Wave Life Sciences Reports Third Quarter 2026 Financial Results and Provides Business Update

GSK candidate selection earned a $12 million milestone, while quarterly research and administrative expenses increased year over year.

Rhea-AI Summary

Wave Life Sciences (WVE) reported third-quarter 2026 financial results while advancing clinical programs for obesity and alpha-1 antitrypsin deficiency (AATD). Revenue rose to $13.2 million from $7.6 million a year earlier; net loss widened to $61.9 million from $53.9 million.

Planning is underway for a two-year WVE-006 registrational trial, with a one-year interim analysis for potential accelerated approval. WVE-007 Phase 2a monotherapy dosing is ongoing and its tirzepatide combination trial has begun. Wave expects a post-incretin maintenance trial and a WVE-008 clinical trial application in 4Q 2026.

Cash, cash equivalents and marketable securities totaled $431.0 million at September 30, excluding a $12 million GSK milestone due in 4Q 2026. Wave expects its existing resources to fund operations into 3Q 2028, excluding potential future GSK payments.

19 points · 0 major

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0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue rose to $13.2 million from $7.6 million in the prior-year quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash, cash equivalents and marketable securities totaled $431.0 million; Wave expects funding into 3Q 2028.
• Moderate pointGSK candidate selection earned a $12 million milestone, payable in 4Q 2026. 1.9% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.WVE-006 planning targets a two-year registrational trial, with a one-year interim analysis for potential accelerated approval.
• Moderate pointWVE-006 clinical data showed dose-dependent mutant protein reductions, corresponding normal protein increases and restored dynamic AAT response.
• Moderate pointWVE-007 Phase 2a monotherapy dosing is underway in participants with BMI 35–50 kg/m2, with and without type 2 diabetes.
• Moderate pointWVE-007’s Phase 2a tirzepatide combination trial has begun, evaluating 240 mg and 400 mg doses.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Wave plans to initiate a WVE-007 post-incretin maintenance trial in 4Q 2026.

11 minor points

• Minor pointNine-month revenue increased to $53.676 million from $25.482 million in 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.GSK collaboration programs offer eligibility for up to $330–$375 million each in milestones, plus tiered royalties.
• Minor point. Forward-looking: it has not happened yet and may not happen.Three additional GSK collaboration programs are advancing toward potential candidate selection.
• Minor pointFDA supports Wave’s LC-MS assay for measuring normal and mutant AAT proteins in the registrational program.
• Minor pointWVE-006 remains generally safe and well tolerated, with no liver toxicities reported.
• Minor point. Forward-looking: it has not happened yet and may not happen.WVE-006 600 mg monthly multidose cohort data are expected in 4Q 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Wave expects WVE-007 Phase 1 600 mg single-dose cohort data in 4Q 2026.
• Minor point. Forward-looking: it has not happened yet and may not happen.Wave remains on track for a WVE-008 clinical trial application in 4Q 2026.
• Minor pointWVE-008 preclinical RNA editing exceeded the approximately 50% threshold expected to lower liver-disease risk.
• Minor pointThird-quarter interest income increased to $4.378 million from $2.177 million; nine-month income also increased.
• Minor pointBasic and diluted loss per share narrowed to $0.30 from $0.32 quarterly, and $0.78 from $0.92 over nine months.

Negative

• Moderate pointThird-quarter net loss widened to $61.9 million from $53.9 million in the prior-year quarter.
• Minor pointNine-month net loss widened to $157.354 million from $151.199 million in 2025.
• Minor pointThird-quarter research expenses rose to $53.8 million from $45.9 million; nine-month expenses reached $152.576 million versus $129.965 million.
• Minor pointThird-quarter administrative expenses rose to $25.4 million from $18.1 million; nine-month expenses reached $72.246 million versus $54.433 million.
• Minor pointOperating loss widened to $66.047 million quarterly and $171.146 million over nine months, versus $56.353 million and $158.916 million.

2 minor points

• Minor pointOther income shifted to a $243,000 expense quarterly; nine-month expense was $599,000 versus $293,000 income.
• Minor pointStockholders’ equity declined to $401.936 million at September 30, 2026, from $518.357 million at December 31, 2025.

