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Sep 30, 2025
Wave Life Sciences Q3 2025 Earnings Report
Wave Life Sciences reported a narrower net loss and higher revenue in Q3 2025 compared to the same quarter last year.
Key Takeaways
Wave Life Sciences delivered improved financial performance in Q3 2025 with increased revenue and reduced net loss. The company advanced key clinical programs, particularly in obesity and alpha-1 antitrypsin deficiency, and maintained a strong cash position.
Revenue reached $7.6 million in Q3 2025, up from a negative figure in the same quarter last year.
Net loss narrowed to $53.9 million from $61.8 million year-over-year.
Cash and cash equivalents stood at $196.2 million as of September 30, 2025.
R&D expenses rose to $45.9 million, supporting progress across clinical programs including WVE-007 and WVE-006.
Forward Guidance
Wave expects to deliver multiple clinical data updates across its pipeline in Q4 2025 and into 2026, including obesity (WVE-007), AATD (WVE-006), and liver disease (WVE-008). Cash runway is extended into Q2 2027.
Positive Outlook
- Three-month and six-month follow-up data for WVE-007 to be reported in Q4 2025 and Q1 2026.
- Clinical success of WVE-006 in achieving AATD phenotype goals.
- WVE-008 advanced as clinical candidate for PNPLA3-related liver disease.
- Wave preparing for potential NDA filing for WVE-N531 in 2026.
- Wave planning registrational Phase 2/3 study for WVE-003 in HD.
Challenges Ahead
- Wave continues to operate at a net loss.
- Increased R&D and G&A expenses compared to prior year.
- Cash and equivalents decreased from $302.1M at end of 2024 to $196.2M in Q3.
- Revenue still limited despite clinical progress.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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