The earnings call presented a strong positive sentiment, highlighting significant advancements in clinical trials, particularly with WVE-007 and WVE-006, along with financial improvement and a strong cash position. Although there were increased expenses and a decrease in cash equivalents, the overall progress and positive outlook on future developments outweighed these concerns.

Company Guidance

During Wave Life Sciences Ltd.'s third quarter 2025 earnings call, key guidance and updates were provided on several fronts. The company's WVE-007 program demonstrated significant dose-dependent activin e reductions, with a 56% reduction in the 75 mg cohort, 75% in the 240 mg cohort, and 85% in the 400 mg cohort. These reductions support the potential for once or twice yearly dosing. In RNA editing, WVE-006 achieved AAT levels of nearly 13 micromolar, with 64% of AAT being wild-type mAAT and a 60% decrease in mutant z AAT protein, indicating a durable response. The company also plans to advance WVE-008 for PNPLA3 I148M liver disease, with an estimated 9 million homozygous carriers in the US and Europe. Financially, Wave reported a 2025 revenue of $7.6 million and a net loss of $53.9 million, ending the year with $196.2 million in cash and cash equivalents. The cash runway, supplemented by $72.1 million in additional ATM proceeds and GSK milestones, is expected to extend into Q2 2027.

Progress in WVE-007 Clinical Trials

WVE-007 showed significant and durable activin e reductions, with a 56% reduction for the 75-milligram cohort, 75% reduction for the 240-milligram cohort, and an 85% reduction for the 400-milligram cohort.

Advancements in RNA Editing

WVE-006 demonstrated the ability to address the root cause of AATD, achieving 64% wild-type mAAT and a 60% decrease in mutant z AAT protein.

Financial Improvement

Revenue for 2025 was $7.6 million, compared to negative $7.7 million in the prior year quarter, indicating a significant improvement.

Strong Cash Position

The company ended 2025 with $196.2 million in cash and cash equivalents, with additional ATM proceeds and committed GSK milestones extending the cash runway into Q2 2027.

Positive Engagement at Obesity Week

WVE-007 received significant attention for its potential to induce fat loss, preserve lean mass, and improve cardiometabolic health without negative GLP-1 class effects.

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
Mar 10, 2026	2025 (Q4)	-0.27 / -	0.18	―	―	―
Nov 10, 2025	2025 (Q3)	-0.30 / -0.32	-0.47	31.91% (+0.15)	―
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)	―

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
Nov 10, 2025	$7.86	$7.05	-10.31%
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%

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.