Announcement • May 21

Wave Life Sciences Ltd. Announces Positive Update on RestorAATion-2 Trial: WVE-006 (GalNAc-RNA Editing) Achieves MZ-Like Phenotype Across Both Biweekly and Monthly Dosing

Wave Life Sciences Ltd. announced updated data from the ongoing RestorAATion-2 trial of WVE-006, its investigational, GalNAc-conjugated, subcutaneously delivered RNA editing oligonucleotide (AIMer) for alpha-1 antitrypsin deficiency (AATD). These data further affirm WVE-006’s potential as a novel therapeutic addressing both lung and liver AATD by generating healthy, wild-type M-AAT, reducing harmful Z-AAT, and restoring the ability to dynamically produce functional AAT protein when needed. Individuals with PiZZ AATD cannot produce healthy, wild-type M-AAT, have unhealthy, mutant Z-AAT aggregates in liver, and cannot dynamically increase AAT, a protein responsible for protecting lungs against ongoing damage. Heterozygous PiMZ individuals have low risk of lung or liver disease and circulating M-AAT levels ranging from 57% to 71% of total (mean=64%), based on analysis of natural history study samples measured with the same assay used in RestorAATion-2. The only approved treatment for AATD is weekly intravenous plasma-derived augmentation therapy, which only addresses lung manifestations and may leave individuals living with AATD at risk if AAT protein levels fall too low during an acute phase response. There are no approved therapies for AATD liver disease. Updated RestorAATion-2 clinical data: RestorAATion-2 is an ongoing open-label Phase 1b/2a trial with three dose cohorts (each n=8), with single and multidose portions. In the multidose portions, individuals receive multiple doses of WVE-006 (200 mg biweekly, 400 mg monthly, 600 mg monthly), over 12 weeks, followed by 12 weeks of follow-up. As of the data cutoff, data is available for the 200 mg (single and multidose), 400 mg (single and multidose), and 600 mg (single dose) cohorts. Circulating M-AAT, Z-AAT, and total (M + Z) AAT protein in the serum were measured by LC-MS/MS assays and reported as mean maximums. Reductions in Z-AAT protein: In PiZZ individuals, Z-AAT aggregates in the liver, where it can result in progressive liver disease. Treatment with WVE-006 led to robust, dose-dependent reductions of circulating, mutant Z-AAT from baseline following a single dose of WVE-006, reaching 47.3% (200 mg), 49.7% (400 mg), and 59.1% (600 mg). There were further reductions in Z-AAT with multiple doses of WVE-006, reaching 70.5% in the 200 mg biweekly dose cohort (seven doses). Reduction of Z-AAT was similar when extending the dosing interval, reaching 67.7% in the 400 mg monthly dose cohort (four doses). Restoration of wild-type M-AAT protein: Individuals with PiZZ AATD cannot produce wild-type M-AAT, the protein responsible for protecting the lungs against ongoing damage. Treatment with WVE-006 led to robust, dose-dependent restoration of wild-type M-AAT protein (canonical M-AAT) as a percentage of total circulating AAT following single doses of WVE-006, reaching 44.4% (200 mg), 48.0% (400 mg), and 52.3% (600 mg). In each single dose cohort, total AAT reached therapeutically relevant levels (200 mg: 12.9 µM; 400 mg: 14.0 µM; 600 mg: 13.0 µM). In the 200 mg multidose cohort, total AAT was 11.9 µM and M-AAT levels reached 64.4% of total AAT, in line with heterozygous MZ individuals with low risk of disease. A similar robust response was also observed when extending the dose interval to monthly (400 mg multidose cohort), where M-AAT levels reached 58.7% of total AAT. Total AAT in the 400 mg multidose cohort reached 13.6 µM. Restoration of dynamic AAT protein: Notably, following treatment with WVE-006, three instances of dynamic and rapid production of AAT protein due to acute phase responses were observed across RestorAATion-2 as indicated by concurrent C-reactive protein (CRP) and AAT elevation. As previously reported, in the 200 mg single dose cohort, one individual produced a significant increase in total AAT (20.6 µM) following an acute phase response related to a kidney stone. In the 400 mg multidose cohort, there were two additional instances of significant increases in AAT (57.8% and 59.8% versus pre-event) following acute phase responses to mild upper respiratory infection (common cold). Additionally, across all available RestorAATion-2 data to date, CRP increases are strongly correlated with increases in AAT (r=0.73, p<0.001, n=19). Convenient dosing and strong safety: Data support monthly subcutaneous dosing, with editing sustained at least three months following the last dose in both the 200 mg and 400 mg multidose cohorts. WVE-006 continues to be well tolerated with a favorable safety profile to date. All adverse events (AEs) were mild to moderate in intensity, and there were no SAEs or clinically meaningful liver function test elevations. Data from the RestorAATion-2 clinical trial were also highlighted earlier today at the American Thoracic Society (ATS) International Conference in an oral presentation by Kenneth R. Chapman, MsC, MD, FRCPC, FACP, FERS, Department of Medicine, University of Toronto. Anticipated upcoming milestones for WVE-006: Wave expects to receive regulatory feedback on a potential accelerated approval pathway mid-2026. Wave expects to share data from the 600 mg (monthly) multidose cohort in the second half of 2026.

