Wave Life Sciences Q4 Revenue Slumps to $17.2M, $602M Cash Backing Trials
Wave Life Sciences posted fiscal Q4 revenue of $17.2M versus $83.7M year-ago and full-year sales of $42.7M versus $108.3M, while cash climbed to $602.1M, funding operations into Q3 2028. The company expects a 1Q 2026 INLIGHT data update showing GLP-1-like fat loss, initiating Phase 2a obesity trials in 1H 2026.
1. Financial Performance
Wave Life Sciences reported fiscal Q4 revenue of $17.2 million, down from $83.7 million year-ago, and full-year 2025 sales of $42.7 million versus $108.3 million in 2024, reflecting ongoing commercialization challenges.
2. Cash Position and Runway
Cash and equivalents rose to $602.1 million as of December 31, 2025, up from $302.1 million a year earlier, driven by financing proceeds, milestone payments and research funding, with sufficient liquidity to support operations into Q3 2028.
3. INLIGHT Trial and Pipeline Plans
The company anticipates a 1Q 2026 data update from its INLIGHT trial showing GLP-1-like fat loss, and plans to initiate Phase 2a multidose WVE-007 obesity trials in 1H 2026, alongside incretin add-on and post-incretin maintenance studies later in the year.