[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","jcf1qjltii1no5cp7s0ewlnk3","revision",2,"title","Wave Life Sciences提交截至2026年9月30日季度的10-Q：九个月净亏损1.574亿美元","originalTitle","Wave Life Sciences, Inc. (0001631574) (Filer)","summary","Wave Life Sciences提交截至2026年9月30日季度的Form 10-Q；截至该日止九个月，公司收入5,367.6万美元、净亏损1.574亿美元，收入来自GSK合作。","reason","季度报告披露了Wave的亏损、现金流、合作收入及资金需求，提供了评估其经营状况与融资风险的信息。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_78":90},"publishedAt","2026-10-27T11:50:33.000Z","discoveredAt","2026-10-27T12:08:49.845Z","timelineAt","category","ai-products","tags",[84,85,86,87],"stockSymbols",[83],"score",69,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","fJUkfnspZ414",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","36b3eed3-3a16-4bf3-8d61-2506b8f8d77b","Wave Life Sciences公布第三季度业绩并推进WVE-006开发",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

（勾选一项）

\n \n \n \n \n \n

☒ 根据1934年《证券交易法》第13或15(d)条提交的季度报告

截至以下日期的季度期间 2026年9月30日

\n \n \n \n \n \n

☐ 根据1934年《证券交易法》第13或15(d)条提交的过渡期报告

过渡期：从 ______ 到 ______

委员会档案编号： 001-37627

WAVE LIFE SCIENCES, INC.

（注册人章程中规定的确切名称）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
特拉华州（注册成立或组织所在州或其他司法管辖区）		42-2115035 （美国国税局雇主识别号）

733 Concord Avenue 剑桥, 马萨诸塞州（主要行政办公室地址）		02138 （邮政编码）

(617) 949-2900

（注册人电话号码，包括区号）

根据该法第12(b)条注册的证券：

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
各类别名称	交易代码	注册所在交易所名称
普通股，面值 $0.001	WVE	纳斯达克全球市场

请勾选说明注册人是否：(1) 在此前12个月内（或注册人须提交此类报告的较短期间内）已提交根据1934年《证券交易法》第13或15(d)条规定须提交的所有报告；以及(2) 在过去90天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选说明注册人是否已在此前12个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据S-T法规第405条（本章§232.405）须提交的所有交互式数据文件。是 ☒ 否 ☐

请勾选说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小型申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小型申报公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n
大型加速申报公司	☒		加速申报公司	☐
非加速申报公司	☐		较小型申报公司	☐
			新兴成长型公司	☐

如果是新兴成长型公司，请勾选说明注册人是否已选择不使用《交易法》第13(a)条规定的延长过渡期，以遵守任何新的或修订后的财务会计准则。☐

请勾选说明注册人是否为壳公司（定义见《交易法》规则12b-2）。是 ☐ 否 ☒

截至2026年10月21日，注册人有 197,228,968 股普通股发行在外。\n

WAVE LIFE SCIENCES, INC.

10-Q表季度报告

\n	\n	\n
		页
第一部分——财务信息		5
第1项。财务报表		5
未经审计的合并资产负债表		5
未经审计的合并经营及综合亏损报表		6
未经审计的A系列优先股及股东权益合并报表		7
未经审计的合并现金流量表		9
未经审计的合并财务报表附注		10
第2项。管理层对财务状况和经营业绩的讨论与分析		19
第3项。有关市场风险的定量和定性披露		32
第4项。控制和程序		32
第二部分——其他信息		33
第1项。法律诉讼		33
第1A项。风险因素		33
第2项。未注册的股权证券销售及所得款项用途		33
第3项。优先证券违约		33
第4项。矿山安全披露		33
第5项。其他信息		33
第6项。附件		34

关于前瞻性陈述的特别说明

本季度 Form 10-Q 报告包含《经修订的 1933 年证券法》（以下简称“《证券法》”）第 27A 条以及《经修订的 1934 年证券交易法》（以下简称“《交易法》”）第 21E 条所指的前瞻性陈述，这些陈述涉及未来事件或我们的未来运营或财务业绩。任何前瞻性陈述均涉及已知和未知的风险、不确定性及其他因素，这些因素可能导致我们的实际结果、活动水平、业绩或成就与该前瞻性陈述所明示或暗示的任何未来结果、活动水平、业绩或成就存在重大差异。在某些情况下，前瞻性陈述可通过“预期”“相信”“继续”“可能”“估计”“预计”“未来”“目标”“打算”“很可能”“可以”“或许”“持续进行”“目的”“计划”“潜在”“预测”“预计”“寻求”“应当”“战略”“目标”“将会”和“会”等词语，或这些词语的否定形式，或其他旨在标识未来陈述的类似术语来识别，但并非所有前瞻性陈述都包含这些识别词语。前瞻性陈述包括除历史事实陈述外的以下事项相关陈述：我们为未来运营提供资金的能力；我们的财务状况、收入、成本、费用、现金用途和资本需求；我们对额外融资的需求，或现有现金资源足以满足运营要求的期限；我们的研发活动、临床前研究和临床试验的成功与否、进展、数量、范围、成本、持续时间、时间安排或结果，包括任何临床前研究和临床试验启动或完成的时间，或结果公布的时间，或任何监管申报提交、审查或获批的时间；我们获得并维持任何候选产品监管批准的时间以及相关能力；任何候选产品可能带来的潜在益处；我们的战略、前景、计划、目标、预期、预测或目的；我们与第三方合作的成功与否；合作伙伴可能向我们支付的任何款项；我们识别和开发新候选产品的能力；我们的知识产权状况；我们的商业化、营销和制造能力及战略；我们开发销售和营销能力的能力；我们对未来支出和额外融资需求的估算；我们识别、招聘和留住关键人员的能力；我们的财务表现；行业竞争对手的动态及相关预测；我们的流动性和营运资金需求；新会计准则的预期影响；以及我们对任何地方性和全球性健康疫情对业务的影响的预期，包括对研发活动、临床前研究和临床试验、药品供应及员工队伍的影响。

尽管我们认为，本报告中每项前瞻性陈述都有合理依据，但我们提醒您，这些陈述基于我们对未来的估计或预测，受已知和未知风险、不确定性及其他重要因素影响，可能导致我们的实际业绩、活动水平、表现或成就与任何前瞻性陈述明示或暗示的内容存在差异。这些风险、不确定性及其他因素包括但不限于：我们的关键会计政策；临床前研究能否产生足够数据以支持提交全球临床试验申请及相关时间安排；我们能否继续建设并维持实现目标所需的公司基础设施和人员；我们的项目临床结果及时间安排（这些结果可能无法支持进一步开发候选产品）；监管机构的行动（可能影响临床试验的启动、时间安排和进展）；我们管理当前及未来临床试验和监管流程的有效性；我们的平台能否成功识别可行候选药物；核酸疗法作为一类药物能否持续发展并获得认可；我们能否在临床试验中证明立体纯候选药物的治疗获益，包括能否开发多种治疗模式的候选药物；我们能否获得、维持和保护知识产权；我们能否对侵权者执行专利权并捍卫专利组合免受第三方挑战；我们能否为运营提供资金并在需要时筹集额外资本；其他开发类似用途疗法的主体所带来的竞争；任何地方性和全球性健康流行病、地缘政治冲突、全球经济不确定性、关税影响及经济政策变化、通胀波动、利率波动或市场动荡对我们业务造成的影响或与之相关的影响；以及“风险因素”标题下的其他风险和不确定性，以及本季度 10-Q 表格报告和我们向美国证券交易委员会（“SEC”）提交的其他文件中所载的任何其他披露。

本报告中的每项前瞻性陈述均基于我们目前已知的事实与我们对未来的预期，而我们无法确定未来情况。由于这些因素，我们无法保证本季度 10-Q 表格报告中的前瞻性陈述会被证明准确。此外，如果我们的前瞻性陈述被证明不准确，这种不准确可能具有重大影响。鉴于这些前瞻性陈述存在重大不确定性，不应将其视为我们或任何其他人士就我们将在任何特定时间范围内或必然实现目标和计划所作的陈述或保证。我们提醒您，不要过度依赖任何前瞻性陈述。

此外，本报告中的任何前瞻性陈述仅代表我们截至本报告日期的观点，不应被视为代表我们在之后任何日期的观点。我们预计，后续事件和发展可能导致我们的观点发生变化。尽管我们可能会选择在未来某个时候公开更新这些前瞻性陈述，但除适用法律要求外，我们不承担因新信息、未来事件或其他原因而公开更新任何前瞻性陈述的义务。我们的前瞻性陈述未反映我们未来可能进行的任何收购、合并、处置、合资或投资的潜在影响。

在本10-Q表季度报告中，除非另有说明或上下文另有所指，提及“Wave”、“本公司”、“我们”、“我们的”、“我方”或类似用语，均指Wave Life Sciences, Inc.及其全资子公司。Wave Life Sciences, Inc.和Wave Life Sciences Pte. Ltd.的名称、Wave Life Sciences标志、PRISM以及本10-Q表季度报告中出现的Wave Life Sciences, Inc.其他已注册和待注册商标、商号及服务标志，均为Wave Life Sciences, Inc.的财产。本10-Q表季度报告还包含属于Wave Life Sciences, Inc.及其他公司的其他商号、商标和服务标志。我们使用或展示其他方的商标、商号或服务标志，并非意在暗示，且不应被解释为暗示我们与这些其他方存在关系，或获得其背书或赞助。为方便起见，本10-Q表季度报告中的商标和商号未标注®和™符号，但此类引用不应被解释为表明其各自所有者不会在适用法律允许的最大范围内主张其相关权利。

第一部分 - 财务信息

第1项财务报表

WAVE LIFE SCIENCES, INC.

未经审计的合并资产负债表

（单位：千，股份数量除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		2026年9月30日			2025年12月31日
资产
流动资产：
现金及现金等价物		$	197,315			$	602,068
有价证券			233,434				—
应收账款			12,000				1,276
预付费用			11,556				8,395
其他流动资产			4,325				3,075
流动资产总额			458,630				614,814
长期资产：
物业及设备，扣除累计折旧$51,391 和$49,522 截至2026年9月30日和2025年12月31日的金额			6,239				7,405
长期有价证券			263				—
经营租赁使用权资产			38,088				12,458
受限现金			3,815				3,806
其他资产			895				16
长期资产总额			49,300				23,685
资产总额		$	507,930			$	638,499
负债、A系列优先股及股东权益
流动负债：
应付账款		$	19,295			$	15,700
应计费用及其他流动负债			21,979				26,564
递延收入流动部分			9,111				44,440
经营租赁负债流动部分			4,375				8,361
流动负债总额			54,760				95,065
长期负债：
递延收入，扣除流动部分			12,338				7,798
经营租赁负债，扣除流动部分			38,896				9,405
长期负债总额			51,234				17,203
负债总额		$	105,994			$	112,268
A轮优先股，无面值；截至2026年9月30日和2025年12月31日，分别有0股和3,901,348股已发行并流通		$	—			$	7,874
股东权益：
优先股，每股面值$0.001；授权发行30,000,000股；截至2026年9月30日和2025年12月31日，已发行并流通0股，分别为		$	—			$	—
普通股，每股面值$0.001；授权发行500,000,000股；截至2026年9月30日已发行并流通197,213,583股，且截至2025年12月31日有0股已发行并流通			197				1,616,478
额外实缴资本			1,885,894				228,365
累计其他综合亏损			(565	)			(250	)
累计赤字			(1,483,590	)			(1,326,236	)
股东权益总额		$	401,936			$	518,357
负债、A轮优先股及股东权益总额		$	507,930			$	638,499

随附附注是未经审计合并财务报表不可分割的一部分。

WAVE LIFE SCIENCES, INC.

