Insider filing report for Changes in Beneficial Ownership

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  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13G/A

 

Under the Securities Exchange Act of 1934

(Amendment No. 2)*

 

Praxis Precision Medicines, Inc.

(Name of Issuer)

 

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

 

74006W207

(CUSIP Number)

 

September 30, 2024

(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)
x Rule 13d-1(c)
¨ Rule 13d-1(d)

 

*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

 

CUSIP No. 74006W207Page 2 of 14

 

 

1.

Names of Reporting Persons

Venrock Healthcare Capital Partners III, L.P.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

PN

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of immed iately exercisable warrants (“Warrants”) held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

CUSIP No. 74006W207Page 3 of 14

 

 

1.

Names of Reporting Persons

VHCP Co-Investment Holdings III, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

OO

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

 

CUSIP No. 74006W207Page 4 of 14

 

 

1.

Names of Reporting Persons

Venrock Healthcare Capital Partners EG, L.P.

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

PN

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

CUSIP No. 74006W207Page 5 of 14

 

 

1.

Names of Reporting Persons

VHCP Management III, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

OO

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

CUSIP No. 74006W207Page 6 of 14

 

 

1.

Names of Reporting Persons

VHCP Management EG, LLC

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

OO

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

CUSIP No. 74006W207Page 7 of 14

 

 

1.

Names of Reporting Persons

Shah, Nimish

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

IN

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

CUSIP No. 74006W207Page 8 of 14

 

 

1.

Names of Reporting Persons

Koh, Bong

2.

Check the Appropriate Box if a Member of a Group (See Instructions)

(a) x (1)  (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

6.

Shared Voting Power

906,486 (2)

7.

Sole Dispositive Power

0

8.

Shared Dispositive Power

906,486 (2)

9.

Aggregate Amount Beneficially Owned by Each Reporting Person

906,486 (2)

10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)    ¨
11.

Percent of Class Represented by Amount in Row (9)

5.0% (3)

12.

Type of Reporting Person (See Instructions)

IN

 

(1)Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G/A.

 

(2)Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P.

 

(3)This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 2 above.

 

 

CUSIP No. 74006W207Page 9 of 14

 

 

Introductory Note:  This Schedule 13G/A is filed on behalf of Venrock Healthcare Capital Partners III, L.P., a limited partnership organized under the laws of the State of Delaware (“VHCP III LP”), VHCP Co-Investment Holdings III, LLC, a limited liability company organized under the laws of the State of Delaware (“VHCP Co-Investment III”), Venrock Healthcare Capital Partners EG, L.P., a limited partnership organized under the laws of the State of Delaware (“VHCP EG”), VHCP Management III, LLC, a limited liability company organized under the laws of the State of Delaware (“VHCP Management III”), VHCP Management EG, LLC, a limited liability company organized under the laws of the State of Delaware (“VHCP Management EG” and collectively with VHCP III LP, VHCP Co-Investment III, VHCP EG and VHCP Management III, the “Venrock Entities”), Nimish Shah (“Shah”) and Bong Koh (“Koh”) in respect of the Common Stock of Praxis Precision Medicines, Inc.

 

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
    Venrock Healthcare Capital Partners III, L.P.
    VHCP Co-Investment Holdings III, LLC
    Venrock Healthcare Capital Partners EG, L.P.
    VHCP Management III, LLC
    VHCP Management EG, LLC
    Nimish Shah Bong Koh

 

  (b) Address of Principal Business Office or, if none, Residence
     
    New York Office: Palo Alto Office:
       
    7 Bryant Park 3340 Hillview Avenue
    23rd Floor Palo Alto, CA 94304
    New York, NY 10018  

 

  (c) Citizenship
     
    All of the Venrock Entities were organized in Delaware. The individuals are both United States citizens.

 

  (d) Title of Class of Securities
     
    Common Stock, par value $0.0001 per share

 

  (e) CUSIP Number
     
    74006W207

 

 

CUSIP No. 74006W207Page 10 of 14

 

 

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:
  Not applicable

 

Item 4. Ownership

 

(a) Amount beneficially owned as of September 30, 2024:

 

Venrock Healthcare Capital Partners III, L.P.   906,486(1)
VHCP Co-Investment Holdings III, LLC   906,486(1)
Venrock Healthcare Capital Partners EG, L.P.   906,486(1)
VHCP Management III, LLC   906,486(1)
VHCP Management EG, LLC   906,486(1)
Nimish Shah   906,486(1)
Bong Koh   906,486(1)

 

(b) Percent of class as of September 30, 2024:

 

Venrock Healthcare Capital Partners III, L.P.   5.0%(2)
VHCP Co-Investment Holdings III, LLC   5.0%(2)
Venrock Healthcare Capital Partners EG, L.P.   5.0%(2)
VHCP Management III, LLC   5.0%(2)
VHCP Management EG, LLC   5.0%(2)
Nimish Shah   5.0%(2)
Bong Koh   5.0%(2)

