Wave Life Sciences .(WVE) - 2025 Q4 - Annual Results

Metabolic Health - The company demonstrated improvements in body composition by reducing fat, including visceral fat, while preserving lean mass[14]. - Increased visceral adiposity is associated with maintaining metabolic rate, which is linked to various diseases including cardiometabolic disorders[14]. - Silencing INHBE mRNA has potential to treat obesity and associated metabolic diseases, indicating a strategic focus on metabolic health[17]. - Higher circulating Activin E levels correlate with higher BMI, abdominal fat, and fasting insulin in non-diabetic adults, supporting the company's weight loss approach[19]. - The company is exploring the use of GalNAc-siRNA injections for potential treatment of obesity and metabolic diseases, indicating ongoing research and development efforts[20]. - The company aims to reduce abdominal adiposity to lower the risk of cardiovascular disease (CVD) and type 2 diabetes (T2D)[17]. - The company reported favorable traits in heterozygous INHBE carriers, including lower risk of abdominal obesity and higher HDL-c levels[16]. - The company is focused on developing strategies to enhance insulin sensitivity and reduce inflammatory risks associated with T2D[20]. - The company is committed to addressing metabolic dysfunction through innovative therapies and research initiatives[19]. - The company is actively pursuing market expansion in the metabolic health sector, leveraging its research on INHBE and Activin E[17]. - WVE-007 is expected to drive fat reduction and improve key measures of cardiometabolic health[21]. - A single dose of INHBE GalNAc-siRNA resulted in a 23% reduction in epididymal fat weight and a 40% reduction in body weight in DIO mice[22]. - WVE-007 shows potential for synergistic use with GLP-1s, leading to approximately 2x greater weight loss compared to GLP-1 alone[23]. - The INLIGHT clinical trial for WVE-007 is set to initiate in 1H 2026, targeting individuals with a BMI of 28-35 kg/m²[24]. - Improvements in body composition were observed three months after a single WVE-007 dose, with a 4% reduction in total fat mass and a 2.3% preservation of lean mass[25]. - A single dose of WVE-007 led to improvements in body composition similar to GLP-1 without muscle loss[27]. - The study indicates that reductions in serum Activin E are highly durable, supporting dosing once or twice per year[25]. - Key measurements in the INLIGHT trial will include safety, tolerability, pharmacokinetics, and body composition[24]. - Data from preclinical studies indicate that a 10 mg/kg dose of INHBE GalNAc-siRNA is effective in reducing body weight and fat mass[22]. - The company aims to address over one billion individuals globally with obesity through its innovative treatments[29]. - WVE-007 is expected to initiate new trials in 2026, focusing on fat loss while preserving muscle mass, with follow-up data anticipated in 1H 2026[30]. - The treatment strategy includes leveraging an orthogonal mechanism to incretins for enhanced efficacy in obesity management[29]. - The anticipated updates for WVE-007 include data from multiple dosing cohorts, which will inform future treatment protocols and market strategies[30]. Alpha-1 Antitrypsin Deficiency (AATD) - The treatment goals for Alpha-1 antitrypsin deficiency (AATD) include minimizing episodic exacerbations and decreasing liver damage, with approximately 200,000 individuals in the US and Europe affected by the severe form of the disease[33]. - RNA editing technology is being developed to restore physiological AAT production during acute phase responses, aiming to shift PiZZ individuals to a biomarker profile consistent with PiMZ genotype[36]. - WVE-006 is positioned as a potential first-in-class therapy for AATD, addressing both liver and lung manifestations of the disease[35]. - The company anticipates significant improvements in metabolic safety and tolerability with its combination treatments for obesity[29]. - The follow-up data from the 240 mg and 400 mg single-dose cohorts of WVE-007 will provide insights into its efficacy in individuals with higher BMI and comorbidities[30]. - WVE-006 achieved total AAT levels exceeding 11 µM, with production of wild-type M-AAT greater than 50% during acute phase response[43]. - The RestorAATion-2 clinical trial is ongoing, with 400 mg MAD data expected in Q1 2026 and 600 mg SAD and MAD data expected in 2026[44]. - Total AAT reached 20.6 µM during an acute phase response, indicating a significant increase in AAT production[40]. - Serum AAT levels increased to 2.8 µM with a single 400 mg dose and 11.9 µM with a 200 mg multi-dose regimen[42]. - WVE-006 also reduces levels of Z-AAT, aiming to restore dynamic AAT physiology[41]. - The clinical trial objectives include safety, tolerability, pharmacokinetics, and serum M-AAT levels[44]. - The augmentation therapy has no impact on liver disease, while WVE-006 enables endogenous AAT production[41]. - Published data on CRP levels and AAT levels across different genotypes showed significant increases in one patient during an acute phase response[40]. PNPLA3 I148M Liver Disease - The RNA editing program WVE-008 targets PNPLA3 I148M liver disease, with a strong foundation in human genetics and durable RNA editing[47]. - Plasma AAT levels of approximately 13 µM were achieved, with 64% of patients reaching levels greater than 20 µM during acute phase response[43]. - The company reported a significant decrease in liver fat with PNPLA3 editing in the human HEPATOPAC® model, indicating effective treatment potential[52]. - WVE-008 is expected to be a first-in-class, disease-modifying therapy for PNPLA3 I148M-driven liver disease, with a Clinical Trial Application (CTA) anticipated