News Explained

GSK selected a candidate for its development pipeline, earning Wave a $12 million milestone; three further collaboration programs are advancing toward candidate selection, and Wave is eligible for up to $330 million–$375 million in milestones per program plus tiered royalties, tied to development, launch, and sales.

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Market move: WVE +6.23% vs previous close. 3Q26 earnings report

$3.01 – $3.49 Day Range

$672.55M Mkt Cap at Last Price

On Oct 27, the day this news came out, the latest delayed price for WVE is 6.23% above the previous close. Our momentum scanner has recorded 4 alerts for this stock so far that day. The latest delayed price is $3.41. Relative volume is exceptionally heavy at 13.0x the average.

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Key Figures

Cash, cash equivalents and marketable securities: $431.0 million Cash runway: Into 3Q 2028 GSK milestone payment: $12 million +5 more

Cash, cash equivalents and marketable securities

$431.0 million

As of September 30, 2026; excludes the incoming GSK milestone

Cash runway

Into 3Q 2028

Company expectation based on current cash, cash equivalents and marketable securities

GSK milestone payment

$12 million

Expected in 4Q 2026 for candidate selection

Revenue recognized

$13.2 million vs. $7.6 million

3Q 2026 vs. 3Q 2025

Research and development expenses

$53.8 million vs. $45.9 million

3Q 2026 vs. 3Q 2025

General and administrative expenses

$25.4 million vs. $18.1 million

3Q 2026 vs. 3Q 2025

Net loss

$61.9 million vs. $53.9 million

3Q 2026 vs. 3Q 2025

Potential collaboration milestones

Up to $330–$375 million per program

Development, launch and commercial milestones under the GSK collaboration

Previous Earnings Reports

1 past event · Latest: Jul 30

Same Type 1 event

1. Jul 30

   2Q26 earnings report

   24h Move

   -0.9%

   Revenue declined and net loss widened year over year.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

siRNA, rna editing, accelerated approval, clinical trial application, +1 more

5 terms

siRNA medical

"WVE-007 (INHBE siRNA) across treatment settings"

Small interfering RNA (siRNA) is a short strand of genetic material that binds to and destroys the messenger RNA that carries instructions for making a specific protein, effectively switching that gene off. Investors care because siRNA is a platform for precise medicines: successful trials or approvals can create high-value drugs, while delivery challenges, manufacturing complexity, patent positions and regulatory risk can sharply affect a biotech company's prospects.

rna editing medical

"registrational trial of WVE-006 (RNA editing) in AATD"

RNA editing is a natural or engineered process that changes the molecular message copied from a gene before it is used to make a protein, like tweaking a recipe after it’s written to alter the final dish. For investors, RNA editing matters because it enables new kinds of medicines and diagnostics — promising bigger returns but also carrying technical, safety and regulatory risks that can strongly affect a biotech company’s value.

accelerated approval regulatory

"interim analysis to support potential accelerated approval"

Accelerated approval is a process that allows new medical treatments to be approved more quickly than usual if they address serious or life-threatening conditions and show promising early results. For investors, it signals that a treatment may reach the market sooner, potentially boosting a company's prospects, but it also involves some uncertainty since full evidence of effectiveness is still being gathered.

clinical trial application regulatory

"A clinical trial application (CTA) filing for WVE-008"

An application submitted to a regulatory authority requesting formal permission to begin testing a new drug, medical device, or treatment in humans. Like asking for a building permit before construction, it summarizes safety data, plans for how the study will be run, and monitoring procedures; investors watch these filings closely because approval lets a program move from lab research to clinical testing, reducing uncertainty and creating value-driving milestones.

lc-ms technical

"the FDA supports the use of Wave’s LC-MS assay"

LC-MS is a laboratory method that first separates a mixture into its individual chemical components using liquid flow, then measures each component’s weight to identify and quantify it. For investors, LC-MS acts like a high-precision barcode scanner for molecules: it provides hard evidence about a product’s composition, purity and contaminants, which affects regulatory approvals, product quality, manufacturing risk and potential liability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Planning underway for registrational trial of WVE-006 (RNA editing) in AATD, with an interim analysis for potential accelerated approval based on AATD biomarkers

Advancing WVE-007 (INHBE siRNA) across treatment settings: dosing ongoing in Phase 2a monotherapy clinical trial in individuals with higher BMI and comorbidities, initiated Phase 2a combination trial, and remain on track to initiate post-incretin maintenance trial this quarter

