Wave Life Sciences, Inc.
For the period ended Sep 30, 2026. Filed Oct 27, 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.
Sep 30, 2026 · Filed Oct 27, 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 2026-06-30; filed 2026-07-30.
0001193125-26-324949
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-27.
0001193125-26-432714
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 172 previous paragraphs and 158 current paragraphs.
109 unchanged; 44 reworded; 4 added; 19 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 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 (4)
Current report
The INLIGHT clinical program is also evaluating WVE-007 in combination with tirzepatide as a treatment for obesity and other cardiometabolic indications, including MASH. The placebo-controlled (3:1) Phase 2a combination trial will evaluate 240 mg and 400 mg doses of WVE-007 in combination with weekly tirzepatide compared to tirzepatide alone in individuals living with obesity (BMI 35-50 kg/m 2) and type 2 diabetes.
Current report
We also expect to initiate a clinical trial of WVE-007 as a maintenance therapy to preserve weight loss following discontinuation of incretin treatment in the fourth quarter of 2026.
Current report
In October 2026, we announced alignment with the U.S. Food and Drug Administration (“FDA”) on key aspects of our planned registrational pathway for WVE-006. Planning is underway for a two-year registrational trial to support potential full approval, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers.
Current report
Comparison of the nine months ended September 30, 2026 and 2025
Removed paragraphs (19)
Previous report
We expect to initiate combination and maintenance trials of WVE-007 in the second half of 2026.
Previous 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.
Previous report
Duchenne muscular dystrophy (“DMD”)
Previous report
In DMD, we are advancing WVE-N531, which is designed to skip exon 53 within the dystrophin gene – a therapeutic approach that would address approximately 8-10% of DMD cases. WVE-N531 is designed to cause the cellular splicing machinery to skip over exon 53 during pre-mRNA processing, which restores the dystrophin mRNA reading frame and enables production of a truncated, but functional, dystrophin protein. Exon skipping produces dystrophin from the endogenous dystrophin gene (not micro or mini dystrophin expressed from a foreign vector), under the control of native gene-regulatory elements, resulting in physiological control over its expression. WVE-N531 is our first splicing candidate incorporating PN backbone (“PN”) chemistry to be assessed in the clinic. In the third quarter of 2024, the FDA granted Rare Pediatric Disease Designation and Orphan Drug Designation to WVE-N531.
Previous report
FORWARD-53, the Phase 1b/2a proof-of-concept, open label trial of WVE-N531 included “Part A,” in which 3 boys received 3 doses of WVE-N531 at 10 mg/kg every two weeks and “Part B,” in which 11 boys initially received 10 mg/kg every two weeks for 48 weeks. In “Part B”, biopsy data was gathered from eight boys after 24 and 48 weeks, as well as safety and functional outcome assessments for all participants. Key results from the study included:
Previous report
WVE-N531 uptake in myogenic stem cells, which are integral to muscle regeneration, and in myofibers;
Previous report
Mean WVE-N531 skeletal muscle concentrations of ~41,000 ng/g and a 61-day tissue half-life support monthly dosing;
Previous report
Statistically significant and clinically meaningful improvement of 3.8 seconds in Time-to-Rise vs. natural history with largest effect observed relative to any approved dystrophin restoration therapy at 48 weeks; additional functional benefits observed in other outcome measures including North Star Ambulatory Assessment (“NSAA”);
Previous report
First-ever demonstration of substantial improvements in muscle health with exon skipping – statistically significant reduction in fibrosis driven by decreases in inflammation and necrosis, coupled with transition from regenerative to mature muscle; decreases in creatine kinase and circulating inflammatory biomarkers;
Previous report
Dystrophin expression stabilized between 24 and 48 weeks and averaged 7.8% with 88% of boys above 5% average dystrophin; and
Previous report
WVE-N531 was generally safe and well-tolerated with no SAEs observed.
