Edgewise Therapeutics Reports Third Quarter Financial Results and Business Highlights

Edgewise Therapeutics, Inc., a prominent biopharmaceutical company specializing in muscle disease, recently disclosed its financial results for the third quarter ending September 30, 2024. In a press release on November 7, 2024, the company highlighted various advancements in its clinical programs.

The company is making significant progress in its muscular dystrophy program, particularly focusing on Becker Muscular Dystrophy (Becker) and Duchenne Muscular Dystrophy (Duchenne). Edgewise Therapeutics is gearing up to unveil top-line results from the Phase 2 CANYON trial of sevasemten in adults with Becker in December 2024. Additionally, they have been actively engaged in the LYNX and FOX trials of sevasemten for children and adolescents with Duchenne, along with the CIRRUS-HCM trial of EDG-7500 for patients with Hypertrophic Cardiomyopathy (HCM).

In terms of financials, Edgewise reported having approximately $492.5 million in cash, cash equivalents, and marketable securities as of September 30, 2024. The company’s research and development (R&D) expenses for the third quarter totaled $32.2 million, slightly up from the preceding quarter. Similarly, general and administrative (G&A) expenses were $8.2 million during the quarter, reflecting an increase primarily due to personnel-related costs.

Moreover, the company announced notable findings from the Phase 1 trial of EDG-7500, showcasing positive outcomes in both healthy subjects and patients with obstructive HCM. Edgewise shared its commitment to engaging with scientific and patient communities to further its understanding of muscle diseases and cardiac conditions.

Regarding its balance sheet, as of September 30, 2024, Edgewise reported total assets of $511.3 million, with liabilities at $22.4 million, leaving stockholders’ equity at $488.9 million. The Company expressed optimism regarding its ongoing clinical trials and the potential of sevasemten and EDG-7500 in addressing unmet medical needs.

Edgewise Therapeutics continues its dedication to developing innovative treatments for muscular disorders and serious cardiac ailments, aiming to positively impact patients and families affected by these conditions.

Disclaimer: This article contains forward-looking statements associated with risks and uncertainties. Readers are advised to consider the mentioned cautions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Edgewise Therapeutics’s 8K filing here.

Edgewise Therapeutics Company Profile

Edgewise Therapeutics, Inc, a biopharmaceutical company, discovers, develops, and commercializes therapies for the treatment of muscle disorders. Its lead product candidate, EDG-5506, an orally administered small molecule that is in Phase II clinical trials, designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy and Becker muscular dystrophy.