Wave Life Sciences Ltd. Q3 FY2025 earnings call

• Paul Bolno discussed progress on WVE-007, noting over 70 participants enrolled in the Enlight trial, dose-dependent activin E reductions, and durability up to six months. - WVE-006 achieved goals in the RESTORATION 2 trial, including restoring AAT levels and physiological response to acute inflammatory events. - WVE-008 is in development for PNPLA3 I148M liver disease with clinical planning underway. - DMD program showed statistically significant improvement in time to rise. - HD program is preparing for a phase 2/3 study with caudate volume as a primary endpoint, and discussions with strategic partners ongoing.

Revenue for 2025 was $7.6 million, up from negative $7.7 million in the prior year quarter. Research and development expenses were $45.9 million in 2025 compared to $41.2 million in the same period of 2024. G&A expenses were $18.1 million for 2025 versus $15 million in the prior year quarter. Net loss was $53.9 million for 2025, compared to a net loss of $61.8 million in the prior year quarter. The company ended 2025 with $196.2 million in cash and cash equivalents.

• Plan to deliver near-term updates on blood-based biomarkers, metabolic health, etc. - CTA submission for WVE-008 in 2026. - NDA submission for WVN-531 in 2026. - IND application for HD phase 2/3 study in the second half of 2025.

Discussions of forward-looking statements subject to risks and uncertainties, including factors in press release and SEC filings that could cause actual results to differ from forward-looking statements.

Q: Julie asked about fat mobilization in DIO mice and Huntington's disease variability.

A: Paul Bolno responded on fat mobilization showing no concerns from preclinical and human data, and on Huntington's disease variability discussing caudate volume and staging.

Q: Chen Lee asked about biomarkers and weight loss plateau with 007.

A: Paul Bolno and Erik Ingelsson discussed biomarker trajectories and lack of plateau seen yet.

Q: Salim Syed asked about alpha one trypsin DNA editors and DMD exon programs.

A: Paul Bolno responded on RNA editing advantages and focus on Exxon 53 program.

Q: Steve Seedhouse asked about AATV study acute phase responses and US vs ex-US enrollment.

A: Paul Bolno and Chris Wright discussed capturing acute events and similar patient demographics.

Q: Madison Alsadi asked about AATD patient acute phase response and bifunctional construct.

A: Paul Bolno and Chandra Varghese discussed patient response and platform specificity.

Q: Bill Mohan asked about Sarepta's exon skippers and obesity pricing.

A: Paul Bolno responded on dystrophin expression and obesity modality advantages.

Q: Roger Song asked about obesity weight loss guidance and dose response.

A: Paul Bolno and Erik Ingelsson discussed kinetics and human genetics relevance.

Q: Joseph Schwartz asked about obesity study next steps and GSK collaboration.

A: Paul Bolno discussed full control over 007 and ongoing study planning.

Q: Yongshong asked about DMD FDA interactions and HD capital allocation.

A: Paul Bolno responded on FDA engagement and HD partnership preference.

Q: Samantha Simenko asked about obesity data benchmark and cohort five escalation.

A: Paul Bolno discussed kinetics and safety coverage.

Q: Luca Izzi asked about ex-US vs US enrollment in 007.

A: Paul Bolno discussed US start at 600 mg cohort.

Q: Leone Inise asked about macrophage reduction in DIO mice and DMD muscle content.

A: Paul Bolno and Erik Ingelsson discussed macrophage phenotype shift and FDA views on muscle content