UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Edgewise Therapeutics, Inc. |
(Name of Issuer)
|
Common Stock |
(Title of Class of Securities)
|
28036F105 |
(CUSIP Number)
|
OrbiMed Advisors LLC OrbiMed Capital GP VI LLC OrbiMed Genesis GP LLC OrbiMed Capital LLC
601 Lexington Avenue, 54th Floor New York, NY 10022 Telephone: (212) 739-6400
|
(Name, Address and Telephone Number of Person Authorized
to
|
September 16, 2022 |
(Date of Event which Requires Filing of this Statement) |
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7(b) for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a Reporting Person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
CUSIP No. 28036F105 |
1 |
Names of Reporting Persons. OrbiMed Advisors LLC | |||
2 |
Check the Appropriate Box if a Member of a Group (See Instructions). (a) o (b) o |
| ||
3 |
SEC Use Only
| |||
4 |
Source of Funds (See Instructions)
AF | |||
5 |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
o | ||
6 |
Citizenship or Place of Organization Delaware | |||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
Sole Voting Power 0 | ||
8 |
Shared Voting Power 14,301,551 | |||
9 |
Sole Dispositive Power 0 | |||
10 |
Shared Dispositive Power 14,301,551 | |||
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 14,301,551 | |||
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
o | ||
13 |
Percent of Class Represented by Amount in Row (11) 23.3%* | |||
14 |
Type of Reporting Person (See Instructions) IA | |||
* This percentage is calculated based upon 61,408,272 shares outstanding of Edgewise Therapeutics, Inc. (the “Issuer”) following the closing of an underwritten public offering (assuming the underwriters did not exercise their option to purchase additional shares), as set forth in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on September 14, 2022.
CUSIP No. 28036F105 |
1 |
Names of Reporting Persons. OrbiMed Capital GP VI LLC | |||
2 |
Check the Appropriate Box if a Member of a Group (See Instructions). (a) o (b) o |
| ||
3 | SEC Use Only | |||
4 |
Source of Funds (See Instructions) AF | |||
5 | Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) | o | ||
6 |
Citizenship or Place of Organization Delaware | |||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
Sole Voting Power 0 | ||
8 |
Shared Voting Power 13,981,952 | |||
9 |
Sole Dispositive Power 0 | |||
10 |
Shared Dispositive Power 13,981,952 | |||
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 13,981,952 | |||
12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) | o | ||
13 |
Percent of Class Represented by Amount in Row (11) 22.8%* | |||
14 |
Type of Reporting Person (See Instructions) OO | |||
* This percentage is calculated based upon 61,408,272 shares outstanding of Edgewise Therapeutics, Inc. (the “Issuer”) following the closing of an underwritten public offering (assuming the underwriters did not exercise their option to purchase additional shares), as set forth in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on September 14, 2022.
CUSIP No. 28036F105 | |||||||
1 |
Names of Reporting Persons. OrbiMed Genesis GP LLC |
||||||
2 |
Check the Appropriate Box if a Member of a Group (See Instructions). (a) o (b) o |
|
|||||
3 | SEC Use Only | ||||||
4 |
Source of Funds (See Instructions) AF |
||||||
5 |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
o | |||||
6 |
Citizenship or Place of Organization Cayman Islands |
||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
Sole Voting Power 0 |
|||||
8 |
Shared Voting Power 319,599 |
||||||
9 |
Sole Dispositive Power 0 |
||||||
10 |
Shared Dispositive Power 319,599 |
||||||
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 319,599 |
||||||
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
o | |||||
13 |
Percent of Class Represented by Amount in Row (11) 0.5%* |
||||||
14 |
Type of Reporting Person (See Instructions) IA |
||||||
* This percentage is calculated based upon 61,408,272 shares outstanding of Edgewise Therapeutics, Inc. (the “Issuer”) following the closing of an underwritten public offering (assuming the underwriters did not exercise their option to purchase additional shares), as set forth in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on September 14, 2022.
CUSIP No. 28036F105 | |||||||
1 |
Names of Reporting Persons. OrbiMed Capital LLC |
||||||
2 |
Check the Appropriate Box if a Member of a Group (See Instructions). (a) o (b) o |
|
|||||
3 | SEC Use Only | ||||||
4 |
Source of Funds (See Instructions) AF |
||||||
5 |
Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)
|
o | |||||
6 |
Citizenship or Place of Organization Cayman Islands |
||||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 |
Sole Voting Power 265,625 |
|||||
8 |
Shared Voting Power 0 |
||||||
9 |
Sole Dispositive Power 265,625 |
||||||
10 |
Shared Dispositive Power 0 |
||||||
11 |
Aggregate Amount Beneficially Owned by Each Reporting Person 265,625 |
||||||
12 |
Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
|
o | |||||
13 |
Percent of Class Represented by Amount in Row (11) 0.4%* |
||||||
14 |
Type of Reporting Person (See Instructions) OO |
||||||
* This percentage is calculated based upon 61,408,272 shares outstanding of Edgewise Therapeutics, Inc. (the “Issuer”) following the closing of an underwritten public offering (assuming the underwriters did not exercise their option to purchase additional shares), as set forth in the Issuer’s Rule 424(b)(5) Prospectus filed with the Securities and Exchange Commission on September 14, 2022.
