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Wave Life Sciences Reports Third Quarter 2024 Financial Results and Provides Business Update

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Wave Life Sciences reported its Q3 2024 financial results, highlighting several key achievements. The company demonstrated first-ever RNA editing in humans through its WVE-006 trial for alpha-1 antitrypsin deficiency. Cash position stands at $310.9 million as of September 30, 2024, plus additional $28 million from greenshoe option, extending runway into 2027. The company received supportive FDA feedback on WVE-003 for Huntington's disease and reported positive interim data from FORWARD-53 study of WVE-N531. Wave also announced three new GalNAc-AIMer preclinical programs for cardiometabolic diseases and plans to initiate WVE-007 clinical trial for obesity in Q1 2025.

Wave Life Sciences ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando numerosi successi chiave. L'azienda ha dimostrato la prima modifica dell'RNA mai realizzata negli esseri umani attraverso il suo trial WVE-006 per la carenza di alpha-1 antit Tripsina. La posizione di cassa ammonta a 310,9 milioni di dollari al 30 settembre 2024, oltre ad ulteriori 28 milioni di dollari dall'opzione greenshoe, estendendo così il margine di manovra fino al 2027. L'azienda ha ricevuto un feedback positivo dalla FDA su WVE-003 per la malattia di Huntington e ha riportato dati intermedi positivi dallo studio FORWARD-53 di WVE-N531. Wave ha anche annunciato tre nuovi programmi preclinici GalNAc-AIMer per malattie cardiometaboliche e prevede di avviare il trial clinico WVE-007 per l'obesità nel primo trimestre del 2025.

Wave Life Sciences informó sus resultados financieros del tercer trimestre de 2024, destacando varios logros clave. La compañía demostró la primera edición de ARN en humanos a través de su ensayo WVE-006 para la deficiencia de alfa-1 antitripsina. La posición de efectivo se sitúa en 310,9 millones de dólares al 30 de septiembre de 2024, más 28 millones adicionales de la opción greenshoe, extendiendo la proyección hasta 2027. La empresa recibió comentarios positivos de la FDA sobre el WVE-003 para la enfermedad de Huntington y reportó datos interinos positivos del estudio FORWARD-53 del WVE-N531. Wave también anunció tres nuevos programas preclínicos GalNAc-AIMer para enfermedades cardiometabólicas y planea iniciar el ensayo clínico WVE-007 para la obesidad en el primer trimestre de 2025.

웨이브 생명과학은 2024년 3분기 재무 결과를 발표하며 몇 가지 주요 성과를 강조했습니다. 이 회사는 알파-1 안티트립신 결핍증을 위한 WVE-006 임상 시험을 통해 인간에서 최초의 RNA 편집을 시연했습니다. 2024년 9월 30일 기준으로 현금 위치는 3억 1천 9백만 달러이며, 추가적으로 2800만 달러의 그린슈 옵션이 포함되어 2027년까지의 임대 연장을 확보했습니다. 회사는 헌팅턴병을 위한 WVE-003에 대한 긍정적인 FDA 피드백을 받았고, WVE-N531의 FORWARD-53 연구에서 긍정적인 중간 데이터를 보고했습니다. 웨이브는 또한 심혈관 대사 질환을 위한 3개의 새로운 GalNAc-AIMer 전임상 프로그램을 발표하고, 2025년 1분기에 비만을 위한 WVE-007 임상 시험을 시작할 계획입니다.

Wave Life Sciences a publié ses résultats financiers du troisième trimestre 2024, mettant en évidence plusieurs réalisations clés. L'entreprise a démontré la première édition de l'ARN chez l'humain grâce à son essai WVE-006 pour la carence en alpha-1 antitrypsine. La position de trésorerie s'élève à 310,9 millions de dollars au 30 septembre 2024, ainsi que 28 millions de dollars supplémentaires provenant de l'option greenshoe, prolongeant ainsi la durée jusqu'en 2027. L'entreprise a reçu des retours positifs de la FDA concernant le WVE-003 pour la maladie de Huntington et a rapporté des données intermédiaires positives de l'étude FORWARD-53 sur WVE-N531. Wave a également annoncé trois nouveaux programmes précliniques GalNAc-AIMer pour les maladies cardiométaboliques et prévoit de débuter l'essai clinique WVE-007 pour l'obésité au premier trimestre 2025.

