Full Press Release Details
On track for INLIGHT clinical data update in 1Q 2026; fat loss similar to GLP-1 observed at three months and expected to continue over time and with higher doses of WVE-007 (INHBE GalNAc-siRNA), while preserving muscle mass
Planning underway to initiate Phase 2a multidose portion of WVE-007 INLIGHT clinical trial for obesity in individuals with higher BMI and comorbidities in 1H 2026, as well as additional trials of WVE-007 as an incretin add-on and as post-incretin maintenance in 2026
Advancing regulatory engagementon potential accelerated approval pathway for WVE-006 (GalNAc-RNA editing) for AATD with feedback anticipated mid-2026; RestorAATion-2 clinical trial fully enrolled through 600 mg cohort and multiple data updates on track beginning with 400 mg multidose data in 1Q 2026
CTA submission for WVE-008 (GalNAc-RNA editing for PNPLA3 I148M liver disease) on track for 2026
Well capitalized with cash and cash equivalents of $602.1 million as of December 31, 2025 and expected cash runway into 3Q 2028
Investor conference call and webcast at 8:30 a.m. ET today
CAMBRIDGE, Mass., Feb. 26, 2026 (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 fourth quarter and full year ended December 31, 2025, and provided a business update.
“We entered 2026 focused on executing in two priority areas: accelerating development of WVE-007, our INHBE GalNAc-siRNA for obesity, and rapidly advancing our RNA editing portfolio, which includes WVE-006 for AATD and WVE-008 for PNPLA3 liver disease. WVE-007 is enabled by our leading RNAi capabilities supported by a differentiated and proprietary SpiNA design, and has the potential to be a transformative treatment approach for obesity. Our interim INLIGHT clinical data from the lowest therapeutic single-dose cohort demonstrated fat loss on par with GLP-1, favorable safety and tolerability, as well as the potential for once or twice a year dosing,” said Paul Bolno, MD, MBA, President and Chief Executive Officer at Wave Life Sciences. “With our upcoming data update, we will have the first opportunity to assess the impact of longer follow-up and a higher dose level. We are also working rapidly towards initiating the Phase 2a multidose portion of our INLIGHT study in individuals with higher BMI and comorbidities. In addition, we are excited to investigate WVE-007 across treatment settings as an incretin add-on and post-incretin maintenance to potentially benefit more individuals living with obesity.”
Dr. Bolno added, “With WVE-006, our RNA editing therapeutic candidate for AATD, we have already achieved key AATD treatment goals including dynamic AAT production of over 20 micromolar. By correcting RNA, WVE-006 is designed to address both liver and lung manifestations of the disease with convenient, infrequent subcutaneous dosing. WVE-006 has demonstrated a favorable safety profile and comes without the irreversible, collateral bystander edits and indels, which are associated with DNA base editing. Additionally, WVE-006 does not require LNP delivery, which may be associated with systemic and liver toxicities. WVE-006 has the potential to provide a much-needed therapeutic option for the 200,000 individuals in the U.S. and Europe living with homozygous ‘ZZ’ AATD. We have accelerated regulatory engagement and we expect to receive feedback on a potential accelerated approval pathway mid-year. Building on our clinical success in RNAi and RNA editing, we are advancing WVE-008, our PNPLA3 GalNAc-AIMer, for the nine million individuals living with homozygous PNPLA3 I148M liver disease in the U.S. and Europe, as well as a pipeline of additional hepatic and extra-hepatic siRNAs and AIMers, further supporting our vision of bringing transformative therapies to individuals living with the burden of disease.”
