Edgewise Therapeutics (EWTX) is a pre-revenue clinical-stage biopharmaceutical company with no approved products and no product revenue as of March 31, 2026. Under a liquidation lens, recovery to equity is driven almost entirely by the liquidity and composition of the asset base, as the company carries no funded debt and a modest liability stack. Total assets of $518.5M are dominated by current assets of $509.8M, of which $466.4M is marketable securities and $33.2M is cash and equivalents. Applying standard liquidation haircuts — cash at 100%, short-duration investment-grade securities at approximately 97-99% (filing states maturities within one year of $439.1M) — the haircutted asset pool is approximately $507-510M. Against total liabilities at face value of $25.3M (current $22.5M, noncurrent $2.8M largely ASC 842 operating lease), estimated net recovery to equity is approximately $482-485M, which compares to book equity of $493.2M. The negative gap versus book is driven primarily by the standard haircut on marketable securities and the zero-recovery treatment of PP&E net ($7.4M gross book, would recover $3.7-5.2M at 50-70% of net) and prepaid/other current assets ($10.2M, 0% recovery). No goodwill or capitalized intangibles are present on the balance sheet; all IP value is expensed through R&D. The company filed a $200M underwritten offering (April 2025, 9.9M shares at $20.13) that materially increased the cash and securities balance entering Q1 2026. Operating cash burn was $42.5M for the quarter ended March 31, 2026, implying a run rate of approximately $170M annually; at that pace the current liquid asset base supports roughly 2.8-3.0 years of operations before additional capital is required. The MFFAIS CLV/LLV/OLV figures of $7.9M diverge sharply from the above estimate; this likely reflects a different methodology or data vintage and should be reconciled against the TAG_CONTEXT balance sheet values. Filing does not separately disclose lease commitment schedule in XBRL tags; operating lease obligations of $3.8M combined (current $1.0M plus noncurrent $2.8M) are disclosed in the balance sheet but the undiscounted future payment schedule is described only in the MD&A footnotes. No accrued contingent liabilities, no pension obligations, and no long-term debt are present. The accumulated deficit is $595.4M.
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