 

(c) Number of shares as to which the person has, as of September 30, 2024:

 

(i) Sole power to vote or to direct the vote:

 

Venrock Healthcare Capital Partners III, L.P.   0 
VHCP Co-Investment Holdings III, LLC   0 
Venrock Healthcare Capital Partners EG, L.P.   0 
VHCP Management III, LLC   0 
VHCP Management EG, LLC   0 
Nimish Shah   0 
Bong Koh   0 

 

 

CUSIP No. 74006W207Page 11 of 14

 

 

(ii) Shared power to vote or to direct the vote:

 

Venrock Healthcare Capital Partners III, L.P.   906,486(1)
VHCP Co-Investment Holdings III, LLC   906,486(1)
Venrock Healthcare Capital Partners EG, L.P.   906,486(1)
VHCP Management III, LLC   906,486(1)
VHCP Management EG, LLC   906,486(1)
Nimish Shah   906,486(1)
Bong Koh   906,486(1)

 

(iii) Sole power to dispose or to direct the disposition of:

 

Venrock Healthcare Capital Partners III, L.P.   0 
VHCP Co-Investment Holdings III, LLC   0 
Venrock Healthcare Capital Partners EG, L.P.   0 
VHCP Management III, LLC   0 
VHCP Management EG, LLC   0 
Nimish Shah   0 
Bong Koh   0 

 

(iv) Shared power to dispose or to direct the disposition of:

 

Venrock Healthcare Capital Partners III, L.P.   906,486(1)
VHCP Co-Investment Holdings III, LLC   906,486(1)
Venrock Healthcare Capital Partners EG, L.P.   906,486(1)
VHCP Management III, LLC   906,486(1)
VHCP Management EG, LLC   906,486(1)
Nimish Shah   906,486(1)
Bong Koh   906,486(1)

 

  (1) Consists of (i) 185,644 shares and 52,670 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners III, L.P.; (ii) 18,571 shares and 5,270 shares issuable upon the exercise of Warrants held by VHCP Co-Investment Holdings III, LLC; and (iii) 501,916 shares and 142,415 shares issuable upon the exercise of Warrants held by Venrock Healthcare Capital Partners EG, L.P. VHCP Management III, LLC is the general partner of Venrock Healthcare Capital Partners III, L.P. and the manager of VHCP Co-Investment Holdings III, LLC. VHCP Management EG, LLC is the general partner of Venrock Healthcare Capital Partners EG, L.P. Messrs. Shah and Koh are the voting members of VHCP Management III, LLC and VHCP Management EG, LLC.
   
  (2) This percentage is calculated based upon the sum of (i) 17,757,069 shares of Common Stock outstanding as of August 9, 2024 as disclosed in the Issuer’s Quarterly Report on Form 10-Q filed with the SEC on August 13, 2024 and (ii) 200,355 shares issuable upon the exercise of the Warrants described in Footnote 1 above. 

 

 

CUSIP No. 74006W207Page 12 of 14

 

 

Item 5. Ownership of Five Percent or Less of a Class
  If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following   ¨

 

Item 6. Ownership of More than Five 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. Certification
  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 such purpose or effect.

 

 

CUSIP No. 74006W207Page 13 of 14

 

 

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.

 

Dated: November 14, 2024

 

Venrock Healthcare Capital Partners III, L.P.   Venrock Healthcare Capital Partners EG, L.P.
         
By: VHCP Management III, LLC   By: VHCP Management EG, LLC
Its: General Partner   Its: General Partner
         
By: /s/ Sherman G. Souther   By: /s/ Sherman G. Souther
  Name: Sherman G. Souther     Name: Sherman G. Souther
  Its: Authorized Signatory     Its: Authorized Signatory
         
VHCP Co-Investment Holdings III, LLC      
         
By: VHCP Management III, LLC      
Its: Manager      
         
By: /s/ Sherman G. Souther      
  Name: Sherman G. Souther      
  Its: Authorized Signatory      
         
VHCP Management III, LLC   VHCP Management EG, LLC
         
 By: /s/ Sherman G. Souther    By: /s/ Sherman G. Souther
  Name: Sherman G. Souther     Name: Sherman G. Souther
  Its: Authorized Signatory     Its: Authorized Signatory
         
Nimish Shah      
         
/s/ Sherman G. Souther      
Sherman G. Souther, Attorney-in-fact    
         
Bong Koh      
         
/s/ Sherman G. Souther      
Sherman G. Souther, Attorney-in-fact  

 

 

CUSIP No. 74006W207Page 14 of 14

 

 

EXHIBITS

 

A:Joint Filing Agreement (incorporated by reference to Exhibit A to Schedule 13G filed on June 30, 2023)

 

B:Power of Attorney for Nimish Shah (incorporated by reference to Exhibit B to Schedule 13G filed June 30, 2023)

 

C:Power of Attorney for Bong Koh (incorporated by reference to Exhibit C to Schedule 13G filed on June 30, 2023)