Wave Life Sciences Ltd.
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 30, 2026
WVE$3.37+4.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0001193125-26-183587
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-30.
0001193125-26-324949
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 161 previous paragraphs and 172 current paragraphs.
115 unchanged; 37 reworded; 12 added; 9 removed; 0 previous and 8 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (12)
Current report
Robust, dose-dependent reductions of circulating, mutant Z-AAT from baseline: 70.5% in the 200 mg biweekly dose cohort (seven doses) and 67.7% in the 400 mg monthly dose cohort (four doses).
Current report
Robust, dose-dependent restoration of wild-type M-AAT protein (canonical M-AAT) as a percentage of total circulating AAT: 64.4% in the 200 mg biweekly dose cohort (seven doses) and 58.7% in the 400 mg monthly dose cohort (four doses).
Current report
We expect to share data from the 600 mg monthly multidose cohort of RestorAATion-2 in the second half of 2026.
Current report
Our request for a meeting regarding a potential accelerated approval pathway for WVE-006 was granted by the U.S. Food and Drug Administration (“FDA”). The meeting is scheduled for the end of summer 2026.
Current report
On June 29, 2026, we entered into an amendment to extend the term of our lease for our manufacturing facility in Lexington, Massachusetts. We leveraged market conditions to secure our existing, state-of-the-art, oligonucleotide space through at least January 2038. In addition to manufacturing space, the Lexington facility includes additional laboratory and office space. This facility supplements our existing Cambridge, Massachusetts laboratory and office space headquarters and enhances our ability to secure drug substance for current and future development activities.
Current report
Comparison of the six months ended June 30, 2026 and 2025
Current report
Revenue
Current report
Research and development expenses were $98.7 million for the six months ended June 30, 2026, compared to $84.1 million for the six months ended June 30, 2025. The increase of approximately $14.6 million was due to the following:
Current report
General and administrative expenses were $46.9 million for the six months ended June 30, 2026, as compared to approximately $36.3 million for the six months ended June 30, 2025. The increase of approximately $10.6 million was primarily driven by increases in compensation-related and other external expenses.
Current report
Other income, net for the six months ended June 30, 2026 and 2025 was $9.7 million and $5.2 million, respectively, and consisted primarily of interest income on cash, cash equivalents and marketable securities.
Current report
Income Tax Benefit
Current report
During the six months ended June 30, 2026, investing activities used $123.9 million of cash, which was primarily related to purchases of marketable securities.
Removed paragraphs (9)
Previous report
In the 200 mg multidose cohort, we observed 11.9 µM of total AAT and M-AAT of 7.2 µM, which was significantly increased from levels achieved during the single dose portion of the cohort. M-AAT levels reached 64.4% of total AAT, and mutant Z-AAT protein declined from baseline by 60.3%.
Previous report
In the 400 mg single dose cohort, we observed total AAT of 12.8 µM and M-AAT of 5.3 µM.
Previous report
The RestorAATion-2 clinical trial is fully enrolled through the 600 mg cohort, and dosing is complete in the SAD portion. We expect to share data from the 600 mg single dose cohort in addition to data from the 400 mg multidose cohort in May 2026. We also expect to share data from the 600 mg multidose cohort in the second half of 2026. In February 2026, we announced we were accelerating regulatory engagement for WVE-006, and we expect to receive regulatory feedback on a potential accelerated approval pathway mid-2026.
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Other Income, Net
Previous report
Research and Development Expenses
Previous report
General and Administrative Expenses
Previous report
Other Income, Net
Reworded paragraphs (37)
Previous wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026 (the “2025 Annual Report on Form 10-K”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q and the “Risk Factors” section of our 2025 Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, these forward-looking statements.
Current wording
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026, as amended (the “2025 Annual Report on Form 10-K”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q and the “Risk Factors” section of our 2025 Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, these forward-looking statements.
Previous wording
We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid (“RNA”) medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM®, combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our toolkit of RNA-targeting modalities, including RNAi interference (“RNAi”) (SpiNA) and RNA editing (AIMers), provides us with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Our pipeline is focused on our obesity (WVE-007), alpha-1 antitrypsin deficiency (“AATD”) (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs for Duchenne muscular dystrophy (“DMD”) and Huntington’s disease (“HD”), as well as several preclinical programs utilizing our versatile RNA medicines platform.