Announcement • Mar 28

Wave Life Sciences Ltd. Announces Positive Interim Phase 1 Data From INLIGHT

Wave Life Sciences Ltd. announced new data from the Phase 1 portion of its first-in-human INLIGHT trial evaluating WVE-007, an investigational INHBE GalNAc-siRNA (SpiNA design), in otherwise healthy individuals living with overweight or obesity. After six months of follow-up, a single 240 mg dose led to further improvements in body composition, including fat loss with muscle preservation, with clinically meaningful reductions in visceral fat and waist circumference in a population with less fat and lower BMI than those in Phase 2 and 3 obesity studies. At 6-month follow-up, a single 240 mg dose of WVE-007 (INHBE GalNAc-siRNA) continued to drive significant placebo-adjusted reductions in visceral fat (-14%). WVE-007 led to greater improvement in body composition (visceral fat-to-muscle ratio) at six months versus that seen with weekly GLP-1 in later-stage trial (BMI: ~37 kg/m2), even with participants in Phase 1 portion of INLIGHT having substantially lower BMI (~32 kg/m2) and lower levels of fat than those in Phase 2 and 3 obesity studies. Durable and dose-dependent suppression of serum Activin E sustained through at least seven months continues to support expectations for once or twice-yearly dosing. WVE-007 continues to be generally safe and well tolerated. In the 240 mg cohort, six-month data demonstrated further improvements in body composition following a single dose of WVE-007, with statistically significant reductions in visceral fat and clinically meaningful reductions in waist circumference, as well as reductions in body weight. There were 32 participants in the 240 mg cohort (3:1 treatment to placebo) that had an average BMI of 32 kg/m2 and less visceral and subcutaneous fat than those in Phase 2 or 3 obesity studies. Placebo-adjusted percent change from baseline* 240 mg 3-month follow-up 6-month follow-up DEXA Visceral fat mass -7.8% -14.3% Total fat mass -5.1% -5.3% Lean mass +2.2% +2.4% Clinical measurements Waist circumference -0.4% -3.3% Body weight -0.3% -0.9%. The results were analyzed with a pre-specified statistical analysis (MMRM) utilizing all available data across all timepoints and dose groups at the time of the current data analysis and utilizing a pooled placebo comparator. The improvement in body composition as measured by visceral fat-to-muscle ratio (VMR) observed with a single 240 mg dose of WVE-007 (-16.5% vs. baseline) in the Phase 1 INLIGHT trial was greater than that achieved with weekly 2.4 mg doses of semaglutide at six months (-12.2% vs. baseline) in the BELIEVE Phase 2 clinical trial, which enrolled a higher BMI population (average 37 kg/m²). VMR is an established measure of body composition integrating harmful visceral fat and beneficial lean mass into a single index. Lower VMR is associated with a decreased risk of MASH, type 2 diabetes, and cardiometabolic disorders. Consistent, durable, and dose-dependent serum Activin E reductions sustained through at least seven months continue to support WVE-007’s potential for once or twice-yearly dosing, with a mean maximum reduction of up to 88%. WVE-007 continues to be generally safe and well tolerated to date up to 600 mg. There were no treatment discontinuations, and no severe or serious treatment emergent adverse events (TEAEs). All TEAEs in the treatment groups were mild or moderate, and all treatment-related