Praxis Precision Medicines : UNAUDITED SELECTED FINANCIAL DATA (Amounts in thousands, except share and per share data) Reverse Stock Split - Form 8-K
December 01, 2023 at 04:37 pm EST
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UNAUDITED SELECTED FINANCIAL DATA (Amounts in thousands, except share and per share data)
Reverse Stock Split
On November 28, 2023, at 5:00 p.m., Eastern Time, Praxis Precision Medicines, Inc. ("Company") effected a 1-for-15 reverse stock split ("Reverse Stock Split") of its common stock, par value $0.0001 per share.
The Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022, and the Company's unaudited condensed consolidated financial statements included in its Quarterly Report on Form 10-Q for the three month period ended March 31, 2023, three and six month period ended June 30, 2023, and three and nine month period ended September 30, 2023, are presented without giving effect to the Reverse Stock Split.
The following selected financial data has been derived from the Company's audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023, and the Company's unaudited condensed consolidated financial statements included in its Quarterly Report on Form 10-Q for the three month period ended March 31, 2023, filed with the SEC on May 11, 2023, the three and six month period ended June 30, 2023, filed with the SEC on August 9, 2023, and for the three and nine month period ended September 30, 2023, filed with the SEC on November 7, 2023, and adjusted to reflect the Reverse Split. The Company's historical results may not be indicative of the results that may be expected in the future.
As Reported (audited):
Years Ended
December 31, 2022
December 31, 2021
Net loss
$
(214,029)
$
(167,061)
Net loss per share attributable to common stockholders, basic and diluted
$
(4.64)
$
(3.94)
Weighted average common shares outstanding, basic and diluted
46,096,737
42,454,055
As Adjusted for the Reverse Stock Split (unaudited):
Years Ended
December 31, 2022
December 31, 2021
Net loss
$
(214,029)
$
(167,061)
Net loss per share attributable to common stockholders, basic and diluted
$
(69.65)
$
(59.03)
Weighted average common shares outstanding, basic and diluted
3,073,100
2,830,253
As Reported (unaudited):
Three Months Ended
March 31, 2023
March 31, 2022
Net loss
$
(37,455)
$
(68,717)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.71)
$
(1.51)
Weighted average common shares outstanding, basic and diluted
53,102,907
45,455,179
As Adjusted for the Reverse Stock Split (unaudited):
Three Months Ended
March 31, 2023
March 31, 2022
Net loss
$
(37,455)
$
(68,717)
Net loss per share attributable to common stockholders, basic and diluted
$
(10.58)
$
(22.68)
Weighted average common shares outstanding, basic and diluted
3,540,185
3,030,339
As Reported (unaudited):
Three Months Ended
June 30, 2023
June 30, 2022
Net loss
$
(34,312)
$
(60,194)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.49)
$
(1.32)
Weighted average common shares outstanding, basic and diluted
69,740,719
45,542,600
As Adjusted for the Reverse Stock Split (unaudited):
Three Months Ended
June 30, 2023
June 30, 2022
Net loss
$
(34,312)
$
(60,194)
Net loss per share attributable to common stockholders, basic and diluted
$
(7.38)
$
(19.83)
Weighted average common shares outstanding, basic and diluted
4,649,371
3,036,170
As Reported (unaudited):
Six Months Ended
June 30, 2023
June 30, 2022
Net loss
$
(71,767)
$
(128,911)
Net loss per share attributable to common stockholders, basic and diluted
$
(1.17)
$
(2.83)
Weighted average common shares outstanding, basic and diluted
61,467,774
45,499,131
As Adjusted for the Reverse Stock Split (unaudited):
Six Months Ended
June 30, 2023
June 30, 2022
Net loss
$
(71,767)
$
(128,911)
Net loss per share attributable to common stockholders, basic and diluted
$
(17.51)
$
(42.50)
Weighted average common shares outstanding, basic and diluted
4,097,833
3,033,266
As Reported (unaudited):
Three Months Ended
September 30, 2023
September 30, 2022
Net loss
$
(24,632)
$
(43,945)
Net loss per share attributable to common stockholders, basic and diluted
$
(0.18)
$
(0.96)
Weighted average common shares outstanding, basic and diluted
135,591,429
45,774,376
As Adjusted for the Reverse Stock Split (unaudited):
Three Months Ended
September 30, 2023
September 30, 2022
Net loss
$
(24,632)
$
(43,945)
Net loss per share attributable to common stockholders, basic and diluted
$
(2.72)
$
(14.40)
Weighted average common shares outstanding, basic and diluted
9,039,427
3,051,622
As Reported (unaudited):
Nine Months Ended
September 30, 2023
September 30, 2022
Net loss
$
(96,399)
$
(172,856)
Net loss per share attributable to common stockholders, basic and diluted
$
(1.12)
$
(3.79)
Weighted average common shares outstanding, basic and diluted
86,447,174
45,591,888
As Adjusted for the Reverse Stock Split (unaudited):
Nine Months Ended
September 30, 2023
September 30, 2022
Net loss
$
(96,399)
$
(172,856)
Net loss per share attributable to common stockholders, basic and diluted
$
(16.73)
$
(56.87)
Weighted average common shares outstanding, basic and diluted
Praxis Precision Medicines Inc. published this content on 01 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 21:36:20 UTC.
Praxis Precision Medicines, Inc. is a clinical-stage biopharmaceutical company. It is focused on translating insights from genetic epilepsies into the development of therapies for central nervous system disorders characterized by neuronal excitation-inhibition imbalance. It is applying genetic insights to the discovery and development of therapies for neurological disorders through two platforms, using its understanding of shared biological targets and circuits in the brain. Its platform includes Cerebrum, a small molecule platform, which utilizes deep understanding of neuronal excitability and neuronal networks and applies a series of computational and experimental tools to develop orally available precision therapies, and Solidus, is an antisense oligonucleotide platform, is an efficient, targeted precision medicine discovery and development engine anchored on a proprietary, computational methodology. Its product candidates include ulixacaltamide, PRAX-562, PRAX-628 and elsunersen.