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Exhibit 99.1
Wave Life Sciences Reports First Quarter 2020 Financial Results and Provides Business Update
Data from both PRECISION-HD clinical trials expected in 2H 2020
Advancing clinical neurology pipeline – SNP3 and C9orf72 programs on track to initiate clinical development in 2H 2020
First ADAR-mediated RNA-editing data in non-human primates demonstrates editing efficiencies of up to 50%
Wave to host investor conference call and webcast at 8:30 a.m. ET today
CAMBRIDGE, Mass., May 11, 2020 – Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage genetic medicines company committed to delivering life-changing treatments for people battling devastating diseases, today announced financial results for the first quarter ended March 31, 2020 and provided a business update.
“During the last few months, our team has done a tremendous job of navigating the realities of the global COVID-19 pandemic, while making substantial progress on our critical priorities, including delivering on a key 2020 milestone, our initial in vivo RNA-editing dataset. We are working tirelessly to keep our clinical trials ongoing, our preclinical programs moving towards clinical development, and our discovery work on track, all while supporting each other and our communities during this difficult time,” said Paul Bolno, MD, MBA, President and Chief Executive Officer of Wave Life Sciences.
“Our PRECISION-HD clinical trials of WVE-120101 and WVE-120102, two investigational compounds designed to selectively target mutant HTT for the treatment of Huntington’s disease, are ongoing. While the pandemic has impacted several global clinical trial sites, the commitment of our patients and investigators remains resolute, speaking to the high unmet need for disease modifying therapeutics for this devastating disease. In addition, we currently remain on track to initiate clinical development for two additional neurological programs in the second half of 2020. Lastly, today we are announcing new data from our ADAR-mediated RNA-editing program and I look forward to sharing further updates on this emerging platform capability later this year.”
Recent business highlights
PRECISION-HD programs for Huntington’s disease (HD): Wave is developing a unique portfolio of investigational stereopure oligonucleotides designed to selectively target the mutant allele of the huntingtin (mHTT) gene, while leaving the wild-type (wtHTT) relatively intact.
PRECISION-HD2:
| • | The PRECISION-HD2 Phase 1b/2a clinical trial, Wave’s clinical trial investigating WVE-120102, a stereopure oligonucleotide designed to selectively target the mHTT mRNA transcript that contains the SNP rs362331 (SNP2) for HD, is ongoing. |
| • | Data from the 32 milligram (mg) dose cohort of the PRECISION-HD2 trial are currently expected in the second half of 2020. |
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The following information was filed by Wave Life Sciences Ltd. (WVE) on Monday, May 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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WVE Quarterly Reports
- 10-Q Quarterly Report November 2020
- 10-Q Quarterly Report August 2020
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10-Q Quarterly Report May 2020
- 10-Q Quarterly Report November 2019
- 10-Q Quarterly Report August 2019
- 10-Q Quarterly Report May 2019
- 10-Q Quarterly Report November 2018
- 10-Q Quarterly Report August 2018
- 10-Q Quarterly Report May 2018
- 10-Q Quarterly Report November 2017
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Financial - Debt Highlight
We received $89.3 million in net proceeds from private placements of our debt and equity securities, $100.4 million in net proceeds from our initial public offering, $40.0 million under the Pfizer Agreements (as defined in Note 5), including $10.0 million as an upfront payment under the Pfizer Collaboration Agreement and $30.0 million in the form of an equity investment, $93.5 million in net proceeds from our April 2017 follow-on underwritten public offering, $170.0 million in upfront payments under the Takeda Agreements (as defined in Note 5), including $110.0 million as an upfront payment under the Takeda Collaboration Agreement (as defined in Note 5) and $60.0 million in the form of an equity investment, and $161.8 million in net proceeds from our January 2019 follow-on underwritten public offering.
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Financial - Cash Flow Highlight
The following table summarizes our cash flow activity: Operating Activities During the three months ended March 31, 2020, operating activities used $26.3 million of cash, primarily due to our net loss of $47.5 million, offset by a $20.0 million decrease in accounts receivable.
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Financial - Expense Highlight
On February 6, 2020, we implemented a plan to reduce operating costs and better align our workforce with the needs of our business following our December 16, 2019 announcement of our decision to discontinue the suvodirsen program for patients with DMD and to cease development of our other DMD programs.
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Financial - Income Highlight
The decrease of $1.3 million in other income, net is primarily due to decreased dividend income earned on cash and cash equivalents.
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Financial - Shares Highlight
During the three months ended March 31, 2019, net cash provided by financing activities was $163.6 million, which was primarily due to the $162.1 million in net proceeds from our underwritten public offering of ordinary shares in January 2019 and approximately $1.5 million in proceeds from the exercise of share options.
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Revenue - Product
The $1.1 million increase in...Read more
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Revenue - Product
We believe that our revenue...Read more
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Other - Other
Effective March 12, 2020, we...Read more
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Revenue - Product
If we raise additional funds...Read more
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Other - Other
Oligonucleotides also have well-established manufacturing...Read more
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Financial - Shares
Our shelf registration statement on...Read more
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Revenue - Product
Our revenue during the three...Read more
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Financial - Shares
During the three months ended...Read more
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Other - Other
We have also established and...Read more
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Financial - Expense
The increase of $2.1 million...Read more
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Financial - Income
Other income, net consists primarily...Read more
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Other - Other
Given the global economic slowdown...Read more
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Other - Other
Through March 31, 2020, we...Read more
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Financial - Expense
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Revenue - Product
Revenue Revenue of approximately $4.2...Read more
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Other - Other
We are also pursuing additional...Read more
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We recognize external development costs...Read more
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Ticker: WVE
CIK: 1631574
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-023860
Submitted to the SEC: Mon May 11 2020 7:50:20 AM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Pharmaceutical Preparations
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