Recent Business Highlights and Expected Milestones
Obesity
AATD (Alpha-1 antitrypsin deficiency)
PNPLA3 I148M liver disease
DMD (exon 53)
GSK research collaboration
Financial Highlights
Investor Conference Call and WebcastWave will host an investor conference call today at 8:30 a.m. ET to review the fourth quarter and full year 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, including RNAi (SpiNA) and RNA editing (AIMers), provides Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s pipeline is focused on its obesity (WVE-007), alpha-1 antitrypsin deficiency (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs in Duchenne muscular dystrophy and Huntington’s disease, as well as several preclinical programs utilizing the company’s versatile RNA medicines platform. 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 Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, 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-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers); 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) | ||||||||
| December 31,2025 | December 31,2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 602,068 | $ | 302,078 | ||||
| Accounts receivable | 1,276 | 1,422 | ||||||
| Prepaid expenses | 8,395 | 9,544 | ||||||
| Other current assets | 3,075 | 7,350 | ||||||
| Total current assets | 614,814 | 320,394 | ||||||
| Long-term assets: | ||||||||
| Property and equipment, net of accumulated depreciation of $49,522 and $46,329 as of December 31, 2025 and 2024, respectively | 7,405 | 10,128 | ||||||
| Operating lease right-of-use assets | 12,458 | 17,870 | ||||||
| Restricted cash | 3,806 | 3,760 | ||||||
| Other assets | 16 | 55 | ||||||
| Total long-term assets | 23,685 | 31,813 | ||||||
| Total assets | $ | 638,499 | $ | 352,207 | ||||
| Liabilities, Series A preferred shares and shareholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 15,700 | $ | 16,262 | ||||
| Accrued expenses and other current liabilities | 26,564 | 21,081 | ||||||
| Current portion of deferred revenue | 44,440 | 65,972 | ||||||
| Current portion of operating lease liability | 8,361 | 7,638 | ||||||
| Total current liabilities | 95,065 | 110,953 | ||||||
| Long-term liabilities: | ||||||||
| Deferred revenue, net of current portion | 7,798 | 6,099 | ||||||
| Operating lease liability, net of current portion | 9,405 | 17,766 | ||||||
| Total long-term liabilities | 17,203 | 23,865 | ||||||
| Total liabilities | $ | 112,268 | $ | 134,818 | ||||
| Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at December 31, 2025 and 2024 | $ | 7,874 | $ | 7,874 | ||||
| Shareholders’ equity: | ||||||||
| Ordinary shares, no par value; 187,660,263 and 153,037,286 shares issued and outstanding at December 31, 2025 and 2024, respectively | $ | 1,616,478 | $ | 1,175,181 | ||||
| Additional paid-in capital | 228,365 | 156,454 | ||||||
| Accumulated other comprehensive loss | (250 | ) | (262 | ) | ||||
| Accumulated deficit | (1,326,236 | ) | (1,121,858 | ) | ||||
| Total shareholders’ equity | 518,357 | 209,515 | ||||||
| Total liabilities, Series A preferred shares and shareholders’ equity | $ | 638,499 | $ | 352,207 | ||||
The accompanying notes are an integral part of the consolidated financial statements.
| WAVE LIFE SCIENCES LTD.UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 17,244 | $ | 83,748 | $ | 42,727 | $ | 108,302 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 52,814 | 44,645 | 182,779 | 159,682 | ||||||||||||
| General and administrative | 20,897 | 16,136 | 75,331 | 59,023 | ||||||||||||
| Total operating expenses | 73,711 | 60,781 | 258,110 | 218,705 | ||||||||||||
| Income (loss) from operations | (56,467 | ) | 22,967 | (215,383 | ) | (110,403 | ) | |||||||||
| Other income, net: | ||||||||||||||||
| Dividend income and interest income, net | 3,054 | 3,738 | 10,478 | 10,163 | ||||||||||||
| Other income, net | 234 | 2,548 | 527 | 3,232 | ||||||||||||
| Total other income, net | 3,288 | 6,286 | 11,005 | 13,395 | ||||||||||||
| Income (loss) before income taxes | (53,179 | ) | 29,253 | (204,378 | ) | (97,008 | ) | |||||||||
| Income tax benefit | — | — | — | — | ||||||||||||
| Net income (loss) | $ | (53,179 | ) | $ | 29,253 | $ | (204,378 | ) | $ | (97,008 | ) | |||||
| Net income (loss) attributable to ordinary shareholders, basic and diluted | $ | (53,179 | ) | $ | 29,253 | $ | (204,378 | ) | $ | (97,008 | ) | |||||
| Net income (loss) per share attributable to ordinary shareholders—basic | $ | (0.30 | ) | $ | 0.18 | $ | (1.21 | ) | $ | (0.70 | ) | |||||
| Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—basic | 180,152,207 | 161,487,609 | 168,649,795 | 138,277,468 | ||||||||||||
| Net income (loss) per share attributable to ordinary shareholders—diluted | $ | (0.30 | ) | $ | 0.17 | $ | (1.21 | ) | $ | (0.70 | ) | |||||
| Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—diluted | 180,152,207 | 172,290,361 | 168,649,795 | 138,277,468 | ||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Net income (loss) | $ | (53,179 | ) | $ | 29,253 | $ | (204,378 | ) | $ | (97,008 | ) | |||||
| Foreign currency translation gain (loss) | (60 | ) | (103 | ) | 12 | (138 | ) | |||||||||
| Comprehensive income (loss) | $ | (53,239 | ) | $ | 29,150 | $ | (204,366 | ) | $ | (97,146 | ) | |||||
The accompanying notes are an integral part of the consolidated financial statements.