third quarter 2026
Filed Oct 27, 2026Wave Life Sciences Reports Third Quarter 2026 Financial Results and Provides Business Update
Third-quarter revenue increased versus the prior-year quarter and the company reported cash runway into the third quarter of 2028, while research and development, general and administrative expense, operating loss and net loss were higher than the prior-year quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $13.2M | – | – |
| Research and development expenses, three months ended September 30, 2026GAAP | $53.8M | – | – |
| General and administrative expenses, three months ended September 30, 2026GAAP | $25.4M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $79.20M | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | −$66.05M | – | – |
| Interest income, three months ended September 30, 2026GAAP | $4.38M | – | – |
| Other income (expense), three months ended September 30, 2026GAAP | −$243K | – | – |
| Total other income, net, three months ended September 30, 2026GAAP | $4.13M | – | – |
| Loss before income taxes, three months ended September 30, 2026GAAP | −$61.91M | – | – |
| Income tax benefit, three months ended September 30, 2026GAAP | — | – | – |
| Net loss, three months ended September 30, 2026GAAP | $61.9M | – | – |
| Net loss per share, basic and diluted, three months ended September 30, 2026GAAP | $ (0.30) | – | – |
| Weighted-average common stock used in computing net loss per share, basic and diluted, three months ended September 30, 2026GAAP | 204,222,255 | – | – |
| Foreign currency translation gain (loss), three months ended September 30, 2026GAAP | (125) | – | – |
| Unrealized loss on marketable securities, three months ended September 30, 2026GAAP | (268) | – | – |
| Comprehensive loss, three months ended September 30, 2026GAAP | −$62.30M | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $53.68M | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | 53,843 | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | 25,362 | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | 224,822 | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | (171,146) | – | – |
| Interest income, nine months ended September 30, 2026GAAP | 14,391 | – | – |
| Other income (expense), nine months ended September 30, 2026GAAP | (599) | – | – |
| Total other income, net, nine months ended September 30, 2026GAAP | 13,792 | – | – |
| Loss before income taxes, nine months ended September 30, 2026GAAP | (157,354) | – | – |
| Income tax benefit, nine months ended September 30, 2026GAAP | — | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$157.4M | – | – |
| Net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | $ (0.78) | – | – |
| Weighted-average common stock used in computing net loss per share, basic and diluted, nine months ended September 30, 2026GAAP | 202,814,464 | – | – |
| Foreign currency translation gain (loss), nine months ended September 30, 2026GAAP | (6) | – | – |
| Unrealized loss on marketable securities, nine months ended September 30, 2026GAAP | (309) | – | – |
| Comprehensive loss, nine months ended September 30, 2026GAAP | −$157.7M | – | – |
| Cash, cash equivalents, and marketable securities, September 30, 2026other | $431M | – | – |
| Cash and cash equivalents, September 30, 2026other | $197.3M | – | – |
| Marketable securities, September 30, 2026other | 233,434 | – | – |
| Long-term marketable securities, September 30, 2026other | 263 | – | – |
| Accounts receivable, September 30, 2026other | 12,000 | – | – |
| Total current assets, September 30, 2026other | 458,630 | – | – |
| Total assets, September 30, 2026other | $507.9M | – | – |
| Total liabilities, September 30, 2026other | $106.0M | – | – |
| Total stockholders’ equity, September 30, 2026other | $401.9M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
fourth quarter of 2026 and into the third quarter of 2028 outlook
- NoteWave expects that its current cash, cash equivalents, and marketable securities will be sufficient to fund operations into the third quarter of 2028.
- NoteWave expects to share data from the Phase 1 600 mg SAD cohort in the fourth quarter of 2026.
- NoteWave remains on track 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.
- NoteWave expects to share data from the 600 mg (monthly) multidose cohort in the fourth quarter of 2026.
- NoteA clinical trial application (CTA) filing for WVE-008 is on track for the fourth quarter of 2026.
- Note$12 million milestone from GSK to be received in 4Q 2026.
What drove it
- Revenue recognized was $13.2 million for the third quarter of 2026 as compared to $7.6 million in the prior year quarter.
- GSK selected a candidate for a hepatology indication to transition into GSK’s development pipeline, and Wave earned a $12 million milestone payment for the candidate selection.
- Dosing is underway in the Phase 2a monotherapy portion of the INLIGHT trial of WVE-007, and the Phase 2a combination trial with weekly tirzepatide has been initiated.
- Planning is underway for a two-year registrational trial of WVE-006, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers.
- Wave is currently advancing three additional GSK collaboration programs towards potential candidate selection.
Concerns
- Net loss was $61.9 million for the third quarter of 2026 as compared to a net loss of $53.9 million in the prior year quarter.