未经审计的合并经营报表及综合亏损表

（单位：千美元，股份和每股金额除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日的三个月			截至9月30日的九个月
		2026			2025			2026			2025
收入		$	13,158			$	7,608			$	53,676			$	25,482
经营费用：
研发			53,843				45,874				152,576				129,965
一般及行政			25,362				18,087				72,246				54,433
经营费用总额			79,205				63,961				224,822				184,398
经营亏损			(66,047	)			(56,353	)			(171,146	)			(158,916	)
其他收入，净额：
利息收入			4,378				2,177				14,391				7,424
其他收入（费用）			(243	)			324				(599	)			293
其他收入总额，净额			4,135				2,501				13,792				7,717
所得税前亏损			(61,912	)			(53,852	)			(157,354	)			(151,199	)
所得税收益			—				—				—				—
净亏损		$	(61,912	)		$	(53,852	)		$	(157,354	)		$	(151,199	)
每股净亏损—基本及稀释		$	(0.30	)		$	(0.32	)		$	(0.78	)		$	(0.92	)
计算每股净亏损所用普通股加权平均数—基本及稀释			204,222,255				167,739,208				202,814,464				164,773,525
其他综合亏损：
净亏损		$	(61,912	)		$	(53,852	)		$	(157,354	)		$	(151,199	)
外币折算收益（亏损）			(125	)			(29	)			(6	)			72
有价证券未实现亏损			(268	)			—				(309	)			—
综合亏损		$	(62,305	)		$	(53,881	)		$	(157,669	)		$	(151,127	)

随附附注是未经审计合并财务报表不可分割的一部分。

WAVE LIFE SCIENCES, INC.

未经审计的A轮优先股及股东权益合并报表

（单位：千美元，股份数除外）

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		A轮优先股				普通股			额外实缴资本			累计其他综合亏损			累计			股东权益总额
		股份数			金额				股份数			金额			资本			亏损			赤字			权益
2024年12月31日余额			3,901,348			$	7,874					153,037,286			$	1,175,181			$	156,454			$	(262	)		$	(1,121,858	)		$	209,515
根据“按市价发行”股权计划发行普通股，扣除费用			—				—					97,375				1,262				—				—				—				1,262
股权激励薪酬			—				—					—				—				4,953				—				—				4,953
限制性股票单位归属			—				—					18,019				—				—				—				—				—
期权行权			—				—					853,881				2,451				—				—				—				2,451
发行普通股用于 ESPP			—				—					86,752				442				—				—				—				442
其他综合收益			—				—					—				—				—				58				—				58
净亏损			—				—					—				—				—				—				(46,878	)			(46,878	)
截至 2025 年 3 月 31 日的余额			3,901,348			$	7,874					154,093,313			$	1,179,336			$	161,407			$	(204	)		$	(1,168,736	)		$	171,803
根据“按市价发行”股权计划发行普通股，净额			—				—					1,388,934				11,099				—				—				—				11,099
股票薪酬			—				—					—				—				6,196				—				—				6,196
RSU 归属			—				—					40,270				—				—				—				—				—
期权行权			—				—					150,775				594				—				—				—				594
其他综合收益			—				—					—				—				—				43				—				43
净亏损			—				—					—				—				—				—				(50,469	)			(50,469	)
截至 2025 年 6 月 30 日的余额			3,901,348			$	7,874					155,673,292			$	1,191,029			$	167,603			$	(161	)		$	(1,219,205	)		$	139,266
根据“按市价发行”股权计划发行普通股，净额			—				—					3,934,128				30,212				—				—				—				30,212
股票薪酬			—				—					—				—				6,472				—				—				6,472
RSU 归属			—				—					156,996				—				—				—				—				—
期权行权			—				—					458,196				2,041				—				—				—				2,041
发行普通股用于 ESPP			—				—					65,869				439				—				—				—				439
其他综合亏损			—				—					—				—				—				(29	)			—				(29	)
净亏损			—				—					—				—				—				—				(53,852	)			(53,852	)
截至 2025 年 9 月 30 日的余额			3,901,348			$	7,874					160,288,481			$	1,223,721			$	174,075			$	(190	)		$	(1,273,057	)		$	124,549

所附附注是未经审计合并财务报表不可分割的一部分。

WAVE LIFE SCIENCES, INC.

未经审计的 A 系列优先股及股东权益合并报表（续）

（千美元，股份数除外）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		A 系列优先股				普通股			额外实缴资本			累计其他综合			累计			股东权益总额
		股份			金额				股份			金额			资本			亏损			赤字			权益
截至 2025 年 12 月 31 日的余额			3,901,348			$	7,874					187,660,263			$	1,616,478			$	228,365			$	(250	)		$	(1,326,236	)		$	518,357
A 系列优先股转换为普通股			(3,901,348	)			(7,874	)				3,901,348				7,874				—				—				—				7,874
股票薪酬			—				—					—				—				9,063				—				—				9,063
RSU 归属			—				—					242,509				—				—				—				—				—
期权行权			—				—					442,967				1,934				—				—				—				1,934
发行普通股用于 ESPP			—				—					90,479				593				—				—				—				593
其他综合亏损			—				—					—				—				—				(4	)			—				(4	)
净亏损			—				—					—				—				—				—				(26,087	)			(26,087	)
截至 2026 年 3 月 31 日的余额			—			$	—					192,337,566			$	1,626,879			$	237,428			$	(254	)		$	(1,352,323	)		$	511,730
预付认股权证转换为普通股			—				—					822,638				—				—				—				—				—
股票薪酬			—				—					—				—				10,733				—				—				10,733
RSU 归属			—				—					40,949				—				—				—				—				—
期权行权			—				—					76,469				330				—				—				—				330
其他综合收益			—				—					—				—				—				82				—				82
净亏损			—				—					—				—				—				—				(69,355	)			(69,355	)
截至 2026 年 6 月 30 日的余额			—			$	—					193,277,622			$	1,627,209			$	248,161			$	(172	)		$	(1,421,678	)		$	453,520
预付认股权证转换为普通股			—				—					3,683,883				—				—				—				—				—
因重新注册而将普通股交换为普通股			—				—					—				(1,627,394	)			1,627,394				—				—				—
股票薪酬			—				—					—				—				10,288				—				—				10,288
RSU 归属			—				—					166,370				—				—				—				—				—
期权行权			—				—					19,562				37				51				—				—				88
发行普通股用于 ESPP			—				—					66,146				345				—				—				—				345
其他综合亏损			—				—					—				—				—				(393	)			—				(393	)
净亏损			—				—					—				—				—				—				(61,912	)			(61,912	)
截至 2026 年 9 月 30 日的余额			—			$	—					197,213,583			$	197			$	1,885,894			$	(565	)		$	(1,483,590	)		$	401,936

所附附注是未经审计合并财务报表不可分割的一部分。

WAVE LIFE SCIENCES, INC.

未经审计的合并现金流量表

（千美元）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日的九个月
		2026			2025
经营活动产生的现金流量
净亏损		$	(157,354	)		$	(151,199	)
将净亏损调节为经营活动所用现金净额的调整项：
使用权资产摊销			4,385				3,994
财产和设备折旧			2,579				2,596
投资溢价增值			(596	)			—
出售有价证券的已实现净亏损			4				—
股票薪酬费用			30,084				17,621
经营性资产和负债变动：
应收账款			(10,724	)			(8,578	)
预付费用			(3,161	)			2,891
其他资产			(2,129	)			4,766
应付账款			3,519				(1,717	)
应计费用及其他流动负债			(4,585	)			(4,594	)
递延收入			(30,789	)			(13,865	)
经营租赁负债			(4,510	)			(5,632	)
经营活动所用现金净额			(173,277	)			(153,717	)
投资活动产生的现金流量
购置财产和设备			(1,337	)			(719	)
购买有价证券			(236,499	)			—
出售及到期收回可供出售债务证券			3,085				—
投资活动所用现金净额			(234,751	)			(719	)
融资活动产生的现金流量
根据 “按市价发行”股权计划发行普通股所得款项，扣除发行费用			—				42,573
行使股票期权所得款项			2,352				5,086
员工股票购买计划（ESPP）所得款项			938				881
融资活动提供的现金净额			3,290				48,540
汇率变动对现金、现金等价物及受限现金的影响			(6	)			72
现金、现金等价物及受限现金净减少额			(404,744	)			(105,824	)
期初现金、现金等价物及受限现金			605,874				305,838
期末现金、现金等价物及受限现金		$	201,130			$	200,014
现金流量信息补充披露
通过交换经营租赁负债取得的经营租赁使用权资产（见附注2）		$	(30,015	)		$	—

随附附注是未经审计合并财务报表不可分割的组成部分。

Wave Life Sciences, Inc.

未经审计合并财务报表附注

1. 公司

组织架构

2026年8月7日，作为此前公布的重组Wave Life Sciences集团公司计划的一部分，该计划旨在使一家特拉华州公司成为集团母公司（“迁册”），特拉华州公司Wave Life Sciences, Inc.（“Wave-Delaware”）根据新加坡《1967年公司法》规定的一项名为协议安排的法定程序，成为Wave Life Sciences集团公司的最终母公司。根据该协议安排，在协议安排生效时间前一刻，Wave-Singapore（即根据新加坡共和国法律注册成立的股份有限公司Wave Life Sciences Ltd.）全部已发行普通股均按一比一比例交换为Wave-Delaware新发行的普通股（每股面值$0.001），Wave-Singapore由此成为Wave-Delaware的全资子公司。

该协议安排作为共同控制实体之间的权益交换进行会计处理。Wave-Singapore的全部资产和负债由Wave-Delaware承接，因此保留了历史会计基础，视同两者一直合并进行会计和财务报告。

2026年8月7日之后期间的财务报表涉及Wave-Delaware；2026年8月7日（迁册生效日）之前期间的财务报表涉及Wave-Singapore。除非另有说明或上下文另有要求，“Wave”、“我们”或“公司”均指迁册生效时间起的Wave Life Sciences, Inc.及其合并子公司，以及该时间之前的前身Wave-Singapore。

Wave-Delaware（连同其子公司，以下简称“Wave”或“公司”）是一家临床阶段生物技术公司，致力于释放核糖核酸（“RNA”）药物（也称为寡核苷酸）或靶向RNA的药物的广泛潜力，以变革人类健康。公司的RNA药物平台PRISM®结合多种RNA药物形式、化学创新以及对人类遗传学的深入洞察，带来治疗罕见和常见疾病的科学突破。公司的RNA靶向技术工具箱包括RNA干扰（“RNAi”）（SpiNA）和RNA编辑（AIMers），使公司具备无可匹敌的能力，可设计并持续交付能够最佳应对疾病生物学机制的候选药物。公司的主要管线项目包括肥胖症（WVE-007）、α-1抗胰蛋白酶缺乏症（“AATD”）（WVE-006）以及PNPLA3 I148M肝病（WVE-008）；公司还在利用其多功能RNA药物平台推进多个临床前项目。

公司的主要活动包括开发和演进PRISM，以设计、开发和商业化RNA药物；推进公司的差异化产品组合；建设公司的研究、开发和制造能力；推动项目进入临床阶段；进一步开展此类临床阶段项目的临床开发；构建公司的知识产权；并确保有充足资金支持这些活动。

流动性

自成立以来，公司尚未产生任何产品收入，并持续发生经营亏损。迄今为止，公司主要通过私募债务和股权证券、公开及其他注册股权证券发行以及与第三方的合作为运营提供资金。在公司能够通过产品销售产生可观收入之前（如果能够实现），公司预计将继续通过公开或私募股权或债务融资，或其他来源为运营提供资金，其中可能包括来自与第三方合作的预付款和里程碑付款。公司可能无法以可接受的条件获得额外充足融资，甚至完全无法获得。若无法在需要时筹集资金，将对公司的财务状况以及执行业务战略的能力产生负面影响。

截至2026年9月30日，公司持有现金、现金等价物和有价证券共计$431.0百万美元。公司预计，现有现金、现金等价物和有价证券足以支持其运营至少至本财务报表发布日起未来十二个月。公司根据当时可获得的最佳信息作出这一预期；然而，公司可能会比目前预期更早用尽可用资本资源。如果公司未来期间未能实现预期经营业绩，可能需要进一步削减计划支出，以延长当时可用资源支持公司运营的时间。此外，如果市场状况或战略考量使融资条件有利，即使公司预计现有资金足以支持当前或未来运营计划，也可能选择在资金用尽之前筹集额外资金。

风险和不确定性

公司面临生物技术行业公司普遍面临的风险，包括但不限于技术创新、专有技术保护、维持内部生产能力、对关键人员的依赖、遵守政府法规以及需要获得额外融资。公司的治疗项目在任何候选产品商业化之前，都需要开展大量额外研发工作，包括广泛的临床前和临床试验以及监管审批。这些工作需要大量额外资本、充足的人员和基础设施，以及全面的合规报告能力。无法保证公司的研发工作会取得成功、公司会获得充分的知识产权保护、所开发的任何产品会获得必要的政府监管批准，或任何获批产品具有商业可行性。即使公司的产品开发工作取得成功，公司何时（如果能够）从产品销售中获得可观收入仍无法确定。公司所处的环境技术快速变化，并面临来自制药和生物技术公司的激烈竞争。

