The FDA has declined to consider Edgewise Therapeutics' investigational skeletal myosin blocker sevasemten for accelerated approval in the treatment of Becker muscular dystrophy (BMD), dealing a regulatory setback to the biotech company's development timeline. The decision, announced in late 2024, resulted in a 10% drop in Edgewise's stock price as investors recalibrated expectations for the drug's path to market.
Regulatory Decision Details
According to Edgewise, the FDA determined that data from the Phase II CANYON study were "insufficient" to support accelerated approval. The company had proposed using the CANYON trial results as the sole basis for the accelerated pathway, but the agency's assessment highlighted gaps between the available evidence and regulatory requirements for this expedited route.
Despite rejecting the accelerated approval request, the FDA provided important guidance for the drug's future development. The agency affirmed that scores on the North Star Ambulatory Assessment (NSAA)—a rating scale used to evaluate motor abilities in muscular dystrophy patients—can be considered as a "clinically meaningful endpoint for traditional approval."
Path Forward Through Phase III Trial
Following meetings with the FDA, Edgewise emphasized that it sees a "clear path to registration" for sevasemten through its ongoing Phase III program. The company has already launched the global pivotal GRAND CANYON trial in BMD, which is described as "highly powered" to demonstrate significance in NSAA improvements versus placebo.
The FDA has "emphasized their support for GRAND CANYON and its potential as a single adequate well-controlled study to support registration" for sevasemten, according to Edgewise's statement. The trial is expected to read out in the fourth quarter of 2026, setting the timeline for potential traditional approval.
Analyst Perspectives and Market Response
Wall Street analysts expressed mixed reactions to the FDA's decision, with many noting they had anticipated this outcome. Stifel analysts stated they had "been skeptical on an accelerated approval path" and characterized the FDA's refusal as "not thesis changing" for Edgewise. However, they also expressed tempered expectations for the Phase III results, noting that CANYON data were "hard to interpret."
Truist Securities analysts maintained a more optimistic outlook, writing that although they had expected the FDA wouldn't approve an accelerated pathway, "we continue to see an opportunity in BMD." They projected that approval of sevasemten will "likely" come after GRAND CANYON reads out in Q4 2026.
Broader Regulatory Context
The FDA's decision reflects the agency's updated 2024 draft guidance, which requires sponsors to have confirmatory trials actively enrolling before seeking accelerated approval. This regulatory shift emphasizes the need for robust evidence over expedited timelines, even when it may delay patient access to potentially beneficial treatments.
Duchenne Program Update
Alongside the BMD regulatory update, Edgewise provided information on its Duchenne muscular dystrophy program for sevasemten. The company reported a favorable tolerability profile in the Phase III LYNX and FOX trials, calling topline data "encouraging" and noting promising signals of efficacy in functional outcomes.
However, analysts remained cautious about the Duchenne program as well. Stifel noted they "find it hard to get a ton of conviction here" and expect "considerable clinical risk ahead of a potential Phase III study," suggesting that investor skepticism may persist across Edgewise's muscular dystrophy portfolio.