Wave Life Sciences hat seine Finanzberichte für das dritte Quartal 2024 veröffentlicht und dabei mehrere wichtige Errungenschaften hervorgehoben. Das Unternehmen hat die erste RNA-Bearbeitung beim Menschen im Rahmen seiner WVE-006-Studie zur Alpha-1-Antitrypsin-Mangelkrankheit nachgewiesen. Die Liquiditätsposition beträgt zum 30. September 2024 310,9 Millionen Dollar, zuzüglich weiterer 28 Millionen Dollar aus der Greenshoe-Option, was die Laufzeit bis 2027 verlängert. Das Unternehmen erhielt positives Feedback von der FDA zu WVE-003 für die Huntington-Krankheit und berichtete von positiven Zwischenergebnissen aus der FORWARD-53-Studie zu WVE-N531. Wave kündigte außerdem drei neue GalNAc-AIMer-Präklinische Programme für kardiometabolische Erkrankungen an und plant, im ersten Quartal 2025 die klinische Studie WVE-007 für Fettleibigkeit zu starten.

Positive
  • Achieved first-ever RNA editing in humans with WVE-006, demonstrating proof-of-mechanism
  • Strong cash position of $310.9M plus $28M additional proceeds, with runway into 2027
  • Positive interim data from FORWARD-53 study showing mean dystrophin expression of 9.0%
  • FDA supportive feedback on WVE-003 with potential pathway to accelerated approval
  • Received FDA Orphan Drug Designation for WVE-003 and WVE-N531
Negative
  • Revenue declined to -$7.7M in Q3 2024 from $49.2M in Q3 2023
  • Net loss of $61.8M in Q3 2024 compared to net income of $7.3M in Q3 2023
  • Increased R&D expenses to $41.2M from $31.6M year-over-year
  • Higher G&A expenses at $15.0M versus $13.1M in previous year

Insights

Wave Life Sciences' Q3 2024 results reveal a strong financial position with $310.9 million in cash plus additional $28 million from a greenshoe option, extending runway into 2027. The company's revenue decline to -$7.7 million from $49.2 million YoY reflects one-time events in 2023 and accounting adjustments. R&D expenses increased to $41.2 million, indicating continued investment in pipeline development.

The company's diverse pipeline includes promising programs in AATD, obesity, HD and DMD, with multiple potential value inflection points ahead. The AATD market alone represents over $1 billion in sales, while the HD program targets a $5-10 billion opportunity. The successful proof-of-mechanism data for WVE-006 and advancement of other programs position Wave favorably for potential partnerships and market opportunities.

The breakthrough achievement in RNA editing with WVE-006 marks a significant milestone in oligonucleotide therapeutics. Clinical data showing 60% wild-type M-AAT protein production and functional improvements in neutrophil elastase inhibition demonstrates strong therapeutic potential. The expansion into three new RNA editing programs targeting liver diseases and cholesterol management shows strategic diversification.

The HD program's positive FDA feedback regarding biomarker-based approval pathways, particularly using caudate atrophy as a surrogate endpoint, could accelerate development. The DMD program's interim results showing 9.0% mean dystrophin expression and 57% exon skipping efficiency are promising compared to existing treatments.

Achieved first-ever RNA editing in humans in RestorAATion-2 trial of WVE-006 (GalNAc-AIMer) in alpha-1 antitrypsin deficiency and announced three wholly owned GalNAc-AIMer preclinical programs that offer first-in-class approaches to address unmet needs in cardiometabolic diseases

WVE-007 (INHBE GalNAc-siRNA) clinical trial on track for 1Q 2025; preclinical data demonstrates opportunities for monotherapy, for synergistic use with GLP-1s, and for maintenance to avoid rebound weight gain following cessation of GLP-1s

Received supportive initial feedback from FDA on WVE-003; FDA is engaged in discussing pathways to accelerated approval and open to Wave’s plan to evaluate biomarkers, including caudate atrophy, as an endpoint to evaluate HD progression; IND submission expected in 2H 2025

Delivered positive interim data from FORWARD-53 study of WVE-N531; expect feedback on a pathway to accelerated approval from regulators, as well as the complete 48-week FORWARD-53 data, in 1Q 2025

Cash and cash equivalents of $310.9 million as of September 30, 2024, plus additional ~$28 million net proceeds received on October 1 from full exercise of greenshoe option, with runway expected into 2027

Investor conference call and webcast at 8:30 a.m. ET today

CAMBRIDGE, Mass., Nov. 12, 2024 (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 third quarter ended September 30, 2024, and provided a business update.

