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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.
Wave Life Sciences
Wave Life Sciences
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.