PaxMedica is a clinical-stage biopharmaceutical company developing anti-purinergic therapies (APTs) for neurological disorders. APTs work by blocking excess purinergic signaling — overproduction of ATP — which can trigger inflammatory immune responses that drive symptoms in neurological conditions. PaxMedica's lead candidate is PAX-101, an intravenous formulation of suramin, a compound historically used to treat African sleeping sickness. PaxMedica is developing PAX-101 for two purposes: neurological indications (primarily autism spectrum disorder, or ASD) and East African Human African Trypanosomiasis (HAT). PaxMedica's strategy sequences these two targets deliberately — it first seeks FDA approval for PAX-101 in HAT, primarily to earn a Neglected Tropical Disease Priority Review Voucher (PRV), which can be sold to another pharma company for hundreds of millions of dollars. PaxMedica would then use PRV proceeds to fund ASD development, filing for that indication via the 505(b)(2) regulatory pathway, which allows reliance on prior FDA safety and efficacy findings. Beyond PAX-101, PaxMedica is developing PAX-102, an intranasal suramin formulation targeting the CNS, as well as selective APT compounds and emodin (in collaboration with PoloMar Health) for ASD. PaxMedica has no approved products and no revenue, and funds itself through equity and debt financings. Manufacturing is fully outsourced to contract manufacturers.