Clinical-stage, pre-revenue pharmaceutical company Edgewise Therapeutics Inc. (Nasdaq: EWTX) increased its losses in the second quarter 2022 but is boasting “significant progress” in its drug-development efforts.
The company’s second quarter net loss was $16.1 million, or 32 cents per share, up from a loss of $10.4 million, or 21 cents per share, during the same period in 2021.
The company, in its quarterly report released last week, pointed to increased research and development expenses, payments for consulting work and employee costs as reasons for mounting losses.
EDG-5506, Edgewise’s leading drug candidate, is designed to be taken orally and treat rare muscle disorders such as Duchenne muscular dystrophy and Becker muscular dystrophy. Those little-known diseases target the muscles of the hips, thighs, shoulders and upper arms, leading to difficulties in rising from the floor, climbing stairs, maintaining balance and raising arms.
“Edgewise has made significant progress in the first half of the year most notably with the continued positive EDG-5506 clinical results in individuals with BMD, a disorder for which there are no approved treatments,” Edgewise CEO Kevin Koch said in a statement. “I’m excited EDG-5506 is now advancing into Phase 2 clinical trials, most recently in individuals with BMD and later this year in individuals with DMD, as we seek to help make a difference in the lives of individuals with rare muscle disorders.”
The company’s coffers included cash, cash equivalents and marketable securities of $248.4 million as of June 30.
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