Wave Life Sciences Reports Significant Revenue Decline and Increased Net Loss in Q2 2025

Wave Life Sciences Ltd. reported a significant decline in financial performance for the second quarter of 2025, with revenues of $8.7 million, down from $19.7 million in the same period last year. For the first half of 2025, the company generated $17.9 million in revenue, compared to $32.2 million in the first half of 2024. The decrease in revenue is attributed primarily to reduced revenue recognized under the GSK Collaboration Agreement, which became effective in January 2023, and a slight decline in revenue from the now-expired Takeda Collaboration Agreement.

The company's operating expenses increased to $61.5 million for the second quarter of 2025, up from $54.7 million in the prior year, driven by higher research and development costs, which rose to $43.5 million from $40.4 million. General and administrative expenses also increased to $18.0 million from $14.3 million. As a result, Wave Life Sciences reported a net loss of $50.5 million for the second quarter, compared to a net loss of $32.9 million in the same quarter of 2024. The accumulated deficit as of June 30, 2025, stood at $1.22 billion, reflecting ongoing challenges in achieving profitability.

In terms of operational developments, Wave Life Sciences continues to advance its clinical programs, including those targeting obesity, alpha-1 antitrypsin deficiency (AATD), Duchenne muscular dystrophy (DMD), and Huntington's disease (HD). The company has initiated the INLIGHT Phase 1 clinical trial for WVE-007, a GalNAc-conjugated siRNA targeting the INHBE gene, and is progressing with the RestorAATion clinical program for WVE-006, which aims to treat AATD. The company also reported that it has expanded its collaboration with GlaxoSmithKline (GSK), which includes a potential for up to $525 million in milestone payments and royalties.

As of June 30, 2025, Wave Life Sciences had cash and cash equivalents of $208.5 million, down from $302.1 million at the end of 2024. The company expects its existing cash resources to be sufficient to fund operations for at least the next twelve months, although it may seek additional financing if market conditions are favorable. The company has also received $24.9 million in net proceeds from its "at-the-market" equity program subsequent to the reporting period.

Looking ahead, Wave Life Sciences anticipates continued significant operating losses as it invests in research and development to advance its pipeline of RNA medicines. The company remains focused on its strategic collaborations and the development of its proprietary PRISM platform, which it believes will enable it to unlock the potential of RNA-targeting therapeutics. However, the company acknowledges the inherent risks and uncertainties in the biotechnology industry, including the need for substantial additional funding to support its ongoing operations and development efforts.