37% | -169.95% | -76.35% | -54.55% | - |
| D&A (Non-Cash Add-back) | 132K | 140K | 358K | 432K | 419K | 182K | 50K | 679K | 1K |
| EBIT | -352.9M | -303.27M | -200.16M | -126.37M | -213.99M | -167.33M | -61.97M | -35.6M | -26.27M |
| Net Interest Income | 18.24M | 22.93M | 17.35M | 0 | 0 | 0 | 140K | 193K | -35K |
| Interest Income | 18.24M | 22.93M | 17.35M | 0 | 0 | 0 | 140K | 193K | 92K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 127K |
| Other Income/Expense | 30.8M | 22.93M | 17.35M | 3.1M | 957K | 271K | 140K | 193K | -3.68M |
| Pretax Income | -326.53M | -303.27M | -182.82M | -123.28M | -214.03M | -167.06M | -61.83M | -35.6M | -26.4M |
| Pretax Margin % | - | - | -2137.48% | -5037.88% | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -8K | -84K | 133K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0.01% | 0.24% | -0.5% |
| Net Income | -326.53M | -303.27M | -182.82M | -123.28M | -214.03M | -167.06M | -61.82M | -35.51M | -26.54M |
| Net Margin % | - | - | -2137.48% | -5037.88% | - | - | - | - | - |
| Net Income Growth % | -53.62% | -65.88% | -48.3% | 42.4% | -28.11% | -170.24% | -74.08% | -33.83% | - |
| Net Income (Continuing) | -326.53M | -303.27M | -182.82M | -123.28M | -214.03M | -167.06M | -61.82M | -35.51M | -26.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -11.31 | -13.48 | -10.21 | -18.69 | -69.33 | -58.96 | -103.61 | -348.24 | -306.73 |
| EPS Growth % | -24.72% | -32.03% | 45.37% | 73.04% | -17.59% | 43.09% | 70.25% | -13.53% | - |
| EPS (Basic) | - | -13.48 | -10.21 | -18.69 | -69.33 | -58.96 | -103.61 | -348.24 | -306.73 |
| Diluted Shares Outstanding | 28.88M | 22.5M | 17.91M | 6.59M | 3.07M | 2.83M | 596.68K | 101.97K | 86.51K |
| Basic Shares Outstanding | 28.88M | 22.5M | 17.91M | 6.59M | 3.07M | 2.83M | 596.68K | 101.97K | 86.51K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Binary Clinical Trial Outcomes
As indicated by recent financial filings, Praxis has effectively transitioned to a pre-revenue state, with quarterly revenue growth consistently reporting at -100% since early 2025, underscoring the company's total reliance on non-recurring milestone payments rather than any sustainable commercial product sales or recurring service revenue streams.
The lack of consistent top-line growth is characteristic of a clinical-stage biotech firm where revenue is tied to sporadic licensing events rather than operational scale. Investors should interpret this trajectory as a reflection of the company's current focus on R&D milestones rather than market penetration.
Based on reported income statements, R&D expenditures have surged to $78.0 million in 2026Q1, representing a significant expansion in clinical trial activity that continues to outpace any potential revenue generation and places substantial pressure on the firm's existing cash reserves to fund ongoing development programs.
The cost structure is dominated by high-intensity clinical trial operations, which appear to be the primary driver of the company's widening operating losses. This expense profile suggests that management is prioritizing the acceleration of late-stage assets, though it necessitates a high degree of capital efficiency to avoid premature liquidity constraints.
According to historical income statement data, the company's operating losses have widened significantly, reaching $105.9 million in 2026Q1, which demonstrates a lack of operating leverage as R&D investments continue to scale without a corresponding increase in commercial revenue or operational efficiencies to offset the burn.
The absence of positive operating margins indicates that the firm is currently in a pure investment phase where overhead and trial costs are not yet supported by commercial activity. This trend suggests that until a lead asset reaches the market, the company will remain entirely dependent on external financing to sustain its operations.
Financial statements reveal that the company's net loss has consistently deepened, with 2026Q1 net losses reaching $92.6 million, raising concerns regarding the long-term sustainability of the current cash runway in the absence of a commercial partnership or a successful, non-dilutive licensing deal for lead assets.
While the current cash position provides a temporary buffer, the persistent and increasing quarterly losses suggest that the company may face significant dilution risks if clinical timelines are extended or if trial costs continue to escalate. Investors should monitor the relationship between the current burn rate and the timing of upcoming clinical data readouts as a primary indicator of future capital needs.
Quick answers to the most common questions about buying PRAX stock.
For fiscal year 2025, Praxis Precision Medicines, Inc. (PRAX) reported total revenue of $0.0M.
Praxis Precision Medicines, Inc. (PRAX) reported a net loss of $303.3M for the fiscal year ending 2025.