$EWTX
Edgewise Therapeutics, Inc.

2021 Q1 Form 10-Q Financial Statement

#000155837021007088 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.500M $281.0K
YoY Change 433.81%
% of Gross Profit
Research & Development $5.360M $2.967M
YoY Change 80.65%
% of Gross Profit
Depreciation & Amortization $79.00K $40.00K
YoY Change 97.5%
% of Gross Profit
Operating Expenses $6.857M $3.248M
YoY Change 111.11%
Operating Profit -$6.857M -$3.248M
YoY Change 111.11%
Interest Expense $40.00K $63.00K
YoY Change -36.51%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.820M -$3.185M
YoY Change 114.13%
Income Tax
% Of Pretax Income
Net Earnings -$6.815M -$3.185M
YoY Change 113.97%
Net Earnings / Revenue
Basic Earnings Per Share -$4.37
Diluted Earnings Per Share -$4.37 -$66.96K
COMMON SHARES
Basic Shares Outstanding 1.560M
Diluted Shares Outstanding 1.560M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $309.9M
YoY Change
Cash & Equivalents $221.0M $20.91M
Short-Term Investments $88.84M
Other Short-Term Assets $700.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $310.5M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $499.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $201.0K
YoY Change
Total Long-Term Assets $700.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $310.5M
Total Long-Term Assets $700.0K
Total Assets $311.2M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.621M
YoY Change
Accrued Expenses $2.558M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.851M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.851M
Total Long-Term Liabilities $0.00
Total Liabilities $4.900M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$41.00M
YoY Change
Common Stock $5.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $306.4M -$19.98M
YoY Change
Total Liabilities & Shareholders Equity $311.2M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$6.815M -$3.185M
YoY Change 113.97%
Depreciation, Depletion And Amortization $79.00K $40.00K
YoY Change 97.5%
Cash From Operating Activities -$6.057M -$2.739M
YoY Change 121.14%
INVESTING ACTIVITIES
Capital Expenditures $62.00K $9.000K
YoY Change 588.89%
Acquisitions
YoY Change
Other Investing Activities -$64.71M $0.00
YoY Change
Cash From Investing Activities -$64.77M -$9.000K
YoY Change 719600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 187.0M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -6.057M -2.739M
Cash From Investing Activities -64.77M -9.000K
Cash From Financing Activities 187.0M 0.000
Net Change In Cash 116.1M -2.748M
YoY Change -4325.62%
FREE CASH FLOW
Cash From Operating Activities -$6.057M -$2.739M
Capital Expenditures $62.00K $9.000K
Free Cash Flow -$6.119M -$2.748M
YoY Change 122.67%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2021Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2021Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001710072
CY2021Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2021Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2021
CY2021Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2021Q1 dei Amendment Flag
AmendmentFlag
false
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1009479
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
49254311
CY2021Q1 dei Document Type
DocumentType
10-Q
CY2021Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2021Q1 dei Document Period End Date
DocumentPeriodEndDate
2021-03-31
CY2021Q1 dei Document Transition Report
DocumentTransitionReport
false
CY2021Q1 dei Entity File Number
EntityFileNumber
001-40236
CY2021Q1 dei Entity Registrant Name
EntityRegistrantName
Edgewise Therapeutics, Inc.
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2021Q1 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