Item 1. Security and Issuer
This Amendment No. 1 (“Amendment No. 1”) to Schedule 13D supplements and amendments the Statement on Schedule 13D of OrbiMed Advisors LLC, OrbiMed Capital GP VI LLC, OrbiMed Genesis GP LLC, and OrbiMed Capital LLC originally filed with the Securities and Exchange Commission (the “SEC”) on April 8, 2021 (the “Statement”). The Statement relates to the common stock, par value $0.0001 per share (the “Shares”), of Edgewise Therapeutics, Inc., a corporation organized under the laws of Delaware (the “Issuer” ), with its principal executive offices located at 3415 Colorado Ave., Boulder, Colorado 80303. The Shares are listed on the NASDAQ Global Select Market under the ticker symbol “EWTX”. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.
On September 16, 2022, the Issuer completed an underwritten public offering of 11,627,907 Shares at an offering price of $10.32 per Share (the “Offering”). In addition, the Issuer granted the underwriters an option to purchase, at the public offering price less any underwriting discounts and commissions, up to an additional 1,744,186 Shares. As a result of the Offering, and notwithstanding the Reporting Persons’ (as defined below) participation in the offering, as described in Item 3 below, the percentage of outstanding Shares that the Reporting Persons may be deemed to beneficially own decreased by more than 1%.
Item 2. Identity and Background
(a) This Schedule 13D is being filed by OrbiMed Advisors LLC (“OrbiMed Advisors”), OrbiMed Capital GP VI LLC, (“GP VI”), OrbiMed Genesis GP LLC (“Genesis GP”), and OrbiMed Capital LLC (“OrbiMed Capital”) (collectively, the “Reporting Persons”).
(b) — (c), (f) GP VI, a limited liability company organized under the laws of Delaware, is the general partner of a limited partnership, as more particularly described in Item 6 below. GP VI has its principal offices at 601 Lexington Avenue, 54th Floor, New York, New York 10022.
Genesis GP, a limited liability company organized under the laws of Delaware, is the general partner of a limited partnership, as more particularly described in Item 6 below. Genesis GP has its principal offices at 601 Lexington Avenue, 54th Floor, New York, New York 10022.
OrbiMed Advisors, a limited liability company organized under the laws of Delaware and a registered investment adviser under the Investment Advisers Act of 1940, as amended, is the managing member of GP VI and Genesis GP, as more particularly described in Item 6 below. OrbiMed Advisors has its principal offices at 601 Lexington Avenue, 54th Floor, New York, New York 10022.
OrbiMed Capital, a limited liability company organized under the laws of Delaware and a registered investment adviser under the Investment Advisers Act of 1940, as amended, is the investment adviser of certain entities as more particularly described in Item 6 below. OrbiMed Capital has its principal offices at 601 Lexington Avenue, 54th Floor, New York, New York 10022.
The directors and executive officers of OrbiMed Advisors, GP VI, Genesis GP, and OrbiMed Capital are set forth on Schedules I, II, III, and IV, respectively, attached hereto. Schedules I, II, III, and IV set forth the following information with respect to each such person:
(i) name;
(ii) business address;
(iii) present principal occupation of employment and the name, principal business and address of any corporation or other organization in which such employment is conducted; and
(iv) citizenship.
(d) — (e) During the last five years, neither the Reporting Persons nor any Person named in Schedules I through IV has been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (ii) a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration
On and prior to the closing of the Offering on September 16, 2022, OrbiMed Advisors and GP VI, pursuant to their authority under the limited partnership agreement of OrbiMed Private Investments VI, LP (“OPI VI”), as more particularly referred to in Item 6 below, caused OPI VI to purchase 484,496 Shares in the Offering.
The source of funds for such purchase was the working capital of OPI VI.
As a result of the transactions described in this Item 3, GP VI, as the general partner of OPI VI, may be deemed to be the beneficial owner of approximately 22.8% of the outstanding Shares and OrbiMed Advisors, as the managing member of GP VI and Genesis GP, may be deemed to be the beneficial owner of approximately 23.3% of the outstanding Shares.
Item 4. Purpose of Transaction
This statement relates to the acquisition of Shares by the Reporting Persons. The Shares acquired by the Reporting Persons were acquired for the purpose of making an investment in the Issuer and not with the intention of acquiring control of the Issuer’s business on behalf of the Reporting Persons’ respective advisory clients.
