EWTX // Edgewise Therapeutics Inc.

DES <GO> NASDAQ RQD COCKPIT → CIK 0001710072 ↗

Health Care • Biotechnology: Pharmaceutical Preparations

$38.90 ▼ -0.01 (-0.03%)

MKT CAP: $4.22B • VOL: 967.6K

52W L $17 52W H $49

ALTMAN Z

26.00 SAFE

PIOTROSKI

3 / 9

EWTX // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 41/100 [D-] (+0 PT) • UNCHANGED AS OF 2026-11-03

ROARABLE D-

RQD CONFIDENCE

41 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Vulnerable Balance Sheet & Flow

01 MASSIVE / SEC XBRL

Forensic Fundamentals

5 / 20

CRITICAL

FCF -30.6% vs NI +0% • ROIC-WACC -42.2% • Z 26

02 INSTITUTIONAL TAPE & TREND

Whale & Options Flow

10 / 20

NEUTRAL

52W RANGE 70% • VS 200D +6.7% • RSI 45.7

03 SEC XBRL CAPITAL ALLOCATION

Insider & Capital Conviction

[LOCKED] FLAGGED

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04 FRED 90D r-MATRIX

Macro Regime Fit

10 / 20

NEUTRAL

NEUTRAL • r(10Y)=-0.04 (+19bp) • r(OAS)=-0.22

05 10-K REDLINE AUDIT

Forensic 10-K Risk

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ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON EWTX)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // MACRO TAILWIND SCORE (28/100)SIFTER 05 // TRUE NET LIQUIDITY BETA

SEVERITY: 83/100 Z-SCORE: +2.40σ

EWTX Exhibits 2.21x True Net Liquidity Elasticity as Fed-TGA-RRP Prints $5,746B

TRUE NET LIQUIDITY

$5,746B (-0.64% 4W)

NET LIQUIDITY ELASTICITY

2.21x BETA (r=+0.22)

MACRO TAILWIND SCORE

28 / 100

[GEEK DESK FORENSIC NOTE // FRED WALCL - TGA - RRP × 5Y BETA]

FRED Fed Assets (WALCL)US Treasury TGA (WTREGEN) + ON RRPICE BofA High-Yield OAS + 5Y Equity Beta

Wall Street's True Net Liquidity Index (WALCL minus Treasury General Account WTREGEN minus Overnight RRP) stands at $5,745.73B (-0.64% 4-week RoC; High-Yield OAS +34 bps). Rolling 5-year regression assigns Edgewise Therapeutics Inc. (EWTX) a 2.21x Net Liquidity beta (r = +0.22), placing it in the top decile of liquidity-sensitive equities. Current plumbing translates to a deterministic Macro Tailwind Score of 28/100.

EWTX // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +23.69%📐 HORIZONTAL RANGE

2026-11-03O $38.91H $38.91L $38.90C $38.90VOL 967.6K

RES: $51.43SUP: $35.24SMA50: $41.01SMA200: $36.45

EWTX // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 28/100

BEAR 0

100 BULL

Edgewise Therapeutics Inc. (EWTX) exhibits 45.0% gross margins and -31.9% return on invested capital within Health Care (Biotechnology: Pharmaceutical Preparations), balanced against a 24.0x enterprise multiple and 4.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 45.0% gross profitability converts into -16.2% operating margin and -31.9% ROIC, outpacing sector cost of capital.

ROIC: -31.9% // GM: 45.0%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of -1.1% paired with -3.41% free cash flow yield supports self-funded R&D and capital return.

REV YOY: -1.1% // FCF YLD: -3.41%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 26.00 and Piotroski F-Score of 3/9 indicate low near-term refinancing stress.

ALTMAN Z: 26.00 // F-SCORE: 3/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (25.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±5.2% implied move with a 0.85 put/call ratio around $38.90 max pain.

IMPL MOVE: ±5.2% // P/C: 0.85

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in Biotechnology: Pharmaceutical Preparations require continuous execution to defend 0.0% net margins.

NET MARGIN: 0.0% // D/E: 0.02x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 25.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.10).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 25.0x

EV / EBITDA —

FCF YIELD -3.41%

GROSS MARGIN —

OPERATING MARGIN -16.2%

NET MARGIN 0.0%

ROIC % -31.9%

REV GROWTH YOY -1.1%

DILUTED EPS TTM $0.00

DEBT / EQUITY 0.02x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 45.7

5Y EQUITY BETA 1.10

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // EWTXPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $35.59

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

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HEAD-TO-HEAD PEER COMPARISONS COMP <GO>

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