82-1725586
CY2021Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
3415 Colorado Ave.
CY2021Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
Boulder
CY2021Q1 dei Entity Address State Or Province
EntityAddressStateOrProvince
CO
CY2021Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
80303
CY2021Q1 dei City Area Code
CityAreaCode
303
CY2021Q1 dei Local Phone Number
LocalPhoneNumber
735-8373
CY2021Q1 dei Security12b Title
Security12bTitle
Ordinary Shares, par value $0.0001 per share
CY2021Q1 dei Trading Symbol
TradingSymbol
EWTX
CY2021Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2021Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2021Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2021Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
49254311
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221036000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
104916000
CY2021Q1 us-gaap Marketable Securities
MarketableSecurities
88835000
CY2020Q4 us-gaap Marketable Securities
MarketableSecurities
24178000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
674000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
3248000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6857000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
509000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
551000
CY2021Q1 us-gaap Assets Current
AssetsCurrent
310545000
CY2020Q4 us-gaap Assets Current
AssetsCurrent
129645000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1008000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
946000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
430000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
499000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
516000
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
201000
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
975000
CY2021Q1 us-gaap Assets
Assets
311245000
CY2020Q4 us-gaap Assets
Assets
131136000
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1621000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1580000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
672000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1175000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2558000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1587000
CY2021Q1 us-gaap Liabilities Current
LiabilitiesCurrent
4851000
CY2020Q4 us-gaap Liabilities Current
LiabilitiesCurrent
4342000
CY2020Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
160214000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
200000000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
0
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
88000000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
49254311
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1009479
CY2021Q1 us-gaap Common Stock Value
CommonStockValue
5000
CY2021Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
347405000
CY2020Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
727000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-54000
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-40962000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-34147000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
306394000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-33420000
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
311245000
CY2020Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
131136000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5360000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2967000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1497000
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
281000
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
6857000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3248000
CY2021Q1 us-gaap Interest Income Other
InterestIncomeOther
42000
CY2020Q1 us-gaap Interest Income Other
InterestIncomeOther
63000
CY2021Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
42000
CY2020Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
63000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-6815000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3185000
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-54000
CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6869000
CY2020Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3185000
CY2021Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-4.37
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-7.57
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1559868
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
420482
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-16853000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
15000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
45000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3185000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-19978000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-33420000
CY2021Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
160214000
CY2021Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
186148000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
25000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
296000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-54000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-6815000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
306394000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-6815000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-3185000
CY2021Q1 us-gaap Depreciation
Depreciation
79000
CY2020Q1 us-gaap Depreciation
Depreciation
40000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
296000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
45000
CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
66000
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
41000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-63000
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
458000
CY2021Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-503000
CY2020Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-78000
CY2021Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
1015000
CY2020Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
22000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6057000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2739000
CY2021Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
64711000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
62000
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-64773000
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9000
CY2021Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
187051000
CY2021Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
124000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
23000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
186950000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
116120000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2748000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
104916000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23653000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
221036000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20905000
CY2021Q1 ewtx Receivables For Option Exercises
ReceivablesForOptionExercises
2000
CY2020Q1 ewtx Receivables For Option Exercises
ReceivablesForOptionExercises
15000
CY2021Q1 ewtx Unpaid Initial Public Offering Costs In Accounts Payable
UnpaidInitialPublicOfferingCostsInAccountsPayable
495000
CY2021Q1 ewtx Unpaid Initial Public Offering Costs In Accrued Expenses
UnpaidInitialPublicOfferingCostsInAccruedExpenses
408000
CY2021Q1 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
160214000
