Praxis Precision Medicines Inc. (PRAX) saw its shares plummet 5.92% during intraday trading on Thursday, as investors reacted negatively to the company's latest financial results.

The biopharmaceutical firm reported a fourth-quarter loss of $3.50 per share, which missed analyst consensus estimates of a $3.08 loss by 13.67%. The company's net loss widened significantly to $88.9 million, compared to $58.7 million in the same period last year, while operating expenses climbed to $97.044 million.

Research and development costs drove much of the increased spending, with the company investing heavily in its Cerebrum and Solidus platforms. The earnings disappointment comes despite positive regulatory developments, including NDA submissions for two of the company's drug candidates.