Sep. 17 at 12:05 PM
Piper Sandler reit'd
$PRAX OW-
$270:
Following vormatrigine's impressive Ph2 RADIANT FOS data, we had the opportunity to catch up with a leading epilepsy expert who treats ~1.5K epilepsy patients (~70% FOS).
On the call, the doc highlighted the particular high unmet needs in FOS where ~1/3 of the total population (~3.4M US patients) are resistant to current treatment (he ideally wants next-generation agents providing benefit to comorbidities).
Thus, while understanding limitations of open-label RADIANT, our KOL was altogether impressed by the results and looks forward to
$PRAX's Ph2/3 POWER program with 12-week POWER1 in 4Q25.
Ultimately, the bogey is to show consistent efficacy vs cenobamate. Therefore, the doc will focus on the more stringent endpoint of seizure freedom where he wants to see a response rate of ΔΔ10% as the bogey (any benefit in cenobamate non-responders would also be a win). Therefore, we remain bullish on
$PRAX and see substantial upside into a catalyst-rich ~year.
$RAPP