Praxis Precision Medicines, Inc. (PRAX): Business Model Canvas [Dec-2025 Updated]

You're looking at Praxis Precision Medicines, Inc. (PRAX) right now, and the story is all about the pivot from a pure R&D burn to a commercial-stage company, so let's map out the business model that's driving this transition. Honestly, seeing them sit on about $956 million in cash after that October 2025 raise tells you they are serious about launching ulixacaltamide, especially after burning $65.8 million on R&D in Q3 alone. This canvas breaks down exactly how they plan to turn those late-stage assets, like their Essential Tremor candidate, into real revenue streams beyond the current $7.46 million TTM figure. Dive in below to see the partnerships, resources, and customer focus that will defintely define their next chapter.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Praxis Precision Medicines, Inc. relies on to drive its pipeline, so let's break down the key players and the numbers associated with those deals as of late 2025.

The collaboration with UCB for the KCNT1 small molecule candidate is a prime example of how Praxis monetizes its discovery platform. UCB exercised its option to in-license global development and commercialization rights in December 2024. This action meant Praxis had no further research service obligations under that agreement, which is reflected in the Q3 2025 results showing collaboration revenue of $0, down from $0.3 million in Q3 2024. The original structure entitled Praxis to potential payments up to approximately $100 million in milestones, plus tiered royalties, following the option exercise.

For executing its clinical trials, Praxis leans on established Contract Research Organizations (CROs). While specific contract values with ICON plc or Parexel aren't public, their scale provides context for the outsourced trial environment. ICON plc, for instance, reported full-year revenues of $8,282 million in 2024.

The EMPOWER observational study, which helps characterize seizure burden and identify subjects for interventional trials, is a direct partnership with the Epilepsy Study Consortium. This study is generating real-world data to support Praxis's pipeline development.

Here's a look at the partnership structure and associated metrics:

The reliance on external expertise for trial execution and data gathering is significant, especially as Praxis advances multiple late-stage programs. The company's cash position as of September 30, 2025, was $149.5 million, which, combined with proceeds from an October 2025 offering, is expected to fund operations into 2028.

The engagement with the scientific community goes beyond formal contracts; it involves leveraging expert knowledge for trial design and patient access. Key Opinion Leaders (KOLs) and clinical investigators are central to this, though specific engagement costs aren't typically itemized in public financial reports.

The EMPOWER study provides concrete data points on the patient population Praxis is targeting:

• Findings from the first ~500 patients showed few are managed by epileptologists.
• Data was presented from 586 respondents surveyed prior to clinical study referral.
• Data was presented from 183 respondents matched in open claims with an epilepsy ICD10 code from January 1, 2023, to December 31, 2024.
• Nearly 60% of respondents experienced seizures in the last month (based on early data).

Praxis Precision Medicines, Inc. also builds relationships with academic research institutions to ground its translational neuroscience approach. This partnership type is foundational for the genetic insights that feed its proprietary platforms, Cerebrum™ and Solidus™.

The structure of these external relationships is designed to de-risk development and maximize the value derived from Praxis Precision Medicines, Inc.'s internal discoveries, such as the $65.8 million in Research and Development expenses reported for Q3 2025.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Key Activities

You're focused on the core engine driving Praxis Precision Medicines, Inc. right now: moving late-stage assets toward the finish line. Here's a breakdown of the key activities shaping their operations as of late 2025, grounded in the latest numbers we have.

Conducting pivotal Phase 3 clinical trials for ulixacaltamide and relutrigine

The activity centers on completing the data generation for two key CNS candidates. For ulixacaltamide in essential tremor (ET), the Essential3 Phase 3 program delivered strong statistical results.

• Study 1 primary endpoint: Mean improvement in Modified Activities of Daily Living 11 (mADL11) at Week 8 was 4.3 points (p<0.0001).
• Study 1 key secondary endpoints achieved statistical significance (p<0.001).
• Study 2 primary endpoint met: 55% of patients maintained response vs 33% on placebo (p=0.0369).
• The ET indication affects approximately seven million people in the United States.
• Up to 77% of ET patients feel their condition is inadequately controlled.

For relutrigine in SCN2A and SCN8A developmental and epileptic encephalopathies (DEEs), the registrational EMBOLD study reached a major milestone.

