Edgewise Therapeutics Reports $133.8 Million Net Loss for 2024, Driven by Increased Operating Expenses

Edgewise Therapeutics, Inc. reported a net loss of $133.8 million for the year ended December 31, 2024, compared to a net loss of $100.2 million in 2023. This increase of $33.6 million reflects a rise in total operating expenses from $114.4 million to $158.8 million. The increase in operating expenses was primarily driven by a $36.1 million increase in research and development expenses, partially offset by a $10.8 million increase in interest income. The company's accumulated deficit as of December 31, 2024, stood at $378.6 million.

Research and development expenses increased significantly due to advancements in clinical trials for sevasemten and EDG-7500. Specifically, sevasemten's clinical program expenses rose by $16.8 million, largely attributed to increased costs in the GRAND CANYON cohort, FOX trial, and MESA trial. EDG-7500 clinical program expenses increased by $8.9 million due to the initiation and enrollment of the Phase 2 CIRRUS-HCM trial. Internal research and development costs also increased by $13.4 million, primarily due to higher personnel costs and stock-based compensation.

The company's cash, cash equivalents, and marketable securities totaled $470.2 million as of December 31, 2024. This balance includes net proceeds of $239.1 million from the issuance of common stock during the year, primarily from an underwritten registered direct offering. The company expects its current cash resources to fund operations for at least the next 12 months. However, substantial additional capital will be required to complete the development and commercialization of its product candidates.

Edgewise Therapeutics is advancing two clinical-stage programs: sevasemten for muscular dystrophies and EDG-7500 for hypertrophic cardiomyopathy. For sevasemten, the company completed enrollment in the GRAND CANYON pivotal cohort in February 2025. Positive topline data from the CANYON Phase 2 trial showed a significant reduction in creatine kinase levels and stabilization of function. For EDG-7500, the company reported positive topline data from Part A of the CIRRUS-HCM Phase 2 trial, demonstrating robust left ventricular outflow tract gradient reductions. The company employs 110 full-time employees, 84 of whom are involved in research and development. The company anticipates continued losses for the foreseeable future, pending regulatory approvals and commercialization of its product candidates.