Wave Life Sciences (NasdaqGM:WVE) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsCatherine Novack - Director of Healthcare Equity ResearchCha Cha Yang - Senior Associate, Biotech Equity ResearchCheng Li - Director of Biotech Equity ResearchChristopher Wright - CMOChristopher Wright - Chief Medical OfficerErik Ingelsson - Chief Scientific OfficerJoon Lee - Managing DirectorJoseph Schwartz - Senior Managing DirectorKate Rausch - VP of Corporate Affairs and Investor RelationsKyle Moran ...

Wave Life Sciences (NasdaqGM:WVE) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Company ParticipantsCatherine Novack - Director of Healthcare Equity ResearchCha Cha Yang - Senior Associate, Biotech Equity ResearchCheng Li - Director of Biotech Equity ResearchChristopher Wright - CMOErik Ingelsson - Chief Scientific OfficerJoon Lee - Managing DirectorKate Rausch - VP of Corporate Affairs and Investor RelationsKyle Moran - CFOLillian Yuen-Ho - Financial PlannerPaul B. Bolno - President and CEOPaul Bolno ...

Wave Life Sciences (NasdaqGM:WVE) Q4 2025 Earnings call February 26, 2026 08:30 AM ET Speaker14Good morning, welcome to the Wave Life Sciences fourth quarter and full year 2025 earnings conference call. At this time, all participants are in a listen-only mode. As a reminder, this call is being recorded and webcast. I'll now turn the call over to Kate Rausch, Vice President of Corporate Affairs and Investor Relations. Please go ahead.Speaker6Thank you, Sophie. Good morning to everyone on the call. Earlier th ...

Company Overview - Arrowhead Pharmaceuticals, Inc. is a leading RNAi-focused biotechnology company, with its flagship candidate plozasiran targeting the ApoC3 gene to reduce plasma triglyceride levels [2] - The company utilizes its proprietary TRiM™ platform for low-dose, quarterly subcutaneous injections, which allows for the silencing of ApoC3 in liver cells [2] Pipeline and Development - A New Drug Application for plozasiran has been filed for Familial Chylomicronemia Syndrome (FCS), with a PDUFA action date set for November 18, 2025, while Phase 3 trials are ongoing for Severe Hypertriglyceridemia (sHTG) [3] - Arrowhead is also advancing other pipeline candidates, including fazirsiran for Alpha-1 antitrypsin deficiency and early-stage obesity programs ARO-INHBE and ARO-ALK7, demonstrating the versatility of its RNAi platform [3] Financial Position - The company has a robust balance sheet with approximately $900 million in cash and equivalents, providing sufficient funding for its clinical programs [4] - Revenue is primarily generated from partnerships, with recent payments from Sanofi and Sarepta helping to offset high R&D expenditures, which reached $162.4 million in Q3 FY2025 [4] Market Opportunity and Competitive Advantage - Arrowhead's market opportunity is significant, covering cardiometabolic, obesity, and emerging CNS indications, with the TRiM™ delivery platform offering low-frequency dosing and the ability to target novel genes [5] - Near-term catalysts include the PDUFA decision for plozasiran in FCS, sHTG trial readouts, milestone payments, and data from early obesity and CNS programs, positioning Arrowhead for potential value creation and long-term growth [5]

Core Viewpoint - Alnylam is entering a new chapter in its history, emphasizing its unique position in the biotech industry with a strong focus on RNAi technology and sustainable innovation [2][3]. Group 1: Company Leadership and Structure - The presentation features key executives including the CEO, Chief R&D Officer, Chief Commercial Officer, and Chief Financial Officer, highlighting the collaborative leadership within the company [2]. - The company has established a leadership position in RNAi, which is central to its business strategy and innovation [3]. Group 2: Innovation and Growth Strategy - Alnylam possesses a sustainable innovation engine that has contributed to its success and will continue to drive long-term growth [3]. - The company aims to leverage its proven organic product engine to maintain its competitive edge in the biotech sector [3].

