Wave Life Sciences Ltd
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +6.73%.
Did WVE Beat Earnings? Q1 2025 Results
Wave Life Sciences delivered a disappointing first quarter for fiscal 2025, missing on both the top and bottom lines as its GSK collaboration revenue continued to weigh on results. Revenue fell 26.8% year-over-year to $9.18 million, falling well short of the $11.34 million consensus by 19.09%, while a loss per share of $0.29 missed the $0.26 estimate by 13.46%, as a 21% surge in R&D spending to $40.62 million and a 35% jump in G&A expenses to $18.36 million widened the net loss to $46.88 million. The cost increases reflect a pipeline in full acceleration, with Wave advancing programs across obesity, alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington's disease simultaneously. Looking ahead, the company expects clinical data from its obesity candidate WVE-007 in the second half of 2025, key readouts from its WVE-006 AATD trial in Q3 2025, and an IND submission for a potentially registrational Huntington's study later this year, with cash of $243.07 million providing runway into 2027.
- Revenue primarily from GSK collaboration
- Increased R&D spending driven by advancement of multiple clinical-stage programs
- Higher G&A expenses in Q1 2025 versus prior year
“We've continued our consistent execution across modalities as we completed dosing in the first two cohorts of our INLIGHT trial in obesity, advanced our RestorAATion-2 trial in AATD, and delivered positive data from our FORWARD-53 clinical trial in DMD. We are on track to deliver multiple clinical datasets this year that will further demonstrate our broad capabilities across modalities and our leadership in RNA medicines.”
Wave Life Sciences CEO, on the earnings call
Forward Guidance & Outlook
Wave expects to deliver multiple clinical datasets in 2025: INLIGHT clinical data for WVE-007 in obesity in 2H 2025; complete 200 mg multidose and single dose cohort data from RestorAATion-2 for WVE-006 in Q3 2025 and 400 mg single dose cohort data in fall 2025; and an IND submission for a potentially registrational Phase 2/3 study of WVE-003 in HD in 2H 2025. In 2026, the company plans to submit an NDA for accelerated approval of WVE-N531 with monthly dosing, submit CTAs for additional exon skipping candidates, and initiate clinical development of PNPLA3, LDLR, and APOB RNA editing programs. Cash runway is expected into 2027, excluding potential GSK milestone payments.
WVE YoY Financials
Figures from SEC filings and company reports. Not investment advice.