adverse events were mild. There were no clinically meaningful changes in clinical laboratory measurements, including lipid profiles or liver function tests. In the 400 mg cohort, three-month data demonstrated placebo-adjusted reductions in visceral fat (-5.0%), total fat (-0.7%), with lean mass preservation (-0.2%) from baseline following a single dose. Notably, the 400 mg cohort had a leaner baseline body composition, with lower BMI and more participants (10 out of 24 individuals) with healthy levels of visceral fat (=500 g). A post-hoc analysis of the three-month results demonstrated a more robust and statistically significant average reduction in visceral fat (-7.8%, p500g), similar to that observed in the 240 mg cohort. These results emphasize the impact of baseline body composition on therapeutic effect and support expectations that evaluating individuals with higher BMI and visceral fat at baseline will lead to greater improvements in body composition and weight loss. Wave is on track to initiate the Phase 2a multidose portion of INLIGHT evaluating WVE-007 as monotherapy in individuals with higher BMI (35-50 kg/m2) and comorbidities in the second quarter of 2026. This placebo-controlled (3:1) Phase 2a study will include multiple assessments over a 12-month period, including body weight, waist circumference, body composition (MRI and DEXA), liver fat (MRI-PDFF), HbA1c, lipid levels, CRP, and muscle function. The study is expected to demonstrate further body composition improvements, including greater fat loss with preserved muscle, and additional weight loss. The results will inform further development of WVE-007 in obesity, as well as MASH, type 2 diabetes, and cardiovascular disease. The first assessment in this portion of the trial is planned for three months after participants have received their first dose. Additional data from INLIGHT, including data from the 600 mg Phase 1 SAD cohort, are expected in 2026. Wave expects to initiate the Phase 2a multidose portion of INLIGHT in individuals with higher BMI and comorbidities in the second quarter of 2026 and initiate new clinical trials evaluating WVE-007 as an incretin add-on and as post-incretin maintenance in 2026. WVE-007 is an investigational GalNAc-siRNA that utilizes Wave’s best-in-class proprietary oligonucleotide chemistry and the company’s Stereopure interfering Nucleic Acid (SpiNA) next generation siRNA design. WVE-007 is designed to silence INHBE mRNA, an obesity target with strong evidence from human genetics. In preclinical models, INHBE GalNAc-siRNA led to adipocyte shrinkage, fewer pro-inflammatory macrophages, less fibrosis, and improved insulin sensitivity in visceral adipose tissue, supporting potential for metabolic improvement. As an add-on to semaglutide, Wave’s GalNAc-siRNA doubled weight loss in mice and prevented weight regain upon cessation of semaglutide. INLIGHT is an ongoing randomized, placebo-controlled (3:1) clinical trial that includes a Phase 1, single-ascending dose portion in otherwise healthy individuals living with overweight or obesity. This portion is designed to address safety, tolerability, pharmacokinetics, and Activin E target engagement. INLIGHT is currently ongoing at multiple trial sites, including in the US. A Phase 2a portion of INLIGHT evaluating multiple WVE-007 doses in individuals with high BMI and comorbidities is expected to initiate in the second quarter of 2026.