The Reporting Persons from time to time intend to review their investment in the Issuer on the basis of various factors, including the Issuer’s business, financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Issuer’s Shares in particular, as well as other developments and other investment opportunities. Based upon such review, the Reporting Persons will take such actions in the future as the Reporting Persons may deem appropriate in light of the circumstances existing from time to time. If the Reporting Persons believe that further investment in the Issuer is attractive, whether because of the market price of Shares or otherwise, they may acquire Shares or other securities of the Issuer either in the open market or in privately negotiated transactions. Similarly, depending on market and other factors, the Reporting Persons may determine to dispose of some or all of the Shares currently owned by the Reporting Persons or otherwise acquired by the Reporting Persons either in the open market or in privately negotiated transactions.
Except as set forth in this Schedule 13D, the Reporting Persons have not formulated any plans or proposals which relate to or would result in: (a) the acquisition by any person of additional securities of the Issuer or the disposition of securities of the Issuer, (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries, (c) a sale or transfer of a material amount of the assets of the Issuer or any of its subsidiaries, (d) any change in the present Board of Directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board, (e) any material change in the Issuer’s capitalization or dividend policy of the Issuer, (f) any other material change in the Issuer’s business or corporate structure, (g) any change in the Issuer’s charter or bylaws or other instrument corresponding thereto or other action which may impede the acquisition of control of the Issuer by any person, (h) causing a class of the Issuer’s securities to be deregistered or delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (i) a class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act or (j) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) — (b) The following is based upon 61,408,272 Shares outstanding of the Issuer following the closing of an underwritten public offering (assuming the underwriters did not exercise their option to purchase additional shares), as set forth in the Issuer’s Rule 424(b)(5) Prospectus filed with the SEC on September 14, 2022.
As of the date of this filing, OPI VI, a limited partnership organized under the laws of Delaware, holds 13,981,952 Shares, constituting approximately 22.8% of the issued and outstanding Shares. GP VI is the general partner of OPI VI, pursuant to the terms of the limited partnership agreement of OPI VI, and OrbiMed Advisors is the managing member of GP VI, pursuant to the terms of the limited liability company agreement of GP VI. As a result, OrbiMed Advisors and GP VI share power to direct the vote and disposition of the Shares held by OPI VI and may be deemed directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares held by OPI VI. OrbiMed Advisors exercises this investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the Shares held by OPI VI.
In addition, OrbiMed Advisors and GP VI, pursuant to their authority under the limited partnership agreement of OPI VI, caused OPI VI to enter into the agreements referred to in Item 6 below.
As of the date of this filing, OrbiMed Genesis Master Fund, L.P. (“Genesis”), a limited partnership organized under the laws of the Cayman Islands, holds 319,599 Shares constituting approximately 0.5% of the issued and outstanding Shares. Genesis GP is the general partner of Genesis, pursuant to the terms of the limited partnership agreement of Genesis, and OrbiMed Advisors is the managing member of Genesis GP, pursuant to the terms of the limited liability company agreement of Genesis GP. As a result, OrbiMed Advisors and Genesis GP share power to direct the vote and disposition of the Shares held by Genesis and may be deemed, directly or indirectly, including by reason of their mutual affiliation, to be the beneficial owners of the Shares held by Genesis. OrbiMed Advisors exercises this investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the Shares held by Genesis.
In addition, OrbiMed Advisors and Genesis GP, pursuant to their authority under the limited partnership agreement of Genesis, caused Genesis to enter into the agreements referred to in Item 6 below.
As of the date of this filing, the Biotech Growth Trust PLC (“BIOG”), a publicly-listed investment trust organized under the laws of England, holds 265,625 Shares constituting 0.4% of the issued and outstanding Shares. OrbiMed Capital is the investment advisor of BIOG. As a result, OrbiMed Capital has the power to direct the vote and disposition of the Shares held by BIOG and may be deemed directly or indirectly, including by reason of mutual affiliation, to be the beneficial owner of the Shares held by BIOG. OrbiMed Capital disclaims any beneficial ownership over the shares of the other Reporting Persons. OrbiMed Capital exercises this investment and voting power through a management committee comprised of Carl L. Gordon, Sven H. Borho, and W. Carter Neild, each of whom disclaims beneficial ownership of the Shares held by BIOG.
In addition, OrbiMed Capital, pursuant to their authority under the limited partnership agreement of BIOG, caused BIOG to enter into the agreements referred to in Item 6 below.
(c) Except as disclosed in Item 3, the Reporting Persons have not effected any transactions during the past sixty (60) days in any Shares.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, GP VI is the general partner of OPI VI, pursuant to the terms of the limited partnership agreement of OPI VI. Pursuant to this agreement and relationship, GP VI has discretionary investment management authority with respect to the assets of OPI VI. Such authority includes the power to vote and otherwise dispose of securities held by OPI VI. The number of outstanding Shares of the Issuer attributable to OPI VI is 13,981,952 Shares. GP VI, pursuant to its authority under the limited partnership agreement of OPI VI, may be considered to hold indirectly 13,981,952 Shares.
