Praxis Precision Medicines (PRAX) Plunges as Vormatrigine Misses Primary Endpoint in Phase 2/3 Epilepsy Trial

Praxis Precision Medicines (PRAX) shares fell sharply on June 2, 2026, after its Phase 2/3 POWER1 trial of vormatrigine for focal onset seizures failed to meet the primary endpoint. The drug did not demonstrate a statistically significant reduction in seizure frequency compared to placebo in patients with drug-resistant epilepsy. The study’s failure casts doubt on a key pipeline asset. Vormatrigine, a selective sodium channel blocker, was being developed to treat focal onset seizures uncontrolled by existing therapies. Detailed findings will be disclosed at a future medical conference. Following the announcement, Praxis stock dropped significantly in early trading. The company has scheduled a conference call to discuss the results and its impact on development strategy.