Increased R&D spending results in larger loss for Edgewise
BOULDER — Clinical-stage, pre-revenue pharmaceutical company Edgewise Therapeutics Inc. (Nasdaq: EWTX), which markets itself as a developer of “orally bioavailable, targeted, small molecule therapies for the treatment of devastating muscle disorders,” spent $19.9 million on research and development in the first quarter of 2023, up from $16.6 million for the immediately preceding period.
General and administrative expenses were also up slightly quarter over quarter.
Edgewise posted a net loss of $22.8 million in the most recent period, up from $19.4 million in the immediately preceding quarter.
The company finished the first quarter of 2023 with cash, cash equivalents and marketable securities worth $328 million.
Edgewise’s stock price finished trading Thursday at $9.52, down 3.99% on the day.