Wave Life Sciences (WVE) Q3 2026 earnings summary

Executive summary

• Q3 revenue was $13.2M, primarily from the GSK collaboration; lead programs target obesity (WVE-007), AATD (WVE-006) and PNPLA3-related liver disease (WVE-008).

• Proprietary siRNA and RNA-editing capabilities advanced; GSK selected an siRNA development candidate, with three other collaboration programs progressing toward candidate selection.

Financial highlights

• Q3 revenue was $13.2M vs. $7.6M YoY; operating expenses were $79.2M vs. $64.0M, including R&D of $53.8M vs. $45.9M and G&A of $25.4M vs. $18.1M.

• Q3 net loss was $61.9M vs. $53.9M YoY; 9M net loss was $157.4M vs. $151.2M.

• 9M revenue was $53.7M vs. $25.5M, including a $12.0M GSK milestone and $35.9M of deferred AATD revenue recognized after license termination.

• 9M R&D was $152.6M vs. $130.0M; G&A was $72.2M vs. $54.4M, with increases primarily tied to compensation-related and other external expenses.

Outlook and guidance

• WVE-007 600-mg single-dose Phase I data and WVE-006 600-mg monthly multidose data were expected in Q4 2026.

• WVE-007 post-incretin maintenance trial initiation was targeted for Q4 2026; Phase II-A monotherapy and tirzepatide combination studies are underway.

• FDA alignment supports planning a two-year WVE-006 registrational trial with a one-year interim analysis intended to support potential accelerated approval based on AATD biomarkers.

• WVE-008 CTA submission was targeted for Q4 2026; first-in-human plans include circulating biomarkers and non-invasive liver imaging.

• Cash resources were expected to fund operations into Q3 2028; this runway excludes potential future GSK collaboration payments.