Edgewise’s R&D costs rise as drug candidates proceed through trials

BOULDER — Clinical-stage, pre-revenue pharmaceutical company Edgewise Therapeutics Inc. (Nasdaq: EWTX), which markets itself as a developer of “orally bioavailable, targeted, small molecule therapies for the treatment of devastating muscle disorders,” posted higher year-over-year expenses and losses in the third quarter as its drug candidates move through the development pipeline. 

Research and development expenses were $23.8 million for the third quarter of 2023, up from $13.9 million in the third quarter of last year.

Net loss for the most recently period was $25.7 million, up from a loss of $17.4 million loss for the third quarter of 2022

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EDG-5506, Edgewise’s flagship drug, is an oral drug designed to treat Becker Muscular Dystrophy and Duchenne Muscular Dystrophy, which affect the muscles of the hips, pelvic area, thighs, shoulders and heart. 

“I’m thrilled with the progress we’ve made in 2023 across our skeletal and cardiovascular programs,” said Kevin Koch, Ph.D., president and CEO of Edgewise. “Most recently, we started enrolling individuals in two important studies: Grand Canyon, a global pivotal study of EDG-5506 in Becker, a disorder with no approved treatments and a Phase 1 trial of EDG-7500, our novel sarcomere modulator for HCM. The team also initiated Fox, the Phase 2 trial of EDG-5506 in boys with Duchenne who have received gene therapy, and continues to rapidly enroll the Phase 2 LYNX trial in Duchenne.”