Wave Life Sciences Ltd. reported a net loss of $46.9 million for the first quarter of 2025, a significant increase from the $31.6 million loss recorded in the same period of 2024. The company's revenue for the quarter was $9.2 million, down from $12.5 million year-over-year, primarily due to decreased revenue recognized under the GSK Collaboration Agreement. Operating expenses rose to $59.0 million, compared to $47.0 million in the prior year, driven by increased research and development costs, which totaled $40.6 million, up from $33.4 million. General and administrative expenses also increased to $18.4 million from $13.5 million.
The company's financial position showed a decline in total assets, which decreased to $288.3 million as of March 31, 2025, from $352.2 million at the end of 2024. Cash and cash equivalents were reported at $243.1 million, down from $302.1 million. Wave Life Sciences has an accumulated deficit of $1.17 billion, reflecting its ongoing investment in research and development without generating product revenue since its inception. The company anticipates that its existing cash will be sufficient to fund operations for at least the next twelve months, although it may seek additional financing depending on market conditions.
In terms of operational developments, Wave Life Sciences is advancing its clinical programs, including WVE-007 for obesity, WVE-006 for alpha-1 antitrypsin deficiency, WVE-N531 for Duchenne muscular dystrophy, and WVE-003 for Huntington's disease. The company has initiated the first-in-human Phase 1 clinical trial for WVE-007 and is progressing with multi-dosing in the RestorAATion-2 study for WVE-006. The collaboration with GlaxoSmithKline (GSK) continues to be a key component of Wave's strategy, with the potential for up to $525 million in milestone payments and royalties from the commercialization of WVE-006.
Looking ahead, Wave Life Sciences remains focused on its RNA medicines platform, PRISM, and plans to continue its research and development efforts across its pipeline. The company is also exploring additional collaborations and partnerships to enhance its capabilities and expand its product offerings. However, it acknowledges the inherent risks and uncertainties in the biotechnology sector, including the need for substantial additional funding to support its ongoing operations and development programs.
About Wave Life Sciences Ltd.
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