列报基础

公司按照美国公认会计原则（“U.S. GAAP”）并以美元编制随附的合并财务报表。

2. 重要会计政策

公司截至2025年12月31日及截至该日止年度的经审计财务报表及其附注中所述的重要会计政策（该等财务报表及附注载于公司截至2025年12月31日止年度的Form 10-K年度报告，该报告于2026年2月26日提交给美国证券交易委员会（“SEC”），并于2026年4月30日修订（“2025年度Form 10-K报告”）），在截至2026年9月30日止九个月内未发生重大变化，但下文“金融工具公允价值”和“有价证券”部分所述情况除外。

金融工具的公允价值

公司遵循财务会计准则委员会（“FASB”）《会计准则汇编》（“ASC”）第820主题《公允价值计量》（“ASC 820”）的规定。该主题建立了公允价值计量所用输入值的层级，要求在可获得时使用可观察输入值，以最大限度使用可观察输入值并尽量减少使用不可观察输入值。可观察输入值是市场参与者根据从独立于公司的来源取得的市场数据为金融工具定价时会使用的输入值。不可观察输入值反映公司对市场参与者为金融工具定价时会使用的输入值所作的假设，并根据具体情况下可获得的信息制定。公允价值层级仅适用于确定所报告投资公允价值时使用的估值输入值，并非投资信用质量的衡量标准。该层级将估值输入值分为三个级别：

第1级——在计量日可进入的活跃市场中，相同且不受限制资产的未经调整报价。

第2级——类似资产的报价，或通过与可观察市场数据相互印证，在几乎整个期限内直接或间接可观察的输入值。第2级包括按报价并针对该证券特定的法律或合同限制进行调整后估值的投资。

第3级——该资产的定价输入值不可观察，即反映报告主体自身对市场参与者为资产定价时会采用的假设所作的假设。第3级包括市场活动很少或没有市场活动支持的私人投资。

如果估值基于市场中较难观察或不可观察的模型或输入值，确定公允价值就需要更多判断。因此，公司在确定公允价值时，对归类为第3级的工具所行使的判断程度最高。金融工具在公允价值层级中的级别取决于对公允价值计量具有重要意义的输入值中的最低级别。

有价证券

公司根据FASB ASC第320主题《投资——债务和权益证券》对有价证券进行会计处理。有价证券归类为可供出售证券，包括自购买日起规定到期日超过三个月的政府证券及债务和公司债券。可供出售证券在资产负债表中按公允价值列示，未实现收益或损失作为其他综合收益（损失）的单独组成部分列报。有价证券出售时确认的已实现收益或损失计入净利润。有价证券根据资产负债表日各证券距到期日的时间，归类为流动资产或非流动资产。

租赁更新

公司根据 ASC Topic 842《租赁》（“ASC 842”）对租赁进行会计处理。在安排开始时，公司根据该安排中存在的具体事实和情况，确定该安排是否为租赁或包含租赁。大多数租期超过一年的租赁均在资产负债表中确认为使用权资产以及适用的短期和长期租赁负债。公司通常仅在评估租赁安排时纳入初始租赁期限。除非有合理把握认为公司将续租，否则续租选择权不纳入公司的评估范围。公司每季度监控其续租计划。

截至2026年6月30日止三个月内，公司签订修订协议，将其位于马萨诸塞州列克星敦的制造设施租约期限延长至2038年1月。因此，公司重新计量了相关经营租赁负债，并相应增加经营租赁使用权资产和经营租赁负债约$30.0百万。

未经审计的中期财务数据

随附的截至2026年9月30日的中期合并资产负债表、截至2026年和2025年9月30日止三个月和九个月的相关中期合并经营和综合亏损报表、截至2026年和2025年3月31日、6月30日及9月30日止三个月的A系列优先股和股东权益合并报表、截至2026年和2025年9月30日止九个月的合并现金流量表，以及未经审计合并财务报表附注中所载的相关中期信息，均根据美国证券交易委员会（SEC）关于中期财务信息的规则和规定编制。因此，这些报表未包含美国公认会计原则（U.S. GAAP）要求完整财务报表提供的全部信息和附注。本附注披露的截至2026年和2025年9月30日止三个月和九个月的财务数据及其他信息均未经审计。管理层认为，未经审计的中期合并财务报表反映了为公允列报公司截至2026年和2025年9月30日止三个月和九个月的财务状况及经营业绩所需的所有调整，这些调整均为正常和经常性调整。中期的经营业绩并不一定代表截至2026年12月31日止年度或任何其他中期或未来年度或期间的预期业绩。

3. 金融工具的公允价值

下表列示了有关公司按经常性基础以公允价值计量的金融资产的信息，并说明用于确定该等公允价值的公允价值层级（单位：千）：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至2026年9月30日			截至2025年12月31日
					公允价值层级						公允价值层级
		总计			第1级			第2级			第3级			总计			第1级			第2级			第3级
		（单位：千）			（单位：千）
现金等价物：
公司债券		$	428				—				428				—
货币市场基金			16,808				16,808				—				—				596,264				596,264				—				—

有价证券：
公司债券			76,382				—				76,382				—				—				—				—				—
美国国库券			55,338				—				55,338				—				—				—				—				—
美国政府证券			101,977				—				101,977				—				—				—				—				—
合计		$	250,933			$	16,808			$	234,125			$	—			$	596,264			$	596,264			$	—			$	—

本公司的现金等价物和有价证券按公允价值列账，公允价值根据公允价值层级确定。本公司的应付账款和应计费用账面价值近似于其公允价值，这是由于这些负债期限较短。截至 December 31, 2025，现金及现金等价物由存放于支票账户和货币市场账户中的资金构成，并归类为第 1 级。

现金等价物中的货币市场基金归类于公允价值层级的第 1 级，因为其采用活跃市场中的报价进行估值。现金等价物和有价证券中的政府证券及债务和公司债券归类于公允价值层级的第 2 级，因为其定价输入值并非活跃市场中的报价，而是截至报告日可直接或间接观察到的输入值，且公允价值通过模型或其他估值方法确定。

所列期间内均未发生转入或转出第 3 级的情况。

4. 有价证券

下表汇总了本公司的可供出售有价证券：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 September 30, 2026			截至 December 31, 2025
		摊销成本			未实现收益总额			未实现损失总额			公允价值			摊销成本			未实现收益总额			未实现损失总额			公允价值


		（千美元）			（千美元）
公司债券		$	76,518			$	—			$	(136	)		$	76,382			$	—			$	—			$	—			$	—
美国国库券			55,359				—				(21	)			55,338				—				—				—				—
美国政府证券			102,129				—				(152	)			101,977				—				—				—				—
合计		$	234,006			$	—			$	(309	)		$	233,697			$	—			$	—			$	—			$	—

上表中的公允价值金额在我们的合并资产负债表中分类如下：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 September 30, 2026			截至 December 31, 2025
		（千美元）			（千美元）
有价证券		$	233,434			$	—
长期有价证券			263				—
合计		$	233,697			$	—

有价债务证券的摊销成本会根据溢价摊销和到期折价摊增进行调整。截至 September 30, 2026 的三个月和九个月内，有价证券到期时确认了不重大已实现损失，因此，本公司在任一期间均未将相应金额从累计其他综合损失中重分类。本公司截至 December 31, 2025 未持有有价证券。

5. 应计费用和其他流动负债

应计费用和其他流动负债包括以下项目：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		September 30, 2026			December 31, 2025
		（千美元）
应计薪酬		$	12,907			$	18,080
与 CRO 和 CMO 相关的应计费用			6,365				7,314
应计费用和其他流动负债			2,707				1,170
应计费用和其他流动负债合计		$	21,979			$	26,564

6. 基于股票的薪酬

在迁册之前，公司股东权益反映的是 Wave-Singapore 已发行的普通股，且所有这些普通股均在纳斯达克全球市场公开交易。2026 年 8 月 7 日收市后，Wave-Singapore 所有已发行普通股均按一比一的比例兑换为新发行的 Wave-Delaware 普通股，Wave-Singapore 则成为 Wave-Delaware 的全资子公司。迁册完成后，Wave-Delaware 承接了 Wave-Singapore 的 2014 计划（定义见下文）、2021 计划（定义见下文）、纳斯达克激励性限制性股票单位授予通知及纳斯达克激励性限制性股票单位协议、纳斯达克激励性非合格股票期权授予通知及纳斯达克激励性非合格股票期权协议，以及 ESPP（定义见下文），并承接了据此授予的所有未偿奖励和权利。此外，2021 计划和 ESPP 经修订并重述，2014 计划（仅为继续管理据此授予的未偿奖励）及纳斯达克激励表格也作了相应修订；在每种情况下，修订均规定，据此授予的奖励（包括 ESPP 下的购买权）所涉及的证券为 Wave-Delaware 普通股，而非 Wave-Singapore 普通股。承接的奖励和权利继续适用迁册完成前基本相同的条款和条件，但据此授予的奖励所涉及的证券为 Wave-Delaware 普通股，而非 Wave-Singapore 普通股。

Wave-Delaware 2021 年股权激励计划经公司股东批准，于 2021 年 8 月 10 日生效，并于 2022 年 8 月 9 日、2023 年 8 月 1 日、2024 年 8 月 6 日、2025 年 8 月 5 日及 2026 年 8 月 7 日修订（经修订后称为“2021 计划”）。2021 计划是 Wave Life Sciences, Inc. 2014 年股权激励计划（经修订，下称“2014 计划”）的后续计划，因此，根据 2014 计划授予的未偿奖励继续受 2014 计划条款约束，但 2021 年 8 月 10 日之后不得再根据 2014 计划授予奖励。2021 计划最初授权发行奖励的普通股总数为 5,450,000 股，随后于 2022 年 8 月、2023 年 8 月、2024 年 8 月及 2025 年 8 月分别增至 11,450,000 股、17,950,000 股、22,950,000 股及 30,950,000 股，另加 2021 年 8 月 10 日或之后根据 2014 计划授予、被没收、取消或以其他方式终止的任何奖励所对应的普通股数量（因行使而终止或由公司扣留以履行任何预扣税义务的除外）。

2021 计划授权（此前 2014 计划授权）公司董事会或其委员会（其中包括）向符合资格的公司员工、顾问及非雇员董事授予非合格股票期权、限制性奖励（包括限制性股票和限制性股票单位（“RSU”））以及绩效奖励。公司将授予非雇员董事的奖励作为授予员工的奖励进行会计处理。

期权通常在一至四年内归属；被没收或取消的期权可再次授予。期权的合同期限通常为自授予日起十年。RSU 可以是基于时间或基于绩效的。基于时间的 RSU 通常在一至四年内归属。基于绩效的 RSU 是否归属取决于某些监管或商业里程碑是否实现。任何被没收的 RSU 均可再次授予。

在截至 2026 年 9 月 30 日的九个月内，公司向员工和非雇员董事共授予 5,776,284 份期权，并向员工和非雇员董事授予 1,880,550 个基于时间的 RSU。

截至 2026 年 9 月 30 日，2021 计划下尚有 3,901,362 股普通股可供未来授予。

下表列示截至 2026 年和 2025 年 9 月 30 日尚未行权的期权和 RSU。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日，
		2026			2025
购买普通股的期权			24,367,464				22,295,058
RSU			3,030,432				1,794,333

Wave Life Sciences, Inc. 2019 年员工股票购买计划（经修订，以下简称“ESPP”）允许全职及某些兼职员工以低于公允市场价值的价格购买公司普通股。符合资格的员工可参加每年 1 月 15 日和 7 月 15 日开始的六个月发行期。普通股的购买价格为发行期首个营业日或最后一个营业日公司普通股公允市场价值较低者的 85%。ESPP 最初授权发行的普通股总数为 1,000,000 股，随后于 2023 年 8 月增至 3,000,000 股。在截至 2026 年 9 月 30 日的九个月内，根据 ESPP 发行了 156,625 股普通股。截至 2026 年 9 月 30 日，ESPP 尚有 2,004,756 股普通股可供发行。