“Since the start of the third quarter, we have delivered positive clinical updates across DMD and AATD, unlocked RNA editing for Wave, and advanced our novel, wholly owned pipeline focused on GalNAc-conjugated programs,” said Paul Bolno, MD, MBA, President and Chief Executive Officer of Wave Life Sciences. “Our achievement of proof-of-mechanism for WVE-006 marked a historic breakthrough for the oligonucleotide field with the first-ever in-human evidence of RNA editing, providing a strong foundation to expand our wholly owned editing pipeline. We are also advancing WVE-007 for obesity and WVE-N531 for DMD towards key milestones in the first quarter. In HD, we are encouraged by a potential path forward to bring the first-ever therapeutic approach that preserves healthy wild-type protein to people living with HD, a devastating disease with limited treatment options. We continue to receive substantial interest on HD, including from potential strategic partners. With the continued demonstration of our novel chemistry in the clinic and cash runway expected into 2027, we are well capitalized and well positioned to deliver multiple value inflection points across our portfolio as we continue to build a leading RNA medicines company.”

Recent Business Highlights

GalNAc-RNA editing
AATD

  • WVE-006 is a GalNAc-conjugated, subcutaneously delivered, A-to-I RNA editing oligonucleotide (AIMer) that is uniquely designed to address Alpha-1 antitrypsin deficiency (AATD)-related lung disease, liver disease, or both. WVE-006 does not use a lipid-nanoparticle (LNP) delivery system.
  • There are an estimated 200,000 Pi*ZZ patients in the US and Europe. Treatment options are currently limited to weekly IV augmentation therapy for lung disease only (representing over $1 billion in worldwide sales in 2023). There are no approved therapies to address AATD liver disease, which ultimately requires many patients to undergo liver transplantation.
  • WVE-006 is currently being evaluated in the top dose cohort of RestorAATion-1 (healthy volunteers) and in the first dose cohort of RestorAATion-2 in Pi*ZZ patients with AATD.
  • In October, Wave announced positive proof-of-mechanism data from the first single dose cohort with the first two patients to reach day 57 in the ongoing RestorAATion-2 study, representing the first-ever clinical demonstration of RNA editing in humans. Circulating wild-type M-AAT protein in plasma reached a mean of 6.9 micromolar at day 15, representing more than 60% of total AAT. Mean total AAT protein increased from below the level of quantification at baseline to 10.8 micromolar at day 15, meeting the level that has been the basis for regulatory approval for AAT augmentation therapies. Increases in neutrophil elastase inhibition from baseline were consistent with production of functional M-AAT. WVE-006 was well-tolerated with a favorable safety profile across both RestorAATion-1 and RestorAATion-2.
  • Expected upcoming milestone: Wave expects to share multidose data from RestorAATion-2 in 2025.

New AIMers

  • At Research Day in October, Wave announced three new, wholly owned RNA editing programs that build on its recent achievement of the first-ever therapeutic RNA editing with WVE-006 in AATD. As with WVE-006, these programs leverage GalNAc conjugation and have efficient clinical paths to proof-of-concept. These new programs include PNPLA3, which aims to use an mRNA correction treatment approach for those at high risk for a variety of liver diseases, and LDLR and APOB which utilize first-in-class mRNA upregulation and mRNA correction treatment approaches (respectively) to achieve target LDL-c levels in heterozygous familial hypercholesterolemia patients.
  • Expected upcoming milestone: Wave expects to select clinical candidates for PNPLA3, LDLR and APOB in 2025.

Obesity (GalNAc-siRNA)

  • WVE-007 is a GalNAc-conjugated small interfering RNA (GalNAc-siRNA) that targets INHBE as a novel approach to treat obesity. The approach is based on human genetics, where individuals who have a protective loss-of-function mutation in the INHBE gene have a healthier cardiometabolic profile, including less unhealthy visceral fat, lower triglycerides, and lower risk of type 2 diabetes and cardiovascular disease.
  • At its recent Research Day, Wave shared data supporting WVE-007’s potential to address obesity as a monotherapy, as an add-on to GLP-1s for further improvement of weight loss or to reduce the doses of GLP-1s, and for maintenance to prevent weight regain and weight cycling after discontinuing GLP-1s.
  • Expected upcoming milestone: Wave expects to initiate a clinical trial for WVE-007 in the first quarter of 2025.

