Wave Life Sciences (WVE) Q4 2025 earnings summary

Executive summary

• 2025 featured positive clinical data in obesity and AATD, highlighting differentiated RNAi and RNA editing platforms.

• Strategic focus for 2026 is on accelerating WVE-007 for obesity and advancing RNA editing programs, including WVE-006 for AATD and WVE-008 for PNPLA3 I148M liver disease.

• Interim INLIGHT clinical data for WVE-007 showed fat loss similar to GLP-1 at three months, with muscle preservation and favorable safety.

• Regulatory engagement for accelerated approval of WVE-006 ongoing, with feedback expected mid-2026.

• GSK collaboration progressing, with a fourth program selected and potential for up to $2.8 billion in milestones.

Financial highlights

• Q4 2025 revenue was $17.2M, down from $83.7M in Q4 2024; full-year 2025 revenue was $42.7M, down from $108.3M in 2024, mainly due to the end of the Takeda collaboration.

• R&D expenses rose to $52.8M in Q4 2025 (from $44.6M) and $182.8M for the year (from $159.7M), driven by INHBE and RNA editing programs.

• Net loss was $53.2M for Q4 2025 (vs. net income of $29.3M prior year) and $204.4M for the year (vs. $97M loss in 2024).

• Cash and equivalents at year-end were $602.1M, up from $302.1M a year earlier, expected to fund operations into Q3 2028.

• Cash runway excludes potential future milestone payments from GSK collaboration.

Outlook and guidance

• Six-month follow-up data from the 240mg cohort and three-month data from the 400mg cohort of WVE-007 are expected this quarter.

• Phase IIa multi-dose INLIGHT trial for obesity to start in H1 2026, enrolling higher BMI patients with comorbidities; additional trials as incretin add-on and maintenance therapy planned for 2026.

• Data from WVE-006 400mg multidose cohort expected in Q1 2026; 600mg cohort data expected in 2026.

• Regulatory feedback on accelerated approval pathway for WVE-006 in AATD expected mid-2026.

• CTA submission for WVE-008 in PNPLA3 I148M liver disease planned for 2026.