Wave Life Sciences Reports First Quarter 2023 Financial Results and Provides Business Update
Emerging leader in RNA medicines with multi-modal discovery and development platform and first-in-class RNA editing programs
Rapidly advancing toward 2023 CTA submissions and first-in-human study for WVE-006, the industry’s first RNA editing clinical candidate
Planning for potentially registrational Phase 2 clinical study for WVE-N531 to assess functional dystrophin protein restoration in DMD patients, following best-in-class exon-skipping data reported in December 2022
Preparing broad suite of first- and best-in-class medicines enabled by multi-modal RNA medicine platform and proprietary genetic insights from GSK collaboration; investor event anticipated in 3Q 2023
Cash and cash equivalents of $207.6 million as of March 31, 2023, with runway expected into 2025, plus potential milestone payments from GSK collaboration in 2023 and beyond
Investor conference call and webcast at 8:30 a.m. ET today
CAMBRIDGE, Mass., May 03, 2023 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage RNA medicines company committed to delivering life-changing treatments for people battling devastating diseases, today announced financial results for the first quarter ended March 31, 2023 and provided a business update.
“The first quarter of 2023 was marked by the launch of our transformational collaboration with GSK, which we believe will allow us to build substantial patient and shareholder value by expanding and accelerating our pipeline with capital, clinical capability, and proprietary genetic insights. This collaboration, which provided $170 million in upfront cash and equity, has the potential to provide additional cash milestones in 2023 and beyond. We are expeditiously progressing the industry’s first RNA editing candidate, WVE-006, toward CTA submissions for alpha-1 antitrypsin deficiency, with the goal of early clinical proof-of-concept via measurement of validated serum surrogate markers in a clinical trial. In the first quarter, we also prepared for the launch of a potentially registrational Phase 2 study of WVE-N531 for boys with DMD, which is a program we believe may provide an important therapeutic option for them,” said Paul Bolno, MD, MBA, President and Chief Executive Officer of Wave Life Sciences. “We are well-capitalized through our existing cash and potential near-term milestones to deliver on a steady cadence of clinical data across 2023 and 2024. Additionally, using our clinically validated multi-modal RNA medicines platform, we are preparing the next set of development programs that leverage our unique RNA editing, splicing, and knockdown capabilities. In the third quarter of this year, we plan to hold an investor event, during which we will demonstrate how we are continuing to extend our leadership in RNA editing and share preclinical data on new programs.”
Recent Business Highlights
Recent Scientific Publications
Anticipated Upcoming Milestones and Events
WVE-N531 for DMD:
WVE-006 for AATD:
WVE-003 for HD:
WVE-004 for ALS/FTD:
Platform and Pipeline:
First Quarter 2023 Financial Results
Wave reported a net loss of $27.4 million in the first quarter of 2023, as compared to $37.8 million in the same period in 2022. The decrease in net loss year-over-year was primarily driven by revenue earned under the company’s collaboration with GSK, which became effective January 27, 2023. Revenue earned under the GSK and Takeda collaborations in the first quarter of 2023 was $12.9 million. During the first quarter of 2022, revenue of $1.8 million was primarily earned under the Takeda collaboration.
Research and development expenses were $31.0 million in the first quarter of 2023, as compared to $27.5 million in the same period in 2022. The increase in research and development expenses was primarily due to increased external expenses related to Wave’s clinical programs, as well as compensation-related expenses driven by growth to support the company’s programs.
General and administrative expenses were $12.2 million in the first quarter of 2023, as compared to $12.4 million in the same period in 2022, primarily due to a decrease in compensation-related expenses.
As of March 31, 2023, Wave had $207.6 million in cash and cash equivalents, as compared to $88.5 million as of December 31, 2022. The company expects that its current cash and cash equivalents will be sufficient to fund operations into 2025.
Investor Conference Call and Webcast
About Wave Life Sciences
AI Cyberwarfare: How to Fight AI with AI
ITEXPO #TECHSUPERSHOW Booth Crawl