Edgewise reports Q2, continues to advance drug in trials

BOULDER — Biopharmaceutical company Edgewise Therapeutics (NASDAQ: EWTX) reported Monday that its lead drug is advancing in clinical trials with topline data expected by the end of the year.

The drug, known as EDG-5506, is designed to treat rare muscle disorders.

Edgewise also reported its financial results for the second quarter of 2021. It lost $10.4 million, or 21 cents per share, a 160% increase from the $4 million it lost in the second quarter of 2020. In a statement, the company attributed that to increased research and development costs related to clinical drug trials, as well as higher administrative and labor costs from operating as a public company.

Research and development costs were up 119% from $3.6 million to $7.9 million, and administrative expenses increased from $300,000 to $2.6 million. 

Edgewise ended the quarter with $299 million cash and equivalents on hand. 

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