Jan. 23 at 1:07 PM
Piper Sandler reit Best Idea
$PRAX OW/
$450
after🗣️ PRAX mgmt ahead of ulixa's ET/relutrigine's SCN2A/SCN8A DEE NDA submissions
Importantly, we came away confident in potential approvals where mgmt highlighted pristine execution with a focus on efficient processes to maximize success.
Notably, most of our conversation focused on ulixacaltamide's >
$10B ET opportunity where mgmt reiterated significant unmet need with ~50% of dropout patients asking to come back on therapy.
Additionally, mgmt provided commercial preparation tidbits where they expect to target ~13K neurologists with a ~300- person sales team and noted ET patients are easily accessible with typical eurologists seeing ~50-100.
Hence, this sets the stage for a strong ulixacaltamide launch (pending approval) where potential annual pricing ~
$50-75K all but ensures multi-blockbuster success.
Thus, we continue to view PRAX as one of our 2026 best-ideas with 2 NDAs and ~3 key data catalysts expected to drive significant share gains.
