Wave Life Sciences Ltd. Q4 FY2025 earnings call

2025 was a great year for WAVE with positive clinical data in obesity and AATD. 2026 focus on accelerating WVE007 for obesity and advancing RNA editing portfolio. WVE007 aims to address obesity needs, has unique mechanism, and interim data shows fat loss without muscle loss. RNA editing with WVE006 for AATD has shown restoring MAAT protein, etc. WVE008 for PNPLA3 I148M liver disease on track for CTA submission. DMD NDA submission in 2026. GSK collaboration progress with milestone payments. NLITE clinical trial of WVE-007 ongoing, interim data positive. Restoration II clinical trial of WVE-006 for AATD on track.

Revenue for the fourth quarter was $17.2 million compared to $83.7 million in the prior year quarter. For the full year 2025, revenue was $42.7 million, as compared to $108.3 million in the prior year. Research and development expenses were $52.8 million in the fourth quarter of 2025 as compared to $44.6 million the same period in 2024. Research and development expenses for the full year of 2025 were $182.8 million as compared to $159.7 million in 2024. G&A expenses were $20.9 million in the fourth quarter of 2025 as compared to $16.1 million in the prior year quarter and $75.3 million for the full year of 2025 as compared to $59 million in 2024. Net loss was $53.2 million for the fourth quarter of 2025 as compared to net income of $29.3 million in the prior year quarter. Net loss for the full year of 2025 was $204.4 million as compared to net loss of $97 million in 2024. Ended the year with $602.1 million in cash and cash equivalents.

Expect data from WVE-007 light clinical trial and Restoration II clinical trial of WVE-006 in ATD. 2026 strategic focus on accelerating WVE007 and advancing RNA editing portfolio. Cash and cash equivalents sufficient to fund operations into third quarter of 2028.

Questions and answers about AATD regulatory strategy, 007 data, alpha-1 antitrypsin deficiency confirmatory trial, obesity data, activin strategies, obesity trial MRI, dose response, biomarker data, upcoming readout, 007 biodistribution and coexistence with 008, kinetics and cash runway, obesity communication, and inhibit space dynamics