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Mar 31, 2024
Wave Life Sciences Q1 2024 Earnings Report
Wave Life Sciences reported financial results for Q1 2024 and provided a business update.
Key Takeaways
Wave Life Sciences reported a net loss of $31.6 million for the first quarter of 2024, compared to a net loss of $27.4 million for the first quarter of 2023. Cash and cash equivalents were $180.9 million as of March 31, 2024. Revenue was $12.5 million for the first quarter of 2024, as compared to $12.9 million in the first quarter of 2023.
RestorAATion-2 clinical trial of WVE-006 in AATD patients is underway, with proof-of-mechanism data expected in 2024.
INHBE program for obesity is expected to initiate a clinical trial in 1Q 2025, with preclinical data showing weight loss similar to semaglutide.
GSK collaboration continues to advance, with the first two programs progressing after successful target validation.
Clinical data for the allele-selective HD program is expected in 2Q 2024, and potentially registrational data from the FORWARD-53 trial in DMD is expected in 3Q 2024.
Wave Life Sciences
Wave Life Sciences
Forward Guidance
Wave Life Sciences anticipates several milestones, including clinical trial initiations and data readouts, while also managing financial runway and program advancements.
Positive Outlook
- Expected proof-of-mechanism data from RestorAATion-2 in AATD patients in 2024.
- Planned clinical trial initiation for the INHBE obesity program in 1Q 2025.
- Potential for weight loss similar to semaglutide with INHBE program.
- Advancing FORWARD-53 clinical trial with potential registrational data in DMD expected in 3Q 2024.
- WVE-003 SELECT-HD multi-dose data with extended follow-up remains on track for 2Q 2024.
Challenges Ahead
- Reliance on successful clinical trial outcomes and regulatory approvals.
- Dependence on third parties for manufacturing and research.
- Competition from other companies developing therapies for similar indications.
- Potential delays or setbacks in clinical trial initiations or data readouts.
- Need to manage financial resources to fund operations into 4Q 2025.