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Mar 31, 2023
Wave Life Sciences Q1 2023 Earnings Report
Wave Life Sciences reported financial results for Q1 2023 and provided a business update.
Key Takeaways
Wave Life Sciences reported a net loss of $27.4 million for the first quarter of 2023. The company's cash and cash equivalents totaled $207.6 million as of March 31, 2023, expected to fund operations into 2025.
Launched transformational collaboration with GSK, expected to build patient and shareholder value.
Advanced WVE-006 towards CTA submissions for alpha-1 antitrypsin deficiency.
Prepared for launch of potentially registrational Phase 2 study of WVE-N531 for boys with DMD.
Presented WVE-N531 clinical data at MDA Conference.
Wave Life Sciences
Wave Life Sciences
Forward Guidance
Wave Life Sciences anticipates several milestones and events related to their drug development programs and platform in the near future.
Positive Outlook
- Initiate dosing in Part B of WVE-N531 potentially registrational Phase 2 clinical trial in 2023
- Deliver data from Part B in 2024 for WVE-N531
- Submit CTAs for first-in-human study in 2H 2023 for WVE-006
- Deliver additional single-dose and multi-dose biomarker and safety clinical data in 2H 2023 for WVE-003
- Advance collaboration activities with GSK, with potential for additional cash inflows in 2023 and beyond
Challenges Ahead
- The update in expected timing for HD single-dose clinical data is due to a publicly announced cyber-attack that took place at Wave’s mHTT assay vendor in April 2023.
- No Wave data or patient samples were impacted by the attack.
- Wave remains in close contact with the vendor as they address this issue.
- The company anticipates virtual investor event to be held in the third quarter of 2023.
- The company will share preclinical data on new wholly-owned programs.