Edgewise Therapeutics, Inc.
EWTX · Pharmaceutical Preparations · 107.6M shares · +205%/yr ↑ dilution · EDGAR filings ↗
Reference price $38.57 · est. market cap ~$4.1B — last insider sale, 2026-05-05 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D46Clinical/early-stage biotech — muscle-disease clinical, heavy burn ($144M), very well-funded.
Strengths
- Liquidity — current ratio 19.9 (94th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Cash burnNegative free cash flow (-144.1M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Chronic dilutionShare count +205%/yr over 4y (dilution, book value/share -98%)
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 11 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$8M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06 — PHASE2 · Hypertrophic Cardiomyopathy
Key metrics
Return on equity
-32.1%
Return on assets
-30.4%
Current ratio
19.9×
Free cash flow
-$144M
Tangible book value
$522M
Cash & investments
$61M
Cash runway
2q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-05 | Donovan Joanne M. | Sell | 50K | $38.57 |
| 2026-05-05 | Donovan Joanne M. | Option exercise | 50K | $7.08 |
| 2026-05-04 | Donovan Joanne M. | Sell | 5.2K | $31.29 |
| 2026-04-01 | Donovan Joanne M. | Sell | 29K | $32.31 |
| 2026-04-01 | Fox Jonathan C | Grant | 339 | — |
| 2026-04-01 | Donovan Joanne M. | Option exercise | 29K | $7.08 |
| 2026-03-31 | Donovan Joanne M. | Option exercise | 21K | $7.08 |
| 2026-03-31 | Donovan Joanne M. | Sell | 21K | $32.12 |
| 2026-03-27 | Donovan Joanne M. | Sell | 9.6K | $30.98 |
| 2026-03-27 | Donovan Joanne M. | Sell | 6.7K | $30.98 |
| 2026-01-21 | Edris Badreddin | Option exercise | 66K | $1.93 |
| 2026-01-21 | Edris Badreddin | Option exercise | 14K | $0.39 |
| 2026-01-21 | Edris Badreddin | Option exercise | 17K | $0.64 |
| 2026-01-21 | Edris Badreddin | Option exercise | 10K | $1.93 |
| 2026-01-21 | Edris Badreddin | Option exercise | 7.6K | $0.71 |
| 2026-01-21 | Edris Badreddin | Sell | 14K | $29.44 |
| 2026-01-21 | Edris Badreddin | Sell | 17K | $29.44 |
| 2026-01-21 | Edris Badreddin | Sell | 7.6K | $29.44 |
| 2026-01-21 | Edris Badreddin | Sell | 10K | $29.44 |
| 2026-01-21 | Edris Badreddin | Sell | 66K | $29.44 |
| 2026-01-02 | Fox Jonathan C | Grant | 473 | — |
| 2025-11-12 | Russell Alan J | Option exercise | 100K | $0.18 |
| 2025-11-12 | Russell Alan J | Sell | 100K | $21.12 |
| 2025-11-11 | Fox Jonathan C | Buy | 11K | $18.64 |
| 2025-10-01 | Fox Jonathan C | Grant | 728 | — |
| 2025-08-26 | Russell Alan J | Option exercise | 100K | $0.18 |
| 2025-08-26 | Russell Alan J | Sell | 100K | $14.60 |
| 2025-08-12 | MOORE JOHN R | Option exercise | 5.8K | — |
| 2025-08-12 | MOORE JOHN R | Sell | 2.1K | $13.39 |
| 2025-08-12 | Derakhshan Behrad | Option exercise | 5.8K | — |
| 2025-08-12 | Derakhshan Behrad | Sell | 2.5K | $13.39 |
| 2025-08-12 | Carruthers R Michael | Option exercise | 5.8K | — |
| 2025-08-12 | Carruthers R Michael | Sell | 1.4K | $13.39 |
| 2025-08-12 | Russell Alan J | Option exercise | 5.8K | — |
