The capital structure is heavily reliant on equity financing, resulting in a total asset base of $1.5 billion while maintaining a debt-to-equity ratio of 0.00.
| Total Current Assets | 797.77M | 610.91M | 404.37M | 84.88M | 110.84M | 287.41M | 302.33M | 45.5M | 19.13M |
| Cash & Short-Term Investments | 786.87M | 599.33M | 392.57M | 81.3M | 100.49M | 275.91M | 296.61M | 44.81M | 17.95M |
| Cash Only | 536.33M | 357.33M | 215.37M | 81.3M | 61.62M | 138.7M | 296.61M | 44.81M | 17.95M |
| Short-Term Investments | 250.53M | 242M | 177.19M | 0 | 38.87M | 137.21M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 10.91M | 11.58M | 11.8M | 3.58M | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 662.43M | 327M | 78.74M | 3.07M | 4.29M | 5.34M | 851K | 2.2M | 703K |
| Property, Plant & Equipment | 1.49M | 239K | 1.36M | 2.65M | 3.87M | 4.87M | 836K | 1.58M | 103K |
| Fixed Asset Turnover | 0.00x | - | 6.28x | 0.92x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 267.38M | 0 | 76.96M | 0 | 0 | 0 | 0 | 0 | 600K |
| Other Non-Current Assets | 660.94M | 326.76M | 416K | 416K | 416K | 472K | 15K | 620K | 0 |
| Total Assets | 1.46B | 937.91M | 483.11M | 87.95M | 115.13M | 292.75M | 303.18M | 47.69M | 19.83M |
| Asset Turnover | 0.00x | - | 0.02x | 0.03x | - | - | - | - | - |
| Asset Growth % | 297.05% | 94.14% | 449.31% | -23.61% | -60.67% | -3.44% | 535.67% | 140.53% | - |
| Total Current Liabilities | 50.24M | 59.77M | 37.55M | 15.75M | 34.34M | 38.43M | 15.72M | 6.82M | 5.14M |
| Accounts Payable | 31.16M | 24.63M | 12.53M | 5.82M | 14.67M | 10.78M | 4.09M | 2.67M | 3.39M |
| Days Payables Outstanding | 81.76 | 64.21K | 30 | 24.46 | 34.68 | - | - | 1.43K | 1000K |
| Short-Term Debt | 1.44M | 110K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 1.39M | 2.82M | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 17.65M | 35.03M | 9.37M | 3.7M | 2.8M | 7.18M | 0 | 0 | 1.02M |
| Current Ratio | 15.88x | 10.22x | 10.77x | 5.39x | 3.23x | 7.48x | 19.23x | 6.67x | 3.72x |
| Quick Ratio | 15.88x | 10.22x | 10.77x | 5.39x | 3.23x | 7.48x | 19.23x | 6.67x | 3.72x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 110K | 2.53M | 4.68M | 3.5M | 0 | 763K | 2K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 110K | 1.37M | 2.5M | 3.5M | 0 | 763K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2K |
| Total Liabilities | 50.24M | 59.77M | 37.66M | 18.28M | 39.02M | 41.94M | 15.72M | 7.58M | 5.15M |
| Total Debt | 1.44M | 110K | 1.37M | 2.5M | 3.5M | 4.31M | 763K | 1.46M | 0 |
| Net Debt | -534.9M | -357.22M | -214M | -78.81M | -58.12M | -134.39M | -295.85M | -43.36M | -17.95M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.04x | 0.05x | 0.02x | 0.00x | 0.04x | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.50x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | -206.89x |
| Total Equity | 1.41B | 878.14M | 445.45M | 69.67M | 76.11M | 250.81M | 287.46M | 40.11M | 14.68M |
| Equity Growth % | 304.37% | 97.13% | 539.38% | -8.46% | -69.66% | -12.75% | 616.62% | 173.21% | - |
| Book Value per Share | 48.82 | 39.02 | 24.88 | 10.57 | 24.77 | 88.62 | 481.76 | 393.36 | 169.72 |
| Total Shareholders' Equity | 1.41B | 878.14M | 445.45M | 69.67M | 76.11M | 250.81M | 287.46M | 40.11M | 14.68M |
| Common Stock | 15K | 15K | 14K | 13K | 5K | 5K | 4K | 1K | 1K |
| Retained Earnings | -1.23B | -1.14B | -836.74M | -653.92M | -530.64M | -316.62M | -149.55M | -81.01M | -41.37M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.59M | 0 | 654K | 0 | -173K | -176K | 0 | 0 | -1K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary Clinical Trial Outcomes
As reported in recent financial filings, Praxis has significantly bolstered its total assets to $1.5 billion in 2026Q1, a sharp increase from $937.9 million in 2025Q4, primarily driven by equity-based capital raises rather than organic growth or operational revenue generation from its clinical-stage pipeline.
The rapid expansion of the asset base appears to be a strategic move to extend the company's cash runway ahead of critical clinical milestones. Investors should monitor whether this capital infusion is sufficient to reach a value-inflection point, as the lack of operational revenue suggests that the balance sheet remains entirely dependent on external financing.
Based on the 2026Q1 balance sheet, the company maintains a robust cash position of $536.3 million, which, according to historical data, represents a significant improvement from the $357.3 million reported in 2025Q4, providing a necessary buffer against the firm's ongoing high-burn clinical development activities.
The current ratio of 15.88 indicates a strong short-term liquidity position, effectively insulating the company from immediate solvency risks. However, this liquidity is transient and will likely deplete rapidly as Phase III trial costs accelerate, necessitating careful management of the remaining cash reserves.
As indicated by the company's balance sheet, total equity has surged to $1.4 billion in 2026Q1, yet this growth is largely a function of equity financing rather than retained earnings, which remain deeply negative at -$1.2 billion, reflecting the persistent cost of long-term R&D investment.
The reliance on equity issuance to fund operations suggests that existing shareholders face ongoing dilution risk. The negative retained earnings highlight the substantial capital required to advance the pipeline, and investors should interpret this as a structural necessity for a pre-revenue biotech firm.
While the balance sheet appears healthy with $1.5 billion in total assets, a closer inspection of the 2026Q1 data reveals that nearly all assets are held in cash or equivalents, with negligible investment in tangible PPE, which may indicate a lack of long-term operational infrastructure.
The absence of significant physical assets suggests that the company's value is almost entirely tied to intangible intellectual property and clinical trial progress. This concentration of value in intangible assets warrants further investigation, as it leaves the company highly vulnerable to negative clinical trial outcomes.
Quick answers to the most common questions about buying PRAX stock.
As of 2025, Praxis Precision Medicines, Inc. (PRAX) had total assets of $937.9M including $610.9M in current assets.
Praxis Precision Medicines, Inc. (PRAX) carries total debt of $0.1M, offset by $599.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Praxis Precision Medicines, Inc. (PRAX) has total shareholders' equity (book value) of $878.1M ($39.02 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Praxis Precision Medicines, Inc. (PRAX) reported a current ratio of 10.22x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.