Edgewise Therapeutics posts Q3 profit on asset sale
EWTX•Edgewise Therapeutics reported Q3 net income of $1.17 billion, driven by a $1.35 billion gain from selling its sevasemten program and muscular dystrophy business to Servier. Operating expenses were $46.14 million.
1. Asset sale drives profit
Edgewise Therapeutics swung to net income of $1.17 billion in the third quarter, including a $1.35 billion gain from the sale of its sevasemten program and muscular dystrophy business to Servier. Operating expenses were $46.14 million, while operating income was negative $46.14 million.
2. Research spending shifts
Research and development expenses declined year over year following the sale, partly offset by increased spending on EDG-7500 and other pipeline programs. General and administrative expenses rose because of higher personnel costs and expanded organizational capabilities. The company provided no specific financial guidance for upcoming quarters or the full year.