Previous report
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 report
Huntington’s disease (“HD”)
Previous report
SELECT-HD was a global, multicenter, randomized, double-blind, placebo-controlled Phase 1b/2a clinical trial to assess the safety and tolerability of WVE-003 in people with a confirmed diagnosis of HD who were in the early stages of the disease and carry SNP3 in association with their cytosine adenine guanine (“CAG”) expansion. Additional objectives included assessing PK and exploratory pharmacodynamics and clinical endpoints.
Previous report
In June 2024, we announced positive clinical data from the SELECT-HD study. Results from the multi-dose portion of the trial, which evaluated three doses of 30 mg WVE-003 administered every eight weeks, showed clear translation of target engagement to clinic with statistically significant, potent, durable and allele-selective reductions in cerebrospinal fluid (“CSF”) mHTT of up to a mean 46%, with preservation of wtHTT protein. The multi-dose cohort also revealed a statistically significant correlation between mHTT reduction and slowing of caudate atrophy, indicating a potential benefit of allele-selective mHTT reductions. Caudate atrophy, as measured by MRI, is a well-characterized measure of disease progression in HD. In the multi-dose cohort, WVE-003 was generally safe and well-tolerated, with mild-to-moderate adverse events (“AEs”) and no SAEs. In November 2024, five months after a patient completed their final safety visit, an SAE was reported that we assessed to be not related to WVE-003.
Previous report
Following our positive clinical results, we initiated engagement with the FDA. In November 2024, we received supportive initial feedback from the FDA, who recognize the severity of HD and are receptive to and engaged with us regarding a potential pathway to accelerated approval. The FDA is open to our plan to evaluate biomarkers, including caudate atrophy, as an endpoint to assess HD progression with the potential to predict clinical outcomes. Also in November 2024, the FDA granted Orphan Drug Designation to WVE-003.
Previous report
We have prepared an IND application for a potentially registrational Phase 2/3 study of WVE-003 and would plan to submit it in conjunction with a prospective strategic partner.
Previous 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.
Previous report
Comparison of the six months ended June 30, 2026 and 2025
Reworded paragraphs (44)
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 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.
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 lead pipeline programs include obesity (WVE-007), alpha-1 antitrypsin deficiency (“AATD”) (WVE-006), and PNPLA3 I148M liver disease (WVE-008), and we are also advancing several preclinical programs utilizing our versatile RNA medicines platform.
Previous wording
WVE-006 is a GalNAc-conjugated RNA editing oligonucleotide (AIMer) for AATD;
Current wording
WVE-006 is a GalNAc-conjugated RNA editing oligonucleotide (AIMer) for AATD; and
Previous wording
The 400 mg cohort had a leaner baseline body composition, with lower BMI and more participants (10 out of 24 individuals) with healthy levels of visceral fat (≤500 g). A post-hoc analysis of the three-month 400 mg cohort results demonstrated robust and statistically significant average reduction in visceral fat (-7.8%, p<0.05) in individuals with higher baseline visceral fat (>500g), emphasizing the impact of baseline body composition on therapeutic effect.
Current wording
The 400 mg cohort had a leaner baseline body composition, with lower BMI and more participants (10 out of 24 individuals) with healthy levels of visceral fat (≤500 g). A post-hoc analysis of the three-month 400 mg cohort results demonstrated robust and statistically significant average reduction in visceral fat (-7.8%, p<0.05) in individuals with higher baseline visceral fat (>500 g), emphasizing the impact of baseline body composition on therapeutic effect.
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. 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.
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 fourth quarter of 2026.
Previous 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.
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 ongoing. 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 share data from the 600 mg monthly multidose cohort of RestorAATion-2 in the second half of 2026.
Current wording
We expect to share data from the 600 mg monthly multidose cohort of RestorAATion-2 in the fourth quarter of 2026.
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 the second half of 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 fourth quarter of 2026.
