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Jun 30, 2022
Wave Life Sciences Q2 2022 Earnings Report
Wave Life Sciences reported its second quarter 2022 financial results and provided a business update.
Key Takeaways
Wave Life Sciences reported a net loss of $41.3 million and revenue of $0.4 million for the second quarter of 2022. The company's cash, cash equivalents, and short-term investments totaled $148.2 million as of June 30, 2022, which is expected to fund operating and capital expenditure requirements to the end of 2023.
WVE-006 announced as investigational development candidate for AATD with CTA submissions expected in 2023.
Data for ongoing clinical programs, including WVE-004, WVE-003, and WVE-N531, expected in 2H 2022.
Positive target engagement data in C9-ALS/FTD with single low doses of WVE-004 highlighted at ENCALS conference.
$70 million financing in June 2022 strengthened balance sheet and extended cash runway to the end of 2023.
Forward Guidance
Wave expects to submit clinical trial applications for WVE-006 in 2023. Additional single and multidose clinical data for WVE-004 expected in 2H 2022. Clinical data expected in 2H 2022 for WVE-003 to provide further insight into the clinical effects of PN chemistry and enable decision-making for this program. Clinical data, including muscle biopsies, expected in 4Q 2022 for WVE-N531 to provide further insight into the clinical effects of PN chemistry and enable decision-making for this program.
Positive Outlook
- Wave expects to submit clinical trial applications for WVE-006 in 2023.
- Additional single and multidose clinical data for WVE-004 expected in 2H 2022.
- Wave expects to use these data to optimize WVE-004 dose level and frequency, as well as to enable discussions with regulatory authorities regarding the next phase of development later in 2022.
- Planning underway to initiate an open-label extension (OLE) clinical trial in 2H 2022.
- Clinical data expected in 2H 2022 for WVE-003 to provide further insight into the clinical effects of PN chemistry and enable decision-making for this program.
Challenges Ahead
- Clinical data, including muscle biopsies, expected in 4Q 2022 for WVE-N531 to provide further insight into the clinical effects of PN chemistry and enable decision-making for this program.
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