CTA submission for WVE-008 for PNPLA3 liver disease (RNA editing) on track for 4Q 2026

GSK selected a GalNAc-siRNA development candidate using Wave’s proprietary SpiNA design; three additional hepatic and extra-hepatic collaboration programs advancing towards potential candidate selection

Well capitalized with cash, cash equivalents, and marketable securities of $431.0 million as of September 30, 2026; additional $12 million milestone from GSK to be received in 4Q 2026; expected cash runway into 3Q 2028

Investor conference call and webcast at 8:30 a.m. ET today

CAMBRIDGE, Mass., Oct. 27, 2026 (GLOBE NEWSWIRE) -- Wave Life Sciences, Inc. (Nasdaq: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health, today announced financial results for the third quarter ended September 30, 2026, and provided a business update.

“We continue to make notable progress advancing our lead clinical programs. Following positive FDA feedback, planning is underway for our potentially registrational trial of WVE-006 for AATD, which we believe offers an efficient path to potential full and accelerated approval, without the need for a separate confirmatory trial. Our growing body of clinical data support WVE-006’s potential to offer a new standard of care for individuals living with AATD,” said Paul Bolno, MD, MBA, President and Chief Executive Officer at Wave Life Sciences. “We also continue to make notable progress advancing WVE-007 across treatment settings. Dosing is ongoing in our Phase 2a INLIGHT ™ trial evaluating WVE-007 as a monotherapy. As expected, we are pleased to report that to date baseline levels of adiposity in the Phase 2a portion of INLIGHT are substantially higher than in the Phase 1 portion and in line with Phase 2 and 3 obesity trials. We believe this portion of the trial is well suited to demonstrate WVE-007’s potential to deliver meaningful improvements in body composition and healthy weight loss. Our combination trial of WVE-007 with weekly tirzepatide is underway, where we believe WVE-007 can demonstrate enhanced fat loss and cardiometabolic benefit, without additional muscle loss. We also remain on track to initiate a post-incretin maintenance trial of WVE-007 in the fourth quarter that has the potential to unlock an entirely new frontier in obesity by enabling patients an off-ramp for their incretin therapy.”

Dr. Bolno added, “Importantly, our PRISM platform and chemistry continue to demonstrate unique value both within our own pipeline and beyond. The advancement of a development candidate by GSK reflects the recognition of Wave’s differentiated technology, including our best-in-class siRNA with SpiNA design, with three additional collaboration programs still advancing. The appointment of Monika Vnuk, with her breadth of experience, in our newly-created role of Chief Business Officer, is meant to capitalize on and expand the potential of our platform and support the next phase of Wave’s growth. We look forward to sharing new data supporting our platform and capabilities at our upcoming Research Day next week, where we will be joined by a leading hepatologist who will discuss PNPLA3 I148M liver disease and opportunity for an RNA editing approach.”

Recent Business Highlights and Expected Milestones

Obesity

• WVE-007 is an investigational GalNAc-siRNA (SpiNA) designed to induce fat loss without muscle loss. With strong evidence from human genetics, silencing INHBE mRNA is a promising therapeutic strategy to treat obesity, distinct from incretin-based approaches. Wave plans to evaluate WVE-007 across three treatment settings: as a monotherapy, in combination with incretins, and as a post-incretin maintenance therapy. WVE-007 is currently being evaluated in the ongoing placebo-controlled INLIGHT™ clinical program, which includes a monotherapy and combination portion.
• Monotherapy: Dosing is underway in the Phase 2a portion of the INLIGHT trial of WVE-007 in individuals with higher BMI (35-50 kg/m²), with and without type 2 diabetes. This portion of the INLIGHT trial is evaluating participants with greater adiposity and is enrolling participants across the U.S. and Europe. The trial includes multiple assessments over a 12-month period, including body weight, waist circumference, body composition (MRI and DEXA), liver fat (MRI-PDFF), HbA1c, and lipid levels. These data will inform further development of WVE-007 in obesity, as well as in MASH, type 2 diabetes, and other cardiometabolic diseases.
• Combination with incretin: The INLIGHT clinical program is evaluating WVE-007 in combination with tirzepatide as a potential treatment for obesity and other cardiometabolic indications, including MASH. The placebo-controlled Phase 2a combination trial will evaluate 240 mg and 400 mg doses of WVE-007 in combination with weekly tirzepatide compared to tirzepatide alone in individuals living with obesity (BMI 35-50 kg/m²) and type 2 diabetes.
• Expected upcoming milestones:
  • Wave expects to share data from the Phase 1 600 mg SAD cohort in the fourth quarter of 2026.
  • Wave remains on track to initiate a clinical trial of WVE-007 as a maintenance therapy to preserve weight loss following discontinuation of incretin treatment in the fourth quarter of 2026.

