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Edgewise Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $32.2 million from $23.8 million in the same quarter the previous year. This increase is attributed to heightened clinical trial activity and manufacturing costs.
General and administrative expenses rose to $8.2 million from $5.7 million, primarily due to increased personnel-related costs.
The company reported a net loss of $34.1 million for the quarter, compared to $25.7 million in the previous year, with the increase attributed to higher operating expenses.
Interest income for the quarter was $6.3 million, up from $3.7 million in the previous year, due to higher balances of marketable securities.
Edgewise had cash, cash equivalents, and marketable securities totaling $492.5 million as of September 30, 2024. The company believes this will be sufficient to fund operations for at least the next 12 months.
The filing details the company's ongoing clinical trials for its lead product candidates, including sevasemten and EDG-7500, and notes the challenges in patient enrollment and trial completion.
Edgewise continues to focus on developing treatments for severe muscle diseases and is monitoring macroeconomic and geopolitical developments that may impact its financial condition.
The company acknowledges the need for additional capital to support ongoing operations and potential future commercialization efforts.
Edgewise has identified risks related to regulatory approval processes, intellectual property protection, and competition from other companies developing similar therapies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Edgewise Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.