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 | 5,763,121 | | | 3,039,448 | |
