2023 Q4 Form 10-Q Financial Statement
#000155837023018427 Filed on November 09, 2023
Income Statement
Concept | 2023 Q4 | 2023 Q3 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $6.178M | $5.670M |
YoY Change | 13.01% | 29.81% |
% of Gross Profit | ||
Research & Development | $27.68M | $23.79M |
YoY Change | 66.65% | 71.2% |
% of Gross Profit | ||
Depreciation & Amortization | $481.0K | $400.0K |
YoY Change | 446.59% | 300.0% |
% of Gross Profit | ||
Operating Expenses | $33.86M | $29.45M |
YoY Change | 53.37% | 61.27% |
Operating Profit | -$29.45M | |
YoY Change | 61.27% | |
Interest Expense | $3.719M | $3.740M |
YoY Change | 39.6% | 389.53% |
% of Operating Profit | ||
Other Income/Expense, Net | ||
YoY Change | ||
Pretax Income | -$30.14M | -$25.71M |
YoY Change | 55.26% | 46.93% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$30.14M | -$25.71M |
YoY Change | 55.26% | 46.95% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$0.41 | |
Diluted Earnings Per Share | -$0.47 | -$0.41 |
COMMON SHARES | ||
Basic Shares Outstanding | 63.46M | 63.46M |
Diluted Shares Outstanding | 63.46M |
Balance Sheet
Concept | 2023 Q4 | 2023 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $318.4M | $289.7M |
YoY Change | -9.53% | -20.59% |
Cash & Equivalents | $86.10M | $32.96M |
Short-Term Investments | $232.3M | $256.7M |
Other Short-Term Assets | $8.604M | $8.200M |
YoY Change | 70.31% | 54.22% |
Inventory | ||
Prepaid Expenses | ||
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $327.0M | $297.9M |
YoY Change | -8.4% | -19.51% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $10.44M | $10.68M |
YoY Change | 22.38% | 96.74% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $348.0K | $467.0K |
YoY Change | 38.65% | 76.89% |
Total Long-Term Assets | $13.04M | $13.44M |
YoY Change | 29.06% | 91.66% |
TOTAL ASSETS | ||
Total Short-Term Assets | $327.0M | $297.9M |
Total Long-Term Assets | $13.04M | $13.44M |
Total Assets | $340.0M | $311.4M |
YoY Change | -7.37% | -17.44% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $4.025M | $5.318M |
YoY Change | -34.07% | -7.63% |
Accrued Expenses | $6.071M | $5.681M |
YoY Change | 3.96% | 22.81% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | -100.0% | |
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $16.77M | $16.34M |
YoY Change | 1.12% | 22.81% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | -100.0% | |
Other Long-Term Liabilities | $4.434M | $4.600M |
YoY Change | 16.68% | 92.71% |
Total Long-Term Liabilities | $4.434M | $4.600M |
YoY Change | 16.68% | 88.06% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $16.77M | $16.34M |
Total Long-Term Liabilities | $4.434M | $4.600M |
Total Liabilities | $21.21M | $20.94M |
YoY Change | 4.02% | 32.94% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$244.8M | -$214.6M |
YoY Change | 69.29% | 71.41% |
Common Stock | $7.000K | $6.000K |
YoY Change | 16.67% | 0.0% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $318.8M | $290.4M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $340.0M | $311.4M |
YoY Change | -7.37% | -17.44% |
Cashflow Statement
Concept | 2023 Q4 | 2023 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$30.14M | -$25.71M |
YoY Change | 55.26% | 46.95% |
Depreciation, Depletion And Amortization | $481.0K | $400.0K |
YoY Change | 446.59% | 300.0% |
Cash From Operating Activities | -$26.83M | -$22.06M |
YoY Change | 126.97% | 83.86% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $165.0K | $450.0K |
YoY Change | -94.99% | -133.83% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $27.14M | $23.88M |
YoY Change | -137.54% | -195.55% |
Cash From Investing Activities | $26.99M | $23.42M |
YoY Change | -135.7% | -188.98% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 52.99M | -210.0K |
YoY Change | -15776.33% | -100.16% |
NET CHANGE | ||
Cash From Operating Activities | -26.83M | -22.06M |
Cash From Investing Activities | 26.99M | 23.42M |
Cash From Financing Activities | 52.99M | -210.0K |
Net Change In Cash | 53.14M | 1.150M |
YoY Change | -160.56% | -98.74% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$26.83M | -$22.06M |
Capital Expenditures | $165.0K | $450.0K |
Free Cash Flow | -$26.99M | -$22.51M |
YoY Change | 78.61% | 111.0% |
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PaymentsToAcquirePropertyPlantAndEquipment
|
5584000 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2253000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
75903000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
5019000 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
129720000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
55000 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
380000 | ||
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
214000 | ||
CY2022Q3 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
3173000 | |
CY2022Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
157000 | |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-17498000 | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
361404000 | |
CY2022Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
346716000 | |
CY2023Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
21000 | |
CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
3837000 | |
CY2023Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
1104000 | |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-22838000 | |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
328840000 | |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
31000 | |
CY2023Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
338000 | |
CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
4011000 | |
CY2023Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-296000 | |
CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-21469000 | |
CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
311455000 | |
CY2023Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
3000 | |
CY2023Q3 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
4559000 | |
CY2023Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
123000 | |
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-25713000 | |
CY2023Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
290427000 | |
us-gaap |
Profit Loss
ProfitLoss
|
-70020000 | ||
us-gaap |
Profit Loss
ProfitLoss
|
-48225000 | ||
us-gaap |
Depreciation
Depreciation
|
1068000 | ||
us-gaap |
Depreciation
Depreciation
|
280000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
12407000 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7188000 | ||
us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
7345000 | ||
us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-1212000 | ||
us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
131000 | ||
us-gaap |
Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
|
166000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
3174000 | ||
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1731000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1290000 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-529000 | ||
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
376000 | ||
us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-93000 | ||
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
136000 | ||
us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
-191000 | ||
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
13000 | ||
us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
1143000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-65118000 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-40780000 | ||
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
216080000 | ||
us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
145697000 | ||
ewtx |
Proceeds From Sale Of Marketable Securities
ProceedsFromSaleOfMarketableSecurities
|
19189000 | ||
ewtx |
Proceeds From Sale Of Marketable Securities
ProceedsFromSaleOfMarketableSecurities
|
26045000 | ||
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
278378000 | ||
us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
126924000 | ||
us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
336000 | ||