Previous wording
WVE-003 is our stereopure allele-selective oligonucleotide that incorporates our proprietary PN chemistry and is designed to selectively target rs362273, a variant of the single nucleotide polymorphism (“SNP”), “mHTT SNP3”, associated with the disease-causing mHTT mRNA transcript within the HTT gene (Iwamoto et al., MTNA). Targeting mRNA through SNP3 allows us to lower expression of transcript from the mutant allele, while leaving the healthy transcript relatively intact, thereby preserving wild-type (healthy) huntingtin (“wtHTT”) protein, which is important for neuronal function. Approximately 40% of the HD population carries SNP3 according to published literature (Carroll et al., Molecular Therapy, 2011), and up to 80% of HD may be addressed in the future with other SNP-targeted candidates.
Current wording
In HD, WVE-003 is our clinical-stage stereopure allele-selective oligonucleotide that incorporates our proprietary PN chemistry and is designed to selectively target rs362273, a variant of the single nucleotide polymorphism (“SNP”), “mHTT SNP3”, associated with the disease-causing mHTT mRNA transcript within the HTT gene (Iwamoto et al., MTNA). In DMD, WVE-N531 is our clinical-stage compound designed to skip exon 53 within the dystrophin gene – a therapeutic approach that would address approximately 8-10% of DMD cases. We continue partnering discussions for WVE-003 and WVE-N531.
Previous wording
Through our collaboration with GlaxoSmithKline Intellectual Property (No. 3) (“GSK”), we are actively working on multiple target validation programs as GSK-partnered programs, for which all of our costs and expenses are prepaid by GSK. GSK has selected four programs, across multiple modalities in both hepatic and extra-hepatic tissues, to advance to development candidates following achievement of target validation, which have resulted in additional payments to us under the collaboration.
Current wording
Through our collaboration with GlaxoSmithKline Intellectual Property (No. 3) (“GSK”), we are actively working on multiple target validation programs as GSK-partnered programs, for which all of our costs and expenses are prepaid by GSK. In September 2026, GSK selected a GalNAc-siRNA candidate to transition into GSK’s pipeline, resulting in a $12 million milestone to Wave. With this new hepatic program now transitioning to candidate, our collaboration momentum continues as we have three additional programs rapidly advancing towards candidate selection, all leveraging our proprietary PRISM chemistry.
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”). 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.
Current wording
On August 7, 2026, as part of the previously announced plan to restructure the Wave Life Sciences group of companies to cause a Delaware corporation to be the parent company of the group (the “Redomiciliation”), Wave Life Sciences, Inc., a Delaware corporation (“Wave-Delaware”), became the ultimate parent company of the Wave Life Sciences group of companies pursuant to a statutory procedure known as a scheme of arrangement under the Companies Act 1967 of Singapore (the “Scheme of Arrangement”). Pursuant to the Scheme of Arrangement, all issued ordinary shares in the capital of Wave Life Sciences Ltd., a public company limited by shares incorporated under the laws of the Republic of Singapore (“Wave-Singapore”) as of immediately prior to the effective time of the Scheme of Arrangement were exchanged on a one-for-one basis for newly issued shares of common stock, par value $0.001 per share, of Wave-Delaware, and Wave-Singapore became a wholly owned subsidiary of Wave-Delaware.
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 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.
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 September 30, 2026 and 2025 was $61.9 million and $53.9 million, respectively. Our net loss for the nine months ended September 30, 2026 and 2025 was $157.4 million and $151.2 million, respectively. As of September 30, 2026 and December 31, 2025, we had an accumulated deficit of $1,483.6 million and $1,326.2 million, respectively. We expect to continue to incur significant expenses and operating losses for the foreseeable future.
