$EWTX
Edgewise Therapeutics Inc

2024 Q1 Form 10-K Financial Statement

#000155837024001467 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.059M $6.178M $23.45M
YoY Change 21.12% 13.01% 33.05%
% of Gross Profit
Research & Development $27.69M $27.68M $90.91M
YoY Change 39.33% 66.65% 68.24%
% of Gross Profit
Depreciation & Amortization $500.0K $481.0K $1.600M
YoY Change 150.0% 446.59% 300.0%
% of Gross Profit
Operating Expenses $34.75M $33.86M $114.4M
YoY Change 35.2% 53.37% 59.59%
Operating Profit -$34.75M -$114.4M
YoY Change 35.2% 59.59%
Interest Expense $6.228M $3.719M $14.19M
YoY Change 117.31% 39.6% 253.26%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$28.53M -$30.14M -$100.2M
YoY Change 24.9% 55.26% 48.08%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$28.53M -$30.14M -$100.2M
YoY Change 24.9% 55.26% 48.08%
Net Earnings / Revenue
Basic Earnings Per Share -$0.33 -$1.57
Diluted Earnings Per Share -$0.33 -$0.47 -$1.57
COMMON SHARES
Basic Shares Outstanding 93.11M 63.46M 63.72M
Diluted Shares Outstanding 87.57M 63.72M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $532.8M $318.4M $318.4M
YoY Change 62.45% -9.53% -9.53%
Cash & Equivalents $30.26M $86.10M $86.10M
Short-Term Investments $502.5M $232.3M $232.3M
Other Short-Term Assets $8.668M $8.604M $8.604M
YoY Change 60.19% 70.31% 70.31%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $541.4M $327.0M $327.0M
YoY Change 62.41% -8.4% -8.4%
LONG-TERM ASSETS
Property, Plant & Equipment $10.18M $10.44M $12.69M
YoY Change -2.04% 22.38% 28.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $348.0K $348.0K
YoY Change 38.65% 38.65%
Total Long-Term Assets $12.38M $13.04M $13.04M
YoY Change -5.05% 29.06% 29.06%
TOTAL ASSETS
Total Short-Term Assets $541.4M $327.0M $327.0M
Total Long-Term Assets $12.38M $13.04M $13.04M
Total Assets $553.8M $340.0M $340.0M
YoY Change 59.87% -7.37% -7.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.723M $4.025M $4.025M
YoY Change 21.88% -34.07% -34.07%
Accrued Expenses $5.969M $6.071M $12.75M
YoY Change 0.0% 3.96% 21.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.60M $16.77M $16.77M
YoY Change 14.83% 1.12% 1.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.265M $4.434M $4.434M
YoY Change -11.97% 16.68% 16.68%
Total Long-Term Liabilities $4.265M $4.434M $4.434M
YoY Change -11.97% 16.68% 16.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.60M $16.77M $16.77M
Total Long-Term Liabilities $4.265M $4.434M $4.434M
Total Liabilities $18.87M $21.21M $21.21M
YoY Change 7.43% 4.02% 4.02%
SHAREHOLDERS EQUITY
Retained Earnings -$273.3M -$244.8M
YoY Change 63.26% 69.29%
Common Stock $9.000K $7.000K
YoY Change 50.0% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $534.9M $318.8M $318.8M
YoY Change
Total Liabilities & Shareholders Equity $553.8M $340.0M $340.0M
YoY Change 59.87% -7.37% -7.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$28.53M -$30.14M -$100.2M
YoY Change 24.9% 55.26% 48.08%
Depreciation, Depletion And Amortization $500.0K $481.0K $1.600M
YoY Change 150.0% 446.59% 300.0%
Cash From Operating Activities -$28.60M -$26.83M -$91.95M
YoY Change 25.29% 126.97% 74.69%
INVESTING ACTIVITIES
Capital Expenditures $297.0K $165.0K $5.745M
YoY Change -93.2% -94.99% 3.59%
Acquisitions
YoY Change
Other Investing Activities -$268.0M $27.14M $108.6M
YoY Change -601.8% -137.54% -267.04%
Cash From Investing Activities -$268.3M $26.99M $102.9M
YoY Change -647.1% -135.7% -245.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $52.62M
YoY Change -59.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 241.1M 52.99M 53.17M
YoY Change 1147866.67% -15776.33% -58.99%
NET CHANGE
Cash From Operating Activities -28.60M -26.83M -91.95M
Cash From Investing Activities -268.3M 26.99M 102.9M
Cash From Financing Activities 241.1M 52.99M 53.17M
Net Change In Cash -55.83M 53.14M 64.10M
YoY Change -312.8% -160.56% 897.42%
FREE CASH FLOW
Cash From Operating Activities -$28.60M -$26.83M -$91.95M
Capital Expenditures $297.0K $165.0K $5.745M
Free Cash Flow -$28.90M -$26.99M -$97.69M
YoY Change 6.26% 78.61% 67.91%

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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-color:#000000;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 muscle diseases 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;font-weight:bold;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 $244.8 million and, cash, cash equivalents and marketable securities of $318.4 million as of December 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 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. During the year ended December 31, 2023, the Company sold 6,928,044 shares of common stock under the ATM Program at a weighted average price of $7.63 per share. The gross proceeds were $52.9 million, and the net proceeds were $52.6 million after deducting underwriting discounts and commissions of $0.1 million and offering expenses of $0.2 million. </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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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 $318.4 million of cash, cash equivalents and marketable securities on hand as of December 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>
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