Snowflake Score
Valuation	0/6
Future Growth	2/6
Past Performance	0/6
Financial Health	6/6
Dividends	0/6

Historical stock prices
Current Share Price	US$5.29
52 Week High	US$21.73
52 Week Low	US$5.01
Beta	-1.29
1 Month Change	-8.95%
3 Month Change	-17.08%
1 Year Change	-47.88%
3 Year Change	11.60%
5 Year Change	-10.94%
Change since IPO	-66.94%

	WVE	US Pharmaceuticals	US Market
7D	-2.2%	5.8%	-1.5%
1Y	-47.9%	56.0%	17.9%

WVE volatility
WVE Average Weekly Movement	8.4%
Pharmaceuticals Industry Average Movement	9.3%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.3%
10% least volatile stocks in US Market	3.1%

WVE fundamental statistics
Market cap	US$1.04b
Earnings (TTM)	-US$202.47m
Revenue (TTM)	US$65.37m

WVE income statement (TTM)
Revenue	US$65.37m
Cost of Revenue	US$197.42m
Gross Profit	-US$132.05m
Other Expenses	US$70.42m
Earnings	-US$202.47m

Earnings per share (EPS)	-1.03
Gross Margin	-202.00%
Net Profit Margin	-309.73%
Debt/Equity Ratio	0%

Data	Last Updated (UTC time)
Company Analysis	2026/08/23 03:01
End of Day Share Price	2026/08/21 00:00
Earnings	2026/06/30
Annual Earnings	2025/12/31

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

Analyst	Institution
Alec Stranahan	BofA Global Research
Madison Wynne El-Saadi	B. Riley Securities, Inc.
Whitney Ijem	Canaccord Genuity

Wave Life Sciences (WVE) Stock Overview

Rewards

Risk Analysis

Analyst Price Targets

RNA Readouts And Clinical Milestones Will Broaden Treatment Horizons

Digital Transformation And Precision Medicine Will Drive RNA Therapeutics

Rising Cash Burn Will Hamper RNA Editing Yet Spark Hope

Top Analyst Narratives

RNA Readouts And Clinical Milestones Will Broaden Treatment Horizons

Digital Transformation And Precision Medicine Will Drive RNA Therapeutics

Rising Cash Burn Will Hamper RNA Editing Yet Spark Hope

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Price History & Performance

Recent News & Updates

WVE: RNA Editing Obesity And AATD Catalysts Will Drive Future Upside

Wave Life Sciences, Inc. Files Form 15

Analysts Just Made A Major Revision To Their Wave Life Sciences Ltd. (NASDAQ:WVE) Revenue Forecasts

Consensus revenue estimates decrease by 12%

Wave Life Sciences Sets August 2026 Date for Move to Delaware

Price target decreased by 11% to US$19.63

Recent updates

WVE: RNA Editing Obesity And AATD Catalysts Will Drive Future Upside

Wave Life Sciences, Inc. Files Form 15

Analysts Just Made A Major Revision To Their Wave Life Sciences Ltd. (NASDAQ:WVE) Revenue Forecasts

Consensus revenue estimates decrease by 12%

Wave Life Sciences Sets August 2026 Date for Move to Delaware

Price target decreased by 11% to US$19.63

WVE: RNA Editing And Obesity Milestones Will Drive 2026 Upside

Second quarter 2026 earnings: EPS and revenues miss analyst expectations

Wave Life Sciences Ltd. to Report Q2, 2026 Results on Jul 30, 2026

Wave Life Sciences Begins Phase 2a Trial of WVE-007 for Obesity and Cardiometabolic Diseases

WVE: RNA Editing Data Readouts Will Drive Future Upside Potential

Wave Life Sciences (WVE) Stock Could Be 73% Undervalued After WVE 006 Data

Wave Life Sciences Shows New Promise for RNA Therapy in Alpha-1 Antitrypsin Deficiency

Wave Life Sciences Faces Investor Exit After WVE-007 Disappoints in Key Study

WVE: RNA Editing Pipeline And Obesity Data Will Shape Future Upside

WVE: Obesity Program Data And RNA Editing Validation Will Drive Future Upside

Wave Life Sciences Ltd. Announces Positive Update on RestorAATion-2 Trial: WVE-006 (GalNAc-RNA Editing) Achieves MZ-Like Phenotype Across Both Biweekly and Monthly Dosing

Insufficient new directors

Wave Life Sciences: 'Strong Buy' On DMD NDA Filing WVE-N531 And Released AATD Data