• The Data Monitoring Committee recommended an early stop for efficacy.
• Topline results are scheduled for presentation at the American Epilepsy Society Annual Meeting on December 6, 2025.

Research and development (R&D) via Cerebrum™ and Solidus™ platforms

R&D spending reflects the intensive work on these late-stage programs and pipeline advancement. The company's investment in its platforms is substantial and growing.

Honestly, the jump in R&D spend shows they are pouring resources into these assets. The net loss for the last twelve months was $273 million.

Managing regulatory submissions, including the ulixacaltamide NDA in early 2026

This activity is now focused on compiling and submitting the data package for ulixacaltamide. You need to track the execution against this timeline.

• Praxis Precision Medicines, Inc. expects to submit its first New Drug Application (NDA) in early 2026.
• This timing follows a pre-NDA meeting with the FDA where the agency provided alignment on the required NDA content.
• For relutrigine, NDA timing determination is pending a confirmed meeting with the FDA to review the EMBOLD data.

Manufacturing and supply chain development for future commercial products

While specific financial outlays for manufacturing scale-up aren't itemized in the latest reports, this is a critical operational focus given the expected NDA submission.

The company is preparing for potential commercial launches between 2026 and 2028.

Securing and defending intellectual property for CNS drug candidates

Protecting the innovation is key, especially as they near potential market entry. Relutrigine has secured several key designations.

• Relutrigine has received Orphan Drug Designation (ODD) and Rare Pediatric Disease Designation (RPDD) from the FDA for SCN2A-DEE and SCN8A-DEE.
• Relutrigine also received a third RPDD for Dravet Syndrome.

The company maintains a solid liquidity position to fund these activities, with cash, cash equivalents, and marketable securities totaling $389.2 million as of September 30, 2025. That cash runway is expected to fund operations into 2028.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Key Resources

You're looking at the core assets Praxis Precision Medicines, Inc. (PRAX) is relying on to drive value creation right now, late in 2025. These aren't abstract concepts; they are the tangible and intellectual property that underpins their entire operation.

The financial foundation is solid following a major capital raise. As of the third quarter of 2025, Praxis Precision Medicines, Inc. had $389.2 million in cash, cash equivalents and marketable securities on the balance sheet. This was significantly bolstered by the completion of an October 2025 public offering, which brought in net proceeds of $567.0 million. This means the pro forma cash and investments position, post-offering, stands at approximately $956 million. This level of liquidity is explicitly stated to fund operations into 2028, supporting multiple late-stage readouts and potential launch preparation.

The intellectual property centers on two proprietary technology platforms, which are the engines for their drug development efforts:

• Proprietary Cerebrum™ technology platform, focused on small molecule development.
• Proprietary Solidus™ technology platform, which utilizes Antisense Oligonucleotides (ASO).

The value of these platforms is being realized through the advancement of their late-stage pipeline assets. You need to know exactly where these candidates stand as of late 2025, because that dictates near-term milestones and potential revenue inflection points. Here's the quick math on the three main assets:

To manage these late-stage programs, Praxis Precision Medicines, Inc. requires specialized human capital. This resource is the team of scientific and clinical development personnel. The increased operating intensity is visible in the Q3 2025 Research and Development (R&D) expense, which reached $65.8 million, up from $41.9 million in Q3 2024, reflecting this acceleration across both platforms. Honestly, you can't run three late-stage programs without a deep bench of experts in CNS disorders and regulatory affairs.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Praxis Precision Medicines, Inc. (PRAX) is building value in the market right now. It's all about delivering targeted, effective treatments where current options fall short, grounded in their understanding of neuronal excitation-inhibition imbalance.

First successful Phase 3 program for Essential Tremor (ET) with ulixacaltamide

Praxis Precision Medicines, Inc. is offering a differentiated, highly selective small molecule inhibitor of T-type calcium channels, ulixacaltamide, designed to block abnormal neuronal burst firing in the Cerebello-Thalamo-Cortical (CTC) circuit correlated with tremor activity. This represents the first positive Phase 3 program for a drug in Essential Tremor (ET), a condition affecting approximately seven million people in the U.S..