| 2025-08-12 | Russell Alan J | Sell | 1.9K | $13.39 |
| 2025-08-12 | KOCH KEVIN | Option exercise | 18K | — |
| 2025-08-12 | KOCH KEVIN | Sell | 8.0K | $13.39 |
| 2025-08-12 | Donovan Joanne M. | Option exercise | 5.8K | — |
| 2025-08-12 | Donovan Joanne M. | Sell | 2.9K | $13.39 |
| 2025-07-01 | Fox Jonathan C | Grant | 858 | — |
| 2025-05-02 | Russell Alan J | Sell | 1.6K | $16.45 |
| 2025-05-02 | Donovan Joanne M. | Sell | 5.2K | $16.45 |
| 2025-05-02 | MOORE JOHN R | Sell | 1.9K | $16.45 |
| 2025-05-02 | KOCH KEVIN | Sell | 4.3K | $16.45 |
| 2025-05-02 | Derakhshan Behrad | Sell | 1.7K | $16.45 |
| 2025-05-02 | Carruthers R Michael | Sell | 1.3K | $16.45 |
| 2025-05-01 | MOORE JOHN R | Option exercise | 5.2K | — |
| 2025-05-01 | Russell Alan J | Option exercise | 5.2K | — |
| 2025-05-01 | KOCH KEVIN | Option exercise | 10K | — |
| 2025-05-01 | Donovan Joanne M. | Option exercise | 10K | — |
| 2025-05-01 | Carruthers R Michael | Option exercise | 5.2K | — |
| 2025-05-01 | Derakhshan Behrad | Option exercise | 5.2K | — |
| 2025-04-03 | Thompson Peter A. | Buy | 124K | $20.13 |
| 2025-04-03 | ORBIMED ADVISORS LLC | Buy | 373K | $20.13 |
| 2025-04-03 | ORBIMED ADVISORS LLC | Buy | 124K | $20.13 |
| 2025-04-03 | Thompson Peter A. | Buy | 373K | $20.13 |
| 2025-04-01 | Fox Jonathan C | Grant | 559 | — |
| 2025-03-07 | Russell Alan J | Option exercise | 200 | $0.18 |
| 2025-03-07 | KOCH KEVIN | Sell | 100 | $30.00 |
| 2025-03-07 | Russell Alan J | Sell | 200 | $30.02 |
| 2025-03-07 | KOCH KEVIN | Option exercise | 100 | $0.18 |
| 2025-02-06 | Russell Alan J | Option exercise | 1.2K | $0.18 |
| 2025-02-06 | Russell Alan J | Sell | 1.2K | $30.13 |
| 2025-02-06 | KOCH KEVIN | Option exercise | 900 | $13.11 |
| 2025-02-06 | KOCH KEVIN | Sell | 900 | $31.13 |
| 2025-02-05 | KOCH KEVIN | Option exercise | 8.6K | $0.18 |
| 2025-02-05 | Russell Alan J | Option exercise | 8.0K | $0.18 |
| 2025-02-05 | Russell Alan J | Sell | 8.0K | $30.02 |
| 2025-02-05 | KOCH KEVIN | Sell | 8.6K | $30.03 |
| 2025-02-05 | Derakhshan Behrad | Option exercise | 10K | $1.93 |
| 2025-02-05 | Derakhshan Behrad | Sell | 10K | $30.03 |
| 2025-01-28 | Donovan Joanne M. | Option exercise | 25K | $7.08 |
| 2025-01-28 | Donovan Joanne M. | Sell | 25K | $27.63 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06066580 ↗ | Open-Label Extension of EDG-5506 in Participants With Becker Muscular Dystrophy Becker Muscular Dystrophy | PHASE2 | Enrolling By Invitation | 2031-02-01 |
| NCT06100887 ↗ | Phase 2 Study of EDG-5506 in Children and Adolescents With Duchenne Muscular Dystrophy Previously Treated With Gene Therapy Duchenne Muscular Dystrophy | PHASE2 | Active Not Recruiting | 2027-03-01 |
| NCT05540860 ↗ | A Study of EDG-5506 in Children With Duchenne Muscular Dystrophy (LYNX) Duchenne Muscular Dystrophy | PHASE2 | Active Not Recruiting | 2027-01-01 |
| NCT05291091 ↗ | Phase 2 Study of EDG-5506 in Becker Muscular Dystrophy (GRAND CANYON) Becker Muscular Dystrophy | PHASE2 | Active Not Recruiting | 2026-09-01 |