Financial Data and Key Metrics Changes - The net loss for fiscal year 2025 was $2 million, a significant improvement from a net loss of approximately $599 million in fiscal year 2024, resulting in a loss of $0.01 per share compared to a loss of $5 per share [32] - Revenue for fiscal year 2025 totaled $829 million, driven primarily by licensing and collaboration agreements, with $697 million from Sarepta Therapeutics [32][33] - Total operating expenses increased to approximately $731 million in fiscal year 2025 from $605 million in fiscal 2024, primarily due to higher R&D and SG&A costs [35] Business Line Data and Key Metrics Changes - The FDA approval of Redemplo marked a major milestone, being the first FDA-approved siRNA medicine for familial chylomicronemia syndrome (FCS) [7][8] - Redemplo achieved an unprecedented reduction in triglycerides by approximately 80% from baseline as early as one month, with 50% of patients at the 25-mg dose achieving triglyceride levels below 500 mg per deciliter [24] - The company has made progress with Zodasiran, initiating the Yosemite phase III clinical trial for homozygous familial hypercholesterolemia (HoFH) [11][12] Market Data and Key Metrics Changes - There are an estimated 6,500 people in the U.S. living with genetic or clinical FCS, and approximately 750,000 patients with persistent chylomicronemia at high risk for acute pancreatitis [10][25] - The One Redemplo pricing model is set at $60,000 annually, aimed at providing consistent pricing across current and future indications [25] Company Strategy and Development Direction - The company is focusing on the cardiometabolic space, with ongoing development programs for Zodasiran and ArrowDiamond PA, targeting large populations without proper treatment options [14][15] - Arrowhead aims to have 20 individual drug candidates in clinical trials by the end of 2025, with a balanced pipeline of wholly owned and partnered programs [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial launch of Redemplo and the positive feedback received from healthcare professionals and patient societies [24][25] - The company anticipates that the commercial sales of Redemplo will not have a substantial impact on financial statements in fiscal year 2026, but believes its cash runway is sufficient to extend into fiscal year 2028 [39] Other Important Information - Arrowhead received a $200 million upfront payment from Novartis for a licensing agreement and is eligible for up to $2 billion in future milestone payments [18][37] - The company has expanded its clinical pipeline in CNS with AROMAPT, targeting tauopathies including Alzheimer's disease [15] Q&A Session Summary Question: Can you discuss the plan to show benefit in terms of acute pancreatitis for Plozasiran? - Management indicated that shots at three and four were powered for triglyceride reduction, with a reasonable chance to show a difference in acute pancreatitis, but emphasized that shots at five are specifically designed to demonstrate benefit in acute pancreatitis [45][46] Question: Can you provide more details on the upcoming data for obesity programs? - Management confirmed that initial data from the AROINHBE program will be shared in early January, with a focus on safety and biomarker data, while ARO-ALK7 will provide limited data focused on monotherapy safety [50][52] Question: What are the estimates on acute pancreatitis events accrual based on patient baseline characteristics? - Management noted that it is difficult to estimate the number of events due to the new criteria being used, but they expect to have a sufficient number of events based on the percentage of patients with a history of pancreatitis enrolled in the study [56] Question: Can you discuss the differentiation of the ArrowMapT program from J&J's failed anti-tau antibody? - Management highlighted that ArrowMapT targets intracellular tau, potentially reducing both intracellular and extracellular tau levels, unlike J&J's approach which primarily targets extracellular tau [62] Question: What is the visibility on launching a CBOT study? - Management indicated that they expect to have a clearer idea by summer regarding the data from ongoing studies, which will inform the timeline for launching pivotal studies [65]

Core Insights - Alnylam is recognized as a leading RNAi company, leveraging Nobel Prize-winning science to develop innovative therapies [2] - The company has successfully launched 6 marketed products and has a robust clinical pipeline with over 20 programs [2] - Alnylam is focused on three main areas for future growth, with an emphasis on achieving leadership in TTR (transthyretin) therapeutics [3] Company Overview - Alnylam has built an extraordinary company over the last couple of decades, emphasizing innovation and the development of new medicines [2] - The company is committed to maintaining a productive innovation engine that will continue to deliver new therapies for decades [2] Product Launch - The launch of AMVUTTRA for cardiomyopathy has been described as a terrific start, indicating strong initial market reception [3]

Core Viewpoint - Wave Life Sciences Ltd reported disappointing third-quarter financial results, missing both earnings and sales expectations, but highlighted significant clinical progress in its pipeline, particularly with WVE-007 for obesity and WVE-006 for alpha-1 antitrypsin deficiency [1][2]. Financial Performance - The company reported quarterly losses of $0.32 per share, which was worse than the analyst consensus estimate of losses of $0.30 per share [1]. - Quarterly sales amounted to $7.608 million, falling short of the analyst consensus estimate of $11.130 million [1]. Clinical Developments - Wave Life Sciences achieved key clinical objectives with WVE-007 and WVE-006, reinforcing its leadership in RNAi and RNA editing [2]. - WVE-007 is positioned to potentially disrupt the obesity treatment landscape, offering advantages such as fat loss induction, muscle preservation, and improved cardiometabolic health with less frequent dosing compared to existing treatments [2]. Analyst Ratings and Price Targets - Following the earnings announcement, analysts adjusted their price targets for Wave Life Sciences: - Wells Fargo maintained an Overweight rating but lowered the price target from $18 to $16 [5]. - Wedbush maintained an Outperform rating and raised the price target from $18 to $20 [5]. Market Reaction - Following the announcement, Wave Life Sciences shares increased by 3.1%, trading at $7.26 [2].

Core Insights - Wave Life Sciences is hosting its 2025 Research Day, focusing on RNA editing and RNA interference (RNAi) technologies [2]. Group 1: Event Overview - The event is being recorded and is accessible for future reference [1]. - The presentation materials will be available on the company's website in the Investors section after the call [2]. Group 2: Management Statements - Management may provide forward-looking statements during the presentation, which are subject to various risks and uncertainties [3].

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