WVE: Obesity Data And 2026 Catalysts Will Shape Future Upside

Wave Life Sciences Ltd. to Report Q1, 2026 Results on Apr 28, 2026

WVE: Obesity And AATD Pipeline Progress Will Drive Future Upside

WVE: Obesity Pipeline Data And Regulatory Pathways Will Drive Future Upside

Wave Life Sciences Ltd. Announces Positive Interim Phase 1 Data From INLIGHT

WVE: Obesity Data And 2026 AATD Milestones Will Drive Future Upside

WVE: Obesity Fat Reduction Data Will Drive Future Upside Potential

WVE: INHBE Cardiometabolic Data And AATD Rights Will Drive Future Upside

Wave Life Sciences Ltd. to Report Q4, 2025 Results on Feb 26, 2026

WVE: INHBE Fat Reduction And AATD Progress Will Drive Future Upside

Wave Life Sciences Ltd. Announces Plans to Accelerate Regulatory Engagement with Full Control of WVE-006 for Alpha-1 Antitrypsin Deficiency

WVE: Obesity And RNA Editing Progress Will Drive Future Upside Potential

WVE: INHBE Obesity Program Will Drive Future Upside Potential

WVE: Obesity RNA Editing Advances Are Expected To Drive Future Upside

Subdued Growth No Barrier To Wave Life Sciences Ltd. (NASDAQ:WVE) With Shares Advancing 128%

Wave Life Sciences Ltd. Announces Positive Interim Data from Phase 1 INLIGHT Trial of WVE-007 (INHBE) for Obesity; Single Dose Resulted in Improvement in Body Composition With Fat Loss Similar to GLP-1 at Three Months Without Muscle Loss

WVE: Obesity RNA Editing Breakthrough Is Expected To Drive Future Upside

Wave Life Sciences Ltd. has filed a Follow-on Equity Offering in the amount of $250 million.

Wave Life Sciences Ltd. to Present Preclinical Data Supporting Therapeutic Potential of Wve-007 for Obesity At Obesityweek®? 2025

Wave Life Sciences Ltd. to Report Q3, 2025 Results on Nov 10, 2025

Wave Life Sciences Ltd. (NASDAQ:WVE) Stock Rockets 29% As Investors Are Less Pessimistic Than Expected

Wave Life Sciences Ltd. Announces Positive Target Engagement Data from INLIGHT Clinical Trial of WVE-007 for Obesity

Wave Life Sciences Ltd. (NASDAQ:WVE) Shares May Have Slumped 29% But Getting In Cheap Is Still Unlikely

Wave Life Sciences Ltd. Announces Positive Update from Ongoing RestorAATion-2 Trial of WVE-006 in Alpha-1 Antitrypsin Deficiency

Wave Life Sciences Ltd. (NASDAQ:WVE) Analysts Just Trimmed Their Revenue Forecasts By 13%

Wave Life Sciences Ltd.'s (NASDAQ:WVE) 26% Share Price Surge Not Quite Adding Up

Wave Life Sciences Ltd. to Report Q2, 2025 Results on Jul 30, 2025

We Think Wave Life Sciences (NASDAQ:WVE) Needs To Drive Business Growth Carefully

Wave Life Sciences Ltd., Annual General Meeting, Aug 05, 2025

Wave Life Sciences Announces Oral Presentation of Preclinical Data Supporting WVE-007's Mechanism (INHBE) to Reduce Fat, Preserve Muscle, and Induce Healthy Weight Loss at ADA's Annual Scientific Sessions

Risks Still Elevated At These Prices As Wave Life Sciences Ltd. (NASDAQ:WVE) Shares Dive 26%

Wave Life Sciences Ltd Announces Appointment of Christopher Wright as Chief Medical Officer

Wave Life Sciences Ltd. to Report Q1, 2025 Results on May 08, 2025

Wave Life Sciences Ltd.'s (NASDAQ:WVE) 41% Dip Still Leaving Some Shareholders Feeling Restless Over Its P/SRatio

Wave Life Sciences: Potential For Accelerated Approval Pathway With WVE-N531

Wave Life Sciences Ltd. Announces Positive Data from FORWARD-53 Clinical Trial in DMD Including Significant Functional Benefit and Reversal of Muscle Damage After 48 Weeks of Dosing with WVE-N531