Operating losses have expanded from $33.9 million in 2023Q4 to $54.1 million in 2026Q1, driven by a steady increase in quarterly R&D expenditures to $42.7 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 590K | 2.27M | 0 | 0 | 0 | 0 | 185K | 123K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -590K | -2.27M | 0 | 0 | 0 | 0 | -185K | -123K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -50.41% | - |
| Operating Expenses | 198.97M | 189.14M | 158.83M | 114.36M | 71.66M | 43.22M | 17.01M | 9.92M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 42.28M | 40.02M | 31.87M | 23.45M | 17.63M | 11.03M | 2.21M | 1.3M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 157.28M | 151.39M | 126.97M | 90.91M | 54.03M | 32.19M | 14.8M | 8.62M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -590K | -2.27M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -199.56M | -191.41M | -158.83M | -114.36M | -71.66M | -43.22M | -17.19M | -9.92M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -20.51% | -38.89% | -59.59% | -65.82% | -151.37% | -73.24% | - |
| EBITDA | -199.53M | -189.14M | -156.54M | -112.63M | -71.12M | -42.94M | -17.01M | -9.8M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -18.96% | -20.82% | -38.99% | -58.36% | -65.61% | -152.5% | -73.52% | - |
| D&A (Non-Cash Add-back) | 36K | 2.27M | 2.29M | 1.73M | 538K | 272K | 185K | 123K |
| EBIT | -187.61M | -167.79M | -158.83M | -114.36M | -71.66M | -43.22M | -17.19M | -9.92M |
| Net Interest Income | 23.55M | 23.61M | 25.02M | 14.19M | -1.35M | 402K | 69K | 219K |
| Interest Income | 23.55M | 23.61M | 25.02M | 14.19M | 2.66M | 402K | 69K | 219K |
| Interest Expense | 0 | 0 | 0 | 0 | 4.02M | 0 | 0 | 0 |
| Other Income/Expense | 23.55M | 23.61M | 25.02M | 14.19M | 4.02M | 402K | 69K | 219K |
| Pretax Income | -176.01M | -167.79M | -133.81M | -100.16M | -67.64M | -42.81M | -17.12M | -9.71M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -176.01M | -167.79M | -133.81M | -100.16M | -67.64M | -42.81M | -17.05M | -9.49M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | -20.48% | -25.4% | -33.6% | -48.08% | -57.99% | -151.04% | -79.78% | - |
| Net Income (Continuing) | -176.01M | -167.79M | -133.81M | -100.16M | -67.64M | -42.81M | -17.12M | -9.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.64 | -1.63 | -1.45 | -1.57 | -1.26 | -0.86 | -0.35 | -0.19 |
| EPS Growth % | -7.1% | -12.41% | 7.64% | -24.6% | -46.51% | -145.71% | -84.21% | - |
| EPS (Basic) | - | -1.63 | -1.45 | -1.57 | -1.26 | -0.86 | -0.35 | -0.19 |
| Diluted Shares Outstanding | 107.12M | 102.93M | 92.41M | 63.72M | 53.59M | 49.5M | 49.22M | 49.22M |
| Basic Shares Outstanding | 107.12M | 102.93M | 92.41M | 63.72M | 53.59M | 49.5M | 49.22M | 49.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial execution dependency
As reported in financial statements, Edgewise Therapeutics has seen its quarterly research and development expenditures climb from $27.7 million in 2023Q4 to $42.7 million by 2026Q1, reflecting the intensifying capital requirements associated with advancing its lead clinical assets through late-stage development and pivotal trial phases.
The consistent upward trend in R&D spending suggests a deliberate acceleration of clinical trial activity, specifically the LYNX and GRAND CANYON studies. Investors should monitor whether this expense trajectory remains sustainable given the company's current cash position and the lack of offsetting commercial revenue.
Based on the provided income statement data, the company's operating losses have widened from $33.9 million in 2023Q4 to $54.1 million in 2026Q1, indicating that administrative and research overheads are scaling significantly faster than any potential operational efficiencies as the firm matures toward a commercial-stage entity.
The absence of revenue means that operating leverage is currently irrelevant, as every dollar of SG&A and R&D directly compounds the net loss. The expansion of the operating deficit appears to be a function of headcount growth and trial site management, which may necessitate further dilutive financing.
According to recent SEC filings, Edgewise Therapeutics utilizes significant stock-based compensation, which reached $9.1 million in 2025Q1, effectively masking the true cash-based operational burn rate and complicating the assessment of underlying financial performance for investors evaluating the company's long-term path to sustainable profitability.
While stock-based compensation is a standard tool for talent retention in biotechnology, its variability suggests that reported net income figures are heavily influenced by non-cash accounting adjustments. Analysts should focus on cash-burn metrics rather than GAAP net income to better understand the company's actual runway.
As indicated by the quarterly financial data, the company's reliance on equity-funded R&D creates a structural vulnerability, as the $54.1 million operating loss in 2026Q1 highlights a high-burn model that remains entirely dependent on favorable capital market conditions to sustain its ongoing clinical development pipeline.
Short-sellers may focus on the widening gap between R&D spending and the lack of commercial milestones, which could lead to significant shareholder dilution. The absence of a revenue-generating asset suggests that the company's valuation is highly sensitive to any clinical trial delays or negative regulatory feedback.
Quick answers to the most common questions about buying EWTX stock.
For fiscal year 2025, Edgewise Therapeutics, Inc. (EWTX) reported total revenue of $0.0M.
Edgewise Therapeutics, Inc. (EWTX) reported a net loss of $167.8M for the fiscal year ending 2025.