$EWTX
Edgewise Therapeutics, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022008235 Filed on May 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.702M $1.500M
YoY Change 146.8% 433.81%
% of Gross Profit
Research & Development $11.12M $5.360M
YoY Change 107.54% 80.65%
% of Gross Profit
Depreciation & Amortization $83.00K $79.00K
YoY Change 5.06% 97.5%
% of Gross Profit
Operating Expenses $14.83M $6.857M
YoY Change 116.22% 111.11%
Operating Profit -$14.83M -$6.857M
YoY Change 116.22% 111.11%
Interest Expense $166.0K $40.00K
YoY Change 315.0% -36.51%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.66M -$6.820M
YoY Change 114.96% 114.13%
Income Tax
% Of Pretax Income
Net Earnings -$14.66M -$6.815M
YoY Change 115.11% 113.97%
Net Earnings / Revenue
Basic Earnings Per Share -$0.30 -$4.37
Diluted Earnings Per Share -$0.30 -$4.37
COMMON SHARES
Basic Shares Outstanding 49.54M 1.560M
Diluted Shares Outstanding 49.54M 1.560M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.8M $309.9M
YoY Change -14.21%
Cash & Equivalents $34.45M $221.0M
Short-Term Investments $231.4M $88.84M
Other Short-Term Assets $2.784M $700.0K
YoY Change 297.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $268.6M $310.5M
YoY Change -13.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.439M $499.0K
YoY Change 188.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $559.0K $201.0K
YoY Change 178.11%
Total Long-Term Assets $4.128M $700.0K
YoY Change 489.71%
TOTAL ASSETS
Total Short-Term Assets $268.6M $310.5M
Total Long-Term Assets $4.128M $700.0K
Total Assets $272.7M $311.2M
YoY Change -12.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.340M $1.621M
YoY Change 229.43%
Accrued Expenses $3.318M $2.558M
YoY Change 29.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.00M $4.851M
YoY Change 106.23%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $187.0K
YoY Change
Total Long-Term Liabilities $187.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.00M $4.851M
Total Long-Term Liabilities $187.0K $0.00
Total Liabilities $12.39M $4.900M
YoY Change 152.84%
SHAREHOLDERS EQUITY
Retained Earnings -$91.60M -$41.00M
YoY Change 123.41%
Common Stock $5.000K $5.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $260.4M $306.4M
YoY Change
Total Liabilities & Shareholders Equity $272.7M $311.2M
YoY Change -12.37%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$14.66M -$6.815M
YoY Change 115.11% 113.97%
Depreciation, Depletion And Amortization $83.00K $79.00K
YoY Change 5.06% 97.5%
Cash From Operating Activities -$12.57M -$6.057M
YoY Change 107.56% 121.14%
INVESTING ACTIVITIES
Capital Expenditures $369.0K $62.00K
YoY Change 495.16% 588.89%
Acquisitions
YoY Change
Other Investing Activities $31.76M -$64.71M
YoY Change -149.07%
Cash From Investing Activities $31.39M -$64.77M
YoY Change -148.46% 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 73.00K 187.0M
YoY Change -99.96%
NET CHANGE
Cash From Operating Activities -12.57M -6.057M
Cash From Investing Activities 31.39M -64.77M
Cash From Financing Activities 73.00K 187.0M
Net Change In Cash 18.89M 116.1M
YoY Change -83.73% -4325.62%
FREE CASH FLOW
Cash From Operating Activities -$12.57M -$6.057M
Capital Expenditures $369.0K $62.00K
Free Cash Flow -$12.94M -$6.119M
YoY Change 111.49% 122.67%

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<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-line:underline;text-decoration-style:solid;">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-line:underline;text-decoration-style:solid;">Initial Public Offering</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. </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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">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. 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 well as the spread, severity and potential resurgence of COVID-19, the impact of new COVID-19 variants, and vaccination deployment efforts. 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:18pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></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-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 0pt 36pt;">The Company has an accumulated deficit of $91.6 million and cash, cash equivalents and marketable securities of $265.8 million as of March 31, 2022. 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. On April 1, 2022, the Company filed: (i) a shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission (SEC) that became effective on May 5, 2022 and allows us to undertake various equity and debt offerings up to $400,000,000; and (ii) a prospectus supplement to the shelf registration statement that covers the offering, issuance and sale of up to $125 million of our common stock from time to time through an “at-the-market” program under the Securities Act of 1933, as amended (Securities Act).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 0pt 36pt;">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. The issuance of additional equity or debt securities will likely result in substantial dilution to the Company’s stockholders. Should additional capital not be available to the Company in the near term, or not be available on acceptable terms, the Company may be unable to realize value from the Company’s assets or discharge liabilities in the normal course of business, which may, among other alternatives, cause the Company to delay, substantially reduce, or discontinue operational activities to conserve cash balances, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></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 $265.8 million of cash, cash equivalents and marketable securities on hand as of March 31, 2022 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>
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022Q1 ewtx Cash Cash Equivalents And Marketable Securities
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CY2022Q1 ewtx Cash Cash Equivalents And Marketable Securities
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CY2022Q1 us-gaap Number Of Operating Segments
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Use Of Estimates
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<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-line:underline;text-decoration-style:solid;">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>
CY2022Q1 us-gaap Concentration Risk Credit Risk
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CY2022Q1 us-gaap Depreciation
Depreciation
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CY2021Q1 us-gaap Depreciation
Depreciation
79000
CY2021Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022Q1 us-gaap Unrecognized Tax Benefits
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CY2022Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
186400000
CY2022Q1 ewtx Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
46900000
CY2022Q1 ewtx Shares Authorized Total
SharesAuthorizedTotal
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CY2022Q1 us-gaap Common Stock Shares Authorized
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CY2022Q1 us-gaap Preferred Stock Shares Authorized
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CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q1 ewtx Number Of Votes Per Share
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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468000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3301000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2022Q1 ewtx Operating Lease Tenant Improvement Receivable
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CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-14660000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-6815000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1559868
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.37
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9089966
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
42533826
CY2022Q1 ewtx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
2445000
CY2021Q4 ewtx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
3470000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
411000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3318000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3881000

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