Alpha-1 antitrypsin deficiency (AATD)

• WVE-006 is an investigational GalNAc-conjugated, subcutaneously delivered, RNA editing oligonucleotide (AIMer) for AATD. WVE-006 is being evaluated in the ongoing Phase 1b/2a RestorAATion-2 open-label clinical trial in individuals with AATD who have the homozygous Pi*ZZ mutation. Clinical data to date have demonstrated WVE-006 achieved key AATD treatment goals by recapitulating an MZ-like phenotype, including robust, dose-dependent reductions of circulating, mutant Z-AAT protein, with corresponding increases in wild-type M-AAT protein, and restoration of the dynamic AAT response. WVE-006 continues to be generally safe and well tolerated with no liver toxicities.
• In October 2026, the company announced alignment with the U.S. Food and Drug Administration (FDA) on key aspects of its planned registrational pathway for WVE-006. Planning is underway for a two-year registrational trial to support potential full approval, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers. Additionally, the FDA supports the use of Wave’s LC-MS assay to measure M-AAT (wild-type) and Z-AAT (mutant) protein for the WVE-006 registrational program.
• Expected upcoming milestones:
  • Wave expects to share data from the 600 mg (monthly) multidose cohort in the fourth quarter of 2026.

PNPLA3 I148M liver disease

• WVE-008: Wave is building on its clinical success in RNA editing by advancing WVE-008, a GalNAc-conjugated AIMer for homozygous PNPLA3 I148M liver disease. There is a growing body of clinical evidence supporting RNA editing as a preferred therapeutic strategy over silencing.
• Wave shared preclinical data supporting WVE-008 in a poster presentation at the European Association for the Study of the Liver (EASL) Congress, which demonstrated that Wave’s PNPLA3 AIMers delivered substantial editing of the PNPLA3 I148M transcript, exceeding the ~50% threshold expected to lower risk for liver disease.
• Expected upcoming milestones:
  • A clinical trial application (CTA) filing for WVE-008 is on track for the fourth quarter of 2026.

Corporate Highlights

• GSK research collaboration: In September 2026, Wave announced that GSK had selected a candidate for a hepatology indication to transition into GSK’s development pipeline. This program was developed using Wave’s proprietary siRNA with SpiNA design. Wave earned a $12 million milestone payment for this candidate selection. Wave is currently advancing three additional collaboration programs towards potential candidate selection. Wave is eligible to receive up to $330 - $375 million in development, launch, and commercial milestones for each collaboration program, plus tiered royalties on net sales.
• Appointment of Chief Business Officer: In September 2026, Wave appointed Monika Vnuk, MD, as Chief Business Officer. Dr. Vnuk joined Wave’s executive team and leads business development, corporate development, and alliance management. Prior to joining Wave, Dr. Vnuk served as Senior Vice President, Global Head of Partnering and Business Development for Sanofi, where she led global licensing, equity investments, and alliances. Dr. Vnuk’s prior experience also includes roles at Blackstone Life Sciences, Pfizer, Bank of America, and Oxford Bioscience Partners.
• Research Day 2026: Wave plans to host a virtual Research Day on November 4, 2026 at 9:30 a.m. ET. The event will highlight Wave’s differentiated RNA medicines platform, including its best-in-class chemistry, hepatic and extra-hepatic capabilities, and RNAi, RNA editing, and bifunctional modalities, and will feature perspectives on PNPLA3 I148M liver disease and opportunity for an RNA editing approach from Arun Sanyal, MD, FAASLD, a leading hepatologist.

