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what it is
Praxis is a biotech trying to turn 8 named brain-drug programs into approved medicines.
how it gets paid
FY 2025 reported revenue rounds to $0; the company is not yet a meaningful product-revenue story.
why growth slowed
The near-zero revenue line matters because operating spend still drives large losses—FY 2025 net loss was about $303M on a GAAP basis (Yahoo/EDGAR).
what just happened
Q4 2025 was roughly a $(3.1) per share loss with no meaningful revenue—much smaller than the erroneous ~$(9.97) figure that had appeared here.
At a glance
B+ balance sheet — decent shape, but not bulletproof
45/100 earnings predictability — expect surprises
-$13.48 fy2025 eps est
~$15M fy2026 rev est (consensus)
1.15 beta
xvary composite: 65/100 — average
What they do
Praxis is a biotech trying to turn 8 named brain-drug programs into approved medicines.
VL lists 8 named programs. That gives you 8 shots at one win. In biotech, that is the edge: one failure hurts, but it does not finish the company.
How they make money
$0
annual revenue · GAAP revenue rounds to $0 (pre-revenue stage)
The products that matter
phase 3 drug candidate
Ulixacaltamide
essential tremor · phase 3
Positive Phase 3 data is a key reason the stock ran roughly 700% over the past year. That tells you exactly how much of the valuation sits on this program continuing to work in front of regulators.
lead catalyst
nda-stage drug candidate
Relutrigine
DEE · NDA filed (with ulixacaltamide in Q4 2025)
Company filings and press releases cite relutrigine among lead CNS programs. Peak-sales language in the market is speculative; the stock still prices in a lot before commercial proof.
NDA-stage
research platform
Solidus ASO Platform
partnered research base
This platform supports the UCB epilepsy collaboration. It matters because partner-backed programs can bring validation and cash support, even if they do not magically erase a loss-making biotech model.
partner support
Key numbers
-$13.48
fy2025 eps est
~$15M
fy2026 rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PRAX right now.
source: institutional data · return history unavailable
What just happened
FY / Q4 2025 reported
Praxis posted no meaningful revenue and a Q4 2025 loss of about $(3.1) per share (not ~$(9.97)).
Yahoo Finance shows FY 2025 basic EPS of about $(13.48) and net income about $(303M), consistent with GAAP filings. The old ~$(9.97) “quarterly EPS” line was incorrect.
$0
revenue
~$(3.1)
Q4 EPS (approx.)
$0M
ttm revenue
the number that mattered
The near-zero revenue line matters most: losses are funded by the balance sheet until approvals and launch economics show up.
source: company earnings report, 2026
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What could go wrong
Praxis is not carrying normal operating-company risk. It is carrying approval risk, financing risk, and expectation risk at the same time, and the current valuation gives each one real power over the stock.
med
lead-candidate approval risk
The current setup depends on ulixacaltamide and elsunersen getting through review. When a company has no current commercial revenue, bad regulatory news does not trim the thesis. It is the thesis.
An $8B valuation built ahead of launch leaves little room for a major delay, narrower label, or rejection.
med
cash burn and future funding
FY 2025 results cited on the order of $926M in cash and investments at year-end (before additional 2026 financing). Net loss was about $303M on a GAAP basis. Liquidity is real; burn still matters.
If burn stays heavy and approvals or partner cash arrive late, new capital could show up on terms existing shareholders do not love.
med
launch expectations outrunning launch reality
Consensus still sees only modest near-term revenue (on the order of tens of millions), while management discusses peak potential if key programs launch. Those long-range outcomes are not the same as next year's sales line.
Approval alone does not guarantee a smooth commercial ramp. Even a win can disappoint if uptake lands below what the stock already implies.
med
volatility forcing your timing to matter
A 52-week range of $27–$356 and a 5 / 100 price stability score tell you this is not a stock that drifts politely between catalysts.
If you hold it, position sizing matters because the market can reprice the story long before the science is fully settled.
A reset in approval timing or launch expectations would hit the exact assumptions supporting the $8B market cap, while the $303.27M annual loss keeps the financing question alive in the background.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
2026 nda reviews
This is the number-one calendar item because the stock is already priced like these decisions matter enormously. They do.
cash
cash versus annual loss
Cash and investments near $926M (year-end 2025, per company materials) against ~$303M GAAP net loss is the operating math to track. If burn does not improve, dilution risk returns.
valuation
whether the rerating can hold
A roughly 700% run-up over the past year means a lot of optimism is already on the table. Watch whether new data keeps earning that optimism.
partnership
ucb collaboration progress
Partner progress matters because outside validation and support can ease some financing pressure. It will not replace approvals, but it can change how exposed you feel while waiting for them.
Analyst rankings
earnings predictability
45 / 100
in human-speak, analysts do not expect a neat quarterly pattern here. Clinical-stage biotech numbers jump around because the real catalysts are trials, filings, and cash burn, not mature product sales.
source: institutional data
Institutional activity
institutional ownership data for PRAX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$309
current price
n/a
target midpoint · n/a from current
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