Wave Life Sciences Reports $97M Net Loss for Fiscal Year 2024

Wave Life Sciences Ltd. reported a net loss of $97.0 million for the fiscal year ended December 31, 2024, compared to a net loss of $57.5 million in 2023. The increase in net loss is primarily attributable to a $29.7 million rise in research and development expenses, largely driven by increased spending on AATD and DMD programs, partially offset by a decrease in expenses related to the discontinued ALS and FTD program. General and administrative expenses also increased by $7.7 million, primarily due to higher compensation costs. Revenue decreased by $5 million year-over-year to $108.3 million, primarily due to a decrease in revenue from the GSK Collaboration Agreement, partially offset by an increase in revenue from the Takeda Collaboration Agreement, which expired in October 2024.

Compared to 2022, the 2023 net loss of $57.5 million represents a significant improvement from the $161.8 million loss reported in 2022. This improvement is largely due to a substantial increase in revenue, rising from $3.6 million in 2022 to $113.3 million in 2023, primarily driven by the commencement of the GSK Collaboration Agreement in January 2023. Research and development expenses increased by $14.1 million year-over-year, reflecting progress across multiple programs. General and administrative expenses increased by a smaller amount, $0.8 million.

Significant strategic developments during the year included the continued advancement of several clinical programs in obesity (WVE-007), AATD (WVE-006), DMD (WVE-N531), and HD (WVE-003). Positive clinical data were announced for WVE-006 and WVE-003, demonstrating proof-of-mechanism and target engagement, respectively. The company also highlighted its PRISM platform, emphasizing its versatility and ability to optimize oligonucleotide properties across multiple therapeutic modalities. Financially, the company received significant upfront payments and equity investments from GSK, totaling $170 million, as part of their collaboration agreement. The Takeda collaboration, however, expired in October 2024.

As of December 31, 2024, Wave Life Sciences employed 288 full-time employees. The company's 10-K filing details various initiatives related to employee engagement, professional development, environmental health and safety, health and well-being, diversity, equity, and inclusion, and patient advocacy. The company's manufacturing capabilities were also highlighted, including both internal cGMP manufacturing and reliance on contract manufacturing organizations.

The company's outlook indicates an expectation of continued losses for the foreseeable future, contingent upon successful clinical development, regulatory approvals, and commercialization of its product candidates. The company anticipates submitting an Investigational New Drug application for WVE-003 in the second half of 2025 and expects to share clinical data from the INLIGHT trial (WVE-007) in the second half of 2025. The company also plans to share preclinical data from its wholly-owned programs in 2025 and initiate clinical development of additional programs in 2026. The filing also includes extensive disclosures regarding various risks, including financial risks, regulatory risks, and competitive risks.