7. 合作协议

GSK 合作与股权协议

2022年12月13日，Wave Life Sciences USA, Inc. 和 Wave Life Sciences UK Limited 与 GlaxoSmithKline Intellectual Property (No. 3)（“GSK”）签订了《合作与许可协议》（“GSK合作协议”）。根据GSK合作协议，Wave与GSK同意合作开展

寡核苷酸疗法的研发、开发和商业化；最初还包括WVE-006的全球独家许可。发现合作部分的初始研究期限为四年，将Wave专有的发现与药物开发平台PRISM与GSK独特的遗传学洞察以及全球开发和商业化能力相结合。2023年1月27日，GSK合作协议生效，GSK向Wave支付了$120.0百万美元的预付款。

在签署GSK合作协议的同时，Wave于2022年12月13日与Glaxo Group Limited（“GGL”）签订了《股份购买协议》（“SPA”）；GGL是GSK的关联公司。根据该协议，Wave同意以每股$4.68的购买价格向GGL出售10,683,761股普通股（“GSK股权投资”）。在完成惯常交割条件后，GSK股权投资于2023年1月26日完成。GGL在GSK股权投资中购买的普通股附带此类交易惯常的若干登记权。公司未因根据SPA发行普通股而产生任何重大成本。

GSK合作协议最初包含三个部分： (1) 一项发现合作，使公司能够利用GSK的新颖遗传学洞察推进最多三个项目；(2) 一项发现合作，使GSK能够利用PRISM以及公司的寡核苷酸专业知识和发现能力推进最多八个项目（“发现研究合作”）；以及(3) GSK对WVE-006（公司AATD项目）的全球独家许可，该项目采用公司的专有AIMer技术（“AATD合作”）。2026年2月2日，公司宣布重新获得WVE-006的全部权利。WVE-006是一种用于治疗α-1抗胰蛋白酶缺乏症的研究性GalNAc偶联RNA编辑寡核苷酸，最初依据GSK合作协议授予GSK全球独家许可。

根据 GSK 合作协议，双方相互授予对方有关合作产品的某些许可，以使对方能够履行其在 GSK 合作协议项下的义务并行使其权利，包括授予许可，使双方能够按照 GSK 合作协议的条款开展研究、开发和商业化活动。双方之间的排他性义务按合作中的各个靶点分别适用。GSK 可为便利而终止 GSK 合作协议，既可整体终止，也可按靶点终止。在某些例外情形下，如果另一方或其关联方对许可技术中涵盖 GSK 合作协议项下任何产品的专利的可专利性、可执行性或有效性提出质疑，双方均有权按靶点终止 GSK 合作协议。如果一方严重违反 GSK 合作协议，在享有补救权的前提下，另一方可在违约涉及所有靶点时整体终止协议，或在违约涉及特定靶点时按靶点终止协议。如果 GSK 及其关联方停止针对某一特定靶点开展 GSK 合作协议项下化合物或产品的开发、生产和商业化活动，公司可终止该协议中与该靶点有关的部分。任何一方均可因另一方破产而终止 GSK 合作协议。在某些终止情形下，公司将获得 GSK 授予的许可，以继续研究、开发和生产某些产品。

除非提前终止，GSK 合作协议将持续至以下日期：(i) 对于验证靶点，该验证靶点未被推进至合作项目之日；或 (ii) 对于合作靶点，针对适用合作靶点的所有合作产品的特许权使用费期限届满之日。GSK 合作协议包含将研究期限延长最多三年的选择权，这将增加双方可开展的项目数量。公司将牵头为 GSK 及公司的合作项目开展所有临床前研究，直至支持研究性新药（“IND”）申请的研究。公司将牵头公司的合作项目的 IND 支持性研究、临床开发和商业化。GSK 的合作项目将转交 GSK 开展 IND 支持性研究、临床开发和商业化。

GSK 合作协议由联合指导委员会管理，双方在委员会中的代表人数相同。此外，AATD 合作由联合开发委员会监督，联合专利委员会就知识产权活动提供建议，Discovery Research 合作由联合研究委员会监督。双方在这些委员会中的代表人数相同，且这些委员会向联合指导委员会汇报。

公司根据 ASC 606《客户合同收入》（“ASC 606”）对该安排进行了评估，并得出结论：在 GSK 行使其选择权之前，合同对方 GSK 是 AATD 合作的客户；在靶点验证研究期限内，GSK 是发现研究合作项目的客户。公司确定该安排包含以下重大承诺：(1) WVE-006 的全球独家许可；(2) WVE-006 的研发服务，直至完成 1/2 期研究；(3) 发现研究合作项下为开展靶点验证项目提供的发现研究服务；(4) 发现研究合作的研发许可；以及 (5) GSK 合作项目的研发服务，直至完成候选项目遴选。公司认定，WVE-006 的研发服务与全球独家许可并非可明确区分，因此应合并为 AATD 合作项下的一项履约义务。公司还认定，发现研究合作的研发服务与该合作项下的研发许可并非可明确区分，因此应合并为一项履约义务。此外，公司确定单独出售

从发现研究合作中推进最多八个项目的选择权的单独售价，并认定该选择权未向 GSK 提供重大权利。

基于这些评估，公司确定 GSK 合作协议包含两项履约义务：(1) AATD 合作，包括直至完成 1/2 期研究的研发服务以及 WVE-006 的研发许可；(2) 发现研究合作，包括用于验证靶点、以取得该等靶点研发许可的研发服务。

在该安排开始时，交易价格包括固定对价：1.2亿美元预付款、与 GSK 股权投资相关的 1,540万美元溢价，以及额外靶点验证研究资金相关的固定对价。公司将与靶点验证研究相关的估计可变对价分配至发现研究合作，将与开发里程碑相关的可变对价分配至 AATD 合作，然后按照相对单独售价基础将固定对价分配至各项履约义务。公司确定，GSK 合作协议不包含重大融资成分。为将发现研究合作中的最多八个项目推进至临床前开发阶段、以开发 GSK 合作项目而收取的项目启动费，以及额外的潜在里程碑付款，均未计入交易价格，因为在 GSK 合作协议订立时，所有里程碑金额均受到完全限制。公司将在每个报告期末重新评估交易价格；随着不确定事项得到解决或情况发生其他变化，公司将调整其交易价格估计。

根据与 GSK 的合作协议，GSK 可利用公司的 PRISM 平台和多种 RNA 靶向方式（RNAi、RNA 编辑、剪接和反义技术）推进最多八个项目（“GSK 合作项目”），目前正在多个治疗领域开展靶点验证工作。在取得靶点验证结果后，将项目推进至候选开发药物阶段，即产生一项 GSK 合作项目履约义务。2026 年 1 月，GSK 选择推进第四个项目，在取得靶点验证结果后将其推进至候选开发药物阶段。根据与 GSK 的合作协议，GSK 已就这四个项目合计支付了 $32.0 百万美元的项目启动款。

The following table summarizes the allocation of the total transaction price to the identified performance obligations under the GSK Collaboration Agreement, and the amount of the transaction price unsatisfied as of September 30, 2026 (in thousands):

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Transaction Price Allocated			Transaction Price Unsatisfied (1)
Performance Obligations:
AATD Collaboration		$	166,778			$	—
Discovery Research Collaboration			7,792				—
GSK Collaboration Programs			32,000				18,893
Total		$	206,570			$	18,893

(1) The unsatisfied transaction price will be recognized over the remaining applicable research or program term.

The Company developed the estimated standalone selling price for the global license for WVE-006, under the AATD Collaboration, using a discounted cash flow model. For the performance obligation associated with the research and development services under the Discovery Research Collaboration and the research and development services for WVE-006 under the AATD Collaboration, the Company determined the standalone selling price using estimates of the costs to perform the research and development services, including expected internal and external costs for services and supplies, adjusted to reflect a profit margin. The total estimated cost of the research and development services reflected the nature of the services to be performed and the Company’s best estimate of the length of time required to perform the services.

Revenue associated with the AATD Collaboration performance obligation was being recognized as the research and development services were provided using an input measure, according to the costs incurred and the total costs expected to be incurred to satisfy the performance obligation. The Company recognized the remaining deferred revenue related to the AATD performance obligation, which was fully satisfied upon the termination of the AATD license, in the first quarter of 2026. The revenue associated with the Discovery Research Collaboration performance obligation is being recognized as the research and development services are provided using an input measure, according to the costs incurred and the total costs expected to be incurred to satisfy the performance obligation. The amounts received that have not yet been recognized as revenue are recorded in deferred revenue on the Company’s consolidated balance sheet. Additional funding related to the Company’s research activities related to Discovery Research Collaboration will be recorded as accounts receivable when contractually enforceable and recorded as deferred revenue, or as revenue as the services are provided.

During the year ended December 31, 2023, the Company achieved a developmental milestone which pertained to the initiation of dosing in healthy volunteers in the RestorAATion clinical trial program, triggering a $20.0 million milestone payment to the Company from GSK, which was collected in the first quarter of 2024. During the year ended December 31, 2025, GSK acknowledged the Company’s achievement of another development milestone for the AATD program, triggering a $10.0 million milestone payment to the Company from GSK, which was collected during the fourth quarter of 2025.

During the three months ended September 30, 2026, the Company was notified that GSK has selected a candidate to transition into GSK’s development pipeline, triggering a $12.0 million milestone payment to the Company from GSK which was included in accounts receivable as of September 30, 2026, and recorded to revenue in the three and nine months ended September 30, 2026,

For the three months ended September 30, 2026 and 2025, the Company recognized revenue of $13.2 million and $7.6 million, respectively, under the GSK Collaboration Agreement using the input method described above. For the nine months ended September 30, 2026 and 2025, the Company recognized revenue of $53.7 million and $25.5 million, respectively, under the GSK Collaboration Agreement using the input method described above which includes the recognition of the remaining deferred revenue related to the AATD performance obligation ($35.9 million), and the $12.0 million milestone during the nine months ended September 30, 2026. Through September 30, 2026, the Company has recognized collaboration revenue of $199.7 million under the GSK Collaboration Agreement in the Company’s consolidated statements of operations and comprehensive loss.

The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue on September 30, 2026 is approximately $21.4 million, of which approximately $9.1 million was included in current liabilities and approximately $12.3 million was included in long-term liabilities. The aggregate amount of the transaction price allocated to the Company’s unsatisfied and partially unsatisfied performance obligations and recorded in deferred revenue on December 31, 2025 was approximately $52.2 million, of which approximately $44.4 million was included in current liabilities and $7.8 million was included in long-term liabilities.

8. NET LOSS PER SHARE

In connection with various public offerings, the Company sold pre-funded warrants to purchase shares of common stock to certain investors (the “Pre-Funded Warrants”). As of September 30, 2026 and 2025, there were 7,093,656 and 8,968,679, respectively, vested and exercisable Pre-Funded Warrants outstanding to purchase shares of common stock for the exercise price of $0.0001 per share, provided that, unless and until the Company obtains stockholder approval for the issuance of the shares of common stock underlying the Pre-Funded Warrants, a holder will not be entitled to exercise any portion of any Pre-Funded Warrant, which, upon giving effect to such exercise, would cause (i) the aggregate number of shares of our common stock beneficially owned by the holder (together with its affiliates) to exceed 4.99% (or at the election of such holder, 9.99% or 19.99%) of the number of shares of our common stock outstanding immediately after giving effect to the exercise, or (ii) the combined voting power of our securities beneficially owned by the holder (together with its affiliates) to exceed 4.99% (or at the election of such holder, 9.99% or 19.99%) of the combined voting power of all of our securities then outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the Pre-Funded Warrants. The Pre-Funded Warrants are included in the weighted-average common shares outstanding used in the calculation of basic net loss per share as the exercise price is negligible and the warrants are fully vested and exercisable.

Basic loss per share is computed by dividing net loss attributable to common stockholders and Pre-Funded Warrant holders by the weighted-average number of shares of common stock and Pre-Funded Warrants outstanding.

The Company’s potentially dilutive shares, which include outstanding stock options to purchase shares of common stock and RSUs, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. In March 2026, the Company’s previously outstanding Series A preferred stock was converted to shares of common stock on a one-to-one basis and included in the calculation of net loss per share as of the date of conversion.

The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stock for the periods indicated because including them would have had an anti-dilutive effect:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
		As of September 30,
		2026			2025
Options to purchase shares of common stock			24,367,464				22,295,058
RSUs			3,030,432				1,794,333

9. INCOME TAXES

During the nine months ended September 30, 2026 and 2025, the Company recorded no income tax benefit or provision. The Company maintained a full valuation allowance for the three and nine months ended September 30, 2026 and 2025 in all jurisdictions due to uncertainty regarding future taxable income.

