Edgewise Therapeutics’ loss grows as R&D expenses increase

BOULDER — Edgewise Therapeutics Inc. (Nasdaq: EWTX), a Boulder-based biopharmaceutical company that develops therapies for muscle disease, reported a higher net loss for the third quarter.

The pre-revenue company recorded a net loss of $40.7 million, or 39 cents per share, compared with a net loss of $34.1 million, or 36 cents per share, for the same period a year ago.

Edgewise’s balance sheet remains strong, with $563.3 million in cash, cash equivalents and marketable securities, compared with $470.2 million a year ago.

“With a strong balance sheet, we continue to make great progress on our cardiac and skeletal muscle programs,” Kevin Koch, president and CEO of Edgewise, said in a written statement.

Koch said the company is building commercial infrastructure to support a potential launch of sevasemten, a fast-skeletal myosin inhibitor designed to protect against contractions-induced muscle dame in muscular dystrophies. Edgewise also has initiated clinical development of EDG-15400, a new clinical candidate targeting heart failure.

Third-quarter R&D expenditures totaled $37.5 million, compared with $33.6 million a year ago.

Edgewise on Monday named Michael Nofi as its new chief financial officer, replacing R. Michael Carruthers, who is retiring. Nofi joins Edgewise after serving as chief accounting officer at SpringWorks Therapeutics Inc., based in Stamford, Connecticut.

“Mr. Nofi brings extensive financial leadership experience in the biotech sector, with proven expertise driving financial readiness for commercialization, which will be instrumental as we advance our late-stage development programs,” Koch said in a statement. “I also want to extend our sincere gratitude to Mr. Carruthers for his exceptional leadership and many contributions over the past five years, including guiding Edgewise through our successful IPO and subsequent financings. We are deeply appreciative of his support during this transition and wish him all the best in his well-deserved retirement.”

Edgewise’s stock closed Monday at $18.28, up $1.12, or 6.53%.

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