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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.
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.
Historical Earnings Impact
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