In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, Genesis GP is the general partner of Genesis, pursuant to the terms of the limited partnership agreement of Genesis. Pursuant to this agreement and relationship, Genesis GP has discretionary investment management authority with respect to the assets of Genesis. Such authority includes the power to vote and otherwise dispose of securities held by Genesis. The number of outstanding Shares of the Issuer attributable to Genesis is 319,599. Genesis GP, pursuant to its authority under the limited partnership agreement of Genesis, may be considered to hold indirectly 319,599 Shares.
In addition to the relationships between the Reporting Persons described in Items 2 and 5 above, OrbiMed Advisors is the managing member of GP VI and Genesis GP, pursuant to the terms of the limited liability company agreements of GP VI and Genesis GP. Pursuant to these agreements and relationships, OrbiMed Advisors and GP VI have discretionary investment management authority with respect to the assets of OPI VI and OrbiMed Advisors and Genesis GP have discretionary investment management authority with respect to the assets of Genesis. Such authority includes the power of GP VI to vote and otherwise dispose of securities held by OPI VI and the power of Genesis GP to vote and otherwise dispose of the securities held by Genesis. The number of outstanding Shares attributable to OPI VI is 13,981,952 Shares and the number of Shares attributed to Genesis is 319,599 Shares. OrbiMed Advisors, pursuant to its authority under the terms of the limited liability company agreements of GP VI and Genesis GP, may also be considered to hold indirectly 14,301,551 Shares.
OrbiMed Capital is the investment advisor to BIOG. OrbiMed Capital may be deemed to have voting and investment power over the securities held by BIOG. Such authority includes the power of OrbiMed Capital to vote and otherwise dispose of securities held by BIOG. The number of outstanding Shares attributable to BIOG is 265,625 Shares. OrbiMed Capital, as the investment advisor to BIOG, may also be considered to hold indirectly 265,625 Shares.
Peter Thompson (“Thompson”), a member of OrbiMed Advisors, is a member of the Board of Directors of the Issuer and, accordingly, OrbiMed Advisors and GP VI may have the ability to affect and influence control of the Issuer. From time to time, Thompson may receive stock options or other awards of equity-based compensation pursuant to the Issuer’s compensation arrangements for non-employee directors. Pursuant to an agreement with OrbiMed Advisors and GP VI, Thompson is obligated to transfer any securities issued under any such stock options or other awards, or the economic benefit thereof, to OrbiMed Advisors and GP VI, which will in turn ensure that such securities or economic benefits are provided to OPI VI.
Investors’ Rights Agreement
In addition, OPI VI, Genesis, and certain other stockholders of the Issuer entered into an Amended and Restated Investors’ Rights Agreement with the Issuer (the “Investors’ Rights Agreement”), dated as of December 3, 2020. Pursuant to the Investors’ Rights Agreement and subject to the terms and conditions therein, the parties agreed that:
Demand Registration Rights
At any time beginning six months following the date of the effective date of the registration statement of the Issuer’s initial public offering, the holders of the registrable securities then outstanding of the Issuer may make a written request that the Issuer register some or all of their registrable securities, subject to certain specified conditions and exceptions, including that at least 20% of the registrable securities be registered and that the aggregated gross offering price of such offering must exceed $5 million. The Issuer is required to use commercially reasonable efforts to effect the registration and will pay all registration expenses, other than underwriting discounts and commissions, related to any demand registration. The Issuer is not obligated to effect more than two of these registrations.
Piggyback Registration Rights
Whenever the Issuer proposes to file a registration statement under the Securities Act of 1933, as amended (the “Securities Act”), other than with respect to certain excluded registrations, OPI VI and Genesis will be entitled to notice of the registration and have the right, subject to limitations that the underwriters may impose on the number of Shares included in the registration, to include the Shares held by them in the registration.
Form S-3 Registration Rights
At any time after the Issuer is qualified to file a registration statement on Form S-3 under the Securities Act, and subject to limitations and conditions specified in the Investors’ Rights Agreement, holders of the registrable securities then outstanding may make a written request that the Issuer prepare and file a registration statement on Form S-3 covering their Shares, so long as the aggregate price to the public equal or exceeds $2 million. The Issuer is not obligated to effect more than two of these Form S-3 registrations in any 12-month period.
Lock-Up Agreement
In addition, in connection with the Offering, OPI VI and Genesis each entered into a lock-up agreement (the “Lock-Up Agreement”) with the Issuer’s underwriters pursuant to which, among other things, OPI VI and Genesis agreed not to, except in limited circumstances, directly or indirectly: (i) offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any Shares, or any options or warrants to purchase any Shares, or any securities convertible into, exchangeable for or that represent the right to receive Shares; (ii) engage in any hedging or other transaction or arrangements (including any short sale or the purchase or sale of, or entry into, any put or call option, swap or any other derivative transaction or instrument) which is designed to or reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition or transfer of the economic consequences of ownership of any Shares or derivative instruments whether or not such transaction is to be settled by delivery of Shares, other securities, cash or other consideration; or (iii) otherwise publicly announce any intention to engage in or cause any action, activity or arrangement described in the foregoing clauses, in each case, from the date of the Lock-Up Agreement until 60 days after the date of the final prospectus supplement relating to the Offering.
