$EWTX
Edgewise Therapeutics Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023009268 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.780M $5.828M
YoY Change 41.35% 57.43%
% of Gross Profit
Research & Development $19.56M $19.88M
YoY Change 57.71% 78.68%
% of Gross Profit
Depreciation & Amortization $400.0K $200.0K
YoY Change 312.37% 140.96%
% of Gross Profit
Operating Expenses $25.34M $25.70M
YoY Change 53.65% 73.37%
Operating Profit -$25.34M -$25.70M
YoY Change 53.65% 73.37%
Interest Expense $3.870M $2.866M
YoY Change 812.74% 1626.51%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$21.47M -$22.84M
YoY Change 33.62% 55.78%
Income Tax
% Of Pretax Income
Net Earnings -$21.47M -$22.84M
YoY Change 33.62% 55.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.34 -$0.36
Diluted Earnings Per Share -$0.34 -$0.36
COMMON SHARES
Basic Shares Outstanding 63.28M 63.26M
Diluted Shares Outstanding 63.38M 63.27M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $309.9M $328.0M
YoY Change 24.77% 23.37%
Cash & Equivalents $31.81M $48.23M
Short-Term Investments $278.1M $279.7M
Other Short-Term Assets $7.069M $5.411M
YoY Change 42.87% 94.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $317.0M $333.4M
YoY Change 25.13% 24.1%
LONG-TERM ASSETS
Property, Plant & Equipment $10.86M $10.40M
YoY Change 432.68% 622.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $419.0K $251.0K
YoY Change -6.26% -55.1%
Total Long-Term Assets $13.63M $13.04M
YoY Change 236.0% 215.82%
TOTAL ASSETS
Total Short-Term Assets $317.0M $333.4M
Total Long-Term Assets $13.63M $13.04M
Total Assets $330.6M $346.4M
YoY Change 28.45% 27.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.781M $3.875M
YoY Change 33.7% -27.43%
Accrued Expenses $6.622M $5.969M
YoY Change 55.45% 79.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.40M $12.72M
YoY Change 56.25% 27.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.770M $4.845M
YoY Change 2384.38% 2490.91%
Total Long-Term Liabilities $4.770M $4.845M
YoY Change 2384.38% 2490.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.40M $12.72M
Total Long-Term Liabilities $4.770M $4.845M
Total Liabilities $19.17M $17.56M
YoY Change 73.58% 41.74%
SHAREHOLDERS EQUITY
Retained Earnings -$188.9M -$167.4M
YoY Change 75.39% 82.75%
Common Stock $6.000K $6.000K
YoY Change 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $311.5M $328.8M
YoY Change
Total Liabilities & Shareholders Equity $330.6M $346.4M
YoY Change 28.45% 27.01%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$21.47M -$22.84M
YoY Change 33.62% 55.78%
Depreciation, Depletion And Amortization $400.0K $200.0K
YoY Change 312.37% 140.96%
Cash From Operating Activities -$20.23M -$22.83M
YoY Change 24.56% 81.56%
INVESTING ACTIVITIES
Capital Expenditures $759.0K $4.368M
YoY Change -237.0% 1083.74%
Acquisitions
YoY Change
Other Investing Activities $4.201M $53.41M
YoY Change 726.97% 68.19%
Cash From Investing Activities $3.442M $49.04M
YoY Change -7582.61% 56.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 369.0K 21.00K
YoY Change 106.15% -71.23%
NET CHANGE
Cash From Operating Activities -20.23M -22.83M
Cash From Investing Activities 3.442M 49.04M
Cash From Financing Activities 369.0K 21.00K
Net Change In Cash -16.42M 26.24M
YoY Change 1.93% 38.92%
FREE CASH FLOW
Cash From Operating Activities -$20.23M -$22.83M
Capital Expenditures $759.0K $4.368M
Free Cash Flow -$20.99M -$27.19M
YoY Change 33.79% 110.14%

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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 currently studying EDG-5506 in Phase 2 trials, which are being held in the U.S. and certain countries in Europe. In addition, the Company has identified EDG-7500, for the potential treatment of hypertrophic cardiomyopathy (HCM) and is conducting nonclinical studies to support advancing the compound into a Phase 1 clinical trial in late 2023. 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;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;">The board of directors of the Company discusses with management macroeconomic and geopolitical developments, including inflation, instability in the banking and financial services sector, tightening of the credit markets, the Russia Ukraine conflict, COVID-19, 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 of directors 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 0pt 12pt 0pt;">The Company has an accumulated deficit of $167.4 million and cash, cash equivalents and marketable securities of $328.0 million as of March 31, 2023. 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<span style="white-space:pre-wrap;"> 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). As of March 31, 2023, 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 $328.0 million of cash, cash equivalents and marketable securities on hand as of March 31, 2023 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>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q1 ewtx Cash Cash Equivalents And Marketable Securities
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CY2022Q2 ewtx Shelf Registration Maximum Potential Offering Proceeds
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CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
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CY2022Q3 us-gaap Share Price
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CY2022Q3 ewtx Gross Proceeds From Issuance Of Common Stock
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CY2022Q3 us-gaap Proceeds From Issuance Of Common Stock
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129200000
CY2022Q3 ewtx Underwriting Discounts And Commissions
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CY2022Q3 us-gaap Payments Of Stock Issuance Costs
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CY2023Q1 ewtx Cash Cash Equivalents And Marketable Securities
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CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 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;"><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 0pt;">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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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>
CY2022Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
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CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
275800000
CY2023Q1 ewtx Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Two
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughTwo
4200000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1260000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1065000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q1 ewtx Shares Authorized Total
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1200000000
CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2023Q1 us-gaap Preferred Stock Shares Authorized
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200000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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0.0001
CY2023Q1 ewtx Number Of Votes Per Share
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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3837000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1978000
CY2023Q1 us-gaap Depreciation
Depreciation
200000
CY2022Q1 us-gaap Depreciation
Depreciation
100000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-22838000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-14660000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63265800
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49544589
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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12493202
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9089966
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11656000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9598000
CY2023Q1 ewtx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
5010000
CY2022Q4 ewtx Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
4782000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
959000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1058000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5969000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5840000

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