HD (allele-selective silencing)

  • WVE-003 is a first-in-class, allele-selective oligonucleotide for the treatment of Huntington’s disease (HD). Results of the SELECT-HD clinical trial demonstrated the first-ever allele-selective reductions in CSF mutant huntingtin (mHTT) protein and preservation of healthy, wild-type huntingtin (wtHTT) protein with multiple doses of WVE-003, as well as a statistically significant correlation between mHTT reductions and slowing of caudate atrophy. By sparing wtHTT protein, which is critical to the health of the central nervous system, WVE-003 is uniquely positioned to address presymptomatic HD patients, as well as symptomatic patients.
  • There are currently no disease modifying therapies for HD, which affects over 200,000 individuals across pre-symptomatic and symptomatic disease stages in the US and Europe. WVE-003 is expected to address approximately 40% of the HD population (potential $5 billion commercial opportunity), and up to 80% of patients with HD may be addressed in the future with other SNP-targeted candidates (potential $10 billion commercial opportunity).
  • At Wave’s recent Research Day, Jeffrey Long, PhD, Professor of Psychiatry and Biostatistics at the University of Iowa, discussed the opportunity for caudate atrophy as a biomarker to expedite clinical development in HD. Dr. Long shared data which supports that the slowing of caudate atrophy predicts significant delays in the loss of function for people living with HD. The potential for changes in caudate volume to predict clinical outcomes in HD and its sensitivity to change early in the disease course makes it an optimal biomarker to enable smaller, more efficient clinical trials.
  • In November 2024, Wave received supportive initial feedback from FDA, who recognize the severity of HD and are receptive to and engaged with Wave regarding a potential pathway to accelerated approval. FDA is open to Wave’s plan to evaluate biomarkers, including caudate atrophy, as an endpoint to assess HD progression with the potential to predict clinical outcome. Planning is underway for a global, potentially registrational Phase 2/3 study of WVE-003, including finalization of key aspects of design.
  • In November 2024, the FDA granted Orphan Drug Designation to WVE-003.
  • Expected upcoming milestone: Wave expects to submit an Investigational New Drug (“IND”) application for WVE-003 in the second half of 2025.

DMD (exon skipping)

  • WVE-N531 is an exon skipping oligonucleotide designed to induce production of endogenous, functional dystrophin protein for the treatment of boys with Duchenne muscular dystrophy (DMD) amenable to exon 53 skipping. In the third quarter, the FDA granted Rare Pediatric Disease Designation and Orphan Drug Designation to WVE-N531.
  • In September, Wave announced positive interim data from the Phase 2 FORWARD-53 study of WVE-N531. The interim analysis was conducted after 24 weeks of 10 mg/kg dosing every two weeks. Dystrophin results, from a pre-specified analysis of ambulatory boys, showed mean absolute muscle content-adjusted dystrophin expression was 9.0% (range: 4.6-13.9%) as measured by Western Blot. The dystrophin expression was quantified from two isoforms consistent with those observed in Becker muscular dystrophy patients who display milder disease. 89% of ambulatory participants achieved muscle content-adjusted dystrophin levels of at least 5%. Mean exon skipping was 57% (range: 31-75%) as measured by RT-PCR.
  • WVE-N531 could address up to 10% of the DMD population, which encompasses over 2,000 boys in the US and Europe. Wave is also advancing a broader DMD pipeline of oligonucleotides for skipping other exons, with the goal of providing new and best-in-class treatment options for up to 40% of boys with DMD. In 2023, exon skipping therapeutics for DMD achieved approximately ~$1 billion in sales, primarily in the US, across exons covering approximately ~29% of the DMD population.
  • Expected upcoming milestone: In the first quarter of 2025, Wave expects to deliver the complete 48-week FORWARD-53 data and receive feedback from regulators on a pathway to accelerated approval.

Financial Highlights

  • Cash and cash equivalents were $310.9 million as of September 30, 2024, as compared to $200.4 million as of December 31, 2023. In the third quarter of 2024, Wave received approximately $187.5 million in net proceeds from the upsized September 2024 offering. Subsequent to the third quarter of 2024, on October 1, 2024, Wave received approximately $28.2 million in net proceeds from the September 2024 offering. Wave expects that its current cash and cash equivalents will be sufficient to fund operations into 2027. Potential future milestone and other payments to Wave under its GSK collaboration are not included in its cash runway.
  • Revenue recognized was ($7.7) million for the third quarter of 2024, as compared to $49.2 million in the third quarter of 2023, which included one-time revenue recognition events under our Takeda Collaboration related to the termination of the C9 program and the achievement of a development milestone. The year over year decrease is primarily driven by these one-time events in the prior year period. In addition, under our GSK collaboration, we recorded a non-cash reduction to cumulative revenue in the current period due to a change in the estimate to fulfill the performance obligations in accordance with revenue recognition standards. This adjustment changes the timing of revenue reporting for this program, with no impact on the program’s progress or cash flow.
  • Research and development expenses were $41.2 million in the third quarter of 2024, as compared to $31.6 million in the third quarter of 2023. General and administrative expenses were $15.0 million in the third quarter of 2024, as compared to $13.1 million in the third quarter of 2023.
  • Net loss was $61.8 million for the third quarter of 2024, as compared to net income of $7.3 million for the third quarter of 2023.