10. GEOGRAPHIC DATA

Substantially all of the Company’s long-lived assets were located in the United States as of September 30, 2026 and December 31, 2025.

11. RELATED PARTY TRANSACTIONS

The Company had the following related party transactions:

•

Pursuant to the terms of various contract research service agreements with Shin Nippon Biomedical Laboratories Ltd., a contract research organization and one of the Company’s stockholders, and its affiliates (together, “SNBL”), the Company paid SNBL $0.7 million and $5.5 million, respectively, during the three and nine months ended September 30, 2026. The Company paid SNBL $0.6 million during the three and nine months ended September 30, 2025. Through September 30, 2026, the Company has paid an aggregate of $8.9 million to SNBL for the aforementioned various service agreements. During the three and nine months ended September 30, 2026, the Company incurred expenses of approximately $0.9 million and $3.1 million, respectively, related to the aforementioned various service agreements. During the three and nine months ended September 30, 2025, the Company incurred expenses of approximately $1.5 million and $3.1 million, respectively, related to the aforementioned various service agreements.

12. SEGMENT INFORMATION

Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company operates as a single reporting segment, focused on developing its proprietary RNA medicines platform, PRISM, to develop and commercialize a broad pipeline of RNA medicines in a variety of therapeutic areas. Consistent with the Company’s operational structure, the Company’s chief executive officer (“CEO”), as the CODM, manages and allocates resources on a consolidated basis at the global corporate level. The results of our operations are reported on a consolidated basis for purposes of segment reporting. The CEO uses consolidated net loss that is reported on the consolidated statements of operations and comprehensive loss for the purposes of assessing performance, allocating resources and planning, monitoring budget versus actual results, and forecasting future periods.

The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company's single reporting segment. A reconciliation to consolidated operating expenses as the Company’s single segment operating loss for the three and nine months ended September 30, 2026 and 2025 is included in the table below:

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,			Nine Months Ended September 30,
		2026			2025			2026			2025
		(in thousands)			(in thousands)
Research and development expenses:
INHBE program		$	6,374			$	4,574			$	18,080			$	10,628
AATD program			3,057				967				7,796				4,259
DMD program			3,633				4,973				11,724				10,692
HD program			250				487				470				2,443
Other research and development expenses(1), including PNPLA3, additional preclinical programs, PRISM			40,529				34,873				114,506				101,943
Total research and development expenses			53,843				45,874				152,576				129,965
General and administrative expenses			25,362				18,087				72,246				54,433
Total operating expenses		$	79,205			$	63,961			$	224,822			$	184,398

(1) Includes expenses related to other research and development programs, identification of potential drug discovery candidates, compensation-related expenses, internal manufacturing expenses, equipment repairs and maintenance expense, facility-related expenses, and other operating expenses, which are not allocated to specific programs.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (“SEC”) on February 26, 2026, as amended (the “2025 Annual Report on Form 10-K”). Some of the information contained in this discussion and analysis or set forth elsewhere in this Quarterly Report on Form 10-Q, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. As a result of many factors, including those factors set forth in the “Risk Factors” section of this Quarterly Report on Form 10-Q and the “Risk Factors” section of our 2025 Annual Report on Form 10-K, our actual results could differ materially from the results described in, or implied by, these forward-looking statements.

Overview

We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid (“RNA”) medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM®, combines multiple RNA medicine modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our toolkit of RNA-targeting modalities, including RNA interference (“RNAi”) (SpiNA) and RNA editing (AIMers), provides us with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Our lead pipeline programs include obesity (WVE-007), alpha-1 antitrypsin deficiency (“AATD”) (WVE-006), and PNPLA3 I148M liver disease (WVE-008), and we are also advancing several preclinical programs utilizing our versatile RNA medicines platform.

We were founded on the recognition that there was a significant, untapped opportunity to use chemistry innovation to tune the pharmacological properties of oligonucleotides. We have more than a decade of experience challenging convention related to oligonucleotide design and pioneering novel chemistry modifications to optimize the pharmacological properties of our molecules. We have seen in clinical trials that these chemistry modifications enhance potency, distribution, and durability of effect of our molecules. Our novel chemistry also allows us to avoid using complex delivery vehicles, such as lipid nanoparticles and viruses, and instead use clinically proven conjugates (e.g., N-acetylgalactosamine or (“GalNAc”)) or free uptake for delivery to a variety of cell and tissue types. We maintain strong and broad intellectual property, including for our novel chemistry modifications.

Our best-in-class chemistry capabilities have also unlocked new areas of biology, such as harnessing adenosine deaminases acting on RNA (“ADAR”) enzymes for messenger RNA (“mRNA”) correction and upregulation, selectively silencing a mutant allele, and more. By opening up new areas of biology, we have also opened up new opportunities to slow, stop, or reverse disease and have expanded the possibilities offered through our platform.

The inspiration for our multimodal platform is based on the recognition that the biological machinery (i.e., enzymes) needed to address human disease already exists within our cells and can be harnessed for therapeutic purposes with the right tools. We believe that we have built the most versatile toolkit of RNA-targeting modalities in the industry, with multiple means of repairing, restoring, or reducing proteins and designing best-fit solutions based on the unique biology of a given disease target. We are actively advancing programs across modalities, including RNAi (silencing), RNA editing, which uses novel A-to-I RNA editing oligonucleotides (“AIMers”), antisense silencing, and splicing. We have also advanced novel bifunctional modalities designed to silence multiple targets or silence one target while simultaneously editing or upregulating another unique target.

$\"img51562786_0.jpg\"$

We intentionally focus on targeting the transcriptome using oligonucleotides rather than other nucleic acid modalities such as gene therapy and DNA editing. This focus enables us to:

•

Leverage diversity of expression across cell types by modulating the many regulatory pathways that impact gene expression, including transcription, endogenous RNAi pathways, splicing, and translation;

•

Address diseases that have historically been difficult to treat with small molecules or biologics;

•

Access a variety of tissue types or cell types throughout the body and modulate the frequency of dosing for broad distribution in tissues over time;

•

Avoid the risk of permanent off-target genetic changes and other challenges associated with DNA editing or gene therapy approaches; and

•

Leverage well-established industry manufacturing processes and regulatory, access, and reimbursement pathways.

We are currently prioritizing lead programs that use GalNAc delivery for hepatic and metabolic diseases, each of which has potential to translate powerful human genetic insights into potentially transformational RNA medicines:

•

WVE-007 is a GalNAc-conjugated siRNA (SpiNA design) targeting inhibin βE (“INHBE”) for obesity;

•

WVE-006 is a GalNAc-conjugated RNA editing oligonucleotide (AIMer) for AATD; and

•

WVE-008 is a GalNAc-conjugated RNA editing oligonucleotide (AIMer) for PNPLA3 I148M liver disease.

Our clinical-stage portfolio also includes WVE-N531, an exon 53 splicing oligonucleotide for DMD, and WVE-003, an allele-selective oligonucleotide designed to lower mutant huntingtin (“mHTT”) protein and preserve healthy, wild-type huntingtin (“wtHTT”) protein. We are also advancing several emerging siRNA and RNA editing programs targeting both hepatic and extra-hepatic tissues.

Our Current Programs

$\"img51562786_1.jpg\"$

Additional details regarding our lead therapeutic programs are set forth below.

Obesity

WVE-007 is a GalNAc-siRNA that utilizes our proprietary design (“SpiNA”). WVE-007 is designed to silence INHBE mRNA to induce fat loss by stimulating lipolysis (fat breakdown) while preserving muscle mass to promote and maintain a healthy metabolic profile. There are approximately 175 million people in the United States and Europe, and over one billion people globally, living with obesity, and therapeutic options beyond GLP-1 receptor agonists are needed. GLP-1 receptor agonists lead to weight loss at the expense of muscle, suppress the general reward system, and are associated with a poor tolerability profile and high discontinuation rates. Heterozygous INHBE loss-of-function (“LoF”) human carriers exhibit a healthy metabolic profile, including reduced waist-to-hip ratio and reduced odds of developing type 2 diabetes or coronary artery disease, and reduction of INHBE by 50% or more is expected to promote a healthy metabolic profile.

In preclinical diet-induced obesity (“DIO”) mouse models, a single dose of our INHBE GalNAc-siRNA has demonstrated highly potent and durable INHBE silencing (and >70% Activin E reductions), supporting once or twice a year subcutaneous dosing in humans. Weight loss was driven by visceral fat loss, and muscle mass was preserved in the mice, which is consistent with the profile of human INHBE LoF carriers. In DIO mice studies, a single dose of our INHBE GalNAc-siRNA led to a weight loss effect that was similar to daily subcutaneous injections of semaglutide for 28 days. We also observed a decrease in high fat diet-induced expansion of visceral adipose mass. This reduction of visceral fat mass was associated with significant shrinkage of adipocyte enlargement induced by a high fat diet compared with phosphate-buffered saline (“PBS”) treatment. Collectively, these results support the promotion of healthy adipose tissue with this mechanism of action, while muscle mass was preserved. In a head-to-head study in DIO mice, treatment with our INHBE GalNAc-siRNA prior to cessation of semaglutide treatment curtailed expected rebound weight gain. When administered as an add-on to semaglutide, a single dose of our INHBE GalNAc-siRNA doubled the weight loss observed with semaglutide alone, and this effect was sustained throughout the duration of the preclinical study.

In preclinical studies, we have also observed that infiltration of macrophages into visceral adipose was significantly decreased by a single dose of INHBE GalNAc-siRNA compared with PBS controls. INHBE GalNAc-siRNA also significantly reduced proinflammatory M1 macrophage (CD11c positive) while sustaining levels of anti-inflammatory M2 macrophages in visceral fat, indicating an overall shift away from a pro-inflammatory state. Further, RNA sequencing data from subcutaneous adipose tissue indicates that INHBE GalNAc-siRNA leads to the upregulation of genes promoting insulin sensitivity, fatty acid utilization and beiging of white adipose, while downregulating adipose inflammation and fibrosis pathways. RNA sequencing data from visceral adipose tissue demonstrate that our INHBE GalNAc-siRNA increased glucose and fatty acid utilization, and reduced inflammation and fibrosis in adipose tissue.

The INLIGHT™ trial is our first-in-human clinical study of WVE-007 in individuals living with obesity. The Phase 1 single ascending dose (“SAD”) portion of the INLIGHT trial includes otherwise healthy adults living with overweight or obesity to assess safety, tolerability, pharmacokinetics (“PK”), Activin E, body weight, biomarkers and body composition as measured by Dual-Energy X-ray Absorptiometry (“DEXA”).

In December 2025, we announced positive interim data from the ongoing Phase 1, SAD portion of the INLIGHT trial, including three-month follow-up from the single subcutaneous 240 mg dose cohort in 32 individuals. These data demonstrated improvements in body composition including reduction in visceral fat, reduction in total fat mass, and preservation of muscle as measured by DEXA. Additionally, we shared that we observed consistent and durable serum Activin E reductions across participants, which support WVE-007’s potential for once or twice-yearly dosing. WVE-007 was generally safe and well tolerated across all dose levels (75 mg, 240 mg, 400 mg, and 600 mg).

In March 2026, we announced additional interim data from the Phase 1, SAD portion of the INLIGHT trial. Participants had an average BMI of 32 kg/m², a population with less fat and lower BMI than those in Phase 2 and 3 obesity studies. Key highlights from the update in March 2026 include:

At six-month follow-up, a single 240 mg dose of WVE-007 demonstrated significant placebo-adjusted reductions in visceral fat (-14%; p<0.05) and total fat (-5%), stabilization of lean mass (+2%), and reductions in waist circumference (-3%) and body weight (-1%).

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 400 mg cohort results demonstrated robust and statistically significant average reduction in visceral fat (-7.8%, p<0.05) in individuals with higher baseline visceral fat (>500 g), emphasizing the impact of baseline body composition on therapeutic effect.

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 was generally safe and well tolerated across all dose levels (75 mg, 240 mg, 400 mg, and 600 mg).

