Wave Life Sciences, Inc. (Nasdaq: WVE) announced its financial results for the quarter ended September 30, 2026, and provided an update on its clinical development programs. The company reported cash, cash equivalents, and marketable securities of $431.0 million as of September 30, 2026, excluding a $12 million milestone payment from GSK expected in the fourth quarter. The company stated that its current cash balance is sufficient to fund operations into the third quarter of 2028.
For the third quarter of 2026, Wave reported revenue of $13.2 million, compared to $7.6 million in the prior year quarter. Research and development expenses totaled $53.8 million, while general and administrative expenses were $25.4 million. The company recorded a net loss of $61.9 million for the quarter, an increase from a net loss of $53.9 million in the same period in 2025.
In its business update, Wave highlighted progress across its lead programs:
- WVE-006 (AATD): Following alignment with the U.S. Food and Drug Administration (FDA) in October 2026, planning is underway for a two-year registrational trial to support potential full approval. An interim analysis is planned for one year to support potential accelerated approval based on AATD biomarkers.
- WVE-007 (Obesity): Dosing is ongoing in the Phase 2a monotherapy portion of the INLIGHT trial for individuals with higher BMI. A combination trial with tirzepatide is underway. The company remains on track to initiate a post-incretin maintenance trial in the fourth quarter of 2026.
- WVE-008 (PNPLA3 Liver Disease): A clinical trial application (CTA) is on track for submission in the fourth quarter of 2026.
Wave also announced that GSK selected a development candidate for a hepatology indication using Wave’s proprietary siRNA with SpiNA design, resulting in a $12 million milestone payment. Additionally, the company appointed Monika Vnuk, MD, as Chief Business Officer in September 2026.