The foregoing descriptions of the Investors’ Rights Agreement and the Lock-Up Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Investors’ Rights Agreement and the Lock-Up Agreement, which are filed as Exhibit 2 and Exhibit 3 respectively, and incorporated herein by reference.
Item 7. Material to Be Filed as Exhibits
Exhibit | Description |
1. | Joint Filing Agreement among OrbiMed Advisors LLC, OrbiMed Capital GP VI LLC, OrbiMed Genesis GP LLC, and OrbiMed Capital LLC. |
2. | Amended and Restated Investors’ Rights Agreement by and among the Issuer and each of the signatories thereto, dated as of December 3, 2020 (incorporated by reference to Exhibit 4.1 to the Issuer’s Registration Statement on Form S-1 (SEC 333-253923), filed with the SEC on March 5, 2021). |
3. | Form of Lock-Up Agreement. |
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Dated: September 16, 2022
ORBIMED ADVISORS LLC | |||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member | |||
ORBIMED CAPITAL GP VI LLC | |||
By: | ORBIMED ADVISORS LLC, its managing member | ||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member of OrbiMed Advisors LLC | |||
ORBIMED GENESIS GP LLC | |||
By: | ORBIMED ADVISORS LLC, its managing member | ||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member of OrbiMed Advisors LLC | |||
ORBIMED CAPITAL LLC | |||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member | |||
SCHEDULE I
The names and present principal occupations of each of the executive officers and directors of OrbiMed Advisors LLC are set forth below. Unless otherwise noted, each of these persons is a United States citizen and has a business address of 601 Lexington Avenue, 54th Floor, New York, NY 10022.
Name | Position with Reporting Person | Principal Occupation |
Carl L. Gordon | Member |
Member OrbiMed Advisors LLC |
Sven H. Borho German and Swedish Citizen |
Member |
Member OrbiMed Advisors LLC |
W. Carter Neild | Member |
Member OrbiMed Advisors LLC |
Geoffrey C. Hsu | Member |
Member OrbiMed Advisors LLC |
C. Scotland Stevens | Member |
Member OrbiMed Advisors LLC |
David P. Bonita | Member |
Member OrbiMed Advisors LLC |
Peter A. Thompson | Member |
Member OrbiMed Advisors LLC |
Matthew S. Rizzo | Member |
Member OrbiMed Advisors LLC |
Trey Block |
Chief Financial Officer
|
Chief Financial Officer OrbiMed Advisors LLC |
SCHEDULE II
The business and operations of OrbiMed Capital GP VI LLC are managed by the executive officers and directors of its managing member, OrbiMed Advisors LLC, set forth on Schedule I attached.
SCHEDULE III
The business and operations of
OrbiMed Genesis GP LLC are managed by the executive officers and directors of its managing member, OrbiMed Advisors LLC, set forth on
Schedule I attached.
SCHEDULE IV
The names and present principal occupations of each of the executive officers and directors of OrbiMed Capital LLC are set forth below. Unless otherwise noted, each of these persons is a United States citizen and has a business address of 601 Lexington Avenue, 54th Floor, New York, NY 10022.
Name | Position with Reporting Person | Principal Occupation |
Carl L. Gordon | Member |
Member OrbiMed Capital LLC |
Sven H. Borho German and Swedish Citizen |
Member |
Member OrbiMed Capital LLC |
W. Carter Neild | Member |
Member OrbiMed Capital LLC |
Geoffrey C. Hsu | Member |
Member OrbiMed Capital LLC |
C. Scotland Stevens | Member |
Member OrbiMed Capital LLC |
David P. Bonita | Member |
Member OrbiMed Capital LLC |
Peter A. Thompson | Member |
Member OrbiMed Capital LLC |
Matthew S. Rizzo | Member |
Member OrbiMed Capital LLC |
Trey Block |
Chief Financial Officer
|
Chief Financial Officer OrbiMed Capital LLC |
EXHIBIT INDEX
Exhibit | Description |
1. | Joint Filing Agreement among OrbiMed Advisors LLC, OrbiMed Capital GP VI LLC, OrbiMed Genesis GP LLC, and OrbiMed Capital LLC. |
2. | Amended and Restated Investors’ Rights Agreement by and among the Issuer and each of the signatories thereto, dated as of December 3, 2020 (incorporated by reference to Exhibit 4.1 to the Issuer’s Registration Statement on Form S-1 (SEC 333-253923), filed with the SEC on March 5, 2021). |
3. | Form of Lock-Up Agreement. |
Exhibit 1
JOINT FILING AGREEMENT
The undersigned hereby agree that the Statement on Schedule 13D, dated September 16, 2022, with respect to the common stock of Edgewise Therapeutics, Inc. is filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. Each of the undersigned agrees to be responsible for the timely filing of this Statement, and for the completeness and accuracy of the information concerning itself contained therein. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the 16th day of September 2022.
