Wave Life Sciences — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue for the third quarter of 2026 was $13.2 million, compared to $7.6 million in the same period in 2025.
• Research and development expenses were $53.8 million for the third quarter of 2026, up from $45.9 million in the prior year quarter.
• General and administrative expenses were $25.4 million for the third quarter of 2026, up from $18.1 million in the prior year quarter.
• Net loss was $61.9 million for the third quarter of 2026, compared to a net loss of $53.9 million in the prior year quarter.
• Cash, cash equivalents, and marketable securities totaled $431.0 million as of September 30, 2026.
• Deferred revenue consisted of $9.1 million in current liabilities and $12.3 million in long-term liabilities as of September 30, 2026.
• Total liabilities were $106.0 million as of September 30, 2026, compared to $112.3 million as of December 31, 2025.
• Total stockholders' equity was $401.9 million as of September 30, 2026, compared to $518.4 million as of December 31, 2025.

Guidance and Future Outlook:

• Wave expects its current cash, cash equivalents, and marketable securities to fund operations into the third quarter of 2028.
• The company expects to share data from the Phase 1 600 mg SAD cohort for WVE-007 in the fourth quarter of 2026.
• Wave remains on track to initiate a clinical trial of WVE-007 as a post-incretin maintenance therapy in the fourth quarter of 2026.
• A clinical trial application (CTA) filing for WVE-008 is on track for the fourth quarter of 2026.
• Planning is underway for a two-year registrational trial for WVE-006, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers.
• A $12 million milestone payment from GSK is expected to be received in the fourth quarter of 2026.

Business Segments and Product Lines:

• WVE-007 (Obesity): Dosing is ongoing in the Phase 2a monotherapy portion of the INLIGHT trial for individuals with higher BMI (35-50 kg/m2) and type 2 diabetes. A Phase 2a combination trial with weekly tirzepatide is underway.
• WVE-006 (AATD): Following positive FDA feedback, planning is underway for a registrational trial for Alpha-1 antitrypsin deficiency. Clinical data demonstrated robust, dose-dependent reductions of mutant Z-AAT protein and increases in wild-type M-AAT protein.
• WVE-008 (PNPLA3 Liver Disease): Preclinical data presented at the EASL Congress demonstrated substantial editing of the PNPLA3 I148M transcript, exceeding the ~50% threshold expected to lower liver disease risk.
• GSK Collaboration: GSK selected a GalNAc-siRNA development candidate using Wave's SpiNA design for a hepatology indication, transitioning into GSK's development pipeline. Three additional collaboration programs are advancing toward potential candidate selection.

Market and Competitive Landscape:

• The company notes that silencing INHBE mRNA via WVE-007 is a promising therapeutic strategy distinct from incretin-based approaches for obesity.
• Wave believes RNA editing is a preferred therapeutic strategy over silencing for PNPLA3 I148M liver disease.
• The company highlights its PRISM platform and chemistry as unique value drivers within its pipeline and beyond.

Risks and Challenges:

• The press release includes standard forward-looking statement risks, including the possibility that clinical results may not support further development, regulatory agencies may affect trial timing, and competition may impact the business.
• Risks include the ability to demonstrate therapeutic benefits of stereopure candidates, obtain and maintain intellectual property, and fund operations.

Management Commentary and Tone:

• Paul Bolno, MD, MBA, President and CEO, stated that the company continues to make notable progress advancing lead clinical programs and believes WVE-006 offers an efficient path to potential full and accelerated approval.
• Dr. Bolno noted that the Phase 2a portion of the INLIGHT trial is well suited to demonstrate WVE-007's potential to deliver meaningful improvements in body composition and healthy weight loss.
• The appointment of Monika Vnuk as Chief Business Officer is intended to capitalize on and expand the potential of the company's platform.

Other Key Points:

• In September 2026, Wave announced that GSK selected a candidate for a hepatology indication, earning a $12 million milestone payment. Wave is eligible to receive up to $330 - $375 million in development, launch, and commercial milestones for each collaboration program, plus tiered royalties.
• Monika Vnuk, MD, was appointed Chief Business Officer in September 2026, bringing prior experience from Sanofi, Blackstone Life Sciences, Pfizer, Bank of America, and Oxford Bioscience Partners.
• Wave plans to host a virtual Research Day on November 4, 2026, featuring perspectives on PNPLA3 I148M liver disease from Arun Sanyal, MD, FAASLD.
• The company reported a net loss per share of $0.30 for the third quarter of 2026, compared to $0.32 in the prior year quarter.
• Interest income was $4.4 million for the third quarter of 2026, compared to $2.2 million in the prior year quarter.