Companies /Healthcare

Wave Life Sciences Ltd

NASDAQ: WVE Biotechnology
$5.16
▼ $0.07 (−1.34%) today
Markets closed · 11:28pm ET

Q2 2025 Earnings

Reported Jul 30, 2025, 7:35am ET · SEC source
$-0.31
Miss −9.00%
EPS · est. $-0.28
$8.7M
Miss −9.78%
Revenue · est. $9.6M
+16.0%
Beating market
WVE vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−6%−3%0Jul 30Jul 31report 7:35am ETearnings−0.1%−2.8%
−6%−3%0Jul 30Jul 31earnings−0.1%−2.8%
WVE −2.8%S&P 500 −0.1%
−6%−3%0Jul 30Jul 31report 7:35am ETearnings−0.1%−2.8%
−6%−3%0Jul 30Jul 31earnings−0.1%−2.8%
WVE −2.8%NASDAQ −0.1%
−5%0+5%+10%Jul 29Aug 6report 7:35am ETearnings−0.6%+0.7%
−5%0+5%+10%Jul 29Aug 6earnings−0.6%+0.7%
WVE +0.7%S&P 500 −0.6%
−5%0+5%+10%Jul 29Aug 6report 7:35am ETearnings−0.3%+0.7%
−5%0+5%+10%Jul 29Aug 6earnings−0.3%+0.7%
WVE +0.7%NASDAQ −0.3%
−1.92%
Day of report
−0.74%
Next session
+4.78%
One week
+17.65%
30 days

S&P 500 over the same 30 days: +1.67%.

Did WVE Beat Earnings? Q2 2025 Results

Wave Life Sciences delivered a disappointing second quarter, missing on both the top and bottom lines as accelerating pipeline investment weighed heavily on results. Revenue came in at $8.70 million, falling 55.8% year-over-year and missing the $9.64 million consensus by 9.78%, as the company recognized less collaboration revenue from its GSK partnership than analysts had anticipated. Loss per share of $-0.31 missed the $-0.2844 estimate by 9.00%, with the net loss widening to $50.47 million from $32.92 million a year earlier on higher R&D and G&A spending. The financial pressure, while notable, is largely by design for a clinical-stage biotech with multiple catalysts on the horizon: comprehensive data from the 200 mg cohorts of the RestorAATion-2 AATD study are expected in Q3 2025, followed by INLIGHT obesity trial data in Q4 2025 and a WVE-N531 NDA filing planned for 2026. Analysts nonetheless project roughly 39% annual revenue growth over the next three years, well above the industry average. Cash of $208.48 million is expected to fund operations into 2027.

Key Takeaways
  • Revenue decline driven by lower collaboration revenue recognition from GSK partnership
  • Increased R&D spending reflecting advancement of multiple clinical programs including RestorAATion-2 and INLIGHT trials
  • Higher G&A expenses in the quarter

“We have rapidly advanced our RestorAATion-2 study following positive proof-of mechanism data last year where we observed mean total AAT protein that met the level that has been the basis for regulatory approval for AAT augmentation therapies following a single, lowest planned dose of WVE-006, our GalNAc-RNA editing candidate for AATD. We remain on track to share two comprehensive data sets from our RestorAATion-2 trial this year, beginning with multidose data in the third quarter, which will inform the therapeutic potential of WVE-006, and our pipeline of wholly-owned GalNAc-RNA editing programs.”

Wave Life Sciences CEO, on the earnings call

Forward Guidance & Outlook

Wave expects its cash and cash equivalents of $208.5 million as of June 30, 2025 to fund operations into 2027, excluding potential future milestones and payments under its GSK collaboration. Key upcoming catalysts include: RestorAATion-2 data from complete 200 mg single and multidose cohorts in Q3 2025; 400 mg single dose cohort data in fall 2025; INLIGHT Cohort 1 and 2 data in Q4 2025 and Cohort 3 data in Q1 2026; WVE-N531 NDA filing planned for 2026; WVE-003 IND submission for a potentially registrational Phase 2/3 study in H2 2025; and a Research Day planned for fall 2025.

WVE YoY Financials

Q2 2025 vs Q2 2024 · SEC filings Q2 2024 Q2 2025
$-120,000,000$-80,000,000$-40,000,000$0$19.7M$8.7MRevenue$-107,124,873$-52,759,000Operating Income$-108,047,527$-50,469,000Net Income
$-120,000,000$-80,000,000$-40,000,000$0RevenueOperating IncomeNet Income

Figures from SEC filings and company reports. Not investment advice.