Current wording
We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid (“RNA”) medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM®, combines multiple RNA medicine modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our toolkit of RNA-targeting modalities, including RNA interference (“RNAi”) (SpiNA) and RNA editing (AIMers), provides us with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Our pipeline is focused on our obesity (WVE-007), alpha-1 antitrypsin deficiency (“AATD”) (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs for Duchenne muscular dystrophy (“DMD”) and Huntington’s disease (“HD”), as well as several preclinical programs utilizing our versatile RNA medicines platform.
Previous wording
WVE-007 is a GalNAc-siRNA, that utilizes Wave’s proprietary design (“SpiNA”). WVE-007 is designed to silence INHBE mRNA to induce fat loss by stimulating lipolysis (fat breakdown) while preserving muscle mass to promote and maintain a healthy metabolic profile. There are approximately 175 million people in the United States and Europe, and over one billion people globally, living with obesity, and therapeutic options beyond GLP-1 receptor agonists are needed. GLP-1 receptor agonists lead to weight loss at the expense of muscle, suppress the general reward system, and are associated with a poor tolerability profile and high discontinuation rates. Heterozygous INHBE loss-of-function (“LoF”) human carriers exhibit a healthy metabolic profile, including reduced waist-to-hip ratio and reduced odds of developing type 2 diabetes or coronary artery disease, and reduction of INHBE by 50% or more is expected to promote a healthy metabolic profile.
Current wording
WVE-007 is a GalNAc-siRNA that utilizes our proprietary design (“SpiNA”). WVE-007 is designed to silence INHBE mRNA to induce fat loss by stimulating lipolysis (fat breakdown) while preserving muscle mass to promote and maintain a healthy metabolic profile. There are approximately 175 million people in the United States and Europe, and over one billion people globally, living with obesity, and therapeutic options beyond GLP-1 receptor agonists are needed. GLP-1 receptor agonists lead to weight loss at the expense of muscle, suppress the general reward system, and are associated with a poor tolerability profile and high discontinuation rates. Heterozygous INHBE loss-of-function (“LoF”) human carriers exhibit a healthy metabolic profile, including reduced waist-to-hip ratio and reduced odds of developing type 2 diabetes or coronary artery disease, and reduction of INHBE by 50% or more is expected to promote a healthy metabolic profile.
Previous wording
INLIGHT™ is our first-in-human clinical trial of WVE-007 in individuals living with obesity. The Phase 1 single ascending dose (“SAD”) portion of INLIGHT includes otherwise healthy adults living with overweight or obesity to assess safety, tolerability, pharmacokinetics (“PK”), Activin E, body weight, biomarkers and body composition as measured by Dual-Energy X-ray Absorptiometry (“DEXA”).
Current wording
The INLIGHT™ trial is our first-in-human clinical study of WVE-007 in individuals living with obesity. The Phase 1 single ascending dose (“SAD”) portion of the INLIGHT trial includes otherwise healthy adults living with overweight or obesity to assess safety, tolerability, pharmacokinetics (“PK”), Activin E, body weight, biomarkers and body composition as measured by Dual-Energy X-ray Absorptiometry (“DEXA”).
Previous wording
In December 2025, we announced positive interim data from the ongoing Phase 1, SAD portion of INLIGHT, including three-month follow-up from the single subcutaneous 240 mg dose cohort in 32 individuals. These data demonstrated improvements in body composition including reduction in visceral fat, reduction in total fat mass, and preservation of muscle as measured by DEXA. Additionally, we shared that we observed consistent and durable serum Activin E reductions across participants, which support WVE-007’s potential for once or twice-yearly dosing. WVE-007 was generally safe and well tolerated across all dose levels (75 mg, 240 mg, 400 mg, and 600 mg).
Current wording
In December 2025, we announced positive interim data from the ongoing Phase 1, SAD portion of the INLIGHT trial, including three-month follow-up from the single subcutaneous 240 mg dose cohort in 32 individuals. These data demonstrated improvements in body composition including reduction in visceral fat, reduction in total fat mass, and preservation of muscle as measured by DEXA. Additionally, we shared that we observed consistent and durable serum Activin E reductions across participants, which support WVE-007’s potential for once or twice-yearly dosing. WVE-007 was generally safe and well tolerated across all dose levels (75 mg, 240 mg, 400 mg, and 600 mg).