- Research and development expenses were $53.8 million in the third quarter of 2026 as compared to $45.9 million in the same period in 2025.
- General and administrative expenses were $25.4 million in the third quarter of 2026 as compared to $18.1 million in the same period in 2025.
- Potential future milestone and other payments under the GSK collaboration are not included in the cash runway.
- Clinical results and timing, regulatory actions, funding needs, and competition are identified as risks in the forward-looking statements.
What to watch
- Data from the WVE-007 Phase 1 600 mg SAD cohort in the fourth quarter of 2026.
- Initiation of the WVE-007 post-incretin maintenance trial in the fourth quarter of 2026.
- Data from the WVE-006 600 mg monthly multidose cohort in the fourth quarter of 2026.
- The WVE-008 CTA filing in the fourth quarter of 2026.
- Receipt of the $12 million GSK milestone in the fourth quarter of 2026.
- Progress of the three additional GSK collaboration programs toward potential candidate selection.
Balance sheet and cash flow
- Cash, cash equivalents, and marketable securities were $431.0 million as of September 30, 2026.
- The $431.0 million did not include the $12 million milestone from GSK that will be received in the fourth quarter of 2026.
- Cash and cash equivalents were $ 197,315 and marketable securities were 233,434 as of September 30, 2026.
- Restricted cash was 3,815 as of September 30, 2026.
- Total liabilities were $ 105,994 as of September 30, 2026.
- No operating cash flow, free cash flow, debt, share repurchases, or dividends were reported.
Analysis
Wave reported third-quarter revenue of $13.2 million, compared with $7.6 million in the prior-year quarter. The company remains a clinical-stage biotechnology business, and the release tied corporate progress to its GSK research collaboration and the advancement of its WVE-006, WVE-007 and WVE-008 programs rather than reporting commercial product sales or operating segments.
Operating investment increased in the quarter. Research and development expense was $53.8 million versus $45.9 million in the same period in 2025, while general and administrative expense was $25.4 million versus $18.1 million. Total operating expenses were $ 79,205, and loss from operations was $ (66,047). Net loss was $61.9 million, compared with $53.9 million in the prior-year quarter.
The balance-sheet position is central to the update. Wave reported $431.0 million of cash, cash equivalents and marketable securities at September 30, 2026, excluding a $12 million GSK milestone expected in the fourth quarter of 2026. Management expects current cash, cash equivalents and marketable securities to fund operations into the third quarter of 2028, while stating that potential future GSK milestones and other collaboration payments are excluded from that runway.
Pipeline execution is the principal near-term operating focus. WVE-007 monotherapy dosing is underway in Phase 2a, the combination study with tirzepatide has been initiated, and the company remains on track to initiate a post-incretin maintenance study in the fourth quarter of 2026. For WVE-006, planning is underway for a two-year registrational trial, including a one-year interim analysis for potential accelerated approval based on AATD biomarkers. Wave also expects WVE-007 Phase 1 600 mg SAD data, WVE-006 600 mg monthly multidose data, and the WVE-008 CTA filing in the fourth quarter of 2026.
The GSK collaboration added a selected hepatology development candidate and a $12 million earned milestone, with three additional programs advancing toward potential candidate selection. Wave stated it is eligible to receive up to $330 - $375 million in development, launch, and commercial milestones for each collaboration program, plus tiered royalties on net sales. The release does not provide revenue, expense, tax-rate, gross-margin or earnings-per-share guidance.
Management, verbatim
We continue to make notable progress advancing our lead clinical programs. Following positive FDA feedback, planning is underway for our potentially registrational trial of WVE-006 for AATD, which we believe offers an efficient path to potential full and accelerated approval, without the need for a separate confirmatory trial.
Paul Bolno, MD, MBA, President and Chief Executive Officer
We also continue to make notable progress advancing WVE-007 across treatment settings. Dosing is ongoing in our Phase 2a INLIGHT ™ trial evaluating WVE-007 as a monotherapy.
Paul Bolno, MD, MBA, President and Chief Executive Officer
Importantly, our PRISM platform and chemistry continue to demonstrate unique value both within our own pipeline and beyond. The advancement of a development candidate by GSK reflects the recognition of Wave’s differentiated technology, including our best-in-class siRNA with SpiNA design, with three additional collaboration programs still advancing.
Paul Bolno, MD, MBA, President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter comparisons for reported financial metrics.
- Gross profit and gross margin.
- Non-GAAP financial measures.
- Operating cash flow and free cash flow.
- Debt balance.
- Share repurchases and dividends.
- Revenue, gross-margin, operating-expense, tax-rate, and earnings-per-share guidance.
- Segment revenue and segment profitability.
- A previous-release outlook for comparison with actual results.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.