As of September 30, 2025, Praxis had $389.2 million in cash, cash equivalents and marketable securities, compared to $469.5 million in cash, cash equivalents and marketable securities as of December 31, 2024. The decrease of $80.3 million is primarily attributable to cash used in operating activities, partially offset by net proceeds from at-the-market offerings of common stock. In October 2025, Praxis announced the closing in October 2025 of an underwritten public offering of common stock and pre-funded warrants to purchase common stock, generating net proceeds of approximately $567.0 million, after deducting the underwriting discounts and commissions and estimated offering expenses payable by Praxis. The Company’s cash, cash equivalents and marketable securities as of September 30, 2025, together with the proceeds from the October 2025 public offering, are expected to fund operations into 2028.
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