Previous wording
In March 2026, we announced additional interim data from the Phase 1, SAD portion of INLIGHT. Participants had an average BMI of 32 kg/m², a population with less fat and lower BMI than those in Phase 2 and 3 obesity studies. Key highlights from the update in March 2026 include:
Current wording
In March 2026, we announced additional interim data from the Phase 1, SAD portion of the INLIGHT trial. Participants had an average BMI of 32 kg/m², a population with less fat and lower BMI than those in Phase 2 and 3 obesity studies. Key highlights from the update in March 2026 include:
Previous wording
The INLIGHT clinical trial is currently ongoing with 240 mg (n=32), 400 mg (n=32), and 600 mg (n=32) cohorts fully dosed. INLIGHT is ongoing at multiple trial sites including in the United States, following clearance of an Investigational New Drug (“IND”) application. Additional data from INLIGHT, including data from the 600 mg Phase 1 SAD cohort, are expected in 2026.
Current wording
The INLIGHT clinical trial is currently ongoing with 240 mg (n=32), 400 mg (n=32), and 600 mg (n=32) cohorts fully dosed. The INLIGHT trial is ongoing at multiple trial sites including in the United States, following clearance of an Investigational New Drug (“IND”) application. Additional data from the INLIGHT trial, including data from the 600 mg Phase 1 SAD cohort, are expected in the second half of 2026.
Previous wording
The U.S. Food and Drug Administration (“FDA”) has accepted the Phase 2a multidose portion of INLIGHT trial of WVE-007 (INHBE GalNAc-siRNA) in individuals with higher BMI (35-50 kg/m 2) with and without type 2 diabetes. This placebo-controlled (3:1) Phase 2a study will include multiple assessments over a 12-month period, including body weight, waist circumference, body composition (MRI and DEXA), liver fat (MRI-PDFF), HbA1c, lipid levels, CRP, and muscle function. The results will inform further development of WVE-007 in obesity, as well as metabolic dysfunction-associated steatohepatitis (“MASH”), type 2 diabetes, and cardiovascular disease. The first assessment in this portion of the trial is planned for three months after participants have received their first dose.
Current wording
Dosing in the Phase 2a multidose portion of the INLIGHT trial of WVE-007 (INHBE GalNAc-siRNA) in individuals with higher BMI (35-50 kg/m 2) with and without type 2 diabetes is underway. This placebo-controlled (3:1) Phase 2a study includes multiple assessments over a 12-month period, including body weight, waist circumference, body composition (MRI and DEXA), liver fat (MRI-PDFF), HbA1c, lipid levels, CRP, and muscle function. The results will inform further development of WVE-007 in obesity, as well as metabolic dysfunction-associated steatohepatitis (“MASH”), type 2 diabetes, and other cardiometabolic diseases. The first assessment in this portion of the trial is planned for three months after participants have received their first dose.
Previous wording
We expect to initiate the Phase 2a portion of INLIGHT in the second quarter of 2026. We expect to initiate combination and maintenance trials of WVE-007 in 2026.
Current wording
We expect to initiate combination and maintenance trials of WVE-007 in the second half of 2026.
Previous wording
Our RestorAATion clinical program investigating WVE-006 as a treatment for AATD is comprised of two parts: RestorAATion-1, a study of healthy volunteers, and RestorAATion-2, a Phase 1b/2a open label study designed to evaluate the safety, tolerability, pharmacodynamics and pharmacokinetics of WVE-006 in patients with AATD. The trial includes both single ascending dose and multiple ascending dose portions.
Current wording
Our RestorAATion clinical program investigating WVE-006 as a treatment for AATD is comprised of two parts: RestorAATion-1, a study of healthy volunteers, and RestorAATion-2, a Phase 1b/2a open label study designed to evaluate the safety, tolerability, pharmacodynamics and pharmacokinetics of WVE-006 in patients with AATD. The trial includes both single ascending dose and multiple ascending dose portions. The RestorAATion-2 clinical trial is fully enrolled and dosing is complete in all cohorts (200 mg, 400 mg, and 600 mg).