The INLIGHT clinical trial is currently ongoing with 240 mg (n=32), 400 mg (n=32), and 600 mg (n=32) cohorts fully dosed. The INLIGHT trial is ongoing at multiple trial sites including in the United States, following clearance of an Investigational New Drug (“IND”) application. Additional data from the INLIGHT trial, including data from the 600 mg Phase 1 SAD cohort, are expected in the fourth quarter of 2026.

Dosing in the Phase 2a multidose portion of the INLIGHT trial of WVE-007 (INHBE GalNAc-siRNA) in individuals with higher BMI (35-50 kg/m2) with and without type 2 diabetes is ongoing. This placebo-controlled (3:1) Phase 2a study includes 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 results will inform further development of WVE-007 in obesity, as well as metabolic dysfunction-associated steatohepatitis (“MASH”), type 2 diabetes, and other cardiometabolic diseases. The first assessment in this portion of the trial is planned for three months after participants have received their first dose.

The INLIGHT clinical program is also evaluating WVE-007 in combination with tirzepatide as a treatment for obesity and other cardiometabolic indications, including MASH. The placebo-controlled (3:1) Phase 2a combination trial will evaluate 240 mg and 400 mg doses of WVE-007 in combination with weekly tirzepatide compared to tirzepatide alone in individuals living with obesity (BMI 35-50 kg/m2) and type 2 diabetes.

We also expect to initiate a clinical trial of WVE-007 as a maintenance therapy to preserve weight loss following discontinuation of incretin treatment in the fourth quarter of 2026.

Alpha-1 antitrypsin deficiency (“AATD”)

Our AATD program uses our novel GalNAc-conjugated AIMers (RNA editing oligonucleotides) and endogenous ADAR enzymes to correct a single base in the mutant SERPINA1 mRNA. By correcting the single RNA base mutation that causes a majority of AATD cases with the Pi*ZZ genotype (approximately 200,000 in the United States and Europe), RNA editing may provide an ideal approach for increasing circulating levels of wild-type AAT protein and reducing mutant protein aggregation in the liver, thus simultaneously addressing both the lung and liver manifestations of the disease. WVE-006 does not require lipid nanoparticle (“LNP”) delivery, which may be associated with systemic and liver toxicities, and comes without the risk of irreversible, collateral bystander edits and indels, which are associated with DNA base editing.

WVE-006 is first-in-class in AATD and is the most advanced program currently in clinical development using an oligonucleotide to harness an endogenous enzyme for RNA editing. Preclinical data show that treatment with WVE-006 resulted in serum AAT protein levels of up to 30 µM (7-fold increase) in an established AATD mouse model (NSG-PiZ). WVE-006 also led to restoration of approximately 50% wild-type M-AAT protein in serum and a 3-fold increase in neutrophil elastase inhibition activity, indicating that the restored M-AAT protein was functional. Our AATD AIMers are highly specific to SERPINA1 RNA in vitro and in vivo based on transcriptome-wide analyses.

Our RestorAATion clinical program investigating WVE-006 as a treatment for AATD is comprised of two parts: RestorAATion-1, a study of healthy volunteers, and RestorAATion-2, a Phase 1b/2a open label study designed to evaluate the safety, tolerability, pharmacodynamics and pharmacokinetics of WVE-006 in patients with AATD. The trial includes both single ascending dose and multiple ascending dose portions. The RestorAATion-2 clinical trial is fully enrolled and dosing is complete in all cohorts (200 mg, 400 mg, and 600 mg).

We have shared interim data from the 200 mg and 400 mg single and multidose cohorts, as well as data from the 600 mg single dose cohort of RestorAATion-2. Key highlights include:

Robust, dose-dependent reductions of circulating, mutant Z-AAT from baseline: 70.5% in the 200 mg biweekly dose cohort (seven doses) and 67.7% in the 400 mg monthly dose cohort (four doses).

Robust, dose-dependent restoration of wild-type M-AAT protein (canonical M-AAT) as a percentage of total circulating AAT: 64.4% in the 200 mg biweekly dose cohort (seven doses) and 58.7% in the 400 mg monthly dose cohort (four doses).

Restoration of dynamic AAT response: Three instances of dynamic and rapid production of serum AAT protein due to acute phase responses were observed across RestorAATion-2 as indicated by concurrent C-reactive protein (“CRP”) and AAT elevation; this included a total AAT level of 20.6 µM and M-AAT level of 10.3 µM observed in one individual during an acute phase response due to a kidney stone following a single 200 mg dose of WVE-006. Across all available RestorAATion-2 data, CRP increases were strongly correlated with increases in AAT (r=0.73, p<0.001, n=19).

Safety and durability: 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 continued to be well tolerated with a favorable safety profile. All adverse events (AEs) were mild to moderate in intensity, and there were no SAEs or clinically meaningful liver function test elevations.

We expect to share data from the 600 mg monthly multidose cohort of RestorAATion-2 in the fourth quarter of 2026.

In October 2026, we announced alignment with the U.S. Food and Drug Administration (“FDA”) on key aspects of our planned registrational pathway for WVE-006. Planning is underway for a two-year registrational trial to support potential full approval, with a one-year interim analysis to support potential accelerated approval based on AATD biomarkers.

PNPLA3 I148M liver disease

To effectively address the manifestations of PNPLA3 I148M liver disease, we use our novel RNA editing approach and have advanced WVE-008, a GalNAc-conjugated AIMer, as our clinical candidate.

PNPLA3 I148M is a genetic driver of liver disease, including metabolic dysfunction-associated fatty liver disease (“MAFLD”), MASH, and alcoholic steatohepatitis (“ASH”). There are an estimated nine million homozygous PNPLA3 I148M individuals with liver disease in the United States and Europe. Homozygous carriers have a near nine-fold higher risk of liver-related death compared to non-carriers. Additionally, homozygous PNPLA3 I148M carriers with MASH may experience more severe disease with faster progression to advanced fibrosis and end-stage liver disease.

The PNPLA3 protein plays a critical role in hepatic lipid metabolism by balancing triglyceride storage and secretion, and supporting lipid remodeling, lipid mobilization, and retinol metabolism. The PNPLA3 I148M variant leads to a gain-of-function and contributes to liver disease by aggravating steatosis, inflammation, fibrosis, and ballooning. Therapeutic approaches aimed at silencing PNPLA3 may address liver fat accumulation, but they provide limited benefit in restoring retinol metabolism; fibrosis, ballooning, and inflammation are expected to persist. In contrast, an RNA editing approach to restore, rather than silence, PNPLA3 function in homozygous PNPLA3 I148M carriers should address liver disease by restoring lipid metabolism and reversing steatosis, fibrosis, ballooning, and inflammation.

In preclinical studies, we have demonstrated that our PNPLA3 GalNAc-AIMer restores functional PNPLA3 protein and decreases lipid accumulation. We expect to file a clinical trial application for WVE-008 in the fourth quarter of 2026.

Huntington’s disease (“HD”) and Duchenne muscular dystrophy (“DMD”)

In HD, WVE-003 is our clinical-stage stereopure allele-selective oligonucleotide that incorporates our proprietary PN chemistry and is designed to selectively target rs362273, a variant of the single nucleotide polymorphism (“SNP”), “mHTT SNP3”, associated with the disease-causing mHTT mRNA transcript within the HTT gene (Iwamoto et al., MTNA). In DMD, WVE-N531 is our clinical-stage compound designed to skip exon 53 within the dystrophin gene – a therapeutic approach that would address approximately 8-10% of DMD cases. We continue partnering discussions for WVE-003 and WVE-N531.

Discovery Pipeline

We are advancing new targets across multiple disease areas to expand our pipeline of wholly owned programs. Our compelling preclinical data demonstrate that our oligonucleotides can distribute to various tissues and cells without complex delivery vehicles, enabling us to address a wide variety of diseases. Within RNA editing, we have demonstrated clinically that we can address monogenic diseases by correcting the disease-causing mutation, as evidenced by restoration of healthy protein function for the

treatment of AATD. Beyond correction, we have preclinical data demonstrating our ability to increase the stability of the mRNA transcript to upregulate protein levels. Within RNAi, we have shared preclinical data which show that our SpiNA designs enable RNAi-mediated silencing by further improving Ago2 loading and pharmacokinetics, leading to increased potency and durability compared to industry benchmarks. With our SpiNA designs, our preclinical data demonstrate we can silence targets in extra-hepatic tissues including adipose, skeletal muscle, heart, central nervous system (“CNS”), and kidney. We are utilizing a combination of human genetics and artificial intelligence (“AI”) for target discovery and oligonucleotide design, and we have initiated a number of preclinical RNA editing and RNAi programs supported by evidence from human genetics, that leverage easily accessible biomarkers, offer efficient paths to proof-of-concept in humans, and represent meaningful commercial opportunities.

We have applied learnings from across our platform and chemistry optimization to investigate new bifunctional modalities which combine RNAi and RNA editing or dual RNAi silencing into a single oligonucleotide construct. These constructs are designed to silence multiple targets or silence one target while simultaneously editing or upregulating another distinct target. We demonstrated the ability of a single bifunctional oligonucleotide to engage in silencing and editing in vivo in mice using a GalNAc-conjugated oligonucleotide that is designed to edit UGP2 and silence TTR. In a separate preclinical study, we also demonstrated that we were able to upregulate low-density lipoprotein receptor and silence PCSK9 using a single construct in primary human hepatocytes.

Through our collaboration with GlaxoSmithKline Intellectual Property (No. 3) (“GSK”), we are actively working on multiple target validation programs as GSK-partnered programs, for which all of our costs and expenses are prepaid by GSK. In September 2026, GSK selected a GalNAc-siRNA candidate to transition into GSK’s pipeline, resulting in a $12 million milestone to Wave. With this new hepatic program now transitioning to candidate, our collaboration momentum continues as we have three additional programs rapidly advancing towards candidate selection, all leveraging our proprietary PRISM chemistry.

Recent Developments

On August 7, 2026, as part of the previously announced plan to restructure the Wave Life Sciences group of companies to cause a Delaware corporation to be the parent company of the group (the “Redomiciliation”), Wave Life Sciences, Inc., a Delaware corporation (“Wave-Delaware”), became the ultimate parent company of the Wave Life Sciences group of companies pursuant to a statutory procedure known as a scheme of arrangement under the Companies Act 1967 of Singapore (the “Scheme of Arrangement”). Pursuant to the Scheme of Arrangement, all issued ordinary shares in the capital of Wave Life Sciences Ltd., a public company limited by shares incorporated under the laws of the Republic of Singapore (“Wave-Singapore”) as of immediately prior to the effective time of the Scheme of Arrangement were exchanged on a one-for-one basis for newly issued shares of common stock, par value $0.001 per share, of Wave-Delaware, and Wave-Singapore became a wholly owned subsidiary of Wave-Delaware.

Financial Operations Overview

We have never been profitable, and since our inception, we have incurred significant operating losses. Our net loss for the three months ended September 30, 2026 and 2025 was $61.9 million and $53.9 million, respectively. Our net loss for the nine months ended September 30, 2026 and 2025 was $157.4 million and $151.2 million, respectively. As of September 30, 2026 and December 31, 2025, we had an accumulated deficit of $1,483.6 million and $1,326.2 million, respectively. We expect to continue to incur significant expenses and operating losses for the foreseeable future.

Revenue

We recognize collaboration revenue under the GSK Collaboration Agreement (as defined in Note 7 in the notes to our unaudited consolidated financial statements appearing elsewhere in this Quarterly Report on Form 10-Q), which became effective in January 2023. We have not generated any product revenue since our inception and do not expect to generate any revenue from the sale of products for the foreseeable future.

Operating Expenses

Our operating expenses since inception have consisted primarily of research and development expenses and general and administrative expenses.

Research and Development Expenses

Research and development expenses consist primarily of costs incurred for our research activities, including our discovery efforts, and the development of our product candidates, which include:

•

compensation-related expenses, including employee salaries, bonuses, stock-based compensation expense and other related benefits expenses for personnel in our research and development organization;

•

expenses incurred under agreements with third parties, including contract research organizations (“CROs”) that conduct research, preclinical and clinical activities on our behalf, as well as contract manufacturing organizations (“CMOs”) that manufacture drug product for use in our preclinical studies and clinical trials;

•

expenses incurred related to our internal manufacturing of drug substance for use in our preclinical studies and clinical trials;

•

expenses related to compliance with regulatory requirements;

•

expenses related to third-party consultants;

•

research and development supplies and services expenses; and

•

facility-related expenses, including rent, maintenance and other general operating expenses.

