Edgewise Therapeutics (NASDAQ: EWTX) posts Q1 2026 net loss of $49M
Rhea-AI Filing Summary
Edgewise Therapeutics reported first quarter 2026 results highlighted by continued investment in its muscle and cardiovascular pipeline and a larger loss. Net loss was $49.0 million, or $0.46 per share, compared with $40.8 million, or $0.43 per share, a year earlier.
Research and development expenses rose to $42.7 million from $36.8 million, and general and administrative expenses increased to $11.5 million from $9.2 million. The company ended March 31, 2026 with $499.6 million in cash, cash equivalents and marketable securities. Edgewise also reported positive long-term sevasemten data in Becker muscular dystrophy and reiterated key upcoming readouts, including GRAND CANYON pivotal data in Becker in the fourth quarter of 2026 and 12-week CIRRUS-HCM data in hypertrophic cardiomyopathy in the second quarter of 2026.
Positive
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Negative
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Insights
Edgewise increased R&D spending, widened its loss, and highlighted multiple late-stage clinical catalysts.
Edgewise Therapeutics is clearly prioritizing pipeline progress. Research and development expenses grew to $42.7 million from $36.8 million, reflecting work on sevasemten in muscular dystrophy and EDG-7500/EDG-15400 in cardiovascular disease. General and administrative costs also rose as the organization scaled.
The quarterly net loss expanded to $49.0 million or $0.46 per share, versus $40.8 million or $0.43 per share a year earlier. However, the balance sheet remains strong with $499.6 million in cash, cash equivalents and marketable securities as of March 31, 2026, supporting ongoing trials.
Operationally, the company reported sustained functional stabilization up to 3.5 years in Becker muscular dystrophy with sevasemten and reaffirmed key milestones: pivotal GRAND CANYON data in Q4 2026, CIRRUS-HCM 12-week Part D data in Q2 2026, and a planned Phase 2 start for EDG-15400 in HFpEF in the second half of 2026. Actual impact will depend on those readouts.
8-K Event Classification
Key Figures
Key Terms
open-label extension medical
North Star Ambulatory Assessment medical
hypertrophic cardiomyopathy medical
heart failure with preserved ejection fraction medical
fast skeletal myosin inhibitor medical
cardiac sarcomere modulator medical
Earnings Snapshot
The company expects pivotal GRAND CANYON sevasemten data in Becker in Q4 2026, CIRRUS-HCM 12-week EDG-7500 data in Q2 2026, and plans to start a Phase 2 EDG-15400 HFpEF trial in the second half of 2026.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition. |
On May 7, 2026, Edgewise Therapeutics, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2026. The full text of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
All of the information furnished in this Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits. |
| Exhibit No. | Description | |
| 99.1 | Press Release of Edgewise Therapeutics, Inc. dated May 7, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL documents) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EDGEWISE THERAPEUTICS, INC. | ||
| By: | /s/ Michael Nofi | |
| Michael Nofi | ||
| Chief Financial Officer | ||
Date: May 7, 2026
Exhibit 99.1
|
News Release |
Edgewise Therapeutics Reports First Quarter 2026 Financial Results and Advances Clinical Programs in Muscular Dystrophy and Cardiovascular Indications
– Announced positive long-term sevasemten data demonstrating sustained functional stabilization in Becker muscular dystrophy (Becker) up to 3.5 years of follow-up –
– CIRRUS-HCM 12-week data of EDG-7500 in obstructive and nonobstructive hypertrophic cardiomyopathy (HCM) expected in Q2 2026 –
– Pivotal GRAND CANYON results for sevasemten in Becker expected in Q4 2026 –
Boulder, Colo., (May 7, 2026) — Edgewise Therapeutics, Inc. (Nasdaq: EWTX), a leading muscle disease biopharmaceutical company, today reported financial results for the first quarter of 2026 and recent business highlights.
“For the first time with an investigational agent, we have generated long-term data showing that people with Becker remain stable despite a disease that typically leads to significant functional decline,” said Kevin Koch, Ph.D., President and Chief Executive Officer of Edgewise. “We remain on track to report pivotal top-line data from GRAND CANYON evaluating sevasemten, which has the potential to support our first marketing application in Becker. We also anticipate results this quarter from CIRRUS-HCM 12-week Part D evaluating EDG-7500 in HCM, which will help refine our Phase 3 strategy. With multiple near-term catalysts and a highly focused team, we are well positioned to advance our programs and deliver potentially transformative therapeutic options for patients facing serious muscle diseases facing high unmet need.”
Recent Highlights
Muscular Dystrophy Program
MESA open-label extension trial in adults with Becker:
MESA is an open-label extension study evaluating sevasemten long-term safety, tolerability, and efficacy in adults and adolescents with Becker previously treated in sevasemten clinical trials. Nearly all eligible participants (99%) from prior sevasemten studies (including ARCH, DUNE and CANYON/GRAND CANYON) chose to enroll in the MESA open-label extension study.
