PRAX financial statements

The full income statement, balance sheet, and cash-flow statement for Praxis Precision Medicines Inc. (PRAX), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 17.8M2024-09 18.6M2024-12 20.2M2025-03 20.4M2025-06 21.0M2025-09 25.0M2025-12 25.2M2026-03 27.9M2026-06 27.9M+57.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	0.00 YoY-100.0%	8.55M YoY+249.5%	2.45M	0.00	—
	326M YoY+56.3%	209M YoY+62.0%	129M YoY-40.1%	215M YoY+28.5%	167M YoY+170.0%
Research & development	267M YoY+75.3%	152M YoY+75.7%	86.8M YoY-44.0%	155M YoY+28.9%	120M YoY+167.4%
Selling, general & administrative	59.1M YoY+4.9%	56.3M YoY+33.9%	42.1M YoY-29.8%	59.9M YoY+27.3%	47.1M YoY+177.0%
General & administrative	59.1M YoY+4.9%	56.3M YoY+33.9%	42.1M YoY-29.8%	59.9M YoY+27.3%	47.1M YoY+177.0%
Operating income	-326M YoY-63.0%	-200M YoY-58.4%	-126M YoY+41.2%	-215M YoY-28.5%	-167M YoY-170.0%
Other non-operating income	22.9M YoY+32.2%	17.3M YoY+460.3%	3.10M YoY+223.5%	957K YoY+253.1%	271K YoY+93.6%
Pre-tax income	-303M YoY-65.7%	-183M YoY-48.6%	-123M	—	-167M YoY-170.2%
Income tax	471K	—	—	—	0.00 YoY+100.0%
	-303M YoY-65.9%	-183M YoY-48.3%	-123M YoY+42.4%	-214M YoY-28.1%	-167M YoY-170.2%
Net income to common	—	—	—	—	-167M YoY-137.6%
	-$13.48 YoY-32.0%	-$10.21 YoY+45.4%	-$18.69 YoY+73.2%	-$69.65 YoY-1667.8%	-$3.94 YoY+49.9%
EPS (basic)	-$13.48 YoY-32.0%	-$10.21 YoY+45.4%	-$18.69 YoY+73.2%	-$69.65 YoY-1667.8%	-$3.94 YoY+49.9%
	22.5M YoY+25.7%	17.9M YoY+171.5%	6.59M YoY+114.6%	3.07M YoY-92.8%	42.5M YoY+374.3%
	22.5M YoY+25.7%	17.9M YoY+171.5%	6.59M YoY+114.6%	3.07M YoY-92.8%	42.5M YoY+374.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	611M YoY+51.1%	404M YoY+376.4%	84.9M YoY-23.4%	111M YoY-61.4%	287M YoY-4.9%
Cash & equivalents	357M YoY+65.9%	215M YoY+164.9%	81.3M YoY+31.9%	61.6M YoY-55.6%	139M YoY-53.2%
Short-term investments	242M YoY+36.6%	177M	—	—	—
Cash & short-term investments	926M YoY+97.3%	470M	0.00	—	276M
Prepaid expenses	11.6M YoY-1.9%	11.8M YoY+229.7%	3.58M YoY-65.4%	10.4M YoY-10.0%	11.5M YoY+101.1%
	938M YoY+94.1%	483M YoY+449.3%	87.9M YoY-23.6%	115M YoY-60.7%	293M YoY-3.4%
Property, plant & equipment	147K YoY-36.1%	230K YoY-60.9%	588K YoY-39.4%	971K YoY-20.0%	1.21M YoY+1379.3%
Operating lease right-of-use	92.0K YoY-91.9%	1.13M YoY-45.2%	2.06M YoY-28.9%	2.90M YoY-20.6%	3.65M YoY+384.5%
Intangible assets	0.00	—	—	—	—
Long-term investments	327M YoY+324.6%	77.0M	—	—	—
Other non-current assets	0.00 YoY-100.0%	416K YoY+0.0%	416K YoY+0.0%	416K YoY-11.9%	472K YoY+3046.7%
	59.8M YoY+59.2%	37.5M YoY+138.4%	15.7M YoY-54.1%	34.3M YoY-10.6%	38.4M YoY+144.5%
Accounts payable	24.6M YoY+96.6%	12.5M YoY+115.4%	5.82M YoY-60.4%	14.7M YoY+36.1%	10.8M YoY+163.7%
Accrued liabilities	35.0M YoY+47.4%	23.8M YoY+220.4%	7.42M YoY-53.2%	15.8M YoY-41.0%	26.8M YoY+147.0%
Deferred revenue	—	0.00 YoY-100.0%	1.39M YoY-50.6%	2.82M	0.00