Investor Conference Call and Webcast
Wave will host an investor conference call today at 8:30 a.m. ET to review the third quarter 2024 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 following audio-conferencing link: available here. Once registered, participants will receive the dial-in information. Following the live event, an archived version of the webcast will be available on the Wave Life Sciences website.

About Wave Life Sciences
Wave 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 prevalent disorders. Its toolkit of RNA-targeting modalities includes editing, splicing, RNA interference and antisense silencing, providing Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s diversified pipeline includes clinical programs in Duchenne muscular dystrophy, Alpha-1 antitrypsin deficiency and Huntington’s disease, as well as a preclinical program in obesity. 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 visit www.wavelifesciences.com and follow Wave on X (formerly Twitter) and LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements 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, site activation, patient recruitment, patient enrollment, dosing, generation and reporting of data and completion of our clinical trials, including interactions with regulators and any potential registration based on these data, and the timing and announcement of such events; the protocol, design and endpoints of our clinical trials; the future performance and results of our programs in clinical trials; our expectations with respect to how our clinical data successes to date may predict success for our future therapeutic candidates, future clinical data readouts and further validate of our platform; ongoing and future preclinical activities and programs, and their potential to transition into clinical-stage programs ; the potential of our preclinical data to predict the behavior of our compounds in humans; regulatory submissions and timing for regulatory feedback; the progress and potential benefits of our collaborations; the potential achievement of milestones under our collaborations and receipt of cash payments therefor; the potential commercial opportunities that our therapeutic candidates may address; our identification and expected timing of future product candidates and their therapeutic potential; the anticipated benefits of our therapeutic candidates and pipeline compared to our competitors; patient population estimates related to our therapeutic candidates; our ability to design compounds using various modalities and the anticipated benefits of that approach; the breadth and versatility of our PRISM drug discovery and development platform; the expected benefits of our stereopure oligonucleotides compared with stereorandom oligonucleotides; the potential benefits of our RNA editing capability, including our AIMers, compared to others; the potential for certain of our programs to be best-in-class or first-in-class; the potential benefits that our “edit-verse” may provide us, including identifying new RNA editing targets; the status and progress of our programs relative to potential competitors; anticipated benefits of our proprietary manufacturing processes and our internal manufacturing capabilities; the benefits of RNA medicines generally; the strength of our intellectual property and the data that support our IP; 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. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including the following: our ability to finance our drug discovery and development efforts and to raise additional capital when needed; the ability of our preclinical programs to produce data sufficient to support our clinical trial applications and the timing thereof; the clinical results of our programs and the timing thereof, which may not support further development of our product candidates; actions of regulatory authorities and their receptiveness to our adaptive trial designs and accelerated approval pathways, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing regulatory interactions and future clinical trials; the effectiveness of PRISM; the effectiveness of our RNA editing capability and our AIMers; our ability to demonstrate the therapeutic benefits of our candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our dependence on third parties, including contract research organizations, contract manufacturing organizations, collaborators and partners; our ability to manufacture or contract with third parties to manufacture drug material to support our programs and growth; our ability to obtain, maintain and protect our intellectual property; our ability to enforce our patents against infringers and defend our patent portfolio against challenges from third parties; competition from others developing therapies for the indications we are pursuing; our ability to maintain the company infrastructure and personnel needed to achieve our goals; and the information under the caption “Risk Factors” contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and in other filings we make with the SEC from time to time. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.