Previous wording
In September 2025, we announced positive data from the 200 mg single and multidose (n=8), and 400 mg single dose (n=8) cohorts of the ongoing RestorAATion-2 study. Key highlights included:
Current wording
We have shared interim data from the 200 mg and 400 mg single and multidose cohorts, as well as data from the 600 mg single dose cohort of RestorAAtion-2. Key highlights include:
Previous wording
Following a single 200 mg dose of WVE-006, a total AAT level of 20.6 µM, including a M-AAT level of 10.3 µM, was observed in one individual during an acute phase response due to a kidney stone. These data demonstrate that treatment with WVE-006 enables endogenous regulation and dynamic increased secretion of AAT protein during an acute phase response as indicated by a concurrent C-reactive protein elevation.
Current wording
Restoration of dynamic AAT response: Three instances of dynamic and rapid production of serum AAT protein due to acute phase responses were observed across RestorAATion-2 as indicated by concurrent C-reactive protein (CRP) and AAT elevation; this included a total AAT level of 20.6 µM and M-AAT level of 10.3 µM observed in one individual during an acute phase response due to a kidney stone following a single 200 mg dose of WVE-006. Across all available RestorAATion-2 data, CRP increases were strongly correlated with increases in AAT (r=0.73, p<0.001, n=19).
Previous wording
WVE-006 was generally safe and well tolerated with a favorable safety profile. All adverse events were mild to moderate in intensity, and there were no serious adverse events (“SAEs”).
Current wording
Safety and durability: Data support monthly subcutaneous dosing, with editing sustained at least three months following the last dose in both the 200 mg and 400 mg multidose cohorts. WVE-006 continued to be well tolerated with a favorable safety profile. All adverse events (AEs) were mild to moderate in intensity, and there were no SAEs or clinically meaningful liver function test elevations.
Previous wording
PNPLA3 I148M is a genetic driver of liver disease, including metabolic dysfunction-associated fatty liver disease (“MAFLD”), MASH, and alcoholic steatohepatitis (“ASH”). There are an estimated nine million homozygous PNPLA3 I148M individuals with liver disease in the United States and Europe. Homozygous carriers have a near five-fold higher risk of liver-related death compared to heterozygous carriers. Additionally, homozygous PNPLA3 I148M carriers with MASH may experience more severe disease with faster progression to advanced fibrosis and end-stage liver disease.
Current wording
PNPLA3 I148M is a genetic driver of liver disease, including metabolic dysfunction-associated fatty liver disease (“MAFLD”), MASH, and alcoholic steatohepatitis (“ASH”). There are an estimated nine million homozygous PNPLA3 I148M individuals with liver disease in the United States and Europe. Homozygous carriers have a near nine-fold higher risk of liver-related death compared to non-carriers. Additionally, homozygous PNPLA3 I148M carriers with MASH may experience more severe disease with faster progression to advanced fibrosis and end-stage liver disease.
Previous wording
In preclinical studies, we have demonstrated that our PNPLA3 GalNAc-AIMer restores functional PNPLA3 protein and decreases lipid accumulation. We expect to file a clinical trial application for WVE-008 in 2026.
Current wording
In preclinical studies, we have demonstrated that our PNPLA3 GalNAc-AIMer restores functional PNPLA3 protein and decreases lipid accumulation. We expect to file a clinical trial application for WVE-008 in the second half of 2026.
Previous wording
All participants in FORWARD-53 elected to advance to the extension portion of the clinical trial, which is currently ongoing with boys receiving monthly doses of WVE-N531. To augment monthly data and ensure a monthly regimen at a potential launch, we expanded FORWARD-53 to include additional boys on a monthly dosing regimen. We plan to file a New Drug Application in 2026 to support accelerated approval of WVE-N531 with monthly dosing.
Current wording
All participants in FORWARD-53 elected to advance to the extension portion of the clinical trial, which is currently ongoing with boys receiving monthly doses of WVE-N531. To augment monthly data and ensure a monthly regimen at a potential launch, we expanded FORWARD-53 to include additional boys on a monthly dosing regimen. We are evaluating the evolving regulatory and commercial landscape in DMD and exploring potential partnerships in advance of filing a New Drug Application (“NDA”).
Previous wording
As previously disclosed on April 15, 2026, Wave Life Sciences Ltd., a public company limited by shares incorporated under the laws of the Republic of Singapore (“Wave-Singapore”), announced that it has decided to restructure its corporate group to cause the parent company of the group to be a Delaware corporation (the “Redomiciliation”), which is subject to approval of the shareholders of Wave-Singapore and the High Court of the Republic of Singapore. Under U.S. GAAP, the statutory scheme of arrangement required for the Redomiciliation will be accounted for consistent with a reorganization of entities under common control.
