A clinical-stage biotech building a family of RNA medicines through its PRISM platform, which uses chemical tweaks called stereopure chemistry to make drugs that can edit, silence, or splice genetic messages. Its experimental treatments target conditions including obesity, alpha-1 antitrypsin deficiency, and Huntington's disease. Founded in 2012 and first named Ontorii, the company's "Wave" name nods to the wave of RNA innovation, and it manufactures its own medicines at a plant in Lexington, Massachusetts.
Wave Life Sciences' Q2 2026 net loss widened to $69.4M as R&D spending rose 18% and revenue fell 74% to $2.3M.
The GSK collaboration that once funded Wave's pipeline is now fully unwound. fell 74% to $2.3 million and the net loss widened to $69.4 million as R&D expenses rose 18% to $51.3 million, driven by spending on the obesity, AATD, and DMD programs. The company holds $490.6 million in cash and marketable securities and is now advancing its three lead programs entirely on its own, with key data readouts in the second half of 2026.
Key takeaways
fell 74% to $2.3 million, as the prior-year quarter still included GSK collaboration revenue; the GSK relationship has now been fully terminated, and the remaining $35.9 million of was recognized in Q1 2026.
R&D expenses rose 18% to $51.3 million, with higher spending on the INHBE obesity program (WVE-007), the AATD program (WVE-006), and the DMD program (WVE-N531).
G&A expenses grew 38% to $24.8 million, primarily from increased compensation-related and other external costs.
Section summaries
Management's Discussion and Analysis
Net loss widened to $69.4M in Q2 2026 as R&D and G&A expense growth outpaced a decline in GSK collaboration revenue.
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fell to $2.3M from $8.7M due to lower GSK collaboration revenue, while H1 2026 revenue rose to $40.5M driven by a one-time $35.9M recognition of deferred AATD revenue.
R&D expenses increased 18% to $51.3M, led by higher spending on the INHBE (WVE-007) obesity program, AATD (WVE-006), and DMD (WVE-N531) programs.
G&A expenses grew 38% to $24.8M, primarily from increased compensation-related and other external costs.
The net loss widened to $69.4 million from $50.5 million a year ago, as the $6.4 million decline and higher operating expenses flowed through to the .
Cash, equivalents, and marketable securities totaled $490.6 million as of June 30, 2026, down from $544.6 million at the end of Q1 2026, with of negative $53.6 million in the quarter.
Management expects key data readouts for WVE-007 in obesity and WVE-006 in AATD in the second half of 2026, and continues to plan an NDA submission for WVE-N531 in DMD in 2026 for .
What changed
The GSK collaboration, which brought a $170 million upfront payment in early 2023 and was flagged in every prior filing as a source of both funding and uncertainty, is now fully terminated. The company regained full rights to WVE-006 in February 2026 and recognized the remaining $35.9 million of in Q1 2026, leaving Q2 2026 with only $2.3 million in .
The IND submission for WVE-003 in Huntington's disease, which was expected in the second half of 2025 and was flagged as a watch item in the Q1, Q2, and Q3 FY2025 filings, was not addressed in this filing, leaving the program's regulatory timeline unstated.
The Phase 2a trial for WVE-007 in obesity, which management said in Q1 2026 it expected to initiate in Q2 2026, was not reported as initiated in this filing; the company now points to data readouts in the second half of 2026.
Cash consumption continued at a quarterly of negative $53.6 million, consistent with the negative $45 million to $63 million range seen across the prior four quarters, leaving the $490.6 million reserve sufficient for at least twelve months by management's estimate.
What to watch
Data readouts for WVE-007 in obesity and WVE-006 in AATD expected in the second half of 2026, which will be the first clinical updates since the company regained full control of both programs.
Whether the NDA for WVE-N531 in Duchenne muscular dystrophy is filed in 2026 as planned, and whether the FDA accepts it under the pathway.
Any update on the WVE-003 Huntington's disease program, whose IND submission was expected in the second half of 2025 but has not been addressed in the last two filings.
The pace of cash consumption against the $490.6 million reserve, with quarterly running at approximately negative $54 million and three programs advancing toward data readouts and a potential regulatory submission.
Cash, equivalents, and marketable securities totaled $490.6M as of June 30, 2026, which management expects will fund operations for at least the next 12 months.
The company is advancing multiple clinical programs, with key data readouts for WVE-007 in obesity and WVE-006 in AATD expected in the second half of 2026.
Quantitative and Qualitative Disclosures About Market Risk
Primary market risks are interest rate and foreign currency fluctuations, with no material FX impact in the current periods.
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Cash equivalents are held in checking and money market accounts solely to preserve capital, not for trading or speculation.
The company does not hedge foreign currency exposure, though it acknowledges exchange rate changes could materially harm its business.
For the three and six months ended June 30, 2026 and 2025, foreign currency fluctuations had no material impact on financial position or results.
Inflation has not materially affected the business in the last two years, but persistent global inflation could appreciably raise clinical trial, labor, and other operating costs.
With no product revenues, the company relies on external funding; its ability to raise equity capital is subject to capital market conditions and share price.
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under the caption “Risk Factors” that appear in Item 1A of our 2025 Annual Report on Form 10-K.
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In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under the caption “Risk Factors” that appear in Item 1A of our 2025 Annual Report on Form 10-K.