Edgewise Therapeutics more than doubled R&D in 2021

BOULDER — Pharmaceutical company Edgewise Therapeutics Inc. (Nasdaq: EWTX) reported a more than 100% increase in research and development expenses for the 2021 fiscal year, to $32.2 million from $15 million in 2020. 

The increase was mostly attributed to higher costs for the Phase 1 clinical trial of EDG-5506, Edgewise’s candidate for muscular dystrophy treatment. 

Net loss for Edgewise, which is pre-revenue, was $42.8 million, or $1.14 per share, in 2021. The company lost $17.1 million, or $23.17 per share, in 2020. 

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EDG-5506, Edgewise’s leading drug candidate, is designed to be taken orally and treat rare muscle disorders such as Duchenne muscular dystrophy and Becker muscular dystrophy. Those little-known diseases target the muscles of the hips, thighs, shoulders and upper arms, leading to difficulties in rising from the floor, climbing stairs, maintaining balance and raising arms.

The drug is going through Phase 2 clinical trials, which are expected to conclude in June.