Praxis Precision Medicines, Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
PRAX$337.59+1.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities: | |||
| Net loss | $(303,268) | $(182,819) | $(123,277) |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||
| Depreciation expense | 140 | 358 | 432 |
| Stock-based compensation expense | 33,941 | 41,360 | 24,857 |
| Non-cash operating lease expense | 1,040 | 933 | 837 |
| Amortization of premiums and discounts on marketable securities, net | (3,592) | (5,010) | 47 |
| Non-cash collaboration and license agreement expense | — | 2,500 | — |
| Other non-cash adjustments | (7) | — | — |
| Changes in operating assets and liabilities: | |||
| Prepaid expenses and other current assets | 640 | (8,225) | 6,772 |
| Accounts payable | 12,097 | 6,713 | (8,855) |
| Accrued expenses | 11,200 | 16,110 | (8,497) |
| Operating lease liabilities | (1,259) | (1,126) | (1,005) |
| Deferred revenue | — | (2,553) | (2,447) |
| Other | — | 2 | — |
| Net cash used in operating activities | (249,068) | (131,757) | (111,136) |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (56) | — | (50) |
| Purchases of marketable securities | (623,812) | (371,519) | — |
| Maturities of marketable securities | 312,720 | 123,025 | 39,000 |
| Net cash (used in) provided by investing activities | (311,148) | (248,494) | 38,950 |
| Cash flows from financing activities: | |||
| Issuance of common stock from follow-on public offering and accompanying pre-funded warrants, net of underwriting discounts, commissions and offering costs | 567,115 | 377,636 | 63,439 |
| Issuance of common stock from collaboration and license agreement | — | 14,765 | — |
| Proceeds from at-the-market offerings, net of issuance and commission costs | 123,873 | 119,597 | 28,153 |
| Payments of tax withholdings related to vesting of restricted stock units | (2,089) | (308) | (137) |
| Proceeds from exercise of options and employee stock purchase plan purchases | 13,274 | 2,633 | 416 |
| Net cash provided by financing activities | 702,173 | 514,323 | 91,871 |
| Increase in cash, cash equivalents and restricted cash | 141,957 | 134,072 | 19,685 |
| Cash, cash equivalents and restricted cash, beginning of period | 215,788 | 81,716 | 62,031 |
| Cash, cash equivalents and restricted cash, end of period | $357,745 | $215,788 | $81,716 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | 357,329 | 215,372 | 81,300 |
| Restricted cash | 416 | 416 | 416 |
| Total cash, cash equivalents and restricted cash | $357,745 | $215,788 | $81,716 |
| Supplemental disclosures of non-cash activities: | |||
| Issuance costs from at-the-market offerings included in accrued expenses | $70 | $238 | $63 |
| Offering costs from follow-on public offering included in accounts payable | $— | $— | $184 |
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