Financial Highlights

• Cash, cash equivalents, and marketable securities were $431.0 million as of September 30, 2026, which did not include the $12 million milestone from GSK that will be received in the fourth quarter of 2026. Wave expects that its current cash, cash equivalents, and marketable securities will be sufficient to fund operations into the third quarter of 2028. Potential future milestone and other payments to Wave under its GSK collaboration are not included in its cash runway.
• Revenue recognized was $13.2 million for the third quarter of 2026 as compared to $7.6 million in the prior year quarter.
• Research and development expenses were $53.8 million in the third quarter of 2026 as compared to $45.9 million in the same period in 2025.
• General and administrative expenses were $25.4 million in the third quarter of 2026 as compared to $18.1 million in the same period in 2025.
• Net loss was $61.9 million for the third quarter of 2026 as compared to a net loss of $53.9 million in the prior year quarter.

Investor Conference Call and Webcast
Wave will host an investor conference call today at 8:30 a.m. ET to review the third quarter 2026 financial results and pipeline updates. A webcast of the conference call can be accessed by visiting “Investor Events” on the investor relations section of the Wave Life Sciences website: https://ir.wavelifesciences.com/events-publications/events. Analysts planning to participate during the Q&A portion of the live call can join the conference call at the audio-conferencing link here. Following the live event, an archived version of the webcast will be available on the Wave Life Sciences website.

About Wave Life Sciences
Wave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave’s PRISM^® platform combines multiple modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s lead pipeline programs include obesity (WVE-007), alpha-1 antitrypsin deficiency (WVE-006), and PNPLA3 I148M liver disease (WVE-008), as well as several preclinical programs utilizing the company’s versatile RNA medicines platform. Driven by the calling to “Reimagine Possible,” Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA. For more information on Wave’s science, pipeline and people, please visit www.wavelifesciences.com and follow Wave on X and LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, concerning our goals, beliefs, expectations, strategies, objectives and plans, and other statements that are not necessarily based on historical facts, including statements regarding the following, among others: the anticipated initiation, timing, design, progress, data and announcements related to our clinical trials, including interactions with and feedback from regulators and any potential registrational submissions based on these data; the future performance and results of our programs in clinical trials, including the anticipated therapeutic benefits of such programs, and our expectations with respect to how our clinical data may predict success for our future therapeutic candidates and data readouts; the potential commercialization of our programs the potential size of the markets that our therapeutics may address; preclinical activities and programs, the anticipated therapeutic benefit based on such preclinical data, and their potential to transition into clinical-stage programs, and the timing, progress and announcement of such events; the progress and potential benefits, including the potential achievement of milestones, of collaborations and strategic partnerships; the expected benefits of our stereopure oligonucleotides compared with stereorandom alternatives; the breadth, versatility, and potential of our PRISM^® drug discovery and development platform; the potential benefits of our RNA-targeting modalities, including RNAi (SpiNA), and RNA editing (AIMers) compared with competing technologies; the potential for certain of our programs to be best-in-class or first-in-class, or to change the existing treatment paradigm or show substantial benefits over existing standards of care; our financial performance, including the anticipated duration of our cash runway and our ability to fund future operations; our intended uses of capital; and our expectations regarding the impact of any potential global macro events on our business. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual results to differ materially from those indicated by these forward-looking statements as a result of these risks, uncertainties and important factors, including, without limitation, the clinical results and timing of our programs, which may not support further development of our product candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing current and future clinical trials and regulatory processes; the continued development and acceptance of nucleic acid therapeutics as a class of drugs; our ability to demonstrate the therapeutic benefits of our stereopure candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our ability to obtain, maintain and protect intellectual property; our ability to fund our operations and to raise additional capital as needed; competition from others developing therapies for similar uses; and any impacts on our business as a result of or related to any global economic uncertainty or market disruptions, as well as the other risks and uncertainties described in the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC), as amended, and in other filings we make with the SEC from time to time. In addition, any forward-looking statements represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We undertake no obligation, except to the extent required by law, to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Contact:
Kate Rausch
VP, Corporate Affairs and Investor Relations
+1 617-949-4827

Investors:
James Salierno
Director, Investor Relations
+1 617-949-4043
InvestorRelations@wavelifesci.com

Media:
Katie Sullivan
Senior Director, Corporate Communications
+1 617-949-2936
MediaRelations@wavelifesci.com

