Edgewise reports loss as it continues trials

BOULDER — Edgewise Therapeutics Inc. (Nasdaq: EWTX), a Boulder-based muscle disease biopharmaceutical company, has reported a net loss for the fourth quarter of 2023, which ended Dec. 31, 2023.

The company reported a net loss of $30.1 million, or 47 cents per share, compared with a loss of $25.7 million or 41 cents per share for the third quarter.

Cash and cash equivalents totalled approximately $318.4 million as of Dec. 31, which do not include $231.8 million in net proceeds received in January from an underwritten offering, the company report said. The company offered 21,818,182 shares of its common stock at a price of $11 per share during that offering. 

Research and development expenses were $27.7 million for the fourth quarter, up a bit from the $23.8 million of the third quarter. The increase was driven by an increase in clinical trial expenses and an increase related to the formulation, manufacture and clinical supply of drug product candidates.

“In 2023, we made tremendous progress advancing our novel muscle-targeted therapeutics in the clinic,” Kevin Koch, president and CEO, said in a written statement. “Most recently, we completed a successful financing enabling us to fully execute on our near and long-term goals including potential U.S. commercial launch of EDG-5506 in Becker (muscular dystrophy), completion of a Phase 3 trial with EDG-5506 in Duchenne (muscular dystrophy), completion of Phase 2 trials of EDG-7500 in obstructive and non-obstructive HCM and the advancement of our ongoing research and development programs.”

on Facebook on LinkedIn