CAMBRIDGE, Mass., May 10, 2019 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage genetic medicines company committed to delivering life-changing treatments for people battling devastating diseases, today announced financial results for the first quarter ended March 31, 2019 and provided a business update.
“Since the start of the year, we have made significant progress advancing suvodirsen, our lead clinical program for the treatment of Duchenne muscular dystrophy patients amenable to exon 51 skipping, and we look forward to providing dystrophin biopsy data in the second half of the year. In parallel, initial commercialization activities are underway to support the potential approval and launch of this investigational therapy, first in the United States and then globally,” said Paul Bolno, MD, MBA, President and Chief Executive Officer of Wave Life Sciences. "Suvodirsen is the first of multiple development programs we intend to advance for Duchenne, potentially enabling us to reach more patients living with DMD. Beyond our Duchenne programs, we are advancing our differentiated PRECISION-HD clinical program, an allele-selective approach to treating Huntington’s disease, and we look forward to reporting topline clinical results from these HD studies by year-end.”
Business Update
Wave is committed to building a fully integrated genetic medicines company led by its clinical- and preclinical-stage programs for the treatment of neuromuscular, central nervous system and ophthalmologic diseases.
Neuromuscular Diseases
Initial commercialization activities ongoing following completion of suvodirsen Phase 1 clinical trial; efficacy data from ongoing open-label extension study expected this year
DYSTANCE 51, Wave’s Phase 2/3 clinical trial of suvodirsen in DMD, intended to support global regulatory filings
Aiming to bring meaningful dystrophin protein restoration to more patients living with DMD
Central Nervous System (CNS) Diseases
Advancing PRECISION-HD clinical program, the first allele-selective approach for Huntington’s disease patients
Leveraging PRISM to optimize C9ORF72 program and potential future CNS candidates
Ophthalmologic Diseases
First Quarter 2019 Financial Results and Financial Guidance
Wave reported a net loss of $44.2 million in the first quarter of 2019 as compared to $35.2 million in the same period in 2018. The increase in net loss in the first quarter of 2019 was largely driven by increased research and development efforts and continued organizational growth to support Wave’s corporate goals.
Research and development expenses were $40.1 million in the first quarter of 2019 as compared to $29.2 million in the same period in 2018. The increase in research and development expenses in the first quarter was primarily due to increased external expenses related to our suvodirsen clinical activities as well as increased investments in PRISM and other research and development expenses.
General and administrative expenses were $10.9 million in the first quarter of 2019 as compared to $8.0 million in the same period in 2018. The increase in general and administrative expenses in the first quarter was mainly driven by increases in employee headcount to support Wave’s corporate goals, as well as increases in other general operating expenses.
As of March 31, 2019, Wave had $287.6 million in cash and cash equivalents as compared to $174.8 million as of December 31, 2018. The increase in cash and cash equivalents was mainly due to the $161.8 million in net proceeds from the January 2019 follow-on offering, partially offset by Wave’s year-to-date net loss of $44.2 million.
Wave expects that its existing cash and cash equivalents, together with expected and committed cash from existing collaborations, will enable Wave to fund its operating and capital expenditure requirements to the end of 2020.
About PRISM™
PRISM is Wave Life Sciences’ proprietary discovery and drug development platform that enables genetically defined diseases to be targeted with stereopure oligonucleotides across multiple therapeutic modalities. PRISM combines the company’s unique ability to construct stereopure oligonucleotides with a deep understanding of how the interplay among oligonucleotide sequence, chemistry and backbone stereochemistry impacts key pharmacological properties. By exploring these interactions through iterative analysis of in vitro and in vivo outcomes and artificial intelligence-driven predictive modeling, the company continues to define design principles that are deployed across programs to rapidly develop and manufacture clinical candidates that meet pre-defined product profiles.
About Wave Life Sciences
Wave Life Sciences (NASDAQ: WVE) is a clinical-stage genetic medicines company committed to delivering life-changing treatments for people battling devastating diseases. Wave aspires to develop best-in-class medicines across multiple therapeutic modalities using PRISM, the company’s proprietary discovery and drug development platform that enables the precise design, optimization and production of stereopure oligonucleotides. Driven by a resolute sense of urgency, the Wave team is targeting a broad range of genetically defined diseases so that patients and families may realize a brighter future. To find out more, please visit www.wavelifesciences.com and follow Wave on Twitter @WaveLifeSci.
