Perceptive discloses 1.99M Praxis (NASDAQ: PRAX) shares in 13G/A

Rhea-AI Filing Summary

Perceptive Advisors LLC and affiliated reporting persons disclosed beneficial ownership of 1,995,986 shares of Praxis Precision Medicines, Inc. common stock, representing 7.2% of the class. The shares are held directly by Perceptive Life Sciences Master Fund, Ltd., with Perceptive Advisors as investment manager and Joseph Edelman as managing member.

The ownership percentage is based on 27,738,892 Praxis common shares outstanding as reported in a Prospectus Supplement filed under Rule 424(b)(5) on January 7, 2026. The reporting persons report shared voting and dispositive power over all 1,995,986 shares and certify the holdings are not for the purpose of changing or influencing control of Praxis.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Praxis Precision Medicines, Inc.

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

74006W207

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 74006W207

1

Names of Reporting Persons

Perceptive Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,995,986.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,995,986.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,995,986.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 74006W207

1

Names of Reporting Persons

Joseph Edelman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,995,986.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,995,986.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,995,986.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

CUSIP No. 74006W207

1

Names of Reporting Persons

Perceptive Life Sciences Master Fund, Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 1,995,986.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 1,995,986.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,995,986.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.2 %

12

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Praxis Precision Medicines, Inc.
(b)	Address of issuer's principal executive offices: 99 High Street, 30th Floor, Boston, MA 02110
Item 2.
(a)	Name of person filing: The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, par value $0.0001 per share (the "Common Stock") of Praxis Precision Medicines, Inc. (the "Issuer") are: (i) Perceptive Advisors LLC ("Perceptive Advisors") (ii) Joseph Edelman ("Mr. Edelman") (iii) Perceptive Life Sciences Master Fund, Ltd. (the "Master Fund")
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 51 Astor Place, 10th Floor, New York, NY 10003
(c)	Citizenship: Perceptive Advisors is a Delaware limited liability company. Mr. Edelman is a United States citizen. The Master Fund is a Cayman Islands corporation.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 74006W207
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 of the cover pages to this Schedule 13G. The ownership percentages reported are based on 27,738,892 shares of Common Stock outstanding as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(5) with the Securities and Exchange Commission on January 7, 2026. The Master Fund directly holds 1,995,986 shares of Common Stock. Perceptive Advisors serves as the investment manager to the Master Fund. Mr. Edelman is the managing member of Perceptive Advisors.
(b)	Percent of class: Perceptive Advisors: 7.2% Mr. Edelman: 7.2% Master Fund: 7.2%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(ii) Shared power to vote or to direct the vote: Perceptive Advisors: 1,995,986 Mr. Edelman: 1,995,986 Master Fund: 1,995,986
	(iii) Sole power to dispose or to direct the disposition of: Perceptive Advisors: 0 Mr. Edelman: 0 Master Fund: 0
	(iv) Shared power to dispose or to direct the disposition of: Perceptive Advisors: 1,995,986 Mr. Edelman: 1,995,986 Master Fund: 1,995,986
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Perceptive Advisors LLC

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

Joseph Edelman

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman
Date:	02/17/2026

Perceptive Life Sciences Master Fund, Ltd.

Signature:	/s/ Joseph Edelman
Name/Title:	Joseph Edelman, Managing Member
Date:	02/17/2026

FAQ

What ownership stake in Praxis Precision Medicines (PRAX) did Perceptive report?

Perceptive Advisors and related reporting persons reported beneficial ownership of 1,995,986 shares of Praxis Precision Medicines common stock, representing 7.2% of the outstanding class, based on 27,738,892 shares outstanding as disclosed in a January 7, 2026 Prospectus Supplement.

Which entities are the reporting persons in this Praxis (PRAX) Schedule 13G/A?

The reporting persons are Perceptive Advisors LLC, Joseph Edelman, and Perceptive Life Sciences Master Fund, Ltd. The Master Fund directly holds the shares, Perceptive Advisors acts as investment manager, and Edelman is the managing member of Perceptive Advisors.

How many Praxis (PRAX) shares does Perceptive have voting and dispositive power over?

Each reporting person reports shared voting power and shared dispositive power over 1,995,986 Praxis common shares, and no sole voting or dispositive power. All three reporting persons list the same aggregate amount and percentage interest in the issuer’s common stock.

What percentage of Praxis (PRAX) does Perceptive’s 1,995,986 shares represent?

The filing states that 1,995,986 Praxis common shares represent 7.2% of the class. This percentage is calculated using 27,738,892 shares outstanding, as reported in Praxis’s Prospectus Supplement filed under Rule 424(b)(5) on January 7, 2026.

Does Perceptive’s Praxis (PRAX) Schedule 13G/A indicate an intent to influence control?

The certification states the securities were not acquired and are not held for the purpose or effect of changing or influencing control of Praxis. It also notes they are not held in connection with any transaction having that purpose, other than specified proxy nomination activities.

What is the relevant event date for Perceptive’s Praxis (PRAX) holdings in this filing?

The filing lists December 31, 2025 as the Date of Event Which Requires Filing. As of that date, the reporting persons collectively reported beneficial ownership of 1,995,986 shares, equal to 7.2% of Praxis Precision Medicines’ outstanding common stock.