us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
338000 | ||
us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
178000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
179000 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
129942000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
10964000 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
94181000 | ||
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
21993000 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
15566000 | |
CY2023Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
32957000 | |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
109747000 | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
1110000 | ||
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
1488000 | ||
us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
140000 | ||
us-gaap |
Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
|
2580000 | ||
ewtx |
Deferred Offering Costs Included In Accounts Payable And Accrued Other Expenses
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedOtherExpenses
|
470000 | ||
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;"><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, genetic neuromuscular and cardiac 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 (Duchenne) and Becker muscular dystrophy (Becker). 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 initiated the Phase 1 study of EDG-7500, for the potential treatment of hypertrophic cardiomyopathy (HCM). 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, international conflicts, 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 $214.6 million and cash, cash equivalents and marketable securities of $289.7 million as of September 30, 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 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. </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;">On June 16, 2023, the Company entered into a Sales Agreement (Sales Agreement) with BofA Securities, Inc. (BofA Securities) under which the Company may offer and sell shares of common stock, having aggregate sales proceeds of up to $125,000,000 from time to time, through an “at the market offering” program (ATM Program) under which BofA Securities will act as sales agent. On April 1, 2022, the Company entered into a Sales Agreement (Prior Sales Agreement) with Cowen and Company, LLC (Cowen), as agent, pursuant to which the Company was permitted to issue and sell shares of its common stock, having an aggregate offering price of up to $125,000,000 (Placement Shares), from time to time through Cowen. Prior to termination, the Company had not sold any Placement Shares under the Prior Sales Agreement. As of September 30, 2023, the Company has not sold any shares under the ATM Program.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin: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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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 $289.7 million of cash, cash equivalents and marketable securities on hand as of September 30, 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> | ||
CY2023Q3 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-214600000 | |
CY2023Q3 | ewtx |
Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
|
289700000 | |
CY2022Q2 | ewtx |
Shelf Registration Maximum Potential Offering Proceeds
ShelfRegistrationMaximumPotentialOfferingProceeds
|
400000000 | |
CY2022Q3 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
13372093 | |
CY2022Q3 | us-gaap |
Share Price
SharePrice
|
10.32 | |
CY2022Q3 | ewtx |
Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
|
138000000.0 | |
CY2022Q3 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
129200000 | |
CY2022Q3 | ewtx |
Underwriting Discounts And Commissions
UnderwritingDiscountsAndCommissions
|
8300000 | |
CY2022Q3 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
500000 | |
CY2023Q3 | ewtx |
Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
|
289700000 | |
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | ||
us-gaap |
Use Of Estimates
UseOfEstimates
|
<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> | ||
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> | ||
us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | ||
CY2022Q3 | us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | |
us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | ||
CY2023Q3 | us-gaap |
Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
|
0 | |
CY2023Q3 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
0 | |
CY2023Q3 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
250100000 | |
CY2023Q3 | ewtx |
Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Two
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughTwo
|
7000000.0 | |
CY2023Q3 | ewtx |
Shares Authorized Total
SharesAuthorizedTotal
|
1200000000 | |
CY2023Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
1000000000 | |
CY2023Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
200000000 | |
CY2023Q3 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2023Q3 | ewtx |
Number Of Votes Per Share
NumberOfVotesPerShare
|
1 | |
CY2023Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
4559000 | |
CY2022Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
3173000 | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
12407000 | ||
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
7188000 | ||
CY2023Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-25713000 | |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-17498000 | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-70020000 | ||
us-gaap |
Net Income Loss
NetIncomeLoss
|
-48225000 | ||
CY2023Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
63459560 | |
CY2023Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
63459560 | |
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
51844904 | |
CY2022Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
51844904 | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
63369358 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
63369358 | ||
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
50345841 | ||
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
50345841 | ||
CY2023Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.41 | |
CY2023Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.41 | |
CY2022Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.34 | |
CY2022Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.34 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-1.10 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-1.10 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.96 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.96 | ||
CY2023Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
14366253 | |
CY2022Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
10820566 | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
13169109 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
9698206 | ||
CY2023Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
12812000 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
9598000 | |
CY2023Q3 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2133000 | |
CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
1065000 | |
CY2023Q3 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
10679000 | |
CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
8533000 | |
CY2023Q3 | us-gaap |
Depreciation
Depreciation
|
400000 | |
us-gaap |
Depreciation
Depreciation
|
1100000 | ||
CY2022Q3 | us-gaap |
Depreciation
Depreciation
|
100000 | |
us-gaap |
Depreciation
Depreciation
|
300000 | ||
CY2023Q3 | ewtx |
Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
|
5216000 | |
CY2022Q4 | ewtx |
Accrued Research And Development Costs Current
AccruedResearchAndDevelopmentCostsCurrent
|
4782000 | |
CY2023Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
465000 | |
CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
1058000 | |
CY2023Q3 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
5681000 | |
CY2022Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
5840000 |