Current lease liability	110K YoY-91.3%	1.26M YoY+11.8%	1.13M YoY+12.0%	1.00M YoY+24.1%	810K YoY+6.2%
	59.8M YoY+58.7%	37.7M YoY+106.0%	18.3M YoY-53.2%	39.0M YoY-6.9%	41.9M YoY+166.8%
Deferred revenue (non-current)	—	0.00 YoY-100.0%	1.16M YoY-46.8%	2.18M	0.00
Non-current lease liability	0.00 YoY-100.0%	110K YoY-92.0%	1.37M YoY-45.1%	2.50M YoY-28.7%	3.50M
Operating lease liability (total)	110K YoY-92.0%	1.37M YoY-45.1%	2.50M YoY-28.7%	3.50M YoY-18.8%	4.31M YoY+465.0%
	878M YoY+97.1%	445M YoY+539.4%	69.7M YoY-8.5%	76.1M YoY-69.7%	251M YoY-12.7%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	15.0K YoY+7.1%	14.0K YoY+7.7%	13.0K YoY+160.0%	5.00K YoY+0.0%	5.00K YoY+25.0%
Additional paid-in capital	2.02B YoY+57.4%	1.28B YoY+77.1%	724M YoY+19.2%	607M YoY+6.9%	568M YoY+29.9%
Retained earnings	-1.14B YoY-36.2%	-837M YoY-28.0%	-654M YoY-23.2%	-531M YoY-67.6%	-317M YoY-111.7%
Accumulated other comprehensive income	563K YoY-13.9%	654K	0.00 YoY+100.0%	-173K YoY+1.7%	-176K
Total liabilities & equity	938M YoY+94.1%	483M YoY+449.3%	87.9M YoY-23.6%	115M YoY-60.7%	293M YoY-3.4%
	25.2M YoY+29.7%	19.4M YoY+120.9%	8.79M YoY+167.1%	3.29M YoY-92.7%	45.3M YoY+18.4%
	25.2M YoY+29.7%	19.4M YoY+120.9%	8.79M YoY+167.1%	3.29M YoY-92.7%	45.3M YoY+18.4%
	27.9M YoY+38.1%	20.2M YoY+52.3%	13.2M YoY-74.7%	52.4M YoY+15.2%	45.5M YoY+17.9%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	-249M YoY-89.0%	-132M YoY-18.6%	-111M YoY+39.9%	-185M YoY-48.6%	-125M YoY-136.7%
Depreciation & amortization	140K YoY-60.9%	358K YoY-17.1%	432K YoY+3.1%	419K YoY+130.2%	182K YoY+264.0%
Share-based compensation	33.9M YoY-17.9%	41.4M YoY+66.4%	24.9M YoY-13.1%	28.6M YoY+26.0%	22.7M YoY+335.5%
Change in payables	12.1M YoY+80.2%	6.71M YoY+175.8%	-8.86M YoY-327.5%	3.89M YoY-46.4%	7.27M YoY+657.0%
Other operating activities	0.00 YoY-100.0%	2.00K	0.00 YoY-100.0%	56.0K YoY+236.6%	-41.0K YoY-920.0%
	-311M YoY-25.2%	-248M YoY-738.0%	39.0M YoY-59.8%	96.9M YoY+169.0%	-141M
Capital expenditure	56.0K	0.00 YoY-100.0%	50.0K YoY-88.7%	444K YoY-57.7%	1.05M
Free cash flow	-249M YoY-89.1%	-132M YoY-18.5%	-111M YoY+40.1%	-185M YoY-47.7%	-126M YoY-138.7%
Acquisitions	0.00	0.00	0.00	0.00	0.00
	702M YoY+36.5%	514M YoY+459.8%	91.9M YoY+777.9%	10.5M YoY-90.3%	108M YoY-64.7%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00 YoY-100.0%	98.4M
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
Net change in cash	142M YoY+5.9%	134M YoY+581.1%	19.7M YoY+125.3%	-77.7M YoY+50.7%	-157M YoY-162.5%
Income taxes paid	224K	—	—	—	—
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	7.43B YoY+378.6%	1.55B YoY-45.8%	2.86B YoY+70.3%	1.68B YoY-87.5%	13.4B YoY-57.8%
P/S	—	181.4× YoY-87.8%	1482.5×	—	—
P/B	8.5× YoY+142.8%	3.5× YoY-89.4%	33.0× YoY+106.4%	16.0× YoY-70.2%	53.6× YoY-51.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: PRAX's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all PRAX filings on SEC EDGAR → Not investment advice.