| NCT06347159 ↗ | A Study of EDG-7500 in Adults With Hypertrophic Cardiomyopathy (CIRRUS-HCM) Hypertrophic Cardiomyopathy | PHASE2 | Active Not Recruiting | 2026-06-01 |
| NCT07177066 ↗ | A Study of EDG-15400 in Healthy Adults Healthy Adults | PHASE1 | Recruiting | 2026-05-01 |
| NCT07324616 ↗ | A Study to Evaluate EDG-7500 in Adults With Hepatic Impairment Hepatic Impairment (HI) | PHASE1 | Recruiting | 2026-05-01 |
| NCT07456059 ↗ | A Study to Evaluate EDG-7500 in Caucasian and Japanese Adults Healthy Adult Participants | PHASE1 | Not Yet Recruiting | 2026-06-01 |
| NCT07034768 ↗ | A Study to Evaluate EDG-7500 in People With Renal Impairment Renal Impairments | PHASE1 | Completed | 2025-12-22 |
| NCT06916897 ↗ | A Study to Evaluate Effect of Verapamil and Food of Sevasemten in Healthy Volunteers Healthy Subjects | PHASE1 | Completed | 2025-02-22 |
| NCT06738836 ↗ | A Study to Evaluate the Absorption, Metabolism, And Excretion Of Orally Administered [14C]-EDG-7500 Healthy Volunteer | PHASE1 | Completed | 2025-01-17 |
| NCT06011317 ↗ | A Study of EDG-7500 in Healthy Adults Healthy Subjects | PHASE1 | Completed | 2024-05-23 |
| NCT05160415 ↗ | A Study of EDG-5506 in Adult Males With Becker Muscular Dystrophy Becker Muscular Dystrophy | PHASE1 | Completed | 2024-03-01 |
| NCT05730842 ↗ | Absorption, Metabolism, Excretion and Absolute Bioavailability of EDG-5506 in Healthy Volunteers Healthy Volunteer, Muscular Dystrophies | PHASE1 | Completed | 2023-04-06 |
| NCT05492734 ↗ | A Study to Assess the Feasibility of Non-invasive Dried Blood Sampling Muscular Dystrophies | PHASE1 | Completed | 2022-08-19 |
| NCT04585464 ↗ | A Study to Assess Safety, Tolerability, and PK of EDG-5506 in Healthy Volunteers and Becker Muscular Dystrophy Adults Healthy Volunteer, Becker Muscular Dystrophy | PHASE1 | Completed | 2021-11-15 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-05 | Shareholder vote | filing ↗ |
| 2026-06-01 | Material agreementExhibits | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-02-26 | ResultsExhibits | filing ↗ |
| 2025-11-20 | Exec/director changeExhibits | filing ↗ |
| 2025-11-10 | Exec/director changeReg FDExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-05 | 2026-06-04 | 0001104659-26-071011 ↗ |
| 8-K | 2026-06-01 | 2026-05-31 | 0001193125-26-249951 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001104659-26-056713 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001104659-26-056783 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001104659-26-020108 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001104659-26-020112 ↗ |
| 8-K | 2025-11-20 | 2025-11-19 | 0001104659-25-114660 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001104659-25-109295 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001104659-25-107419 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107427 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0001558370-25-010655 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0001104659-25-074987 ↗ |