Previous wording
compensation-related expenses, including employee salaries, bonuses, share-based compensation expense and other related benefits expenses for personnel in our research and development organization;
Current wording
compensation-related expenses, including employee salaries, bonuses, stock-based compensation expense and other related benefits expenses for personnel in our research and development organization;
Previous wording
General and administrative expenses consist primarily of compensation-related expenses, including salaries, bonuses, share-based compensation and other related benefits costs for personnel in our executive, finance, corporate, legal and administrative functions, as well as compensation-related expenses for our board of directors. General and administrative expenses also include legal fees; expenses associated with being a public company; professional fees for accounting, auditing, tax and consulting services; insurance costs; travel expenses; other operating costs; and facility-related expenses.
Current wording
General and administrative expenses consist primarily of compensation-related expenses, including salaries, bonuses, stock-based compensation and other related benefits costs for personnel in our executive, finance, corporate, legal and administrative functions, as well as compensation-related expenses for our board of directors. General and administrative expenses also include legal fees; expenses associated with being a public company; professional fees for accounting, auditing, tax and consulting services; insurance costs; travel expenses; other operating costs; and facility-related expenses.
Previous wording
We are a Singapore multi-national company subject to taxation in the United States and various other jurisdictions.
Current wording
Following the Redomiciliation, we are a Delaware corporation subject to taxation in the United States and various other jurisdictions, including Singapore, where our wholly owned subsidiary, Wave Life Sciences Pte. Ltd., is incorporated.
Previous wording
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 wording
Revenue for the three months ended September 30, 2026 and 2025 was $13.2 million and $7.6 million, respectively, and is comprised of revenue earned under the GSK Collaboration Agreement.
Previous 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:
Current wording
Research and development expenses were $53.8 million for the three months ended September 30, 2026, compared to $45.9 million for the three months ended September 30, 2025. The increase of $8.0 million was due to the following:
Previous wording
an increase of $3.4 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Current wording
an increase of $1.8 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Previous wording
an increase of $1.1 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Current wording
an increase of $2.1 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Previous wording
an increase of $2.4 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Current wording
a decrease of $1.3 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Previous wording
a decrease of $0.6 million in external expenses related to our HD program, including WVE-003 (silencing); and
Current wording
a decrease of $0.2 million in external expenses related to our HD program, including WVE-003 (silencing); and
Previous 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.
Current wording
an increase of approximately $5.7 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 $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.
Current wording
General and administrative expenses were $25.4 million for the three months ended September 30, 2026, as compared to approximately $18.1 million for the three months ended September 30, 2025. The increase of approximately $7.3 million was primarily driven by increases in compensation-related and other external expenses.
Previous 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.
Current wording
Other income, net for the three months ended September 30, 2026 and 2025 was $4.1 million and $2.5 million, respectively, and consisted primarily of interest income on cash, cash equivalents and marketable securities.
Previous 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.
Current wording
Revenue for the nine months ended September 30, 2026 and 2025 was $53.7 million and $25.5 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, and the $12.0 million milestone in the nine months ended September 30, 2026.
Previous wording
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 wording
Research and development expenses were $152.6 million for the nine months ended September 30, 2026, compared to $130.0 million for the nine months ended September 30, 2025. The increase of $22.6 million was due to the following:
Previous wording
an increase of $5.7 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Current wording
an increase of $7.5 million in external expenses related to our INHBE program, including WVE-007 (RNAi);
Previous wording
an increase of $1.4 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Current wording
an increase of $3.5 million in external expenses related to our AATD program, WVE-006 (RNA editing);
Previous wording
an increase of $1.3 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Current wording
an increase of $1.0 million in external expenses related to our DMD program, including WVE-N531 (splicing);
Previous wording
a decrease of $1.7 million in external expenses related to our HD program, including WVE-003 (silencing); and
Current wording
a decrease of $2.0 million in external expenses related to our HD program, including WVE-003 (silencing); and
Previous wording
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 wording
an increase of approximately $12.6 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 $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 wording
General and administrative expenses were $72.2 million for the nine months ended September 30, 2026, as compared to approximately $54.4 million for the nine months ended September 30, 2025. The increase of approximately $17.8 million was primarily driven by increases in compensation-related and other external expenses.
