Wave Life Sciences Reports Third Quarter 2025 Financial Results and Provides Business Update

WVE-007, an INHBE GalNAc-siRNA for obesity designed to drive fat loss while preserving muscle mass, achieved dose-dependent, mean reductions of Activin E of up to 85% in INLIGHT clinical trial, exceeding levels that led to weight loss and prevention of rebound weight gain following cessation of GLP-1 in preclinical models

Activin E reduction in lowest single dose cohort of INLIGHT was sustained through six months, supporting once or twice a year dosing

Achieved key AATD treatment goals to recapitulate the MZ phenotype with WVE-006, GalNAc-RNA editing oligonucleotide, in RestorAATion-2 trial: AAT protein exceeded 20 µM during an acute phase response, basal AAT levels reached 13 µM, wild-type M-AAT protein reached 64% of serum AAT, Z-AAT was reduced by 60%

WVE-N531 in DMD and WVE-003 in HD remain on track

Cash and cash equivalents of $196.2 million as of September 30, 2025; subsequent to quarter-end, additional $72.1 million in ATM proceeds and committed GSK milestones extend expected cash runway into 2Q 2027

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

CAMBRIDGE, Mass., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (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, 2025, and provided a business update.

“In the third quarter, we achieved key clinical objectives with WVE-007 for obesity and WVE-006 for alpha-1 antitrypsin deficiency, which validate the impact of our proprietary chemistry and further solidify our growing leadership in RNAi and RNA editing,” said Paul Bolno, MD, MBA, President and Chief Executive Officer at Wave Life Sciences. “Coming out of ObesityWeek®, it is clear there is a strong need for novel non-incretin treatment approaches, and WVE-007 has the potential to disrupt the obesity treatment landscape. The successful clinical translation observed thus far, with robust and durable Activin E reductions, support WVE-007’s potential to induce fat loss, preserve muscle, improve cardiometabolic health, without the class-effects of GLP-1s, and with the advantages of once or twice per year dosing.”

Dr. Bolno added, “We also continue to extend our leadership in the field of RNA editing. In September, we shared data from our ongoing RestorAATion-2 trial that demonstrated WVE-006’s ability to recapitulate an MZ phenotype, including the successful restoration of physiological production of AAT protein at levels needed to prevent lung damage during an acute exacerbation. Building on this clinical success, we advanced WVE-008, our PNPLA3 GalNAc-AIMer for liver disease, as our next RNA editing clinical candidate. With the continued clinical translation of our chemistry across modalities, we are excited to deliver multiple milestones in the coming quarters which have potential to unlock tremendous value with the ultimate goal of bringing transformational medicines to patients in need.”

Recent Business Highlights and Expected Milestones

Obesity

WVE-007 is an investigational GalNAc-siRNA, that utilizes Wave’s best-in-class proprietary oligonucleotide chemistry and the company’s Stereopure interfering Nucleic Acid (SpiNA) next generation siRNA design. WVE-007 is designed to silence INHBE mRNA, an obesity target with strong evidence from human genetics. Individuals who have a protective loss-of-function variant in one copy of the INHBE gene have a healthier cardiometabolic profile, including less abdominal fat, lower triglycerides, and lower risk of type 2 diabetes and cardiovascular disease.At ObesityWeek®, Wave presented preclinical data supporting WVE-007’s potential as a monotherapy treatment, as an add-on to semaglutide, and as a maintenance therapy to prevent rebound weight gain following cessation of GLP-1. In preclinical models, INHBE GalNAc-siRNA led to adipocyte shrinkage, fewer pro-inflammatory macrophages, less fibrosis, and improved insulin sensitivity in adipose tissues, supporting potential for metabolic improvement.INLIGHT is an ongoing, first-in-human clinical trial (3:1 active: placebo) evaluating WVE-007 in adults living with overweight or obesity and assesses safety, tolerability, pharmacokinetics, Activin E, body weight and composition, and biomarkers of metabolic health.In October 2025, Wave shared Activin E target engagement data from INLIGHT. Highly significant (p