Core Insights - Wave Life Sciences Ltd. (NASDAQ:WVE) is recognized as one of the best small-cap biotech stocks to buy due to its significant upside potential [1] - Jefferies maintains a "Buy" rating on Wave Life Sciences, with a price target of $26, citing improved competitive positioning following the failure of Korro Bio's KRRO-110 in a clinical trial [2] - The company reported Q3 2025 revenue of $7.6 million, which fell short of analyst expectations of $12.89 million, but reduced its net loss from $61.8 million in Q3 2024 to $53.9 million [3] Financial Performance - Wave Life Sciences reported Q3 2025 revenue of $7.6 million, missing analyst forecasts of $12.89 million [3] - The net loss decreased from $61.8 million in Q3 2024 to $53.9 million in Q3 2025, despite an increase in R&D and G&A expenses to $45.9 million and $18.1 million respectively [3] - The increased costs are attributed to ongoing investments in clinical programs, particularly the WVE-007 trial [3] Operational Outlook - The company has extended its cash runway through Q2 2027, ensuring operational continuity and funding for ongoing clinical and development initiatives [4] - Wave Life Sciences is well-positioned to advance its clinical-stage pipeline, focusing on RNA-based therapies and strategic expansion of its product development programs [4] Company Overview - Wave Life Sciences is a clinical-stage biotech company that develops and commercializes RNA medicines using its proprietary PRISM discovery and drug development platform [5]