We recognize research and development costs as incurred. We recognize external development costs based on an evaluation of the progress to completion of specific tasks using information provided to us by our vendors. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in our financial statements as prepaid or accrued expenses.

Our primary research and development focus has been the development of our RNA medicines platform, PRISM. We are using PRISM, which combines multiple modalities, chemistry innovation and deep insights in human genetics, to deliver scientific breakthroughs that treat both rare and common disorders, and advance our pipeline of RNA medicines.

Our research and development expenses consist primarily of expenses related to our CROs, CMOs, consultants, other external vendors and fees paid to global regulatory agencies to conduct our clinical trials, in addition to compensation-related expenses, internal manufacturing expenses, facility-related expenses and other general operating expenses. These expenses are incurred in connection with research and development efforts and our preclinical studies and clinical trials. We track certain external expenses on a program-by-program basis. However, we do not allocate compensation-related expenses, internal manufacturing expenses, equipment repairs and maintenance expenses, facility-related expenses or other operating expenses to specific programs. These expenses, which are not allocated on a program-by-program basis, are included in the “Other research and development expenses, including PNPLA3, additional preclinical programs, PRISM” category along with other external expenses related to our discovery and development programs, as well as platform development and identification of potential drug discovery candidates.

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expect to continue to incur significant research and development expenses in the foreseeable future as we continue to manage our existing clinical trials, initiate additional clinical trials for certain product candidates, pursue later stages of clinical development for certain product candidates, maintain our manufacturing capabilities and continue to discover and develop additional product candidates in multiple therapeutic areas.

General and Administrative Expenses

General and administrative expenses consist primarily of compensation-related expenses, including salaries, bonuses, stock-based compensation and other related benefits costs for personnel in our executive, finance, corporate, legal and administrative functions, as well as compensation-related expenses for our board of directors. General and administrative expenses also include legal fees; expenses associated with being a public company; professional fees for accounting, auditing, tax and consulting services; insurance costs; travel expenses; other operating costs; and facility-related expenses.

Other Income, Net

Other income, net is comprised primarily of interest income on cash, cash equivalents and marketable securities and, refundable tax credits from tax authorities. We recognize refundable tax credits when there is reasonable assurance that we will comply with the requirements of the refundable tax credit and that the refundable tax credit will be received.

Income Taxes

Following the Redomiciliation, we are a Delaware corporation subject to taxation in the United States and various other jurisdictions, including Singapore, where our wholly owned subsidiary, Wave Life Sciences Pte. Ltd., is incorporated.

Critical Accounting Policies and Significant Judgments and Estimates

Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America. The preparation of our financial statements and related disclosures requires us to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue, costs and expenses and related disclosures. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. We believe that our revenue recognition policy, particularly (a) assessing the number of performance obligations; (b) determining the transaction price; (c) allocating the transaction price to the performance obligations in the contract; and (d) determining the pattern over which performance obligations are satisfied, including estimates to complete performance obligations, and the assumptions and estimates used in our analysis of contracts with CROs and CMOs to estimate the contract expense, involve a greater degree of judgment, and therefore we consider them to be our critical accounting policies. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates under different assumptions and conditions.

Results of Operations

Comparison of the three months ended September 30, 2026 and 2025

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,
		2026			2025			Change
		(in thousands)
Revenue		$	13,158			$	7,608			$	5,550
Operating expenses:
Research and development			53,843				45,874				7,969
General and administrative			25,362				18,087				7,275
Total operating expenses			79,205				63,961				15,244
Loss from operations			(66,047	)			(56,353	)			(9,694	)
Total other income, net			4,135				2,501				1,634
Loss before income taxes			(61,912	)			(53,852	)			(8,060	)
Income tax benefit			—				—				—
Net loss		$	(61,912	)		$	(53,852	)		$	(8,060	)

Revenue

Revenue for the three months ended September 30, 2026 and 2025 was $13.2 million and $7.6 million, respectively, and is comprised of revenue earned under the GSK Collaboration Agreement.

Research and Development Expenses

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Three Months Ended September 30,
		2026			2025			Change
		(in thousands)
INHBE program		$	6,374			$	4,574			$	1,800
AATD program			3,057				967				2,090
DMD program			3,633				4,973				(1,340	)
HD program			250				487				(237	)
Other research and development expenses(1), including PNPLA3, additional preclinical programs, PRISM			40,529				34,873				5,656
Total research and development expenses		$	53,843			$	45,874			$	7,969

Research and development expenses were $53.8 million for the three months ended September 30, 2026, compared to $45.9 million for the three months ended September 30, 2025. The increase of $8.0 million was due to the following:

•

an increase of $1.8 million in external expenses related to our INHBE program, including WVE-007 (RNAi);

•

an increase of $2.1 million in external expenses related to our AATD program, WVE-006 (RNA editing);

•

a decrease of $1.3 million in external expenses related to our DMD program, including WVE-N531 (splicing);

•

a decrease of $0.2 million in external expenses related to our HD program, including WVE-003 (silencing); and

•

an increase of approximately $5.7 million in other research and development expenses, including PNPLA3, additional preclinical programs, PRISM, and internal and external research and development expenses that are not allocated on a program-by-program basis or are related to other discovery and development programs, and the identification of potential drug discovery candidates. This is mainly due to increases in compensation-related expenses, partially offset by decreases in other external research and development expenses.

General and Administrative Expenses

General and administrative expenses were $25.4 million for the three months ended September 30, 2026, as compared to approximately $18.1 million for the three months ended September 30, 2025. The increase of approximately $7.3 million was primarily driven by increases in compensation-related and other external expenses.

Other Income, Net

Other income, net for the three months ended September 30, 2026 and 2025 was $4.1 million and $2.5 million, respectively, and consisted primarily of interest income on cash, cash equivalents and marketable securities.

Income Tax Benefit

During the three months ended September 30, 2026 and 2025, we recorded no income tax benefit or provision. We maintained a full valuation allowance for the three months ended September 30, 2026 and 2025 in all jurisdictions due to uncertainty regarding future taxable income.

Comparison of the nine months ended September 30, 2026 and 2025

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025			Change
		(in thousands)
Revenue		$	53,676			$	25,482			$	28,194
Operating expenses:
Research and development			152,576				129,965				22,611
General and administrative			72,246				54,433				17,813
Total operating expenses			224,822				184,398				40,424
Loss from operations			(171,146	)			(158,916	)			(12,230	)
Total other income, net			13,792				7,717				6,075
Loss before income taxes			(157,354	)			(151,199	)			(6,155	)
Income tax benefit			—				—				—
Net loss		$	(157,354	)		$	(151,199	)		$	(6,155	)

Revenue

Revenue for the nine months ended September 30, 2026 and 2025 was $53.7 million and $25.5 million, respectively, and is comprised of revenue earned under the GSK Collaboration Agreement. The year-over-year change in revenue was primarily driven by the recognition of the remaining deferred revenue related to the AATD performance obligation ($35.9 million), which was fully satisfied upon the termination of the AATD license, and the $12.0 million milestone in the nine months ended September 30, 2026.

Research and Development Expenses

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025			Change
		(in thousands)
INHBE program		$	18,080			$	10,628			$	7,452
AATD program			7,796				4,259				3,537
DMD program			11,724				10,692				1,032
HD program			470				2,443				(1,973	)
Other research and development expenses(1), including PNPLA3, additional preclinical programs, PRISM			114,506				101,943				12,563
Total research and development expenses		$	152,576			$	129,965			$	22,611

Research and development expenses were $152.6 million for the nine months ended September 30, 2026, compared to $130.0 million for the nine months ended September 30, 2025. The increase of $22.6 million was due to the following:

•

an increase of $7.5 million in external expenses related to our INHBE program, including WVE-007 (RNAi);

•

an increase of $3.5 million in external expenses related to our AATD program, WVE-006 (RNA editing);

•

an increase of $1.0 million in external expenses related to our DMD program, including WVE-N531 (splicing);

•

a decrease of $2.0 million in external expenses related to our HD program, including WVE-003 (silencing); and

•

an increase of approximately $12.6 million in other research and development expenses, including PNPLA3, additional preclinical programs, PRISM, and internal and external research and development expenses that are not allocated on a program-by-program basis or are related to other discovery and development programs, and the identification of potential drug discovery candidates. This is mainly due to increases in compensation-related expenses, partially offset by decreases in other external research and development expenses.

General and Administrative Expenses

General and administrative expenses were $72.2 million for the nine months ended September 30, 2026, as compared to approximately $54.4 million for the nine months ended September 30, 2025. The increase of approximately $17.8 million was primarily driven by increases in compensation-related and other external expenses.

Other Income, Net

Other income, net for the nine months ended September 30, 2026 and 2025 was $13.8 million and $7.7 million, respectively, and consisted primarily of interest income on cash, cash equivalents and marketable securities.

Income Tax Benefit

During the nine months ended September 30, 2026 and 2025, we recorded no income tax benefit or provision. We maintained a full valuation allowance for the nine months ended September 30, 2026 and 2025 in all jurisdictions due to uncertainty regarding future taxable income.

Liquidity and Capital Resources

Since our inception, we have not generated any product revenue and have incurred recurring net operating losses. To date, we have primarily funded our operations through public and other registered offerings of our common stock and other securities, collaborations with third parties and private placements of debt and equity securities. Through September 30, 2026, we have received an aggregate of approximately $2,086.7 million in net proceeds from these transactions, consisting of approximately $1,450.5 million in net proceeds from public and other registered offerings of our common stock and other securities, $546.9 million from our collaborations and $89.3 million in net proceeds from private placements of our debt and equity securities.

As of September 30, 2026, we had cash and cash equivalents totaling $197.3 million, marketable securities of $233.4 million, restricted cash of $3.8 million and an accumulated deficit of $1,483.6 million.

We expect that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operations for at least the next twelve months from the issuance date of these financial statements. We have based this expectation on assumptions that may prove to be incorrect, and we may use our available capital resources sooner than we currently expect. In addition, we may elect to raise additional funds before we need them if the conditions for raising capital are favorable due to market conditions or strategic considerations, even if we expect we have sufficient funds for our current or future operating plans.

Our operating lease commitments as of September 30, 2026 total approximately $64.4 million, of which approximately $2.0 million is related to payments in 2026 and approximately $62.4 million is related to payments beyond 2026.

On November 12, 2024, Wave-Singapore filed a shelf registration statement on Form S-3ASR with the SEC, which we refer to as the “2024 WKSI Shelf,” covering the offering, issuance and sale from time to time of an indeterminate amount of common stock, debt securities, warrants, rights and/or units. In connection with the Redomiciliation, Wave-Delaware, as successor to Wave-Singapore, filed Post-Effective Amendment No. 1 to the 2024 WKSI Shelf pursuant to Rule 414(d) under the Securities Act to adopt the 2024 WKSI Shelf as its own. The 2024 WKSI Shelf includes a prospectus covering the offer and sale of up to $250.0 million of our common stock pursuant to our “at-the-market” equity program through Jefferies LLC, as sales agent, under the Amended and Restated Open Market Sale Agreement, dated August 7, 2026. For the three and nine months ended September 30, 2026, we made no sales under our “at-the-market\" equity program.

Adequate additional financing may not be available to us on acceptable terms, or at all. Our inability to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategy. We will need to generate significant revenue to achieve profitability, and we may never do so.

Cash Flows

The following table summarizes our cash flow activity:

\n	\n	\n	\n	\n	\n	\n	\n	\n
		Nine Months Ended September 30,
		2026			2025
		(in thousands)
Net cash used in operating activities		$	(173,277	)		$	(153,717	)
Net cash used in investing activities			(234,751	)			(719	)
Net cash provided by financing activities			3,290				48,540
Effect of foreign exchange rates on cash, cash equivalents, and restricted cash			(6	)			72
Net decrease in cash, cash equivalents, and restricted cash		$	(404,744	)		$	(105,824	)

Operating Activities

During the nine months ended September 30, 2026, operating activities used $173.3 million of cash, due to our net loss of $157.4 million and changes in operating assets and liabilities of $52.4 million, partially offset by non-cash charges of $36.5 million. The largest changes in operating assets and liabilities were the $30.8 million decrease in deferred revenue and the $10.7 million increase in accounts receivable.

