CAMBRIDGE, Mass., March 04, 2025 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health, today announced financial results for the fourth quarter and full year ended December 31, 2024, and provided a business update.
“2024 was an exceptional year for Wave and we’ve continued the positive momentum into 2025, with the initiation of dosing in the INLIGHT trial with WVE-007, a potentially transformative therapeutic that is uniquely positioned to address the more than one billion people living with obesity globally,” said Paul Bolno, MD, MBA, President and Chief Executive Officer at Wave Life Sciences. “WVE-007 is also Wave’s first GalNAc-siRNA to enter the clinic and utilizes our proprietary chemistry. Our expected clinical data this year will provide us with an early look into WVE-007’s potential to transform the current obesity treatment paradigm. In AATD, we have continued to advance our RestorAATion-2 clinical study of WVE-006 and data this year will demonstrate the impact of multiple doses and a higher dose level, on the production of healthy, wild-type, M-AAT protein and potentially extended dose intervals. We remain on track to report our DMD 48-week clinical results of WVE-N531 this month. With both our progress in the clinic and in advancing a broad pipeline targeting high-impact biology, we are building a leading RNA medicines company committed to improving the lives of patients and families.”
Recent Business Highlights and Expected Milestones
GalNAc-siRNA Programs
Obesity
GalNAc-RNA Editing Programs
AATD (Alpha-1 antitrypsin deficiency)
New AIMer Programs
Exon Skipping Programs
DMD (Duchenne Muscular Dystrophy)
Antisense Silencing Programs
HD (Huntington’s disease)
Financial Highlights
Investor Conference Call and Webcast
Wave will host an investor conference call today at 8:30 a.m. ET to review the fourth quarter and full year 2024 financial results and pipeline updates. A webcast of the conference call can be accessed by visiting “Investor Events” on the investor relations section of the Wave Life Sciences website: https://ir.wavelifesciences.com/events-publications/events. Analysts planning to participate during the Q&A portion of the live call can join the conference call at the following audio-conferencing link: available here. Once registered, participants will receive the dial-in information. Following the live event, an archived version of the webcast will be available on the Wave Life Sciences website.
About Wave Life Sciences
Wave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave’s RNA medicines platform, PRISM®, combines multiple modalities, chemistry innovation and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities includes editing, splicing, RNA interference and antisense silencing, providing Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s diversified pipeline includes clinical programs in Alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, Huntington’s disease, and Obesity, as well as several preclinical programs utilizing the company’s broad RNA therapeutics toolkit. Driven by the calling to “Reimagine Possible”, Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA. For more information on Wave’s science, pipeline and people, please visit www.wavelifesciences.com and follow Wave on X (formerly Twitter) and LinkedIn.
Forward-Looking Statements
This press release contains forward-looking statements concerning our goals, beliefs, expectations, strategies, objectives and plans, and other statements that are not necessarily based on historical facts, including statements regarding the following, among others: the anticipated initiation, site activation, patient recruitment, patient enrollment, dosing, generation and reporting of data and completion of our clinical trials, including interactions with regulators and any potential registration based on these data, and the timing and announcement of such events; the protocol, design and endpoints of our clinical trials; the future performance and results of our programs in clinical trials; our expectations with respect to how our clinical data successes to date may predict success for our future therapeutic candidates and data readouts and may further validate our platform; preclinical activities and programs and their potential to transition into clinical-stage programs; the potential of our preclinical data to predict the behavior of our compounds in humans; regulatory submissions and timing for regulatory feedback; the progress and potential benefits of collaborations; the potential achievement of milestones under any collaborations; the potential commercial opportunities that our therapeutic candidates may address; our identification of future product candidates and their therapeutic potential; the anticipated benefits of our therapeutic candidates and pipeline compared to our competitors; addressable patient population estimates related to our therapeutic candidates; our ability to design compounds using various modalities and the anticipated benefits of that approach; the breadth and versatility of our drug discovery and development platform; the expected benefits of our stereopure oligonucleotides compared with stereorandom oligonucleotides; the potential benefits of our RNA editing capability, including our AIMers, compared to others; the potential for certain of our programs to be best-in-class or first-in-class; the status and progress of our programs relative to potential competitors; anticipated benefits of our proprietary manufacturing processes and our internal manufacturing capabilities; the benefits of RNA medicines generally; the strength of our intellectual property and the data that support our IP; the anticipated duration of our cash runway and our ability to fund future operations; our intended uses of capital; and our expectations regarding the impact of any potential global macro events on our business. