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Wave Life Sciences

Wave Life Sciences (WVE) Q2 2026 Earnings

Reported Jul 30, 2026 at 7:38 AM ET · SEC Source

Q2 26 EPS

$-0.34

Q2 26 Revenue

$2.3M

vs S&P Since Q2 26

-0.7%

TRAILING MARKET

WVE +3.5% vs S&P +4.2%

Market Reaction

Did WVE Beat Earnings? Q2 2026 Results

Wave Life Sciences delivered a softer-than-expected second quarter, posting revenue of $2.27 million, down sharply from $8.70 million a year earlier, as lower collaboration revenue recognition weighed on the top line, while a loss per share of $0.34 … Read more Wave Life Sciences delivered a softer-than-expected second quarter, posting revenue of $2.27 million, down sharply from $8.70 million a year earlier, as lower collaboration revenue recognition weighed on the top line, while a loss per share of $0.34 reflected the company's deepening investment in its RNA medicines pipeline. The net loss widened to $69.36 million from $50.47 million in Q2 2025, driven by R&D spending climbing to $51.29 million and G&A expenses rising to $24.78 million as Wave expanded clinical trial activity across its portfolio. Despite the headline numbers, the quarter's real story was clinical progress, particularly the advancement of obesity candidate WVE-007 into the Phase 2a multidose portion of the INLIGHT trial and an FDA meeting secured on a potential accelerated approval pathway for WVE-006 in alpha-1 antitrypsin deficiency. With $490.60 million in cash providing runway into the third quarter of 2028, Wave guided investors toward a busy second half, including Phase 2 combination trials for WVE-007 and a clinical trial application for liver disease candidate WVE-008.

Key Takeaways

  • • Advancement of WVE-007 into Phase 2a for obesity with higher BMI population
  • • Positive RestorAATion-2 clinical data for WVE-006 showing dose-dependent Z-AAT reduction up to 71% and M-AAT restoration
  • • FDA granting meeting request for WVE-006 accelerated approval pathway
  • • Revenue decline reflecting lower collaboration revenue recognition compared to prior year quarter
  • • Increased R&D and G&A expenses driven by expanded clinical activities

WVE Forward Guidance & Outlook

Wave expects cash, cash equivalents, and marketable securities to fund operations into the third quarter of 2028, excluding potential future milestone payments from its GSK collaboration. Key expected milestones include: additional Phase 1 INLIGHT data (including 600 mg SAD cohort) in 2H 2026; initiation of Phase 2 combination with incretin and post-incretin maintenance trials in 2H 2026; FDA meeting on potential accelerated approval pathway for WVE-006 at end of summer 2026; RestorAATion-2 600 mg monthly multidose cohort data in 2H 2026; CTA filing for WVE-008 in 2H 2026; and an investor day planned for fall 2026 with pipeline and platform innovation updates.

24/7 Wall St

WVE YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

“Our second quarter performance reflects disciplined execution across the pipeline. We recently initiated dosing in the Phase 2a portion of our INLIGHT trial in obesity. Our Phase 1 clinical data have already demonstrated substantial reductions of fat – particularly harmful visceral fat – without muscle loss, and with the potential for once or twice-yearly dosing. We expect the Phase 2a portion of the INLIGHT trial, in individuals with higher BMI and higher body fat, to demonstrate WVE-007's broad potential to deliver even greater fat loss and improvements in body composition, as well as benefits across additional cardiometabolic biomarkers such as liver fat. In tandem with this progress, we are working expeditiously to initiate Phase 2 trials evaluating WVE-007 in combination with incretins and as post-incretin maintenance; we believe WVE-007 has the potential to transform the current obesity treatment landscape.”

— Paul Bolno, Q2 2026 Earnings Press Release

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