Current wording
As previously disclosed on April 15, 2026, Wave Life Sciences Ltd., a public company limited by shares incorporated under the laws of the Republic of Singapore (“Wave-Singapore”), announced that it has decided to restructure its corporate group to cause the parent company of the group to be a Delaware corporation (the “Redomiciliation”). On June 22, 2026, we obtained the requisite shareholder approval required in connection with the Redomiciliation to the United States by way of the implementation of a statutory procedure known as a scheme of arrangement under Section 210 of the Companies Act 1967 of Singapore (the “Scheme of Arrangement”). On July 14, 2026, the Scheme of Arrangement was approved by the High Court of the Republic of Singapore. We expect the Redomiciliation to take effect in August 2026. Under U.S. GAAP, the Scheme of Arrangement required for the Redomiciliation will be accounted for consistent with a reorganization of entities under common control.
Previous wording
We have never been profitable, and since our inception, we have incurred significant operating losses. Our net loss for the three months ended March 31, 2026 and 2025 was $26.1 million and $46.9 million, respectively. As of March 31, 2026 and December 31, 2025, we had an accumulated deficit of $1,352.3 million and $1,326.2 million, respectively. We expect to continue to incur significant expenses and operating losses for the foreseeable future.
Current wording
We have never been profitable, and since our inception, we have incurred significant operating losses. Our net loss for the three months ended June 30, 2026 and 2025 was $69.4 million and $50.5 million, respectively. Our net loss for the six months ended June 30, 2026 and 2025 was $95.4 million and $97.3 million, respectively. As of June 30, 2026 and December 31, 2025, we had an accumulated deficit of $1,421.7 million and $1,326.2 million, respectively. We expect to continue to incur significant expenses and operating losses for the foreseeable future.
Previous wording
Other income, net is comprised primarily of interest income on cash and cash equivalents and refundable tax credits from tax authorities. We recognize refundable tax credits when there is reasonable assurance that we will comply with the requirements of the refundable tax credit and that the refundable tax credit will be received.
Current wording
Other income, net is comprised primarily of interest income on cash, cash equivalents and marketable securities and, refundable tax credits from tax authorities. We recognize refundable tax credits when there is reasonable assurance that we will comply with the requirements of the refundable tax credit and that the refundable tax credit will be received.
Previous wording
Research and development expenses were $47.4 million for the three months ended March 31, 2026, compared to $40.6 million for the three months ended March 31, 2025. The increase of approximately $6.8 million was due to the following:
Current wording
Research and development expenses were $51.3 million for the three months ended June 30, 2026, compared to $43.5 million for the three months ended June 30, 2025. The increase of approximately $7.8 million was due to the following:
Previous wording
an increase of $2.3 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Current wording
an increase of $3.4 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Previous wording
an increase of $0.3 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Current wording
an increase of $1.1 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Previous wording
an increase of $1.1 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Current wording
an increase of $1.3 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Previous wording
a decrease of $1.1 million in external expenses related to our HD program, including WVE-003 (silencing); and
Current wording
a decrease of $0.6 million in external expenses related to our HD program, including WVE-003 (silencing); and
Previous wording
an increase of approximately $4.2 million in other research and development expenses, including PNPLA3, additional preclinical programs, PRISM, and internal and external research and development expenses that are not allocated on a program-by-program basis or are related to other discovery and development programs, and the identification of potential drug discovery candidates. This is mainly due to increases in compensation-related expenses, partially offset by decreases in other external research and development expenses.
Current wording
an increase of approximately $2.7 million in other research and development expenses, including PNPLA3, additional preclinical programs, PRISM, and internal and external research and development expenses that are not allocated on a program-by-program basis or are related to other discovery and development programs, and the identification of potential drug discovery candidates. This is mainly due to increases in compensation-related expenses, partially offset by decreases in other external research and development expenses.
Previous wording
General and administrative expenses were $22.1 million for the three months ended March 31, 2026, as compared to approximately $18.4 million for the three months ended March 31, 2025. The increase of approximately $3.7 million was primarily driven by increases in compensation-related expenses.
Current wording
General and administrative expenses were $24.8 million for the three months ended June 30, 2026, as compared to approximately $18.0 million for the three months ended June 30, 2025. The increase of approximately $6.8 million was primarily driven by increases in compensation-related and other external expenses.
