Wave Life Sciences Q3 net loss $53.9M; obesity drug WVE-007 shows 85% Activin E reduction

Wave Life Sciences Ltd.

2025-Q3 EPS reported -$0.92

WVE-007: dose-dependent Activin E reduction up to 85% in INLIGHT; sustained through 6 months at lowest dose; supports once/twice yearly dosing.
WVE-006 recapitulated MZ phenotype: AAT >20 µM during acute phase, wild-type M-AAT 64% of serum AAT, Z-AAT reduced 60% in RestorAATion-2.
Cash $196.2M at Sept 30; $72.1M post-quarter from ATM and GSK milestones extend runway into Q2 2027.
Net loss $53.9M vs $61.8M prior year; revenue $7.6M vs ($7.7M); R&D $45.9M, G&A $18.1M.
Milestones: INLIGHT body weight data Q4 2025; NDA for WVE-N531 in 2026; IND for WVE-003 Phase 2/3 H2 2025.

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