PRAXPraxis Precision Medicines, Inc.

Pharmaceutical Preparations

Revenue: $0; 100% YoY
Operating margin: —
EBITDA: −$326M; 63% YoY
Market cap: $8.0B
Employees: 168
Net debt / EBITDA: —
AI in 10-K: 1.0; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$9M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
—
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
85% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.0 per 10K words · 35th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.0B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$0	$2M	$9M	$0	100%
Operating income	−$167M	−$215M	−$126M	−$200M	−$326M	63%
Net income	−$167M	−$214M	−$123M	−$183M	−$303M	66%
Operating cash flow	−$125M	−$185M	−$111M	−$132M	−$249M	89%
Capex	$1M	$444K	$50K	$0	$56K
Stock-based comp	$23M	$29M	$25M	$41M	$34M	18%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 28, 2023	Velan Capital Investment Management LP	SC 13D/A	4.0%	Active
Mar 20, 2023	Velan Capital Investment Management LP	SC 13D	9.9%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 18
Net: −$11M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$9M	$56M	36	125
FY2024	$13M	$21M	9	93
FY2023	$2M	$1M	3	94
FY2022	$6M	−$18M	4	90
FY2021	$11M	−$62M	36	100