$EWTX
Edgewise Therapeutics Inc

2022 Q4 Form 10-Q Financial Statement

#000155837022016149 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.467M $4.368M $3.196M
YoY Change 46.41% 36.67% 689.14%
% of Gross Profit
Research & Development $16.61M $13.89M $9.880M
YoY Change 82.79% 40.63% 205.13%
% of Gross Profit
Depreciation & Amortization $88.00K $100.0K $64.00K
YoY Change 12.82% 56.25% 30.61%
% of Gross Profit
Operating Expenses $22.08M $18.26M $13.08M
YoY Change 72.2% 39.66% 258.93%
Operating Profit -$18.26M -$13.08M
YoY Change 39.66% 258.93%
Interest Expense $2.664M $764.0K $127.0K
YoY Change 2014.29% 501.57% 12600.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$19.42M -$17.50M -$12.95M
YoY Change 52.92% 35.13% 255.55%
Income Tax
% Of Pretax Income
Net Earnings -$19.42M -$17.50M -$12.95M
YoY Change 52.92% 35.13% 255.55%
Net Earnings / Revenue
Basic Earnings Per Share -$0.34 -$0.26
Diluted Earnings Per Share -$0.31 -$0.34 -$262.8K
COMMON SHARES
Basic Shares Outstanding 63.21M 49.80M 49.26M
Diluted Shares Outstanding 51.84M 49.26M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $351.9M $364.8M $290.5M
YoY Change 25.34% 25.59%
Cash & Equivalents $21.99M $109.7M $10.57M
Short-Term Investments $330.0M $255.1M $279.9M
Other Short-Term Assets $5.052M $5.317M $2.758M
YoY Change 69.3% 92.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $357.0M $370.1M $293.2M
YoY Change 25.8% 26.22%
LONG-TERM ASSETS
Property, Plant & Equipment $8.533M $5.428M $911.0K
YoY Change 835.64% 495.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $251.0K $264.0K $295.0K
YoY Change -54.2% -10.51%
Total Long-Term Assets $10.10M $7.014M $1.206M
YoY Change 591.92% 481.59%
TOTAL ASSETS
Total Short-Term Assets $357.0M $370.1M $293.2M
Total Long-Term Assets $10.10M $7.014M $1.206M
Total Assets $367.1M $377.2M $294.4M
YoY Change 28.7% 28.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.105M $5.757M $2.292M
YoY Change 58.86% 151.18%
Accrued Expenses $5.840M $4.626M $4.432M
YoY Change 50.48% 4.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $7.000K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.59M $13.30M $8.754M
YoY Change 57.64% 51.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $59.00K $0.00
YoY Change
Other Long-Term Liabilities $3.800M $2.387M $295.0K
YoY Change 1055.02% 709.15%
Total Long-Term Liabilities $3.800M $2.446M $295.0K
YoY Change 1055.02% 729.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.59M $13.30M $8.754M
Total Long-Term Liabilities $3.800M $2.446M $295.0K
Total Liabilities $20.39M $15.75M $9.049M
YoY Change 87.88% 74.04%
SHAREHOLDERS EQUITY
Retained Earnings -$144.6M -$125.2M -$64.30M
YoY Change 87.89% 94.71%
Common Stock $6.000K $6.000K $5.000K
YoY Change 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $346.7M $361.4M $285.4M
YoY Change
Total Liabilities & Shareholders Equity $367.1M $377.2M $294.4M
YoY Change 28.7% 28.09%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$19.42M -$17.50M -$12.95M
YoY Change 52.92% 35.13% 255.55%
Depreciation, Depletion And Amortization $88.00K $100.0K $64.00K
YoY Change 12.82% 56.25% 30.61%
Cash From Operating Activities -$11.82M -$12.00M -$8.262M
YoY Change 25.49% 45.22% 152.51%
INVESTING ACTIVITIES
Capital Expenditures $3.293M -$1.330M -$451.0K
YoY Change -4268.35% 194.9% 7416.67%
Acquisitions
YoY Change
Other Investing Activities -$72.30M -$24.99M -$31.16M
YoY Change -609.18% -19.79%
Cash From Investing Activities -$75.60M -$26.32M -$31.61M
YoY Change -635.34% -16.73% 526700.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -338.0K 129.7M 37.00K
YoY Change -215.36% 350508.11% -99.85%
NET CHANGE
Cash From Operating Activities -11.82M -12.00M -8.262M
Cash From Investing Activities -75.60M -26.32M -31.61M
Cash From Financing Activities -338.0K 129.7M 37.00K
Net Change In Cash -87.75M 91.41M -39.83M
YoY Change -1856.84% -329.47% -282.19%
FREE CASH FLOW
Cash From Operating Activities -$11.82M -$12.00M -$8.262M
Capital Expenditures $3.293M -$1.330M -$451.0K
Free Cash Flow -$15.11M -$10.67M -$7.811M
YoY Change 61.81% 36.58% 139.16%

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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;"><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 0pt;">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;"><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 0pt;">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;"><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 12pt 0pt;">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. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Board of Directors of the Company discusses with management macro-economic and geopolitical developments, including COVID-19, the Russia-Ukraine conflict and inflation and the impact on the Company’s personnel, cybersecurity and sanctions so that the Company can be prepared to react to new developments as they arise.<span style="font-size:12pt;"> </span>The Board and the management of the Company are carefully monitoring these developments and 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:0pt;margin:0pt;"><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;">The Company has an accumulated deficit of $125.2 million and cash, cash equivalents and marketable securities of $364.8 million as of September 30, 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. The Company filed: (i) on April 1, 2022, 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) on May 5, 2022 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” </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">program under the Securities Act of 1933, as amended (Securities Act). As of September 30, 2022, the Company has not sold any shares under the “at the market” program. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On September 16, 2022, the Company closed an underwritten public offering of 13,372,093 shares of common stock at a public offering price of $10.32 per share (collectively with the underwriters’ option, the “September 2022 Offering”). The underwriters exercised in full their option to purchase 1,744,186 additional shares of common stock. The aggregate gross proceeds from the September 2022 Offering were $138.0 million, and the net proceeds were $129.2 million after deducting underwriting discounts and commissions of $8.3 million and offering expenses of $0.5<span style="white-space:pre-wrap;"> million. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">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 12pt 0pt;">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 $364.8 million of cash, cash equivalents and marketable securities on hand as of September 30, 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>
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us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;"><b style="font-weight:bold;text-decoration-line:underline;text-decoration-style:solid;">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 0pt;">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>
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