Wave Life Sciences Q1 2024 Financial Results and Business Update

Wave Life Sciences Ltd., a clinical-stage biotechnology company focusing on RNA medicines, has announced its financial results for the first quarter ending March 31, 2024, along with key business updates. The company is making significant strides in its RNA medicine pipeline and partnership with GSK, aiming to unlock the potential of RNA editing, silencing, and splicing capabilities.

Wave Life Sciences is advancing its RestorAATion-2 clinical trial for WVE-006, targeting patients with alpha-1 antitrypsin deficiency (AATD). The trial is crucial as it evaluates the safety and pharmacodynamics of WVE-006, hoping to offer proof-of-mechanism data in 2024. This would be the first clinical demonstration of RNA editing, marking a significant milestone for the alpha-1 community and validating Wave's RNA editing pipeline.

In the field of obesity, Wave's INHBE program is set to initiate a clinical trial in the first quarter of 2025. Preclinical data suggest that the INHBE candidate can achieve weight loss comparable to semaglutide while preserving muscle mass and curtailing rebound weight gain post-treatment.

Wave is also progressing its collaboration with GSK, advancing the first two programs utilizing its GalNAc-siRNA format. Following successful target validation, these programs will move forward in development, with Wave eligible for significant milestone payments and royalties.

For Duchenne muscular dystrophy (DMD), the FORWARD-53 trial is on track to potentially provide registrational data in the third quarter of 2024. The trial aims to evaluate the expression of functional dystrophin protein in boys affected by DMD. Positive results could spur the development of a broader DMD pipeline, offering new treatment options for a larger patient population.

In the realm of Huntington’s disease (HD), Wave is advancing its WVE-003 SELECT-HD multi-dose study. This first-in-class allele-selective therapeutic is designed to reduce mutant huntingtin protein while sparing the wild-type variant, potentially offering advantages over non-selective approaches. Data from this trial is expected in the second quarter of 2024, which will inform future steps for the program.

Wave has also appointed Dr. Erik Ingelsson as Chief Scientific Officer (CSO), bringing expertise in genetics and drug discovery to accelerate the identification and translation of genetic insights into therapeutic strategies. Dr. Ingelsson’s background in metabolic diseases like obesity and cardiovascular disease aligns well with Wave’s research focus.

Financially, Wave reported cash and cash equivalents of $181 million as of March 31, 2024, and an additional $12 million from GSK subsequent to quarter-end. The company’s revenue for the first quarter of 2024 was $12.5 million, slightly down from $12.9 million in the same period in 2023, attributed to decreased revenue from the Takeda collaboration. Research and development expenses increased to $33.4 million from $31 million, while general and administrative expenses rose to $13.5 million from $12.2 million. Net loss for the first quarter was $31.6 million, compared to $27.4 million in 2023.

Wave believes its current cash reserves will be sufficient to fund operations into the fourth quarter of 2025, excluding potential future milestone payments from collaborations. The company continues to focus on advancing its robust pipeline and strategic collaborations to transform human health through innovative RNA medicine approaches.