WAVE LIFE SCIENCES LTD.
UNAUDITED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)
 
  September 30, 2024  December 31, 2023 
Assets      
Current assets:      
Cash and cash equivalents $310,948  $200,351 
Accounts receivable     21,086 
Prepaid expenses  10,572   9,912 
Other current assets  2,995   4,024 
Total current assets  324,515   235,373 
Long-term assets:      
Property and equipment, net of accumulated depreciation of $45,490 and $42,709
as of September 30, 2024 and December 31, 2023, respectively
  10,928   13,084 
Operating lease right-of-use assets  19,119   22,637 
Restricted cash  3,746   3,699 
Other assets  196   156 
Total long-term assets  33,989   39,576 
Total assets $358,504  $274,949 
Liabilities, Series A preferred shares, and shareholders’ equity      
Current liabilities:      
Accounts payable $12,781  $12,839 
Accrued expenses and other current liabilities  14,642   16,828 
Current portion of deferred revenue  135,907   150,059 
Current portion of operating lease liability  7,398   6,714 
Total current liabilities  170,728   186,440 
Long-term liabilities:      
Deferred revenue, net of current portion  18,490   15,601 
Operating lease liability, net of current portion  19,772   25,404 
Total long-term liabilities  38,262   41,005 
Total liabilities $208,990  $227,445 
Series A preferred shares, no par value; 3,901,348 shares
issued and outstanding at September 30, 2024 and December 31, 2023
 $7,874  $7,874 
Shareholders’ equity:      
Ordinary shares, no par value; 148,392,939 and 119,162,234 shares
issued and outstanding at September 30, 2024 and December 31, 2023, respectively
 $1,139,714  $935,367 
Additional paid-in capital  153,196   129,237 
Accumulated other comprehensive loss  (159)  (124)
Accumulated deficit  (1,151,111)  (1,024,850)
Total shareholders’ equity $141,640  $39,630 
Total liabilities, Series A preferred shares, and shareholders’ equity $358,504  $274,949 


WAVE LIFE SCIENCES LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(In thousands, except share and per share amounts)
 
  Three Months Ended
September 30,
  Nine Months Ended
September 30,
 
  2024  2023  2024  2023 
Revenue $(7,676) $49,214  $24,554  $84,249 
Operating expenses:            
Research and development  41,197   31,642   115,037   95,935 
General and administrative  15,042   13,128   42,887   37,628 
Total operating expenses  56,239   44,770   157,924   133,563 
Income (loss) from operations  (63,915)  4,444   (133,370)  (49,314)
Other income, net:            
Dividend income and interest income  1,798   1,960   6,425   6,084 
Other income, net  337   171   684   1,296 
Total other income, net  2,135   2,131   7,109   7,380 
Income (loss) before income taxes  (61,780)  6,575   (126,261)  (41,934)
Income tax benefit (provision)     677      677 
Net income (loss) $(61,780) $7,252  $(126,261) $(41,257)
Less: net income attributable to
participating securities
 $  $(257) $  $ 
Net income (loss) attributable to ordinary
shareholders, basic and diluted
 $(61,780) $6,995  $(126,261) $(41,257)
Net income (loss) per share attributable to
ordinary shareholders—basic
 $(0.47) $0.07  $(0.97) $(0.39)
Weighted-average ordinary shares used in
computing net income (loss) per share
attributable to ordinary shareholders—basic
  132,563,467   106,025,063   130,470,603   104,529,266 
Net income (loss) per share attributable to
ordinary shareholders—diluted
 $(0.47) $0.07  $(0.97) $(0.39)
Weighted-average ordinary shares used in
computing net income (loss) per share
attributable to ordinary shareholders—diluted
  132,563,467   106,975,231   130,470,603   104,529,266 
Other comprehensive income (loss):            
Net income (loss) $(61,780) $7,252  $(126,261) $(41,257)
Foreign currency translation  120   (32)  (35)  (153)
Comprehensive income (loss) $(61,660) $7,220  $(126,296) $(41,410)
 

Investor Contact:
Kate Rausch
+1 617-949-4827
krausch@wavelifesci.com

Media Contact:
Alicia Suter
+1 617-949-4817
asuter@wavelifesci.com


FAQ

What was Wave Life Sciences (WVE) revenue in Q3 2024?

Wave Life Sciences reported revenue of -$7.7 million in Q3 2024, down from $49.2 million in Q3 2023.

How much cash does Wave Life Sciences (WVE) have as of September 2024?

Wave Life Sciences had $310.9 million in cash and cash equivalents as of September 30, 2024, plus additional $28 million received from greenshoe option on October 1.

What was the key achievement for WVE-006 in Q3 2024?

WVE-006 achieved the first-ever clinical demonstration of RNA editing in humans during the RestorAATion-2 trial for alpha-1 antitrypsin deficiency.

When will Wave Life Sciences (WVE) initiate the WVE-007 clinical trial?

Wave Life Sciences expects to initiate the clinical trial for WVE-007, their obesity treatment, in the first quarter of 2025.

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66.21%
3.22%
Biotechnology
Pharmaceutical Preparations
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