Full Press Release Details
WVE-007, an INHBE GalNAc-siRNA for obesity designed to drive fat loss while preserving muscle mass, achieved dose-dependent, mean reductions of Activin E of up to 85% in INLIGHT clinical trial, exceeding levels that led to weight loss and prevention of rebound weight gain following cessation of GLP-1 in preclinical models
Activin E reduction in lowest single dose cohort of INLIGHT was sustained through six months, supporting once or twice a year dosing
Achieved key AATD treatment goals to recapitulate the MZ phenotype with WVE-006, GalNAc-RNA editing oligonucleotide, in RestorAATion-2 trial: AAT protein exceeded 20 µM during an acute phase response, basal AAT levels reached 13 µM, wild-type M-AAT protein reached 64% of serum AAT, Z-AAT was reduced by 60%
WVE-N531 in DMD and WVE-003 in HD remain on track
Cash and cash equivalents of $196.2 million as of September 30, 2025;subsequent to quarter-end, additional $72.1 million in ATM proceeds and committed GSK milestones extend expected cash runway into 2Q 2027
Investor conference call and webcast at 8:30 a.m. ET today
CAMBRIDGE, Mass., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health, today announced financial results for the third quarter ended September 30, 2025, and provided a business update.
“In the third quarter, we achieved key clinical objectives with WVE-007 for obesity and WVE-006 for alpha-1 antitrypsin deficiency, which validate the impact of our proprietary chemistry and further solidify our growing leadership in RNAi and RNA editing,” said Paul Bolno, MD, MBA, President and Chief Executive Officer at Wave Life Sciences. “Coming out of ObesityWeek®, it is clear there is a strong need for novel non-incretin treatment approaches, and WVE-007 has the potential to disrupt the obesity treatment landscape. The successful clinical translation observed thus far, with robust and durable Activin E reductions, support WVE-007’s potential to induce fat loss, preserve muscle, improve cardiometabolic health, without the class-effects of GLP-1s, and with the advantages of once or twice per year dosing.”
Dr. Bolno added, “We also continue to extend our leadership in the field of RNA editing. In September, we shared data from our ongoing RestorAATion-2 trial that demonstrated WVE-006’s ability to recapitulate an MZ phenotype, including the successful restoration of physiological production of AAT protein at levels needed to prevent lung damage during an acute exacerbation. Building on this clinical success, we advanced WVE-008, our PNPLA3 GalNAc-AIMer for liver disease, as our next RNA editing clinical candidate. With the continued clinical translation of our chemistry across modalities, we are excited to deliver multiple milestones in the coming quarters which have potential to unlock tremendous value with the ultimate goal of bringing transformational medicines to patients in need.”
Recent Business Highlights and Expected Milestones
Obesity
AATD (Alpha-1 antitrypsin deficiency)
Emerging wholly owned siRNA and RNA editing pipeline
Wave shared additional information on its emerging pipeline at its annualResearch Day.
DMD (Duchenne muscular dystrophy)
HD (Huntington’s disease)
Financial Highlights
Investor Conference Call and WebcastWave will host an investor conference call today at 8:30 a.m. ET to review the third quarter 2025 financial results and pipeline updates. A webcast of the conference call can be accessed by visiting “Investor Events” on the investor relations section of the Wave Life Sciences website:https://ir.wavelifesciences.com/events-publications/events. Analysts planning to participate during the Q&A portion of the live call can join the conference call at the audio-conferencing linkhere. Following the live event, an archived version of the webcast will be available on the Wave Life Sciences website.
About Wave Life SciencesWave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave’s RNA medicines platform, PRISM®, combines multiple modalities, chemistry innovation and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities includes editing, splicing, RNA interference, and antisense silencing, providing Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s diversified pipeline includes clinical programs in obesity, alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington’s disease, as well as several preclinical programs utilizing the company’s broad RNA therapeutics toolkit. Driven by the calling to “Reimagine Possible,” Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA. For more information on Wave’s science, pipeline and people, please visitwww.wavelifesciences.comand follow Wave onXandLinkedIn.