Forward-Looking Statements
This press release contains forward-looking statements concerning our goals, beliefs, expectations, strategies, objectives and plans, and other statements that are not necessarily based on historical facts, including statements regarding the following, among others: the anticipated commencement, patient enrollment, data readouts and completion of our clinical trials, and the announcement of such events; the protocol, design and endpoints of our ongoing and planned clinical trials; the future performance and results of our programs in clinical trials; future preclinical activities and programs; the progress and potential benefits of our collaborations with partners; the potential of our in vitro and in vivo preclinical data to predict the behavior of our compounds in humans; our identification of future candidates and their therapeutic potential; the anticipated therapeutic benefits of our potential therapies compared to others; our ability to design compounds using multiple modalities and the anticipated benefits of that model; the anticipated benefits of our proprietary manufacturing processes and our internal manufacturing facility; our future growth and anticipated transition to a fully integrated commercial-stage company; the potential benefits of PRISM and our stereopure oligonucleotides compared with stereorandom oligonucleotides; the benefit of nucleic acid therapeutics generally; the strength of our intellectual property; and the anticipated duration of our cash runway. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including the following: our ability to finance our drug discovery and development efforts and to raise additional capital when needed; the ability of our preclinical programs to produce data sufficient to support our clinical trial applications and the timing thereof; our ability to continue to build and maintain the company infrastructure and personnel needed to achieve our goals; the clinical results of our programs, which may not support further development of product candidates; actions of regulatory agencies, which may affect the initiation, timing and progress of clinical trials; our effectiveness in managing future clinical trials and regulatory processes; the effectiveness of PRISM; the continued development and acceptance of oligonucleotides as a class of medicines; our ability to demonstrate the therapeutic benefits of our candidates in clinical trials, including our ability to develop candidates across multiple therapeutic modalities; our dependence on third parties, including contract research organizations, contract manufacturing organizations, collaborators and partners; our ability to manufacture or contract with third parties to manufacture drug material to support our programs and growth; our ability to obtain, maintain and protect intellectual property; our ability to enforce our patents against infringers and defend our patent portfolio against challenges from third parties; and competition from others developing therapies for similar uses, as well as the information under the caption “Risk Factors” contained in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) and in other filings we make with the SEC from time to time. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.
WAVE LIFE SCIENCES LTD.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
| March 31, 2019 | December 31, 2018 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 287,567 | $ | 174,819 | ||||
| Current portion of accounts receivable | 10,000 | 10,000 | ||||||
| Prepaid expenses and other current assets | 17,464 | 17,454 | ||||||
| Total current assets | 315,031 | 202,273 | ||||||
| Long-term assets: | ||||||||
| Accounts receivable, net of current portion | 50,000 | 50,000 | ||||||
| Property and equipment, net | 39,929 | 39,931 | ||||||
| Operating lease right-of-use assets | 19,333 | — | ||||||
| Restricted cash | 3,631 | 3,625 | ||||||
| Other assets | 2,688 | 111 | ||||||
| Total long-term assets | 115,581 | 93,667 | ||||||
| Total assets | $ | 430,612 | $ | 295,940 | ||||
| Liabilities, Series A preferred shares and shareholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 14,577 | $ | 13,089 | ||||
| Accrued expenses and other current liabilities | 8,490 | 14,736 | ||||||
| Current portion of deferred rent | — | 115 | ||||||
| Current portion of deferred revenue | 105,891 | 100,945 | ||||||
| Current portion of lease incentive obligation | — | 1,156 | ||||||
| Current portion of operating lease liability | 2,919 | — | ||||||
| Total current liabilities | 131,877 | 130,041 | ||||||
| Long-term liabilities: | ||||||||
| Deferred rent, net of current portion | — | 5,132 | ||||||
| Deferred revenue, net of current portion | 60,184 | 68,156 | ||||||
| Lease incentive obligation, net of current portion | — | 9,247 | ||||||
| Operating lease liability, net of current portion | 31,782 | — | ||||||
| Other liabilities | 2,039 | 2,142 | ||||||
| Total long-term liabilities | 94,005 | 84,677 | ||||||
| Total liabilities | $ | 225,882 | $ | 214,718 | ||||
| Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at March 31, 2019 and December 31, 2018 | $ | 7,874 | $ | 7,874 | ||||
| Shareholders’ equity: | ||||||||
| Ordinary shares, no par value; 34,255,406 and 29,472,197 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | $ | 538,414 | $ | 375,148 | ||||
| Additional paid-in capital | 42,113 | 37,768 | ||||||
| Accumulated other comprehensive income | 250 | 153 | ||||||
| Accumulated deficit | (383,921 | ) | (339,721 | ) | ||||
| Total shareholders’ equity | $ | 196,856 | $ | 73,348 | ||||
| Total liabilities, Series A preferred shares and shareholders’ equity | $ | 430,612 | $ | 295,940 | ||||
WAVE LIFE SCIENCES LTD.
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2019 | 2018 | |||||||
| Revenue | $ | 3,026 | $ | 1,422 | ||||
| Operating expenses: | ||||||||
| Research and development | 40,113 | 29,196 | ||||||
| General and administrative | 10,901 | 8,001 | ||||||
| Total operating expenses | 51,014 | 37,197 | ||||||
| Loss from operations | (47,988 | ) | (35,775 | ) | ||||
| Other income, net: | ||||||||
| Dividend income | 1,424 | 356 | ||||||
| Interest income, net | 11 | 7 | ||||||
| Other income, net | 2,353 | 343 | ||||||
| Total other income, net | 3,788 | 706 | ||||||
| Loss before income taxes | (44,200 | ) | (35,069 | ) | ||||
| Income tax provision | — | (172 | ) | |||||
| Net loss | $ | (44,200 | ) | $ | (35,241 | ) | ||
| Net loss per share attributable to ordinary shareholders—basic and diluted | $ | (1.36 | ) | $ | (1.26 | ) | ||
| Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders—basic and diluted | 32,597,158 | 27,919,063 | ||||||
| Other comprehensive income (loss): | ||||||||
| Net loss | $ | (44,200 | ) | $ | (35,241 | ) | ||
| Foreign currency translation | 97 | 49 | ||||||
| Comprehensive loss | $ | (44,103 | ) | $ | (35,192 | ) | ||
Investor Contact:
Kate Rausch
617-949-4827
krausch@wavelifesci.com
Media and Patient Contact:
José Juves
617-949-4708
jjuves@wavelifesci.com