The success of the Essential3 Program, which led to a stock surge to $260 per share and a market capitalization of approximately $6.5bn in December 2025, validates this approach.

The clinical evidence supporting this value proposition includes:

The company gained alignment from the FDA on the content of the New Drug Application (NDA) following a pre-NDA meeting, with submission expected in early 2026.

Precision therapies for severe genetic epilepsies like SCN2A/SCN8A DEEs

Praxis Precision Medicines, Inc. is providing potential first-in-class therapies for devastating conditions like SCN2A and SCN8A Developmental and Epileptic Encephalopathies (DEEs), for which there are currently no approved treatment options. The value here is delivering precision modulation for ultra-rare, life-threatening pediatric epilepsies characterized by high mortality.

Relutrigine, a sodium-channel modulator, demonstrated compelling efficacy in the EMBOLD study, leading to a Data Monitoring Committee recommendation for an early stop for efficacy.

Key data points supporting this value proposition include:

• FDA Breakthrough Therapy Designation (BTD) received in July 2025.
• Open-label extension data showed approximately 90% reduction in seizures from baseline up to 11 months.
• Mean period between seizures increased from three days at baseline to 67 days at month 11.
• An interim analysis of the EMBOLD cohort 2 pivotal trial is planned for Q4 2025, potentially supporting an NDA submission in early 2026.

Orally available small molecules for CNS disorders (Cerebrum™ platform)

The company's proprietary small molecule platform, Cerebrum™, is the engine for developing orally available treatments for CNS disorders. This platform is also yielding results in common epilepsies with vormatigine, a next-generation, functionally selective small molecule targeting sodium-channels.

Data from the first cohort of the RADIANT study for focal onset seizures (FOS) shows:

• 56.3% median reduction in seizure frequency over 8 weeks of dosing.
• Approximately 22% of patients achieved 100% reduction in seizure frequency in the last 28 days.

The company reported a net loss of $73.9 million for the three months ended September 30, 2025, reflecting continued investment in these platforms, while holding cash and equivalents of $149.5 million as of that date.

Potential non-dopaminergic treatment option for Parkinson's disease tremor

Following the positive results from the Essential3 program, Praxis Precision Medicines, Inc. plans to re-initiate a study of ulixacaltamide specifically for Parkinson's disease tremor. This offers the value of a non-dopaminergic treatment option, addressing a significant unmet need in this patient population.

The company has four clinical-stage product candidates across its portfolio.

Finance: draft 13-week cash view by Friday.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Customer Relationships

You're managing relationships in a space where the difference between a successful trial and a stalled program is often measured in the quality of your engagement with key stakeholders. For Praxis Precision Medicines, Inc., customer relationships are deeply specialized, focusing on the rare CNS disease community, clinical experts, regulators, and the capital markets.

High-touch engagement with patient advocacy groups for rare CNS diseases

Praxis Precision Medicines, Inc. focuses on devastating conditions where current treatment options are non-existent, which necessitates deep partnership with patient communities. This high-touch approach is critical for trial recruitment and understanding the true patient burden. For instance, SCN2A and SCN8A Developmental and Epileptic Encephalopathies (DEEs) currently have no approved treatment options.

The engagement level is evidenced by the significant patient interest generated for their programs. Since starting recruitment in November 2023, over 100,000 patients demonstrated interest in participating in the study related to the ENERGY program. The company maintains active dialogue, presenting its latest advancements across its epilepsy portfolio at the 2025 American Epilepsy Society (AES) Annual Meeting.

• Focus on DEEs, Essential Tremor (ET), and focal seizures.
• Engagement supports enrollment for pivotal trials like EMBOLD.
• Community feedback informs the value proposition for therapies like relutrigine.

Direct, specialized relationships with clinical investigators and neurologists

Building trust with the investigators running the trials is paramount, especially when dealing with complex genetic epilepsies. Praxis Precision Medicines, Inc. has established a diversified, multimodal CNS portfolio with four clinical-stage product candidates. The company actively shares data with the medical community to foster collaboration and adoption.

The relationship with clinical investigators is validated by trial milestones, such as the early stopping of the EMBOLD study for efficacy based on the Data Monitoring Committee recommendation. Furthermore, the company presented preclinical and clinical advancements at the 2025 American Epilepsy Society (AES) Annual Meeting. This direct scientific exchange is key to establishing Praxis Precision Medicines, Inc. as a leader in the field.