Previous wording
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 wording
Other income, net for the nine months ended September 30, 2026 and 2025 was $13.8 million and $7.7 million, respectively, and consisted primarily of interest income on cash, cash equivalents and marketable securities.
Previous wording
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.
Current wording
During the nine months ended September 30, 2026 and 2025, we recorded no income tax benefit or provision. We maintained a full valuation allowance for the nine months ended September 30, 2026 and 2025 in all jurisdictions due to uncertainty regarding future taxable income.
Previous wording
Since our inception, we have not generated any product revenue and have incurred recurring net operating losses. To date, we have primarily funded our operations through public and other registered offerings of our ordinary shares and other securities, collaborations with third parties and private placements of debt and equity securities. Through June 30, 2026, we have received an aggregate of approximately $2,086.7 million in net proceeds from these transactions, consisting of approximately $1,450.5 million in net proceeds from public and other registered offerings of our ordinary shares and other securities, $546.9 million from our collaborations and $89.3 million in net proceeds from private placements of our debt and equity securities.
Current wording
Since our inception, we have not generated any product revenue and have incurred recurring net operating losses. To date, we have primarily funded our operations through public and other registered offerings of our common stock and other securities, collaborations with third parties and private placements of debt and equity securities. Through September 30, 2026, we have received an aggregate of approximately $2,086.7 million in net proceeds from these transactions, consisting of approximately $1,450.5 million in net proceeds from public and other registered offerings of our common stock and other securities, $546.9 million from our collaborations and $89.3 million in net proceeds from private placements of our debt and equity securities.
Previous 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.
Current wording
As of September 30, 2026, we had cash and cash equivalents totaling $197.3 million, marketable securities of $233.4 million, restricted cash of $3.8 million and an accumulated deficit of $1,483.6 million.
Previous 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.
Current wording
Our operating lease commitments as of September 30, 2026 total approximately $64.4 million, of which approximately $2.0 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 and six months ended June 30, 2026, we made no sales under our “at-the-market" equity program.
Current wording
On November 12, 2024, Wave-Singapore filed a shelf registration statement on Form S-3ASR with the SEC, which we refer to as the “2024 WKSI Shelf,” covering the offering, issuance and sale from time to time of an indeterminate amount of common stock, debt securities, warrants, rights and/or units. In connection with the Redomiciliation, Wave-Delaware, as successor to Wave-Singapore, filed Post-Effective Amendment No. 1 to the 2024 WKSI Shelf pursuant to Rule 414(d) under the Securities Act to adopt the 2024 WKSI Shelf as its own. The 2024 WKSI Shelf includes a prospectus covering the offer and sale of up to $250.0 million of our common stock pursuant to our “at-the-market” equity program through Jefferies LLC, as sales agent, under the Amended and Restated Open Market Sale Agreement, dated August 7, 2026. For the three and nine months ended September 30, 2026, we made no sales under our “at-the-market" equity program.
Previous 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.
Current wording
During the nine months ended September 30, 2026, operating activities used $173.3 million of cash, due to our net loss of $157.4 million and changes in operating assets and liabilities of $52.4 million, partially offset by non-cash charges of $36.5 million. The largest changes in operating assets and liabilities were the $30.8 million decrease in deferred revenue and the $10.7 million increase in accounts receivable.
Previous 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.
Current wording
During the nine months ended September 30, 2025, operating activities used $153.7 million of cash, due to our net loss of $151.2 million and changes in operating assets and liabilities of $26.7 million, partially offset by non-cash charges of $24.2 million. The largest changes in operating assets and liabilities were the $13.9 million decrease in deferred revenue and the $8.6 million increase in accounts receivable.
Previous wording
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.
Current wording
During the nine months ended September 30, 2026, investing activities used $234.8 million of cash, which was primarily related to purchases of marketable securities.
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Current report — wording carried from elsewhere
Huntington’s disease (“HD”) and Duchenne muscular dystrophy (“DMD”)