ORBIMED ADVISORS LLC | |||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member | |||
ORBIMED CAPITAL GP VI LLC | |||
By: | ORBIMED ADVISORS LLC, its managing member | ||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member of OrbiMed Advisors LLC | |||
ORBIMED GENESIS GP LLC | |||
By: | ORBIMED ADVISORS LLC, its managing member | ||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member of OrbiMed Advisors LLC | |||
ORBIMED CAPITAL LLC | |||
By: | /s/ Carl L. Gordon | ||
Name: Carl L. Gordon | |||
Title: Member | |||
Edgewise Therapeutics, Inc.
Lock-Up Agreement
September 12, 2022
J.P. Morgan Securities LLC
SVB Securities LLC
c/o J.P. Morgan Securities LLC
560 Mission Street, 26th Floor
San Francisco, CA 94105
c/o SVB Securities LLC
1301 Avenue of the Americas, 12th Floor
New York, New York 10019
Re: Edgewise Therapeutics, Inc. - Lock-Up Agreement (this “Lock-Up Agreement”)
Ladies and Gentlemen:
The undersigned understands that J.P. Morgan Securities LLC and SVB Securities LLC, as representatives (the “Representatives”), propose to enter into an underwriting agreement (the “Underwriting Agreement”) on behalf of the several Underwriters named in Schedule I to such agreement (collectively, the “Underwriters”), with Edgewise Therapeutics, Inc., a Delaware corporation (the “Company”), providing for a public offering (the “Public Offering”) of shares of the Common Stock of the Company (the “Shares”) pursuant to a shelf Registration Statement on Form S-3 that has been previously filed with the Securities and Exchange Commission (the “SEC”).
In consideration of the agreement by the Underwriters to offer and sell the Shares, and of other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees that, during the period beginning from the date of this Lock-Up Agreement and continuing to and including the date 60 days after the date set forth on the final prospectus supplement (the “Prospectus”) used to sell the Shares (the “Lock-Up Period”), subject to the exceptions set forth in this Lock-Up Agreement, the undersigned shall not, and shall not cause or direct any of its affiliates to, (i) offer, sell, contract to sell, pledge, grant any option to purchase, lend or otherwise dispose of any shares of Common Stock of the Company, or any options or warrants to purchase any shares of Common Stock of the Company, or any securities convertible into, exchangeable for or that represent the right to receive shares of Common Stock of the Company (such options, warrants or other securities, collectively, “Derivative Instruments”), including without limitation any such shares or Derivative Instruments now owned or hereafter acquired by the undersigned, (ii) engage in any hedging or other transaction or arrangement (including, without limitation, any short sale or the purchase or sale of, or entry into, any put or call option, or combination thereof, forward, swap or any other derivative transaction or instrument, however described or defined) which is designed to, or which reasonably could be expected to lead to or result in a sale, loan, pledge or other disposition (whether by the undersigned or someone other than the undersigned), or transfer of any of the economic consequences of ownership, in whole or in part, directly or indirectly, of any shares of Common Stock of the Company or Derivative Instruments, whether any such transaction or arrangement (or instrument provided for thereunder) would be settled by delivery of Common Stock or other securities, in cash or otherwise (any such sale, loan, pledge or other disposition, or transfer of economic consequences, a “Transfer”) or (iii) otherwise publicly announce any intention to engage in or cause any action or activity described in clause (i) above or transaction or arrangement described in clause (ii) above. The undersigned represents and warrants that the undersigned is not, and has not caused or directed any of its affiliates to be or become, currently a party to any agreement or arrangement that provides for, is designed to or which reasonably could be expected to lead to or result in any Transfer during the Lock-Up Period. In addition, the undersigned agrees that, without the prior written consent of the Representatives on behalf of the Underwriters, it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to, the registration of any Shares or any security convertible into or exercisable or exchangeable for Shares.
If the undersigned is not a natural person, the undersigned represents and warrants that no single natural person, entity or “group” (within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), other than a natural person, entity or “group” (as described above) that has executed a Lock-Up Agreement in substantially the same form as this Lock-Up Agreement, beneficially owns, directly or indirectly, 50% or more of the common equity interests, or 50% or more of the voting power, in the undersigned.
