Praxis Precision Medicines (PRAX) Q2 FY26 earnings call

Praxis Precision Medicines is rapidly advancing towards commercialization, with two NDAs for ulixacaltamide and relutrigine in late-stage FDA review, both expected to be approved within six months. The company has established commercial leadership, hired and trained field forces, and built distribution networks, aiming for successful launches. While the vormatrigine POWER1 study missed its primary endpoint, management plans to amend and restart POWER2 and POWER3 by Q4 FY26, confident in the drug's underlying efficacy for responders.