The earnings call reflected significant progress in clinical programs, particularly in INHBE for obesity and AATD. However, financial performance showed challenges with decreased revenue and increased net loss. The sentiment is balanced with both positive clinical updates and financial challenges.

Company Guidance

During Wave Life Sciences' second quarter 2025 earnings call, the company provided an optimistic outlook based on recent clinical advances and expected future data readouts. They reported significant progress in their RNA medicines programs, highlighting the INLIGHT clinical program for obesity and the RestorAATion trials for alpha-1 antitrypsin deficiency (AATD). The INLIGHT program saw an expansion of the 240 mg cohort to 32 participants due to favorable safety and promising Activin E reduction, with data expected in Q4 2025. For AATD, Wave Life Sciences observed promising initial proof-of-mechanism data, with a mean increase of 6.9 micromolar in circulating M-AAT after a single 200 mg dose. They anticipate sharing additional data from their 200 mg multi-dose and 400 mg single-dose cohorts in the upcoming quarters. Financially, the company reported a net loss of $50.5 million for Q2 2025 and ended the quarter with $208.5 million in cash, projecting sufficient funds to sustain operations into 2027.

Advancement of INHBE Program

The INHBE program for obesity showed robust Activin E reduction in Cohort 1, enabling the expansion of Cohort 2 from 8 to 32 participants. The INHBE candidate is designed for sustainable weight loss with favorable safety and tolerability.

Progress in AATD Program

The AATD program continues to show promise with the observation of M protein levels indicative of conversion from ZZ to MZ phenotypes, highlighting the potential for extended dosing intervals.

DMD Clinical Results

The FORWARD-53 clinical trial for DMD showed statistically significant and clinically meaningful improvements, including a 3.8-second improvement in time to rise versus natural history.

Sufficient Cash Runway

Wave Life Sciences ended the quarter with $208.5 million in cash and cash equivalents, expected to fund operations into 2027.

Wave Life Sciences (WVE) Earnings, Revenues Date & History

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WVE Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 06, 2025	2025 (Q3)	-0.26 / -	-0.47	―	―	―
Jul 30, 2025	2025 (Q2)	-0.28 / -0.31	-0.25	-24.00% (-0.06)	―
May 08, 2025	2025 (Q1)	-0.26 / -0.29	-0.24	-20.83% (-0.05)
Mar 04, 2025	2024 (Q4)	-0.18 / 0.18	-0.15	220.00% (+0.33)	―
Nov 12, 2024	2024 (Q3)	-0.28 / -0.47	0.07	-771.43% (-0.54)	―
Aug 08, 2024	2024 (Q2)	-0.21 / -0.25	-0.2	-25.00% (-0.05)
May 09, 2024	2024 (Q1)	-0.19 / -0.24	-0.27	11.11% (+0.03)
Mar 06, 2024	2023 (Q4)	-0.23 / -0.15	-0.47	68.09% (+0.32)
Nov 09, 2023	2023 (Q3)	-0.18 / 0.07	-0.42	116.67% (+0.49)	―
Aug 03, 2023	2023 (Q2)	-0.33 / -0.20	-0.62	67.74% (+0.42)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

WVE Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jul 30, 2025	$8.32	$8.16	-1.92%
May 08, 2025	$6.49	$6.54	+0.77%
Mar 04, 2025	$10.05	$11.23	+11.74%
Nov 12, 2024	$16.44	$15.89	-3.35%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.