Previous wording
Other income, net for the three months ended March 31, 2026 and 2025 was $5.2 million and $2.9 million, respectively, and consisted primarily of interest income on cash and cash equivalents.
Current wording
Other income, net for the three months ended June 30, 2026 and 2025 was $4.4 million and $2.3 million, respectively, and consisted primarily of interest income on cash, cash equivalents and marketable securities.
Previous wording
Revenue for the three months ended March 31, 2026 and 2025 was $38.2 million and $9.2 million, respectively, and is comprised of revenue earned under the GSK Collaboration Agreement. The year-over-year change in revenue was primarily driven by the recognition of the remaining deferred revenue related to the AATD performance obligation ($35.9 million), which was fully satisfied upon the termination of the AATD license, in the three months ended March 31, 2026.
Current wording
Revenue for the six months ended June 30, 2026 and 2025 was $40.5 million and $17.9 million, respectively, and is comprised of revenue earned under the GSK Collaboration Agreement. The year-over-year change in revenue was primarily driven by the recognition of the remaining deferred revenue related to the AATD performance obligation ($35.9 million), which was fully satisfied upon the termination of the AATD license, in the six months ended June 30, 2026.
Previous wording
As of March 31, 2026, we had cash and cash equivalents totaling $544.6 million, restricted cash of $3.8 million and an accumulated deficit of $1,352.3 million.
Current wording
As of June 30, 2026, we had cash and cash equivalents totaling $368.0 million, marketable securities of $122.6 million, restricted cash of $3.8 million and an accumulated deficit of $1,421.7 million.
Previous wording
We expect that our existing cash and cash equivalents will be sufficient to fund our operations for at least the next twelve months from the issuance date of these financial statements. We have based this expectation on assumptions that may prove to be incorrect, and we may use our available capital resources sooner than we currently expect. In addition, we may elect to raise additional funds before we need them if the conditions for raising capital are favorable due to market conditions or strategic considerations, even if we expect we have sufficient funds for our current or future operating plans.
Current wording
We expect that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operations for at least the next twelve months from the issuance date of these financial statements. We have based this expectation on assumptions that may prove to be incorrect, and we may use our available capital resources sooner than we currently expect. In addition, we may elect to raise additional funds before we need them if the conditions for raising capital are favorable due to market conditions or strategic considerations, even if we expect we have sufficient funds for our current or future operating plans.
Previous wording
Our operating lease commitments as of March 31, 2026 total approximately $17.1 million, of which approximately $7.2 million is related to payments in 2026 and approximately $9.9 million is related to payments beyond 2026.
Current wording
Our operating lease commitments as of June 30, 2026 total approximately $65.3 million, of which approximately $2.9 million is related to payments in 2026 and approximately $62.4 million is related to payments beyond 2026.
Previous wording
On November 12, 2024, we filed a shelf registration statement on Form S-3ASR with the SEC for which we registered for sale an indeterminate amount of any combination of our ordinary shares, debt securities, warrants, rights and/or units from time to time and at prices and on terms that we may determine, which we refer to as the “2024 WKSI Shelf”. Our 2024 WKSI Shelf includes a prospectus covering up to an aggregate of $250.0 million in ordinary shares that we are able to issue and sell from time to time, through Jefferies LLC acting as our sales agent, pursuant to the Open Market Sale Agreement, dated May 10, 2019, as amended by Amendment No. 1, dated as of March 2, 2020, Amendment No. 2, dated as of March 3, 2022, and Amendment No. 3, dated November 12, 2024, for our “at-the-market” equity program. For the three months ended March 31, 2026, we received no proceeds from sales of ordinary shares under our “at-the-market" equity program.
Current wording
On November 12, 2024, we filed a shelf registration statement on Form S-3ASR with the SEC for which we registered for sale an indeterminate amount of any combination of our ordinary shares, debt securities, warrants, rights and/or units from time to time and at prices and on terms that we may determine, which we refer to as the “2024 WKSI Shelf”. Our 2024 WKSI Shelf includes a prospectus covering up to an aggregate of $250.0 million in ordinary shares that we are able to issue and sell from time to time, through Jefferies LLC acting as our sales agent, pursuant to the Open Market Sale Agreement, dated May 10, 2019, as amended by Amendment No. 1, dated as of March 2, 2020, Amendment No. 2, dated as of March 3, 2022, and Amendment No. 3, dated November 12, 2024, for our “at-the-market” equity program. For the three and six months ended June 30, 2026, we made no sales under our “at-the-market" equity program.