Notwithstanding the foregoing, the undersigned may:
(a) Transfer the undersigned’s shares of Common Stock or Derivative Instruments of the Company without the consent of the Representatives:
(i) as a bona fide gift or gifts, including without limitation to a charitable organization or educational institution, or for bona fide estate planning purposes;
(ii) to any member of the undersigned’s immediate family or to any trust or other legal entity for the direct or indirect benefit of the undersigned or the immediate family of the undersigned;
(iii) by will, other testamentary document or the laws of intestate succession;
(iv) if the undersigned is a trust, to a trustor, trustee or beneficiary of the trust or to the estate of a beneficiary of such trust;
(v) to a partnership, limited liability company or other entity of which the undersigned is the legal and beneficial owner of all of the outstanding equity securities or similar interests;
(vi) to a custodian of a person or entity to whom a disposition or Transfer would be permissible under clauses (i) through (v) above;
(vii) by operation of law pursuant to a qualified domestic order, divorce settlement, divorce decree or domestic separation agreement;
(viii) if the undersigned is a corporation, partnership, limited liability company, trust or other business entity, (A) to another corporation, partnership, limited liability company, trust or other business entity that is an affiliate (as defined in Rule 405 promulgated under the Securities Act of 1933, as amended) of the undersigned, or to any investment fund or other entity controlling, controlled by, managing or managed by or under common control with the undersigned or affiliates of the undersigned (including, for the avoidance of doubt, where the undersigned is a partnership, to its general partner or a successor partnership or fund, or any other funds managed by such partnership), or (B) as part of a distribution, Transfer or disposition without consideration by the undersigned to its stockholders, partners, members or other equity holders;
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(ix) in transactions consisting of shares of Common Stock or such Derivative Instruments that the undersigned may purchase (A) from the Underwriters in the Public Offering or (B) in open market transactions after the date set forth on the cover of the Prospectus;
(x) the receipt by the undersigned from the Company of shares of Common Stock upon the exercise of options or the settlement of restricted stock units granted under a stock incentive plan or other equity award plan, which plan is described in the Prospectus or the registration statement related to the Public Offering (including the documents incorporated by reference therein), provided that any shares of Common Stock or Derivative Instruments received as a result of such exercise, vesting or settlement shall remain subject to the terms of this Lock-Up Agreement;
(xi) (A) to the Company for the purposes of exercising (including for the payment of tax withholdings or remittance payments due as a result of such exercise) on a “net exercise” or “cashless” basis options or other rights to purchase shares of Common Stock and (B) in connection with the vesting or settlement of restricted stock units, any Transfer to the Company for the payment of tax withholdings or remittance payments due as a result of the vesting or settlement of such restricted stock units, in all such cases, pursuant to equity awards granted under a stock incentive plan or other equity award plan, which plan is described in the Prospectus or the registration statement related to the Public Offering (including the documents incorporated by reference therein), provided that any shares of Common Stock or Derivative Instruments received as a result of such exercise, vesting or settlement shall remain subject to the terms of this Lock-Up Agreement;
(xii) the Transfer of shares of Common Stock or Derivative Instruments to the Company pursuant to agreements under which the Company or any of its respective equity holders has the option to repurchase such shares of Common Stock or Derivative Instruments upon death, disability or termination of service of the undersigned; and
(xiii) pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the Board of Directors of the Company and made to all holders of the Company's capital stock involving a Change of Control of the Company, provided that in the event that such Change of Control is not completed, the undersigned's Common Stock and Derivative Instruments shall remain subject to the provisions of this Lock-Up Agreement;
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provided, that (1) in the case of any Transfer pursuant to clauses (i) through (viii) each donee, devisee, transferee or distributee shall execute and deliver to the Representatives a lock-up agreement in the form of this Lock-Up Agreement and there shall be no further transfer of such Common Stock or Derivative Instruments and any such Transfer shall not involve a disposition for value, (2) in the case of any Transfer pursuant to clauses (i) through (vi), no filing under Section 16 of the Exchange Act or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Common Stock shall be required or shall be made voluntarily in connection with such Transfer during the Lock-Up Period (other than any required Form 5 filing, which shall clearly indicate in the footnotes thereto the nature and conditions of such Transfer); (3) in the case of any Transfer pursuant to clause (viii), no filing under Section 16 of the Exchange Act or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Common Stock shall be required or shall be made voluntarily in connection with such Transfer during the Lock-Up Period (other than any required filings on Form 13F, Schedule 13D (or 13D/A) or Schedule 13G (or 13G/A); and (4) in the case of (x), (xi), (xii) above, it shall be a condition to such Transfer that no filing under Section 16(a) of the Exchange Act or other public filing shall be voluntarily made and, if any filing under Section 16(a) of the Exchange Act, or other public filing, report or announcement reporting a reduction in beneficial ownership of shares of Common Stock in connection with such transfer or distribution shall be legally required during the Lock-Up Period, such filing, report or announcement shall clearly indicate in the footnotes thereto the nature and conditions of such transfer; or
(b) Enter into a written plan meeting the requirements of Rule 10b5-1 under the Exchange Act after the date of this Lock-up Agreement relating to the sale of the Undersigned’s shares of Common Stock, provided that (i) the securities subject to such plan may not be Transferred until after the expiration of the Lock-Up Period and (ii) no public announcement or filing under the Exchange Act shall be required or voluntarily made regarding the establishment of such plan during the Lock-Up Period.
For purposes of this Lock-Up Agreement, “immediate family” shall mean any relationship by blood, marriage or adoption, not more remote than first cousin. For the purposes of this Lock-Up Agreement, “Change of Control” means the consummation of any bona fide third party tender offer, merger, consolidation or other similar transaction, the result of which is that any “person”(as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than the Company or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of at least 50% of the total voting power of the voting share capital of the Company.
