Wave Life Sciences (WVE) Q4 2025 earnings summary

Executive summary

• Achieved positive clinical data in obesity and AATD, demonstrating differentiated RNAi and RNA editing capabilities, with a strategic focus on advancing WVE-007 for obesity and 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 profile.

• 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 and tiered royalties.

• Clinical programs are progressing with upcoming data readouts and regulatory milestones expected in 2026.

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 and compensation.

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

• Cash and cash equivalents were $602.1M as of December 31, 2025, up from $302.1M a year earlier, expected to fund operations into Q3 2028, excluding future milestone payments.

• G&A expenses increased to $20.9M in Q4 2025 (from $16.1M) and $75.3M for the year (from $59M), mainly due to compensation.

Outlook and guidance

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

• Phase IIa multi-dose INLIGHT study for obesity to enroll higher BMI patients and initiate in H1 2026; new clinical trials for WVE-007 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 for WVE-006 in AATD anticipated mid-2026, with potential for accelerated approval.

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