EWTXEdgewise Therapeutics, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$189M
- 21% YoY
- Market cap
- $4.2B
- Employees
- 146
- Net debt / EBITDA
- —
- −$72M net debt
- AI in 10-K
- 0.8
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo0 of 3 years3+ of last 5 years
- High CEO pay despite TSRNo$7M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes65% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo0.8 per 10K words · 31st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$4.2B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$19M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$43M | −$72M | −$114M | −$159M | −$191M | 21% |
| Net income | −$43M | −$68M | −$100K | −$134K | −$168K | 25% |
| Operating cash flow | −$34M | −$53M | −$92M | −$109M | −$144M | 32% |
| Capex | $668K | $6M | $6M | $1M | $256K | 80% |
| Stock-based comp | $4M | $11M | $18M | $25M | $35M | 41% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Apr 27, 2026 | Novo Holdings A/S | SCHEDULE 13D/A | 4.9% | Passive |
| May 12, 2025 | ORBIMED ADVISORS LLC | SCHEDULE 13D/A | 14.5% | Passive |
| Nov 12, 2024 | ORBIMED ADVISORS LLC | SC 13D/A | 15.6% | Passive |
| Sep 23, 2024 | Novo Holdings A/S | SC 13D/A | 5.9% | Passive |
| Jan 25, 2024 | Novo Holdings A/S | SC 13D/A | 7.4% | Passive |
| Jan 25, 2024 | ORBIMED ADVISORS LLC | SC 13D/A | 17.3% | Passive |
| Jun 28, 2023 | Novo Holdings A/S | SC 13D/A | 9.6% | Passive |
| Feb 1, 2023 | U.S. Venture Partners XI, L.P. | SC 13D/A | 0.0% | Passive |
| Sep 30, 2022 | Novo Holdings A/S | SC 13D/A | 9.6% | Passive |
| Sep 16, 2022 | Novo Holdings A/S | SC 13D/A | 9.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $199K · 1
- Open-market sells, 12 mo
- $20M · 33
- Net
- −$19M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $7M | $8M | 286 | 139 |
| FY2024 | $8M | $36M | 307 | 104 |
| FY2023 | $4M | $10M | 128 | 105 |