The undersigned also agrees and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the Transfer of the undersigned’s shares of Common Stock of the Company except in compliance with the foregoing restrictions.
If the Representatives waive or terminate any of the foregoing restrictions in connection with a Transfer of capital stock of the Company, with respect to any of the securities of any executive officer or director of the Company or person that held at least 1.0% of the Common Stock and Derivative Instruments prior to the Public Offering (calculated on an as-converted, fully-diluted basis and as of the close of business on the date set forth on the Prospectus) (a “Triggering Release”), the provisions of this Lock-Up Agreement shall be waived or terminated, as applicable, to the same extent and on the same terms with respect to the same pro rata percentage of securities of the undersigned as the percentage of Common Stock being released in the Triggering Release represent with respect to the securities held by the applicable executive officer, director or 1% or greater stockholder. Notwithstanding the foregoing, no waiver or termination will constitute a Triggering Release, if (a) the aggregate fair market value of such releases to such security holders (whether in one or multiple releases) is less than or equal to 1% of the Common Stock and Derivative Instruments prior to the Public Offering (calculated on an as-converted, fully-diluted basis and as of the close of business on the date set forth on the Prospectus), (b)(i) if the release or waiver is effected solely to permit a Transfer not for consideration and (ii) the transferee has agreed in writing to be bound by the same terms described in this Lock-Up Agreement to the extent and for the duration that such terms remain in effect at the time of the Transfer, (c) such waiver or termination is granted to an executive officer or director of the Company due to circumstances of an emergency or hardship as determined by the Representatives in their sole judgment, or (d) such waiver or termination, in full or in part, is in connection with any underwritten public offering, whether or not such offering or sale is wholly or partially a secondary offering of the Common Stock during the Restricted Period (a “Follow-on Offering”); provided that the undersigned shall be offered the opportunity to participate on a pro rata basis consistent with such contractual rights in such Follow-on Offering and on pricing terms that are no less favorable than the terms of the Follow-on Offering.
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The undersigned acknowledges and agrees that none of the Underwriters has made any recommendation or provided any investment or other advice to the undersigned with respect to this Lock-Up Agreement or the subject matter hereof, and the undersigned has consulted its own legal, accounting, financial, regulatory, tax and other advisors with respect to this Lock-Up Agreement and the subject matter hereof to the extent the undersigned has deemed appropriate. The undersigned further acknowledges and agrees that, although the Representatives may be required or choose to provide certain Regulation Best Interest and Form CRS disclosures to you in connection with the Public Offering, the Representatives and the other Underwriters are not making a recommendation to you to participate in the Public Offering, enter into this Lock-Up Agreement, or sell any Shares at the price determined in the Public Offering, and nothing set forth in such disclosures is intended to suggest that the Representatives or any Underwriter is making such a recommendation.
This Lock-Up Agreement and any claim, controversy or dispute arising under or related to this Lock-Up Agreement shall be governed by and construed in accordance with the laws of the State of New York.
Notwithstanding anything to the contrary contained herein, this Lock-Up Agreement will automatically terminate and the undersigned will be released from all of his, her or its obligations hereunder upon the earliest to occur, if any, of (i) prior to the execution of the Underwriting Agreement, the Company advises the Representatives in writing that it has determined not to proceed with the Public Offering, (ii) the Company files an application to withdraw the registration statement related to the Public Offering, (iii) the Underwriting Agreement is executed but is terminated (other than the provisions thereof which survive termination) prior to payment for and delivery of the Shares to be sold thereunder, or (iv) September 30, 2022.
In the event that any Representative withdraws from or declines to participate in the Public Offering, all references to the Representatives contained in this Lock-Up Agreement shall be deemed to refer to the remaining Representatives that continue to participate in the Public Offering (the “Remaining Representatives”), and, in such event, any written consent, waiver or notice given or delivered in connection with this Lock-Up Agreement by the Remaining Representatives shall be deemed to be sufficient and effective for all purposes under this Lock-Up Agreement.
The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this Lock-Up Agreement. This Lock-Up Agreement may be delivered via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com or www.echosign.com) or other transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
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[Signature page follows]
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The undersigned understands that the Company and the Underwriters are relying upon this Lock-Up Agreement in proceeding toward consummation of the Public Offering. The undersigned further understands that this Lock-Up Agreement is irrevocable and shall be binding upon the undersigned’s heirs, legal representatives, successors, and assigns.
Very truly yours,
By: | /s/ Peter Thompson Name: Peter Thompson Title: Director |
ORBIMED PRIVATE INVESTMENTS VI, LP
By: | OrbiMed Capital GP VI LLC, its General Partner |
By: | OrbiMed Advisors LLC, its Managing Member |
By: | /s/ Peter Thompson Name: Peter Thompson Title: Member |
ORBIMED GENESIS MASTER FUND, L.P.
By: | OrbiMed Genesis GP LLC, its General Partner |
By: | OrbiMed Advisors LLC, its Managing Member |
By: | /s/ Geoffrey Hsu Name: Geoffrey Hsu Title: Member |
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