Wave Life Sciences Ltd. reported third‑quarter 2025 results on November 10, 2025, showing revenue of $7.6 million and a net loss of $53.9 million. Earnings per share were –$0.32, a miss of $0.02 against the consensus estimate of –$0.30. Cash and cash equivalents stood at $196.2 million as of September 30, 2025, and the company raised an additional $72.1 million through an at‑the‑market offering, extending its runway into the second quarter of 2027.
The revenue miss reflects a shortfall of roughly 32 % compared with the consensus estimate of $11.2 million. The shortfall is largely attributable to lower sales of the WVE‑007 obesity program and the WVE‑006 alpha‑1 antitrypsin deficiency program, both of which had no new product launches in the quarter. Higher research and development spending, driven by ongoing clinical studies, further compressed revenue growth.
EPS fell short of expectations because operating expenses rose sharply, especially in R&D, and the company recorded a one‑time restructuring charge. The combination of higher costs and the absence of new product revenue pushed earnings into the negative territory, resulting in a miss of $0.02 per share.
Cash reserves remain robust, with the $196.2 million balance and the $72.1 million ATM proceeds providing a financial cushion that extends the company’s runway to Q2 2027. However, the continued net loss erodes the balance, underscoring the need for future milestone payments and additional financing to sustain operations.
CEO Paul Bolno highlighted clinical milestones for WVE‑007 and WVE‑006, noting that the programs validate the company’s proprietary PRISM platform. He acknowledged that the financial performance lagged behind expectations but emphasized the company’s commitment to investing in its pipeline to achieve long‑term value.
Management guided for Q4 2025 revenue of $18.8 million and an EPS of –$0.27, while full‑year 2025 revenue guidance was raised to $47.4 million and EPS to –$1.17. The guidance signals cautious growth expectations amid continued heavy R&D investment, with the company focusing on achieving milestone payments and advancing its clinical programs.
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