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Investing.com -- Edgewise Therapeutics , Inc. (NASDAQ:EWTX) reported first quarter 2025 financial results that met analyst expectations, but shares fell 4.3% following the announcement as investors reacted to the lack of upside surprise.
The muscle disease-focused biopharmaceutical company posted a net loss of $40.8 million, or $0.43 per share, for Q1 2025, in line with the analyst consensus estimate of $0.43 per share loss. This compares to a net loss of $39.7 million, or $0.42 per share, in the previous quarter.
Research and development expenses rose slightly to $36.8 million in Q1, up from $36.4 million in Q4 2024. The company attributed the increase primarily to higher personnel costs and increased clinical development activities, partially offset by lower manufacturing expenses.
General and administrative expenses held steady at $9.2 million for the quarter.
Edgewise ended the quarter with $436.4 million in cash, cash equivalents and marketable securities. The company bolstered its balance sheet in early April with a $200 million stock offering that netted approximately $188 million, bringing its pro-forma cash balance to over $624 million.
"We’re seeing strong progress across our skeletal and cardiac muscle programs," said Kevin Koch, President and CEO of Edgewise. "Most recently, we announced positive top-line results from CIRRUS-HCM and completed a $200 million offering enabling the execution of our near and long-term goals."
The company expects to report data from two Phase 2 trials of its Duchenne muscular dystrophy treatment sevasemten in Q2 2025, as well as additional data from its hypertrophic cardiomyopathy program in the second half of the year.
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