to be filed in 2026[53]. - RNA editing is projected to restore PNPLA3 function, addressing liver diseases across various stages, with a focus on correcting the I148M mutation[51]. - Heterozygous carriers of PNPLA3 I148M have an 80% lower risk of liver-related death compared to homozygous carriers, highlighting the genetic impact on liver disease outcomes[49]. - The company aims to utilize a bifunctional modality to simultaneously knockdown and edit RNA, potentially unlocking complex indications requiring multiple target engagements[56]. - The editing approach is expected to restore full PNPLA3 activity, countering liver disease progression by improving lipid mobilization and reducing fat accumulation[51]. - Significant editing efficiency was achieved with AIMers, leading to a marked reduction in liver fat levels[52]. - The company is focusing on developing therapies that address the underlying genetic causes of liver diseases, particularly those related to PNPLA3 mutations[51]. - The RNA editing strategy is designed to mitigate inflammation and fibrosis associated with liver diseases, aiming for comprehensive treatment solutions[51]. - The company is committed to advancing its research and development efforts in RNA medicines to address complex liver disease indications[56]. Duchenne Muscular Dystrophy (DMD) - WVE-N531 demonstrated an average dystrophin expression of 7.8% between 24 and 48 weeks, with 88% of boys achieving greater than 5% dystrophin[62]. - The therapy has shown a mean exon skipping of 54% (95% CI: 46-63%) and a mean dystrophin expression of 7.8% (95% CI: 5.4-10.3%) at 48 weeks[64]. - Significant reductions in creatine kinase (CK) levels were observed, with approximately 50% reduction from baseline at 48 weeks[69]. - Evidence of reversal of fibrosis was noted, with fibrotic muscle declining by 28.6% at 48 weeks[72]. - WVE-N531 has received Rare Pediatric Disease Designation and Orphan Drug Designation from the FDA, addressing a high unmet need in Duchenne muscular dystrophy (DMD) affecting ~1 in 5,000 newborn boys annually[61]. - The company plans to file for NDA with an accelerated approval strategy and monthly dosing planned for 2026[62]. - A significant decrease (~48%) in internalized nuclei was observed at 48 weeks, indicating a transition to healthier muscle[71]. - The therapy has shown statistically significant improvements in muscle health, including reduced inflammation and necrosis[65]. - WVE-N531 is the only DMD therapeutic to show uptake in myogenic stem cells, indicating its potential for muscle regeneration[70]. - The average tissue half-life of WVE-N531 supports a monthly dosing regimen, enhancing patient compliance[64]. - Wave DMD portfolio addresses a market opportunity of over $2.4 billion in the US, targeting 40-50% of the DMD population that remains untreated today[75]. - WVE-N531 shows significant improvements in treatment rates, with 8-10% for exon 51 and 11-13% for exon 45, compared to no available therapies for exon skipping[75]. Huntington's Disease - The company is advancing WVE-003, an allele-selective silencing treatment for Huntington's Disease, which affects over 200,000 patients across all disease states[79]. - Pre-symptomatic Huntington's Disease is estimated to affect around 160,000 individuals in the US and Europe, with symptomatic cases around 65,000[78]. - WVE-003 is characterized by its ability to penetrate the brain fully and address both loss-of-function and gain-of-function disruptions caused by mutant huntingtin protein[79]. - The company is focusing on expanding its market presence and product offerings, particularly in the exon skipping therapies segment[75]. - The minimal clinically important difference (MCID) for TTR is reported at 1.4 seconds, indicating significant clinical relevance in treatment outcomes[74]. - The company aims to leverage its unique portfolio to capture a significant share of the DMD and Huntington's Disease markets, enhancing patient outcomes[75]. - The potential for best-in-class exon skipping therapies is highlighted, with no current therapies available for certain exons[75]. - The company is committed to advancing its research and development efforts to address unmet medical needs in genetic diseases[79]. - WVE-003 achieved an industry-leading 46% reduction in mutant HTT protein levels in CSF with three doses, demonstrating significant efficacy[82]. - The treatment led to a 4.68% reduction in caudate atrophy compared to 5.10% in the placebo group, indicating a trend towards less atrophy[83]. - A 1% absolute reduction in the rate of caudate atrophy is associated with a delay of disability onset by at least 7.5 years, highlighting the clinical significance of the findings[84]. - The company anticipates delivering data from a 400 mg multi-dose cohort for WVE-006 in Q2 2026, indicating ongoing development efforts[89]. - Phase 2 trials for WVE-007 are set to initiate in H2 2026, focusing on obesity treatment, showcasing the company's expansion into new therapeutic areas[90]. - The company plans to submit an NDA for WVE-N531 to support accelerated approval with monthly dosing, reflecting strategic regulatory initiatives[89]. - WVE-003's efficacy in reducing mutant HTT levels correlates with functional benefits, suggesting potential for improved clinical outcomes[83]. - The company is poised for significant growth driven by RNAi and RNA editing technologies, indicating a strong pipeline of innovative products[88]. - The preservation of wild-type HTT levels throughout the study suggests a favorable safety profile for WVE-003[83]. - The company is evaluating new trials for WVE-007 as an add-on treatment for individuals with obesity, indicating a commitment to addressing comorbidities[90].