Previous wording
During the three months ended March 31, 2026, operating activities used $59.6 million of cash, due to our net loss of $26.1 million and by changes in operating assets and liabilities of $44.8 million, offset by non-cash charges of $11.4 million. The largest changes in operating assets and liabilities were the $28.2 million decrease in deferred revenue and the $13.5 million decrease in accrued expenses and other current liabilities.
Current wording
During the six months ended June 30, 2026, operating activities used $113.1 million of cash, due to our net loss of $95.4 million, by changes in operating assets and liabilities of $42.1 million and non-cash charges of $24.4 million. The largest changes in operating assets and liabilities were the $29.6 million decrease in deferred revenue and the $8.3 million decrease in accrued expenses and other current liabilities.
Previous wording
During the three months ended March 31, 2025, operating activities used $63.0 million of cash, due to our net loss of $46.9 million and changes in operating assets and liabilities of $23.3 million, offset by non-cash charges of $7.1 million. The largest changes in operating assets and liabilities were the $13.3 million decrease in accrued expenses and other current liabilities and the $9.2 million decrease in deferred revenue.
Current wording
During the six months ended June 30, 2025, operating activities used $109.1 million of cash, due to our net loss of $97.3 million and changes in operating assets and liabilities of $27.2 million, offset by non-cash charges of $15.5 million. The largest changes in operating assets and liabilities were the $16.3 million decrease in deferred revenue and the $8.1 million decrease in accrued expenses and other current liabilities.
Previous wording
During the three months ended March 31, 2026 and 2025, investing activities used $0.4 million and $0.2 million, respectively, of cash, related to purchases of property and equipment.
Current wording
During the six months ended June 30, 2025, investing activities used $0.5 million of cash, related to purchases of property and equipment.
Previous wording
During the three months ended March 31, 2026, net cash provided by financing activities was $2.5 million, which was primarily due to $1.9 million in proceeds from the exercise of share options.
Current wording
During the six months ended June 30, 2026, net cash provided by financing activities was $2.9 million, which was primarily due to $2.3 million in proceeds from the exercise of share options.
Previous wording
During the three months ended March 31, 2025, net cash provided by financing activities was $4.2 million, which was primarily due to $2.5 million in proceeds from the exercise of share options and $1.3 million in net proceeds from sales under our “at-the-market” equity program.
Current wording
During the six months ended June 30, 2025, net cash provided by financing activities was $15.8 million, which was primarily due to $12.4 million in net proceeds from sales under our “at-the-market” equity program and $3.0 million in proceeds from the exercise of share options.
Rearranged current paragraphs (8)
Current report — wording carried from elsewhere
Revenue for the three months ended June 30, 2026 and 2025 was $2.3 million and $8.7 million, respectively, and is comprised of revenue earned under the GSK Collaboration Agreement.
Current report — wording carried from elsewhere
(1) Includes expenses related to other research and development programs, identification of potential drug discovery candidates, compensation-related expenses, internal manufacturing expenses, equipment repairs and maintenance expense, facility-related expenses, and other operating expenses, which are not allocated to specific programs.
Current report — wording carried from elsewhere
an increase of $5.7 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Current report — wording carried from elsewhere
an increase of $1.4 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Current report — wording carried from elsewhere
an increase of $2.4 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Current report — wording carried from elsewhere
a decrease of $1.7 million in external expenses related to our HD program, including WVE-003 (silencing); and
Current report — wording carried from elsewhere
an increase of approximately $6.9 million in other research and development expenses, including PNPLA3, additional preclinical programs, PRISM, and internal and external research and development expenses that are not allocated on a program-by-program basis or are related to other discovery and development programs, and the identification of potential drug discovery candidates. This is mainly due to increases in compensation-related expenses, partially offset by decreases in other external research and development expenses.
Current report — wording carried from elsewhere
During the six months ended June 30, 2026 and 2025, we recorded no income tax benefit or provision. We maintained a full valuation allowance for the six months ended June 30, 2026 and 2025 in all jurisdictions due to uncertainty regarding future taxable income.