Regulatory alignment via pre-NDA meetings with the FDA

Navigating the FDA is a core relationship for any clinical-stage biopharma company. Praxis Precision Medicines, Inc. has successfully engaged the agency on multiple key assets. For ulixacaltamide in essential tremor, the company announced the successful completion of its pre-NDA meeting with the FDA, including receipt of written feedback. This alignment means Praxis Precision Medicines, Inc. expects to complete its NDA submission in early 2026.

For relutrigine, the company completed comprehensive discussions with the FDA following a Type B meeting, which supports an accelerated development path for SCN2A/8A DEE patients. The FDA has already confirmed a meeting 'in the coming weeks' (following November 5, 2025) to discuss the next steps for the relutrigine filing.

• Ulixacaltamide Pre-NDA meeting completion confirmed in December 2025.
• Relutrigine path accelerated after Type B meeting.
• The company is targeting two NDA submissions, with one potentially in 2025 (though the ulixacaltamide submission is now targeted for early 2026).

Investor relations and corporate updates to maintain market confidence

Maintaining market confidence requires consistent, transparent communication, especially when managing a cash burn rate that requires strategic financing. As of the November 5, 2025 report, Praxis Precision Medicines, Inc. reported pro forma cash and investments of approximately $956 million, funding operations into 2028. This was bolstered by the $525 Million Public Offering completed in October 2025.

The market responded positively to recent clinical success. As of December 5, 2025, the stock price reached $260, a surge of 35% on the news, bringing the market cap to ~$6.5bn. The stock price as of December 2, 2025, was $179.12. The investor relations team actively engaged the street through multiple conferences in November 2025, including the Truist Securities BioPharma Symposium and the Jefferies Global Healthcare Conference.

Here's the quick math on recent market activity:

If the stock was around $55 per share before the recent positive news, the jump to $190 per share represented a gain of approximately 245%. The year-to-date gain for shares was approximately 229% as of December 5, 2025.

Finance: draft 13-week cash view by Friday.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Channels

You're looking at the channels Praxis Precision Medicines, Inc. (PRAX) uses to get its potential therapies from the lab bench to the patient, which is a multi-stage process involving clinical sites, regulators, and eventually, commercial partners or direct distribution. Right now, the channels are heavily weighted toward clinical execution and regulatory navigation, supported by significant recent financing.

For patient recruitment and drug delivery in clinical trials, Praxis Precision Medicines, Inc. relies on established clinical trial sites and networks. The interest in their essential tremor program, ulixacaltamide, shows the scale of this channel: since starting recruitment in November $\text{2023}$, over $\mathbf{100,000}$ patients have demonstrated interest in participating in the Essential3 program. The company has completed enrollment for both Phase 3 studies in this program. For their relutrigine program in rare epilepsies, the EMBOLD registrational cohort 2 continues to enroll well, with topline results expected no later than the first half of $\text{2026}$.

The regulatory pathway channel is currently centered on the Food and Drug Administration (FDA) for their lead asset. Praxis Precision Medicines, Inc. successfully completed its pre-NDA meeting with the FDA for ulixacaltamide in essential tremor in December $\text{2025}$, gaining alignment on the NDA content. This positions Praxis Precision Medicines, Inc. to complete its first NDA submission in early $\mathbf{2026}$. For relutrigine, the FDA has agreed that a positive interim analysis of the EMBOLD study may support an NDA submission in early $\mathbf{2026}$. While the EMA (European Medicines Agency) pathway is always a parallel consideration, the immediate focus is on securing FDA approval, which is critical given the $\mathbf{\$389.2 million}$ in cash and securities held as of September $\text{30, 2025}$, which, combined with a recent $\mathbf{\$567.0 million}$ offering, extends the runway into $\text{2028}$.

Here's a quick look at the channel progress for the key late-stage assets:

The channel for commercial drug sales is in the planning stages, as Praxis Precision Medicines, Inc. is still clinical-stage, reporting a net loss of $\mathbf{\$73.9 million}$ for Q3 $\text{2025}$. The company anticipates having $\mathbf{four}$ commercial assets by $\text{2028}$. For future specialty pharmacies and distributors, Praxis Precision Medicines, Inc. has a precedent through its collaboration with UCB Biopharma SRL, where UCB exercised its option to in-license global development and commercialization rights for a KCNT1 small molecule candidate. This suggests a preference for leveraging established commercial infrastructure through partnerships rather than building a sales force from scratch immediately, especially as R&D expenses rose to $\mathbf{\$65.8 million}$ in Q3 $\text{2025}$.

Dissemination of clinical data through scientific publications and medical conferences is a key channel for establishing scientific credibility. Praxis Precision Medicines, Inc. is scheduled to present the latest preclinical and clinical advancements across its epilepsy portfolio at the $\text{2025}$ American Epilepsy Society (AES) Annual Meeting in November $\text{2025}$. Furthermore, the positive results from the vormatrigine RADIANT study showed a $\mathbf{56.3\%}$ median reduction in seizure frequency from baseline over $\text{8}$ weeks in FOS patients.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Customer Segments

You're looking at the core groups Praxis Precision Medicines, Inc. (PRAX) targets with its pipeline as of late 2025. The strategy clearly hinges on high-need, often underserved neurological patient populations, which is typical for a company translating genetic insights into precision therapies.

Patients with Essential Tremor (ET), a large market of estimated seven million in the U.S.

This is the most immediate commercial focus, given the successful Phase 3 results for ulixacaltamide. The sheer size of the population needing better options drives the commercial thesis. Honestly, the current treatment landscape leaves a massive gap for a targeted therapy.

The market reality for ET patients is stark:

• Approximately seven million people in the U.S. live with essential tremor.
• Up to 77% of these patients feel their essential tremor is inadequately controlled.
• Roughly 50% of the patient population is not receiving any treatment at all.
• A minimum of 2 million patients are estimated to be actively seeking treatment alternatives.

The potential commercial opportunity is significant, with low-end sales estimates for ulixacaltamide projected in the mid-to-high single digit billions of dollars.

Patients with rare Developmental and Epileptic Encephalopathies (DEEs).

This segment represents the rare disease focus, leveraging the Solidus ASO platform and relutrigine development. These patients often have severe, genetically-defined conditions where current standards of care are highly inadequate. Praxis is advancing several specific genetic targets here.

The patient populations targeted within the DEE space include those with:

• SCN2A DEE
• SCN8A DEE
• Dravet Syndrome (for relutrigine)
• PCDH19 DEE (targeted by PRAX-080)
• SYNGAP1 DEE (targeted by PRAX-090)

For context on common epilepsies, which is a related but distinct segment for vormatrigine, an estimated 3.5 million people in the U.S. suffer from these conditions.

Neurologists and movement disorder specialists.

These clinicians are the gatekeepers for prescribing ulixacaltamide and the epilepsy/DEE treatments. Their prescribing behavior is influenced by the efficacy and tolerability profile of the new agents versus older, off-label options like propranolol. Survey data shows a clear need from their perspective:

Here's the quick math on what specialists see:

These specialists are critical for driving adoption, especially if Praxis's data shows superior daily functioning improvements compared to existing therapies.

Payers and government health programs (future post-approval).

While not an immediate revenue source for pre-approval assets, payers become a primary customer segment upon product launch. They control formulary access and reimbursement rates. The company's strong liquidity, with pro forma cash and investments of approximately $956 million as of November 2025, is intended to fund operations into 2028, covering the period leading up to and through initial commercialization and payer negotiations.

The value proposition for payers will center on the cost-effectiveness of a targeted therapy that potentially reduces the burden of inadequately controlled disease, which currently affects millions. The Rare Pediatric Disease Designation (RPDD) for relutrigine also provides a potential incentive via priority review vouchers.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Cost Structure

You're looking at the cost side of Praxis Precision Medicines, Inc. (PRAX) as they push several key assets toward potential market entry. For a clinical-stage biopharma, the cost structure is almost entirely driven by research and development, so you'll see those numbers dominate the P&L.

The dominant R&D expenses are the biggest line item you need to watch. For the three months ended September 30, 2025, Research and development expenses hit $65.8 million. This was a significant jump from the $41.9 million reported in the same period of 2024. Honestly, this acceleration reflects the intensity required to run late-stage trials and advance their proprietary platforms, Cerebrum™ and Solidus™.

General and administrative (G&A) costs are a smaller, but still important, component of the burn rate. For Q3 2025, General and administrative expenses were $12.6 million. That's actually a slight improvement from the $15.3 million seen in Q3 2024, primarily due to a decrease of approximately $2.6 million in personnel-related costs. Still, the overall quarterly net loss for Q3 2025 widened to $73.9 million, largely because of that R&D spend.

The clinical trial costs are embedded within that R&D figure, but the activity level is high, which is what you'd expect given the late-stage pipeline. You're funding the final pushes for several programs, which means significant site activation, patient monitoring, and data analysis costs. Here's the quick math on where the focus is:

Beyond the current clinical spend, you must factor in the costs associated with preparing for a potential first commercial launch. While specific manufacturing scale-up and pre-commercialization activities aren't broken out in the Q3 2025 report, they are the next major cost center once an NDA is accepted. The company secured significant capital to cover this transition, reporting pro forma cash and investments of approximately $956 million following the October 2025 public offering, which brought in net proceeds of about $567.0 million. This funding is explicitly intended to support multiple late-stage readouts and potential launch preparation, extending the runway into 2028.

The key cost drivers you should be tracking closely are:

• Increase in spending related to the Cerebrum™ platform, which saw an increase of $21.7 million in R&D year-over-year for Q3 2025.
• Personnel-related costs, which are a major component of both R&D and G&A, though G&A personnel costs decreased year-over-year in Q3 2025.
• Costs associated with the Solidus™ platform, which also saw an increase in R&D spend.
• The wind-down of research service obligations under the UCB Option and License Agreement, which reduced a prior cost base.

Finance: draft 13-week cash view by Friday.

Praxis Precision Medicines, Inc. (PRAX) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Praxis Precision Medicines, Inc. (PRAX) as of late 2025, and honestly, it's what you'd expect from a clinical-stage biotech heavily invested in R&D. The current revenue picture is thin, built almost entirely on past or ongoing collaborations, not product sales yet. That's the trade-off when you're pushing novel therapies through late-stage trials.

Here's a quick look at the most recent, hard numbers we have for the revenue streams:

The current revenue recognition is minimal, reporting $0 in Q3 2025. This drop from $0.3 million in Q3 2024 is directly tied to a major strategic shift in the UCB agreement; UCB exercised its option to in-license the KCNT1 small molecule candidate in December 2024, which eliminated Praxis Precision Medicines' further research service obligations under that specific agreement. So, that stream dried up, which is a sign of progress in the partnership, not a failure.

For the Trailing Twelve Month (TTM) period ending September 30, 2025, Praxis Precision Medicines reported TTM revenue of approximately $7.46 million. That TTM figure reflects revenue recognized over the preceding four quarters, which would include any remaining or prior collaboration activity before the UCB option exercise fully took effect.

The significant future upside in the revenue stream comes from contingent payments. You're looking at potential future milestone and royalty payments from the UCB licensing agreement. Under the original terms, Praxis Precision Medicines is eligible for development and commercial milestone payments totaling up to approximately $100 million, which stacks on top of tiered royalties based on net sales of any resulting products. Remember, UCB exercised its option in December 2024, moving this program forward.

The other major, but still speculative, revenue component involves product sales. This is where the pipeline candidates come in. You have the potential for future product sales of ulixacaltamide, which just completed its first-ever successful Phase 3 program in essential tremor, positioning for a New Drug Application (NDA) submission in Q4 2025. Then there's relutrigine (PRAX-562) in development for developmental and epileptic encephalopathies (DEEs). Actual product sales revenue, however, is not expected until post-2026, assuming successful regulatory approvals.

The current revenue sources can be summarized by what they represent strategically:

• Minimal collaboration revenue, reporting $0 in Q3 2025.
• Trailing Twelve Month (TTM) revenue of approximately $7.46 million (as of Sep 30, 2025).
• Future milestone and royalty payments from the UCB licensing agreement.
• Potential future product sales of ulixacaltamide and relutrigine post-2026.

Finance: draft 13-week cash view by Friday.