During the nine months ended September 30, 2025, operating activities used $153.7 million of cash, due to our net loss of $151.2 million and changes in operating assets and liabilities of $26.7 million, partially offset by non-cash charges of $24.2 million. The largest changes in operating assets and liabilities were the $13.9 million decrease in deferred revenue and the $8.6 million increase in accounts receivable.

Investing Activities

During the nine months ended September 30, 2026, investing activities used $234.8 million of cash, which was primarily related to purchases of marketable securities.

During the nine months ended September 30, 2025, investing activities used $0.7 million of cash, related to purchases of property and equipment.

Financing Activities

During the nine months ended September 30, 2026, net cash provided by financing activities was $3.3 million, which was primarily due to $2.4 million in proceeds from the exercise of stock options.

During the nine months ended September 30, 2025, net cash provided by financing activities was $48.5 million, which was primarily due to $42.6 million in net proceeds from sales under our “at-the-market” equity program and $5.1 million in proceeds from the exercise of stock options.

Funding Requirements

We expect to continue to incur significant expenses in connection with our ongoing research and development activities and our internal cGMP manufacturing activities. Furthermore, we anticipate that our expenses will continue to vary if and as we:

•

continue to conduct our clinical trials evaluating our product candidates in patients;

•

conduct research and preclinical development of discovery targets and advance additional programs into clinical development;

•

file clinical trial applications with global regulatory agencies and conduct clinical trials for our programs;

•

make strategic investments in continuing to innovate our research and development platform, PRISM, and in optimizing our manufacturing processes and formulations;

•

maintain our manufacturing capabilities through our internal facility and our CMOs;

•

maintain our intellectual property portfolio and consider the acquisition of complementary intellectual property;

•

seek and obtain regulatory approvals for our product candidates;

•

respond to the impacts of local and global health epidemics, geopolitical conflicts, global economic uncertainty, rising inflation, tariffs, rising interest rates or market disruptions on our business; and

•

establish and build capabilities to market, distribute and sell our product candidates.

We may experience delays or encounter issues with any of the above, including but not limited to failed studies, complex results, safety issues or other regulatory challenges.

Because of the numerous risks and uncertainties associated with the development of drug candidates and because the extent to which we may enter into collaborations with third parties for development of product candidates is unknown, we are unable to estimate the amounts of future capital outlays and operating expenses associated with completing the research and development for our therapeutic programs. Our future capital requirements for our therapeutic programs will depend on many factors, including:

•

the progress, results and costs of conducting research and continued preclinical and clinical development for our therapeutic programs and future potential pipeline candidates;

•

the number and characteristics of product candidates and programs that we pursue;

•

the cost of manufacturing clinical supplies of our product candidates;

•

whether and to what extent milestone events are achieved under our collaboration with GSK or any potential future licensee or collaborator;

•

the costs, timing and outcome of regulatory review of our product candidates;

•

our ability to obtain marketing approval for our product candidates;

•

the impacts of local and global health epidemics, geopolitical conflicts, global economic uncertainty, tariffs, rising inflation, rising interest rates or market disruptions on our business;

•

the costs and timing of future commercialization activities, including manufacturing, marketing, sales and distribution, for any of our product candidates for which we receive marketing approval;

•

market acceptance of our product candidates, to the extent any are approved for commercial sale, and the revenue, if any, received from commercial sales of our product candidates for which we receive marketing approval;

•

the costs and timing of preparing, filing and prosecuting patent applications, maintaining and enforcing our intellectual property rights and defending any intellectual property-related claims;

•

the effect of competing technological and market developments; and

•

the extent to which we acquire or invest in businesses, products and technologies, including entering into licensing or collaboration arrangements for product candidates.

Identifying potential product candidates and conducting preclinical testing and clinical trials is a time-consuming, expensive and uncertain process that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Our product revenue, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if ever. Accordingly, we will need to obtain substantial additional funds to achieve our business objectives.

Adequate additional funds may not be available to us on acceptable terms when we need them, or at all. We do not currently have any committed external source of funds, except for possible future payments from GSK under our collaboration with them. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our existing stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders. Additional debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends and may require the issuance of warrants, which could potentially dilute our stockholders’ ownership interests.

If we raise additional funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our product development programs or any future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates and foreign exchange rates, as well as, to a lesser extent, inflation and capital market risk.

Interest Rate Risk

We are exposed to interest rate risk in the ordinary course of our business. Our cash, cash equivalents and marketable securities consist of funds held in checking accounts and money market accounts, as well as corporate bonds, U.S. government securities and treasury bills. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations and we do not enter into investments for trading or speculative purposes.

Foreign Currency Risk

Due to our operations outside of the United States, we are exposed to market risk related to changes in foreign currency exchange rates. Historically, we have not hedged our foreign currency exposure. Changes in the relative values of currencies occur regularly and, in some instances, could materially adversely affect our business, our financial condition, our results of operations or our cash flows. For the three and nine months ended September 30, 2026 and 2025, changes in foreign currency exchange rates did not have a material impact on our historical financial position, our business, our financial condition, our results of operations or our cash flows.

Inflation Risk

We do not believe that inflation had a material effect on our business, financial condition, results of operations or cash flows in the last two years. If global inflation trends continue, we expect appreciable increases in clinical trial, labor, and other operating costs.

Capital Market Risk

We currently have no product revenues and depend on funds raised through other sources. One possible source of funding is through further equity offerings. Our ability to raise funds in this manner depends upon capital market forces affecting our share price, including impacts of global economic uncertainty on the capital markets.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2026. The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to its management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of September 30, 2026, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective at the reasonable assurance level.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting identified in connection with the evaluation of such internal control required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the three months ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

We are not currently a party to any material legal proceedings.

Item 1A. Risk Factors

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed under the caption “Risk Factors” that appear in Item 1A of our 2025 Annual Report on Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Recent Unregistered Sales of Equity Securities

None.

Issuer Purchases of Equity Securities

We did not repurchase any of our equity securities during the three months ended September 30, 2026.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the three months ended September 30, 2026, certain of our officers (as defined in Rule 16a-1(f) of the Exchange Act) and directors entered into contracts, instructions or written plans (each, a “Rule 10b5-1 Trading Plan” and collectively, the “Rule 10b5-1 Trading Plans”) for the purchase or sale of our securities that are intended to satisfy the conditions specified in Rule 10b5-1(c) under the Exchange Act for an affirmative defense against liability for trading in securities on the basis of material nonpublic information. We describe the material terms of these Rule 10b5-1 Trading Plans below.

On August 7, 2026, Chris Wright, M.D., Ph.D., our Chief Medical Officer, adopted a Rule 10b5-1 Trading Plan providing for the sale of up to an aggregate of 60,000 shares of our common stock pursuant to the terms of such Rule 10b5-1 Trading Plan. Dr. Wright’s Rule 10b5-1 Trading Plan is active until November 23, 2027, or earlier, if and when all transactions under the Rule 10b5-1 Trading Plan are completed.

On July 30, 2026, Paul B. Bolno, M.D., MBA, our President and Chief Executive Officer, terminated a Rule 10b5-1 Trading Plan that was originally adopted on May 26, 2026. Dr. Bolno’s former Rule 10b5-1 Trading Plan provided for the sale of up to an aggregate of 2,924,270 shares of our common stock. No shares were sold under Dr. Bolno’s Rule 10b5-1 Trading Plan prior to its termination.

Item 6. Exhibits

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Exhibit Number		Exhibit Description		Filed with this Report		Incorporated by Reference herein from Form or Schedule		Filing Date		SEC File/Reg. Number

3.1		Amended and Restated Certificate of Incorporation of Wave Life Sciences, Inc., adopted as of August 6, 2026.				Form 8-K12B (Exhibit 3.1)		8/7/2026		001-37627

3.2		Amended and Restated Bylaws of Wave Life Sciences, Inc., adopted as of August 7, 2026.				Form 8-K12B (Exhibit 3.2)		8/7/2026		001-37627

10.1		Form of Indemnification Agreement.				Form 8-K12B (Exhibit 10.1)		8/7/2026		001-37627

10.2		Amendment to Wave Life Sciences Ltd. 2014 Equity Incentive Plan, as amended, effective as of August 7, 2026.				Form 8-K12B (Exhibit 10.2)		8/7/2026		001-37627

10.3		Wave Life Sciences, Inc. Amended and Restated 2021 Equity Incentive Plan, effective as of August 7, 2026.				Form 8-K12B (Exhibit 10.3)		8/7/2026		001-37627

10.4		Amendment to the Wave Life Sciences, Inc. Nasdaq Inducement Restricted Stock Unit Award Grant Notice and Nasdaq Inducement Restricted Stock Unit Agreement, effective as of August 7, 2026.				Form 8-K12B (Exhibit 10.4)		8/7/2026		001-37627

10.5		Amendment to the Wave Life Sciences, Inc. Nasdaq Inducement Non-qualified Stock Option Grant Notice and Nasdaq Inducement Non-qualified Stock Option Agreement, effective as of August 7, 2026.				Form 8-K12B (Exhibit 10.5)		8/7/2026		001-37627

10.6		Amended and Restated Wave Life Sciences, Inc. 2019 Employee Stock Purchase Plan, effective as of August 7, 2026.				Form 8-K12B (Exhibit 10.6)		8/7/2026		001-37627

10.7		Form of Non-qualified Stock Option Agreement under the Amended and Restated 2021 Equity Incentive Plan, effective as of August 7, 2026.				Form S-8 POS (Exhibit 99.4.1)		8/10/2026		333-291409

10.8		Form of Restricted Stock Unit Agreement under the Amended and Restated 2021 Equity Incentive Plan, effective as of August 7, 2026.				Form S-8 POS (Exhibit 99.6.1)		8/10/2026		333-291409

10.9		Form of Non-qualified Stock Option Agreement for UK Participants under the Amended and Restated 2021 Equity Incentive Plan, effective as of August 7, 2026.				Form S-8 POS (Exhibit 99.7.1)		8/10/2026		333-291409

10.10		Form of Restricted Stock Unit Agreement for UK Participants under the Amended and Restated 2021 Equity Incentive Plan, effective as of August 7, 2026.				Form S-8 POS (Exhibit 99.7.2)		8/10/2026		333-291409

10.11		Assignment, Assumption and Amendment to Share Purchase Agreement by and between Wave Life Sciences, Inc. and C.P. Pharmaceuticals International C.V., dated as of August 7, 2026.		X

10.12		Amended and Restated Open Market Sale AgreementSM, dated as of August 7, 2026, by and between Wave Life Sciences, Inc. and Jefferies LLC.				POSASR (Exhibit 1.2)		8/10/2026		333-283122

31.1		Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer		X

31.2		Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer		X

32*		Section 1350 Certifications of Principal Executive Officer and Principal Financial Officer		X

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n

101.INS		Inline XBRL Instance Document – The instance document does not appear in the interactive data file because its Inline XBRL tags are embedded within the Inline XBRL document		X

101.SCH		Inline XBRL Taxonomy Extension Schema Document		X

104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)		X

(*) The certifications attached as Exhibit 32 that accompany this Quarterly Report on Form 10-Q are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of Wave Life Sciences, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of such Form 10-Q), irrespective of any general incorporation language contained in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
	WAVE LIFE SCIENCES, INC.

Date: October 27, 2026	By:		/s/ Paul B. Bolno, M.D., MBA
			Paul B. Bolno, M.D., MBA
			President and Chief Executive Officer
			(Principal Executive Officer)

Date: October 27, 2026	By:		/s/ Kyle Moran, CFA
			Kyle Moran, CFA
			Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

","original","zhKind","translation","complete",false,"WVE","公司与财报","财报","业绩指引","融资","aihot","/items/jcf1qjltii1no5cp7s0ewlnk3","https://www.sec.gov/Archives/edgar/data/1631574/000119312526432714/0001193125-26-432714-index.htm","rss-sec-xbrl","name","SEC · EDGAR 财务披露","rss","firstParty","iconUrl","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar&exp=1793404800&sig=9a7f389fcbee500f","iconSrcSet","/api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-48&exp=1793404800&sig=a2cbe235c7e6557c 48w, /api/img-proxy?u=https%3A%2F%2Fwww.sec.gov%2Fthemes%2Fcustom%2Fuswds_sec%2Fassets%2Fimg%2Ffavicons%2Fapple-touch-icon.png&mode=avatar-96&exp=1793404800&sig=a86146f288f5a814 96w","changelogVersion","2026-10-01T08:00"]