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Wave Life Sciences Ltd. (WVE-1.48%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $(7.7) million from $49.2 million in the same quarter the previous year. The decrease is attributed to a reduction in revenue recognized under the Takeda (TAK-0.34%) Collaboration Agreement and a change in the estimate to fulfill the GSK (GSK+1.95%) Collaboration Agreement.
Research and development expenses for the quarter increased to $41.2 million from $31.6 million in the previous year, primarily due to higher expenses related to the AATD, DMD, and HD programs, as well as other research and development activities.
General and administrative expenses rose to $15.0 million from $13.1 million, driven by increases in compensation-related expenses and administrative costs.
The company reported a net loss of $61.8 million for the quarter, compared to a net income of $7.3 million in the previous year.
Cash and cash equivalents as of September 30, 2024, were $310.9 million, with additional net proceeds of approximately $28.2 million received from the exercise of the underwriters' option in the September 2024 Offering.
Wave Life Sciences expects its existing cash and cash equivalents to fund operations for at least the next twelve months, though it may seek additional funds if favorable market conditions arise.
The filing also details the company's ongoing clinical programs, including those targeting AATD, DMD, and HD, as well as its collaborations with GSK and Takeda.
The company continues to focus on its RNA medicines platform, PRISM, and is advancing a pipeline of potential first- or best-in-class programs across multiple therapeutic areas.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wave Life Sciences Ltd. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.