WAVE LIFE SCIENCES, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (In thousands, except share amounts)
		September 30, 2026				December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$	197,315			$	602,068
Marketable securities			233,434				—
Accounts receivable			12,000				1,276
Prepaid expenses			11,556				8,395
Other current assets			4,325				3,075
Total current assets			458,630				614,814
Long-term assets:
Property and equipment, net of accumulated depreciation of $51,391 and $49,522 as of September 30, 2026 and December 31, 2025, respectively			6,239				7,405
Long-term marketable securities			263				—
Operating lease right-of-use assets			38,088				12,458
Restricted cash			3,815				3,806
Other assets			895				16
Total long-term assets			49,300				23,685
Total assets		$	507,930			$	638,499
Liabilities, Series A preferred stock, and stockholders’ equity
Current liabilities:
Accounts payable		$	19,295			$	15,700
Accrued expenses and other current liabilities			21,979				26,564
Current portion of deferred revenue			9,111				44,440
Current portion of operating lease liability			4,375				8,361
Total current liabilities			54,760				95,065
Long-term liabilities:
Deferred revenue, net of current portion			12,338				7,798
Operating lease liability, net of current portion			38,896				9,405
Total long-term liabilities			51,234				17,203
Total liabilities		$	105,994			$	112,268
Series A preferred stock, no par value; nil and 3,901,348 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		$	—			$	7,874
Stockholders’ equity:
Preferred stock, $0.001 par value per share; 30,000,000 shares authorized; nil shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively		$	—			$	—
Common stock, $0.001 par value per share; 500,000,000 shares authorized; 197,213,583 and nil shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively			197				1,616,478
Additional paid-in capital			1,885,894				228,365
Accumulated other comprehensive loss			(565	)			(250	)
Accumulated deficit			(1,483,590	)			(1,326,236	)
Total stockholders’ equity		$	401,936			$	518,357
Total liabilities, Series A preferred stock, and stockholders’ equity		$	507,930			$	638,499

WAVE LIFE SCIENCES, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
Revenue		$	13,158			$	7,608			$	53,676			$	25,482
Operating expenses:
Research and development			53,843				45,874				152,576				129,965
General and administrative			25,362				18,087				72,246				54,433
Total operating expenses			79,205				63,961				224,822				184,398
Loss from operations			(66,047	)			(56,353	)			(171,146	)			(158,916	)
Other income, net:
Interest income			4,378				2,177				14,391				7,424
Other income (expense)			(243	)			324				(599	)			293
Total other income, net			4,135				2,501				13,792				7,717
Loss before income taxes			(61,912	)			(53,852	)			(157,354	)			(151,199	)
Income tax benefit			—				—				—				—
Net loss		$	(61,912	)		$	(53,852	)		$	(157,354	)		$	(151,199	)
Net loss per share—basic and diluted		$	(0.30	)		$	(0.32	)		$	(0.78	)		$	(0.92	)
Weighted-average common stock used in computing net loss per share—basic and diluted			204,222,255				167,739,208				202,814,464				164,773,525
Other comprehensive loss:
Net loss		$	(61,912	)		$	(53,852	)		$	(157,354	)		$	(151,199	)
Foreign currency translation gain (loss)			(125	)			(29	)			(6	)			72
Unrealized loss on marketable securities			(268	)			—				(309	)			—
Comprehensive loss		$	(62,305	)		$	(53,881	)		$	(157,669	)		$	(151,127	)

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Wave Life Sciences’ third-quarter 2026 financial results?

Wave reported $13.2 million in revenue and a $61.9 million net loss for the third quarter of 2026. Revenue increased from $7.6 million in the prior-year quarter, while net loss widened from $53.9 million. Basic and diluted loss per share was $0.30, compared with $0.32.

What is Wave Life Sciences’ planned approval pathway for WVE-006?

Wave is planning a two-year registrational trial to support potential full approval, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers. The company announced FDA alignment on aspects of this pathway in October 2026.

What will Wave Life Sciences’ WVE-007 combination trial test?

The placebo-controlled Phase 2a trial will compare 240 mg and 400 mg WVE-007 plus weekly tirzepatide against tirzepatide alone. Participants have obesity, with BMI of 35–50 kg/m2, and type 2 diabetes.

What assessments are included in Wave Life Sciences’ WVE-007 Phase 2a monotherapy trial?

The trial includes assessments over 12 months of body weight, waist circumference, body composition, liver fat, HbA1c and lipid levels. Participants are being enrolled across the United States and Europe, with and without type 2 diabetes.