Wave Life Sciences .(WVE) - 2025 Q3 - Quarterly Results

Clinical Trials and Drug Development - WVE-007 achieved dose-dependent mean reductions of Activin E of up to 85% in the INLIGHT clinical trial, supporting its potential for obesity treatment with once or twice a year dosing[1] - WVE-006 demonstrated AAT protein levels exceeding 20 µM during acute phase response and basal AAT levels reaching 13 µM, with Z-AAT reduced by 60% in the RestorAATion-2 trial[3] - WVE-008, an investigational RNA editing oligonucleotide for PNPLA3 I148M liver disease, is expected to file a Clinical Trial Application in 2026[8] - Wave plans to file a New Drug Application for WVE-N531 in 2026 to support accelerated approval for Duchenne muscular dystrophy[13] - Wave expects to deliver multiple clinical data updates from the INLIGHT trial in the coming quarters, including body composition and weight data[4] - The company anticipates continued development and potential commercialization of its therapeutic programs, with a focus on achieving milestones in clinical trials[17] Financial Performance - Revenue recognized was $7.6 million for Q3 2025, compared to a net loss of $53.9 million, an improvement from a loss of $61.8 million in the prior year quarter[16] - Total revenue for the three months ended September 30, 2025, was $7.608 million, a decrease from $7.676 million in the same period of 2024[22] - Net loss for the three months ended September 30, 2025, was $53.852 million, an improvement from a net loss of $61.780 million in the same period of 2024[22] - The company reported a comprehensive loss of $53.881 million for the three months ended September 30, 2025, compared to a comprehensive loss of $61.660 million in 2024[22] Expenses and Cash Flow - Research and development expenses increased to $45.9 million in Q3 2025 from $41.2 million in the same period in 2024[16] - General and administrative expenses rose to $18.1 million in Q3 2025, compared to $15.0 million in the same period in 2024[16] - Research and development expenses increased to $45.874 million for the three months ended September 30, 2025, compared to $41.197 million in 2024, reflecting a growth of 9.8%[22] - Cash and cash equivalents were $196.2 million as of September 30, 2025, down from $302.1 million as of December 31, 2024[12] - Cash and cash equivalents decreased to $196.218 million as of September 30, 2025, down from $302.078 million at the end of 2024, representing a decline of 34.9%[20] - Subsequent to Q3 2025, an additional $72.1 million in ATM proceeds and committed GSK milestones extend the expected cash runway into Q2 2027[16] Assets and Liabilities - Total current liabilities decreased to $85.896 million as of September 30, 2025, from $110.953 million at the end of 2024, a reduction of 22.6%[20] - Total assets decreased to $241.378 million as of September 30, 2025, compared to $352.207 million at the end of 2024, indicating a decline of 31.5%[20] - The weighted-average ordinary shares used in computing net loss per share increased to 167,739,208 for the three months ended September 30, 2025, from 132,563,467 in 2024[22] Strategic Initiatives - The company is exploring strategic partnerships and collaborations to enhance its research capabilities and market reach[17]