Forward-Looking StatementsThis press release contains forward-looking statements concerning our goals, beliefs, expectations, strategies, objectives and plans, and other statements that are not necessarily based on historical facts, including statements regarding the following, among others: the anticipated initiation, timing, design, progress, data and announcements related to our clinical trials, including interactions with and feedback from regulators and any potential registrational submissions based on these data; the future performance and results of our programs in clinical trials, including the anticipated therapeutic benefits of such programs and our expectations with respect to how our clinical data may predict success for our future therapeutic candidates and data readouts; the potential commercialization of our programs the potential size of the markets that our therapeutics may address; preclinical activities and programs and their potential to transition into clinical-stage programs, and the timing, progress and announcement of such events; the progress and potential benefits, including the potential achievement of milestones, of collaborations and strategic partnerships; the expected benefits of our stereopure oligonucleotides compared with stereorandom oligonucleotides; the breadth and versatility of our PRISM® drug discovery and development platform; the potential benefits of our RNA editing capability, including our AIMers; the potential benefits of ourStereopureinterferingNucleicAcid (SpiNA) next generation siRNA design; the potential for certain of our programs to be best-in-class or first-in-class, or to change the existing treatment paradigm or show substantial benefits over existing standards of care; our financial performance, including the anticipated duration of our cash runway and our ability to fund future operations; our intended uses of capital; and our expectations regarding the impact of any potential global macro events on our business. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from those indicated by these forward-looking statements as a result of these risks, uncertainties and important factors, including, without limitation, the clinical results and timing of our programs, which may not support further development of our product candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing current and future clinical trials and regulatory processes; the continued development and acceptance of nucleic acid therapeutics as a class of drugs; our ability to demonstrate the therapeutic benefits of our stereopure candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our ability to obtain, maintain and protect intellectual property; our ability to fund our operations and to raise additional capital as needed; competition from others developing therapies for similar uses; and any impacts on our business as a result of or related to any global economic uncertainty or market disruptions, as well as the other risks and uncertainties described in the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), as amended, and in other filings we make with the SEC from time to time. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We undertake no obligation, except to the extent required by law, to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Contact:Kate RauschVP, Corporate Affairs and Investor Relations+1 617-949-4827Investors:James SaliernoDirector, Investor Relations+1 617-949-4043InvestorRelations@wavelifesci.com
Media:Katie SullivanSenior Director, Corporate Communications+1 617-949-2936MediaRelations@wavelifesci.com
| WAVE LIFE SCIENCES LTD.UNAUDITED CONSOLIDATED BALANCE SHEETS(In thousands, except share amounts) | ||||||||
| September 30, 2025 | December 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 196,218 | $ | 302,078 | ||||
| Accounts receivable | 10,000 | 1,422 | ||||||
| Prepaid expenses | 6,653 | 9,544 | ||||||
| Other current assets | 2,617 | 7,350 | ||||||
| Total current assets | 215,488 | 320,394 | ||||||
| Long-term assets: | ||||||||
| Property and equipment, net of accumulated depreciation of $48,755 and $46,329 as of September 30, 2025 and December 31, 2024, respectively | 8,196 | 10,128 | ||||||
| Operating lease right-of-use assets | 13,876 | 17,870 | ||||||
| Restricted cash | 3,796 | 3,760 | ||||||
| Other assets | 22 | 55 | ||||||
| Total long-term assets | 25,890 | 31,813 | ||||||
| Total assets | $ | 241,378 | $ | 352,207 | ||||
| Liabilities, Series A preferred shares, and shareholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 14,490 | $ | 16,262 | ||||
| Accrued expenses and other current liabilities | 16,487 | 21,081 | ||||||
| Current portion of deferred revenue | 46,525 | 65,972 | ||||||
| Current portion of operating lease liability | 8,394 | 7,638 | ||||||
| Total current liabilities | 85,896 | 110,953 | ||||||
| Long-term liabilities: | ||||||||
| Deferred revenue, net of current portion | 11,681 | 6,099 | ||||||
| Operating lease liability, net of current portion | 11,378 | 17,766 | ||||||
| Total long-term liabilities | 23,059 | 23,865 | ||||||
| Total liabilities | $ | 108,955 | $ | 134,818 | ||||
| Series A preferred shares, no par value; 3,901,348 sharesissued and outstanding at September 30, 2025 and December 31, 2024 | $ | 7,874 | $ | 7,874 | ||||
| Shareholders’ equity: | ||||||||
| Ordinary shares, no par value; 160,288,481 and 153,037,286 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | $ | 1,223,721 | $ | 1,175,181 | ||||
| Additional paid-in capital | 174,075 | 156,454 | ||||||
| Accumulated other comprehensive loss | (190 | ) | (262 | ) | ||||
| Accumulated deficit | (1,273,057 | ) | (1,121,858 | ) | ||||
| Total shareholders’ equity | $ | 124,549 | $ | 209,515 | ||||
| Total liabilities, Series A preferred shares, and shareholders’ equity | $ | 241,378 | $ | 352,207 |
| WAVE LIFE SCIENCES LTD.UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 7,608 | $ | (7,676 | ) | $ | 25,482 | $ | 24,554 | |||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 45,874 | 41,197 | 129,965 | 115,037 | ||||||||||||
| General and administrative | 18,087 | 15,042 | 54,433 | 42,887 | ||||||||||||
| Total operating expenses | 63,961 | 56,239 | 184,398 | 157,924 | ||||||||||||
| Loss from operations | (56,353 | ) | (63,915 | ) | (158,916 | ) | (133,370 | ) | ||||||||
| Other income, net: | ||||||||||||||||
| Interest income | 2,177 | 1,798 | 7,424 | 6,425 | ||||||||||||
| Other income (expense), net | 324 | 337 | 293 | 684 | ||||||||||||
| Total other income, net | 2,501 | 2,135 | 7,717 | 7,109 | ||||||||||||
| Loss before income taxes | (53,852 | ) | (61,780 | ) | (151,199 | ) | (126,261 | ) | ||||||||
| Income tax benefit (provision) | — | — | — | — | ||||||||||||
| Net loss | $ | (53,852 | ) | $ | (61,780 | ) | $ | (151,199 | ) | $ | (126,261 | ) | ||||
| Net loss per share attributable to ordinary shareholders—basic and diluted | $ | (0.32 | ) | $ | (0.47 | ) | $ | (0.92 | ) | $ | (0.97 | ) | ||||
| Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders—basic and diluted | 167,739,208 | 132,563,467 | 164,773,525 | 130,470,603 | ||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Net loss | $ | (53,852 | ) | $ | (61,780 | ) | $ | (151,199 | ) | $ | (126,261 | ) | ||||
| Foreign currency translation | (29 | ) | 120 | 72 | (35 | ) | ||||||||||
| Comprehensive loss | $ | (53,881 | ) | $ | (61,660 | ) | $ | (151,127 | ) | $ | (126,296 | ) |