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">NOTE 1  DESCRIPTION OF BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;text-decoration:underline;">Organization and Description of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">Edgewise Therapeutics, Inc. (the Company) was incorporated as a Delaware corporation in May 2017, and it is headquartered in Boulder, Colorado. The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative treatments for severe, rare muscle disorders for which there is significant unmet medical need. The Company’s lead product candidate, EDG-5506, is an orally administered small molecule designed to address the root cause of dystrophinopathies including Duchenne muscular dystrophy (DMD) and Becker muscular dystrophy (BMD). The Company is using its proprietary drug discovery platform to develop a pipeline of precision medicine product candidates that target key muscle proteins and modulators to address a broad array of genetically defined muscle disorders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;text-decoration:underline;">Initial Public Offering and Reverse Stock Split</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">On March 30, 2021, the Company completed its initial public offering (IPO) in which it issued and sold 12,650,000 shares of common stock at a price of $16.00 per share, including 1,650,000 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO was $186.1 million after deducting underwriting discounts and commissions of $14.2 million and offering expenses of approximately $2.1 million. In addition, in connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into 35,557,569 shares of common stock. On March 19, 2021, the Company amended its certificate of incorporation to effect a 1-for-<span style="-sec-ix-hidden:Hidden_rVFy9OW0LkOQfFVELSF_BA;"><span style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-align:left;">1.8932</span></span> reverse stock split of its issued and outstanding common and convertible preferred stock. The accompanying financial statements and related notes give retroactive effect to the reverse stock split for all periods presented.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;text-decoration:underline;text-decoration-color:#000000;">Risks and Uncertainties </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 0pt 36pt;">In March 2020, the World Health Organization declared the novel coronavirus disease (COVID-19) outbreak a pandemic. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and operations. Beginning the week of March 16, 2020, the majority of the Company’s workforce began working from home. Disruptions caused by the COVID-19 pandemic, including the effects of the stay-at-home orders and work-from-home policies, have impacted productivity, have resulted in increased operational expenses, certain adjustments to the operations of the Company’s clinical trial, the suspension of enrollment of new patients at the Company’s clinical trial site, and delays in certain supply chain activities and collecting and analyzing data from patients in the Company’s clinical trial, and may further disrupt the business and delay the development programs and regulatory timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trial and other related business activities. The Company is carefully monitoring the pandemic and the potential length and depth of the resulting economic impact on its financial condition and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;text-decoration:underline;">Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">The Company has an accumulated deficit of $41.0 million and, cash, cash equivalents and marketable securities of $309.9 million as of March 31, 2021. The Company’s ability to fund ongoing operations is highly dependent upon raising additional capital through the issuance of equity securities and issuing debt or other financing vehicles. The Company’s ability to secure capital is dependent upon success in developing its technology and product candidates. The Company cannot provide assurance that additional capital will be available on acceptable terms, if at all.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. The Company believes that the $309.9 million of cash, cash equivalents and marketable securities on hand as of March 31, 2021 will be sufficient to fund its operations in the normal course of business and meet its liquidity needs through at least the next 12 months from the issuance of these financial statements.</p>
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-41000000.0
CY2021Q1 ewtx Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
309900000
CY2021Q1 ewtx Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
309900000
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;text-decoration:underline;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p>
CY2021Q1 ewtx Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Two
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughTwo
34100000
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;text-decoration:underline;">Concentrations of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 36pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality. The Company has not experienced any losses on deposits since inception. The Company regularly invests excess cash with major financial institutions in money market funds, corporate debt securities, and commercial paper, all of which can be readily purchased and sold using established markets. The Company believes that the market risk arising from our holdings of these financial instruments is mitigated based on the fact that many of these securities are of high credit rating.</p>
CY2021Q1 us-gaap Depreciation
Depreciation
79000
CY2020Q1 us-gaap Depreciation
Depreciation
40000
CY2020Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
54700000
CY2021Q1 ewtx Shares Authorized Total
SharesAuthorizedTotal
1200000000
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1000000000
CY2021Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
200000000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 ewtx Number Of Votes Per Share
NumberOfVotesPerShare
1
CY2021Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
296000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
45000
CY2021Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
22000
CY2020Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
17000
CY2021Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
35000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-6815000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3185000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1559868
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
420482
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.37
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.57
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42533826
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19808955
CY2021Q1 ewtx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
1590000
CY2020Q4 ewtx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
550000
CY2021Q1 ewtx Accrued Issuance Cost Current
AccruedIssuanceCostCurrent
408000
CY2020Q4 ewtx Accrued Issuance Cost Current
AccruedIssuanceCostCurrent
452000
CY2021Q1 ewtx Accrued License Fees Current
AccruedLicenseFeesCurrent
300000
CY2020Q4 ewtx Accrued License Fees Current
AccruedLicenseFeesCurrent
300000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
260000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
285000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2558000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1587000

Files In Submission

Name View Source Status
0001558370-21-007088-index-headers.html Edgar Link pending
0001558370-21-007088-index.html Edgar Link pending
0001558370-21-007088.txt Edgar Link pending
0001558370-21-007088-xbrl.zip Edgar Link pending
ewt-20210331.xsd Edgar Link pending
ewt-20210331x10q.htm Edgar Link pending
ewt-20210331x10q_htm.xml Edgar Link completed
ewt-20210331xex10d1.htm Edgar Link pending
ewt-20210331xex10d1001.jpg Edgar Link pending
ewt-20210331xex31d1.htm Edgar Link pending
ewt-20210331xex31d2.htm Edgar Link pending
ewt-20210331xex32d1.htm Edgar Link pending
ewt-20210331_cal.xml Edgar Link unprocessable
ewt-20210331_def.xml Edgar Link unprocessable
ewt-20210331_lab.xml Edgar Link unprocessable
ewt-20210331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending