PRAX - Assuming Coverage & Raising PT to $715 (from $700): Action Packed Year Ahead w/ Multiple Value Drivers

Research evidence excerpt

PRAX - Assuming Coverage & Raising PT to $715 (from $700): Action Packed Year Ahead w/ Multiple Value Drivers

Truist Securities

PRAX Model

Exhibit 1 - PRAX Catalyst Table

Drug MoA Indication Development Stage Catalyst Timing Notes

Relutrigine NaV Modulator SCN2/8A DEE Regulatory PDUFA Date 9/27/2026 Priority Review

Ph3 (EMERALD) Topline

Relutrigine NaV Modulator DEE Phase 3 4Q26

Data

Ulixacaltamide T-type Ca2+ modulator Essential Tremor (ET) Regulatory PDUFA Date 1/29/2027 Standard review (as requested) and no AdCom planned

Phase 3 (POWER1) Topline

Vormatrigine NaV Modulator Focal Onset Seizures Phase 3 2Q26

Phase 3 (POWER2)

Vormatrigine NaV Modulator Focal Onset Seizures Phase 3 (POWER2) 2H26 POWER2 = adjunctive

Enrollment

Phase 3 (POWER2) Topline

Vormatrigine NaV Modulator Focal Onset Seizures Phase 3 (POWER2) 2027 POWER2 = adjunctive

Phase 3 (POWER3)

Vormatrigine NaV Modulator Focal Onset Seizures Phase 3 (POWER3) 1H26 POWER3 = monotherapy

Initiation

positive Ph 1/2 data 4/6/26; FDA alignment on EMBRAVE3 to

Elsunersen Gapmer ASO Early Onset SCN2A DEE Phase 3 Phase 3 Topline Data 2027

remove sham control arm; licensed from Ionis

PRAX-020 KCNT1 inhibitor KCNT1 Epilepsy Preclinical IND-enabling Ongoing

PRAX-080 Gapmer ASO PCDH19 Preclinical IND-enabling Ongoing

PRAX-090 splice switcher ASO SYNGAP1 LoE DEE Preclinical IND-enabling Ongoing

PRAX-100 ASO SCN2A LoF Autism Preclinical IND-enabling Ongoing

PRAX-050 - (small molecule) Movement Disorders Preclinical IND-enabling Ongoing

Source: Company Reports

Exhibit 2 - PRAX Income Statement

Income Statement ($MM) 2021A 2022A 2023A 2024A 1Q25A 2Q25A 3Q25A 4Q25A 2025A 1Q26A 2Q26E 3Q26E 4Q26E 2026E 1Q27E 2Q27E 3Q27E 4Q27E 2027E 2028E 2029E 2030E 2031E 2032E 2033E 2034E 2035E

Product Revenue