At the 2026 MDA Clinical and Scientific Conference, the Company presented long-term data from MESA showing participants on sevasemten experienced stabilization of function up to 3.5 years in marked contrast to the functional decline expected from Becker natural history data. The data reinforce prior clinical findings of sevasemten in Becker, a rare disease with no approved treatments. The results can be found here. The Company also presented a poster with new analysis from the CANYON study showing sevasemten had a well-tolerated cardiac profile over 12 months, with no adverse effects on left ventricular ejection fraction (LVEF) or NT-proBNP and evidence of LVEF improvement in certain subgroups, with positive trends observed across all adult participants versus placebo. The poster can be viewed here. To learn more about MESA or CANYON, go to clinicaltrials.gov (MESA: NCT06066580, CANYON (NCT05291091).
GRAND CANYON, a global pivotal placebo-controlled cohort in Becker: GRAND CANYON is designed to assess the efficacy and safety of sevasemten over an 18-month period, with North Star Ambulatory Assessment (NSAA) as the primary endpoint. The study is highly powered to be able to show a statistically significant difference in NSAA versus placebo over 18 months. The Company expects to report top-line data in the fourth quarter of 2026 and is continuing preparations for a potential marketing application to seek approval as the first targeted therapy for this underserved population, planned for the first half of 2027. To learn more about GRAND CANYON, go to clinicaltrials.gov (NCT05291091).
LYNX and FOX Phase 2 placebo-controlled trials in boys with Duchenne: LYNX is designed to evaluate the effect of sevasemten on safety, biomarkers of muscle damage and function in boys with Duchenne in a placebo-controlled dose ranging study, followed by an open-label extension period. FOX is designed to evaluate the effect of sevasemten on safety, biomarkers of muscle damage and function in children and adolescents with Duchenne who have been previously treated with gene therapy. The Company continues to collect longer-term data in the open-label extension portion of these Phase 2 programs to inform the future clinical studies in Duchenne. For more information, go to clinicaltrials.gov to learn more about LYNX (NCT05540860) and FOX (NCT06100887).
Cardiovascular Programs
CIRRUS-HCM Phase 2 trial in adults with symptomatic HCM: The Company is advancing CIRRUS-HCM, a multi-part, open-label trial, in participants with HCM at over 20 clinical sites in the U.S. Part A of the trial evaluated the safety and tolerability of a single oral dose of EDG-7500 in participants with obstructive HCM (oHCM). Parts B and C evaluated fixed doses of EDG-7500 over 28 days in oHCM and nonobstructive HCM (nHCM), respectively. The results can be found here. Part D is a 12-week study with an open-label extension including participants with oHCM and nHCM designed to explore dose response and optimization. The Company plans to report 12-week Part D data (oHCM and nHCM) in the second quarter of 2026 and initiate Phase 3 in the second half of 2026. To learn more about CIRRUS-HCM, visit clinicaltrials.gov, NCT06347159.
EDG-15400 and heart failure: EDG-15400 is a novel oral, selective, cardiac sarcomere modulator, targeted for the treatment of heart failure and other diseases of diastolic dysfunction. EDG-15400 is currently being evaluated in healthy adults in a Phase 1, randomized, double-blind, placebo-controlled, single and multiple ascending dose study evaluating safety, tolerability, pharmacokinetics and pharmacodynamics. The Company expects to initiate a Phase 2 trial in participants with heart failure with preserved ejection fraction (HFpEF) in the second half of 2026. To learn more about this study, go to clinicaltrials.gov (NCT07177066).
First Quarter 2026 Financial Results
Cash, cash equivalents and marketable securities were approximately $499.6 million as of March 31, 2026.
Research and development (R&D) expenses were $42.7 million for the first quarter of 2026, compared to $36.8 million for the same period in 2025. The increase was primarily driven by increased clinical development activity related to EDG-7500 and EDG-15400, as well as higher internal personnel-related costs to support the advancement of the Company’s clinical-stage programs. These increases were partially offset by lower sevasemten clinical program expenses due to timing of activity in the GRAND CANYON study and patient rollover into the MESA open-label extension study.
General and Administrative (G&A) expenses were $11.5 million for the first quarter of 2026, compared to $9.2 million for the same period in 2025. The increase was primarily due to higher personnel-related costs, including stock-based compensation, as the Company expanded its organizational capabilities to support clinical development, as well as increased professional fees and other administrative costs.
Net loss and net loss per share were $49.0 million or $0.46 per share for the first quarter of 2026, compared to $40.8 million or $0.43 per share for the same period in 2025.