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including the following: our ability to finance our drug discovery and development efforts and to raise additional capital when needed; the ability of our preclinical programs to produce data sufficient to support our clinical trial applications and the timing thereof; the clinical results of our programs and the timing thereof, which may not support further development of our product candidates; actions of regulatory authorities and their receptiveness to our trial designs and accelerated approval pathways, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing interactions with regulatory authorities; the effectiveness of our drug discovery and development platform; the effectiveness of our RNA editing capability and our AIMers; our ability to demonstrate the therapeutic benefits of our candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our dependence on third parties, including contract research organizations, contract manufacturing organizations, collaborators and partners; our ability to manufacture or contract with third parties to manufacture drug material to support our programs and growth; our ability to obtain, maintain and protect our intellectual property; our ability to enforce our patents against infringers and defend our patent portfolio against challenges from third parties; competition from others developing therapies for the indications we are pursuing; our ability to maintain the company infrastructure and personnel needed to achieve our goals; and the information under the caption “Risk Factors” contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and in other filings we make with the SEC from time to time. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
Investor Contact:
Kate Rausch
+1 617-949-4827
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Media Contact:
Alicia Suter
+1 617-949-4817
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| WAVE LIFE SCIENCES LTD. UNAUDITED CONSOLIDATED BALANCE SHEETS | ||||||||
| (In thousands, except share amounts) | ||||||||
| December 31, 2024 | December 31, 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 302,078 | $ | 200,351 | ||||
| Accounts receivable | 1,422 | 21,086 | ||||||
| Prepaid expenses | 9,544 | 9,912 | ||||||
| Other current assets | 7,350 | 4,024 | ||||||
| Total current assets | 320,394 | 235,373 | ||||||
| Long-term assets: | ||||||||
| Property and equipment, net of accumulated depreciation of $46,329 and $42,709 as of December 31, 2024 and 2023, respectively | 10,128 | 13,084 | ||||||
| Operating lease right-of-use assets | 17,870 | 22,637 | ||||||
| Restricted cash | 3,760 | 3,699 | ||||||
| Other assets | 55 | 156 | ||||||
| Total long-term assets | 31,813 | 39,576 | ||||||
| Total assets | $ | 352,207 | $ | 274,949 | ||||
| Liabilities, Series A preferred shares and shareholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 16,261 | $ | 12,839 | ||||
| Accrued expenses and other current liabilities | 21,081 | 16,828 | ||||||
| Current portion of deferred revenue | 65,972 | 150,059 | ||||||
| Current portion of operating lease liability | 7,638 | 6,714 | ||||||
| Total current liabilities | 110,952 | 186,440 | ||||||
| Long-term liabilities: | ||||||||
| Deferred revenue, net of current portion | 6,099 | 15,601 | ||||||
| Operating lease liability, net of current portion | 17,766 | 25,404 | ||||||
| Total long-term liabilities | 23,865 | 41,005 | ||||||
| Total liabilities | $ | 134,817 | $ | 227,445 | ||||
| Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at December 31, 2024 and 2023 | $ | 7,874 | $ | 7,874 | ||||
| Shareholders’ equity: | ||||||||
| Ordinary shares, no par value; 153,037,286 and 119,162,234 shares issued and outstanding at December 31, 2024 and 2023, respectively | $ | 1,175,181 | $ | 935,367 | ||||
| Additional paid-in capital | 156,454 | 129,237 | ||||||
| Accumulated other comprehensive loss | (262) | (124) | ||||||
| Accumulated deficit | (1,121,858) | (1,024,850) | ||||||
| Total shareholders’ equity | 209,515 | 39,630 | ||||||
| Total liabilities, Series A preferred shares and shareholders’ equity | $ | 352,207 | $ | 274,949 | ||||
| WAVE LIFE SCIENCES LTD. | ||||||||||||||||
| UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||||||||||||||
| (In thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 83,748 | $ | 29,056 | $ | 108,302 | $ | 113,305 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 44,645 | 34,074 | 159,682 | 130,009 | ||||||||||||
| General and administrative | 16,136 | 13,664 | 59,023 | 51,292 | ||||||||||||
| Total operating expenses | 60,781 | 47,738 | 218,705 | 181,301 | ||||||||||||
| Loss from operations | 22,967 | (18,682) | (110,403) | (67,996) | ||||||||||||
| Other income, net: | ||||||||||||||||
| Dividend income and interest income, net | 3,738 | 1,844 | 10,163 | 7,928 | ||||||||||||
| Other income, net | 2,548 | 582 | 3,232 | 1,878 | ||||||||||||
| Total other income, net | 6,286 | 2,426 | 13,395 | 9,806 | ||||||||||||
| Income (loss) before income taxes | 29,253 | (16,256) | (97,008) | (58,190) | ||||||||||||
| Income tax benefit | — | — | — | 677 | ||||||||||||
| Net income (loss) | $ | 29,253 | $ | (16,256) | $ | (97,008) | $ | (57,513) | ||||||||
| Net income (loss) attributable to ordinary shareholders, basic and diluted | $ | 29,253 | $ | (16,256) | $ | (97,008) | $ | (57,513) | ||||||||
| Net income (loss) per share attributable to ordinary shareholders—basic | $ | 0.18 | $ | (0.15) | $ | (0.70) | $ | (0.54) | ||||||||
| Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—basic | 161,487,609 | 109,627,549 | 138,277,468 | 106,097,268 | ||||||||||||
| Net income (loss) per share attributable to ordinary shareholders—diluted | $ | 0.17 | $ | (0.15) | $ | (0.70) | $ | (0.54) | ||||||||
| Weighted-average ordinary shares used in computing net income (loss) per share attributable to ordinary shareholders—diluted | 172,290,361 | 109,627,549 | 138,277,468 | 106,097,268 | ||||||||||||
| Other comprehensive income (loss): | ||||||||||||||||
| Net income (loss) | $ | 29,253 | $ | (16,256) | $ | (97,008) | $ | (57,513) | ||||||||
| Foreign currency translation | (103) | 58 | (138) | (95) | ||||||||||||
| Comprehensive income (loss) | $ | 29,150 | $ | (16,198) | $ | (97,146) | $ | (57,608) | ||||||||
| Last Trade: | US$10.40 |
| Daily Change: | 1.01 10.76 |
| Daily Volume: | 1,504,025 |
| Market Cap: | US$1.590B |
February 06, 2025 December 23, 2024 November 26, 2024 November 12, 2024 | |
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