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Jun 30, 2023
Wave Life Sciences Q2 2023 Earnings Report
Reported financial results for the second quarter of 2023 and provided a business update.
Key Takeaways
Wave Life Sciences reported a net loss of $21.1 million for the second quarter of 2023, driven by revenue recognized under the collaboration with GSK. The company's cash and cash equivalents totaled $173.0 million as of June 30, 2023, expected to fund operations into 2025.
Preparing for imminent submission of clinical trial applications (CTAs) for GalNAc-conjugated AATD candidate (WVE-006), the industry’s first RNA editing clinical candidate
Novel DMD therapeutic candidate (WVE-N531) with best-in-class exon skipping clinical data is on track to enter a potentially registrational Phase 2 clinical study in 2H 2023, with dystrophin data expected in 2024
“R&D Day” virtual event planned for September 28, 2023; will focus on Wave’s leading RNA editing capability and highlight its current and future pipeline of transformative RNA medicines
Cash and cash equivalents of $173.0 million as of June 30, 2023, with runway expected into 2025, plus additional potential milestone payments from GSK collaboration in 2023 and beyond
Forward Guidance
Wave Life Sciences anticipates several milestones and events. These include initiating dosing in Part B of a potentially registrational Phase 2 clinical trial for WVE-N531 in 2023 and delivering data from Part B in 2024. The company also plans to submit CTAs for a first-in-human study of WVE-006 in the second half of 2023, deliver additional biomarker and safety clinical data for WVE-003 in the second half of 2023, and hold an 'R&D Day' virtual event on September 28, 2023.
Positive Outlook
- Initiate dosing in Part B of potentially registrational Phase 2 clinical trial in 2023 for WVE-N531 for DMD
- Deliver data from Part B in 2024 for WVE-N531 for DMD
- Submit CTAs for first-in-human study in 2H 2023 for WVE-006 for AATD
- Deliver additional single-dose and available multi-dose biomarker and safety clinical data in 2H 2023 for WVE-003 for HD
- “R&D Day” virtual event to be held on September 28, 2023, during which Wave will demonstrate how it is continuing to extend its leadership in RNA editing and share preclinical data on new wholly owned programs
Historical Earnings Impact
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