About Edgewise Therapeutics
Edgewise Therapeutics is a leading muscle disease biopharmaceutical company developing novel therapeutics for muscular dystrophies and serious cardiac conditions. The Company's deep expertise in muscle physiology is driving a new generation of novel therapeutics. Sevasemten is an orally administered first-in-class fast skeletal myosin inhibitor in late-stage clinical trials in Becker and Duchenne muscular dystrophies. EDG-7500 is a novel cardiac sarcomere modulator for the treatment of symptomatic hypertrophic cardiomyopathy, currently in Phase 2 clinical development. EDG-15400 is a novel cardiac sarcomere modulator for the treatment of heart failure, currently in Phase 1 clinical development. The entire team at Edgewise is dedicated to our mission: changing the lives of patients and families affected by serious muscle diseases.To learn more, go to edgewisetx.com or follow us on LinkedIn, X, Facebook and Instagram.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, statements regarding the potential of, and expectations regarding, Edgewise’s product candidates and programs, including sevasemten, EDG-7500, EDG-15400 and its cardiovascular programs; statements regarding Edgewise’s expectations relating to its clinical trials, including timing of reporting data (including 12-week data on the CIRRUS-HCM trial, and the data from the GRAND CANYON trial; statements regarding Edgewise’s potential marketing application in Becker; statements regarding sevasemten potentially being the first approved therapy for Becker; statements regarding the potential results of Edgewise’s GRAND CANYON trial; statements regarding Edgewise’s market opportunity; statements regarding Edgewise’s plans to continue to collect longer-term open-label extension data for its LYNX and FOX Phase 2 trials; statements regarding timing of Edgewise’s initiation of a Phase 3 trial of EDG-7500 in HCM and a Phase 2 trial of EDG-15400 in participants with HFpEF; statements regarding Edgewise’s ability to advance its pipeline; and statements by Edgewise’s President and Chief Executive Officer. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based upon Edgewise’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks associated with Edgewise’s limited operating history, its products being early in development and not having products approved for commercial sale; risks associated with Edgewise not having generated any revenue to date; Edgewise’s ability to achieve objectives relating to the discovery, development and commercialization of its product candidates, if approved; Edgewise’s need for substantial additional capital to finance its operations; Edgewise’s substantial dependence on the success of sevasemten and EDG-7500; Edgewise’s ability to develop and commercialize sevasemten, EDG-7500 and EDG-15400, and discover, develop and commercialize product candidates in its cardiovascular, cardiometabolic and future programs; risks related to Edgewise’s clinical trials of its product candidates not demonstrating safety and efficacy; risks related to Edgewise’s product candidates causing serious adverse events, toxicities or other undesirable side effects; the outcome of preclinical testing and early clinical trials not being predictive of the success of later clinical trials and the risks related to the results of Edgewise’s clinical trials not satisfying the requirements of regulatory authorities; delays or difficulties in the enrollment and/or maintenance of patients in clinical trials; risks related to failure to capitalize on other indications or product candidates; risks related to competition; risks relating to interim, topline and preliminary data from Edgewise’s clinical trials changing as more patient data becomes available; risks related to failure to develop a proprietary drug discovery platform; risks related to exposure to additional risk if we develop sevasemten and potential other programs in connection with other therapies; risks related to production of drugs by Edgewise’s third-party manufacturers; risks related to changes in methods of product candidate manufacturing or formulation; risks related to not achieving adequate market acceptance; risks related to the patient population for our product candidates having a small patient population; risks related to the regulatory approval processes of domestic and foreign authorities being lengthy, time consuming and inherently unpredictable; risks relating to disruptions at the FDA, the SEC and other government agencies; risks relating to Edgewise’s ability to attract and retain highly skilled executive officers and employees; Edgewise’s ability to obtain and maintain intellectual property protection for its product candidates; Edgewise’s reliance on third parties; risks related to future acquisitions or strategic partnerships; risks related to general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in documents that Edgewise files from time to time with the U.S. Securities and Exchange Commission. These forward-looking statements are made as of the date of this press release, and Edgewise assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
This press release contains hyperlinks to information that is not deemed to be incorporated by reference into this press release.
Edgewise Therapeutics, Inc.
Condensed Statement of Operations
(in thousands except share and per share amounts, unaudited)
| Three months ended | ||||||||
| March 31, 2026 | March 31, 2025 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 42,651 | $ | 36,757 | ||||
| General and administrative | 11,464 | 9,202 | ||||||
| Total operating expenses | 54,115 | 45,959 | ||||||
| Loss from operations | (54,115 | ) | (45,959 | ) | ||||
| Interest income | 5,102 | 5,161 | ||||||
| Net loss | $ | (49,013 | ) | $ | (40,798 | ) | ||
| Net loss per share - basic and diluted | $ | (0.46 | ) | $ | (0.43 | ) | ||
| Weighted-average shares outstanding, basic and diluted | 107,116,709 | 95,130,053 | ||||||
Edgewise Therapeutics, Inc.
Condensed Balance Sheet Data
(in thousands, unaudited)
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Cash, cash equivalents and marketable securities | $ | 499,562 | $ | 530,109 | ||||
| Other assets | 18,960 | 22,494 | ||||||
| Total assets | $ | 518,522 | $ | 552,603 | ||||
| Liabilities and stockholders' equity | ||||||||
| Liabilities | 25,319 | 30,346 | ||||||
| Stockholders' equity | 493,203 | 522,257 | ||||||
| Total liabilities and stockholders' equity | $ | 518,522 | $ | 552,603 | ||||
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Edgewise Contacts
Investors:
Behrad Derakhshan, Ph.D., Chief Operating Officer
ir@edgewisetx.com
Media:
Maureen Franco, VP Corporate Communications
media@edgewisetx.com