Wave Life Sciences Q4 2024: Unpacking Contradictions in Huntington's Disease Estimates and DMD Regulatory Paths

These are the key contradictions discussed in Wave Life Sciences' latest 2024 Q4 earnings call, specifically including: Huntington's disease prevalence estimates, regulatory discussions for DMD, WVE-006's dosing strategy, and the regulatory path for DMD:



Revenue and Financial Growth:
- Wave Life Sciences reported revenue of $83.7 million for Q4 and $108.3 million for the full year 2024, marking significant increases from $29.1 million in Q4 2023 and $113.3 million in 2023.
- The growth was primarily driven by the recognition of deferred revenue under its Takeda collaboration and increased spending on key programs such as INHBE, AATD, and DMD.

Pipeline and Program Advancements:
- The company made significant progress in its obesity and AATD clinical trials and announced positive data in its DMD and HD programs.
- These advancements were attributed to the successful execution of its INHBE program and the derisking of an entirely new modality with RNA editing.

Research and Development Spending:
- Research and development expenses increased to $44.6 million in Q4 2024 from $34.1 million in the same period in 2023.
- The increase was primarily driven by spending on the INHBE program and other key developments in AATD and DMD programs.

Financial Performance and Cash Position:
- Net income improved to $29 million for Q4 2024 from a net loss of $16.3 million in Q4 2023.
- The increase in cash position to $302.1 million was primarily due to financing proceeds and research funding from GSK, ensuring sufficient cash runway for operations into 2027.