Wave Life Sciences (WVE) investor relations material

Executive summary

• Advanced RNAi and RNA editing programs, including WVE-007 for obesity, WVE-006 for AATD, and WVE-008 for PNPLA3 liver disease, with positive clinical and preclinical data and ongoing regulatory engagement.

• Phase IIa INLIGHT trial for WVE-007 in obesity is underway, targeting higher BMI patients and exploring combination and maintenance therapy opportunities.

• Regained full rights to WVE-006 from GSK in early 2026; GSK collaboration continues with four programs advanced to development candidates.

• Completed shareholder and court approvals for redomiciliation from Singapore to Delaware, effective August 2026.

• Extended Lexington, MA manufacturing facility lease through 2038, securing long-term manufacturing capacity.

Financial highlights

• Q2 2026 revenue was $2.3 million, down from $8.7 million in Q2 2025; six-month revenue rose to $40.5 million due to deferred revenue recognition.

• R&D expenses increased to $51.3 million from $43.5 million year-over-year; G&A expenses rose to $24.8 million from $18 million.

• Net loss widened to $69.4 million from $50.5 million in the prior year quarter.

• Cash, equivalents, and marketable securities totaled $490.6 million as of June 30, 2026, expected to fund operations into Q3 2028.

• Total assets were $558.3 million and total liabilities $104.8 million as of June 30, 2026.

Outlook and guidance

• Cash runway expected to fund operations into Q3 2028, excluding potential milestone payments from collaborations.

• Additional data from INLIGHT (WVE-007) and RestorAATion-2 (WVE-006) trials expected in H2 2026.

• FDA meeting for WVE-006 scheduled for late summer 2026 to discuss accelerated approval; feedback will inform registration plans.

• CTA submission for WVE-008 remains on track for H2 2026.

• Investor Day planned for fall 2026 to provide further pipeline and platform updates.