Risk Factors Update Summary
- Net losses decreased from $214.0 million in 2022 to $123.3 million in 2023.
- Future issuances of common stock may result in dilution. Outstanding pre-funded warrants for 470,000 shares at $0.0001/share.
- Accumulated deficit increased from $530 million to $653 million.
- Issuing common stock to employees, directors, and consultants may lead to material dilution.
- Capital expenditure requirements increased to advance research efforts and clinical trials into 2026.
- Reduction in executive officers and directors' aggregate voting stock ownership from 49% to 38.2%.
- Development of PRAX-562 for focal epilepsy shifted to SCN2A development and epileptic encephalopathy.
- Regulatory landscape changes in the EU may impact clinical trials and drug development strategies.
- Increased cybersecurity risks due to remote work and reliance on internet technology.
- Changes in tax laws could adversely affect the business and financial condition.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1689548&owner=exclude
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