WAVE Life Sciences Ltd Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Joon Lee - Truist Securities - Analyst : Great. Thanks for the updates and for taking our questions. And it's really great to see a nice dose response of activin E knockdown and weight loss in the DIO model. Have you looked into what happens to all the fat that's mobilized post activin E knockdown? Specifically, have you checked the liver fat deposits or looked at lipid panels for any LDL or triglycerides in these mice? And I have a quick follow-up on Huntington's.

Question: Joon Lee - Truist Securities - Analyst : And on Huntington's, have you had a pre-IND meeting with the FDA? And any changes to their comments on the use of MRI as a reasonable surrogate for Huntington's? And any thoughts regarding recent backtracking by the FDA according to some of the companies that you -- in your peer group? Thank you.

Question: Joon Lee - Truist Securities - Analyst : Paul, just a quick follow-up. How variable is the caudate volume within the same Huntington's stage, like Stage 2 and Stage 3 and et cetera. Within the same stage, are there variabilities in the caudate volume? And how much?

Question: Salim Syed - Mizuho Securities Asia Ltd - Analyst : Great. Congrats on the progress, Paul and team. Just a couple from us. One on alpha-1 antitrypsin. Paul, just curious to get your thoughts around some of the DNA editor ATD programs that we've seen some recent preclinical data on some discussion there, obviously, being able to reduce 20 micromolar plus M-AAT, and just how does that framework you thinking all do you need to be in that sort of range for outside the acute phase response? And then the second question is just on DMD. I noticed in the press release, there's no more reference to the additional exon skipping program, CTAs for 2026. I'm wondering if that was removed, it's no longer the plan. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 10, 2025 / 1:30PM, WVE.OQ - Q3 2025 WAVE Life Sciences Ltd Earnings Call Thank you.

Question: Steve Seedhouse - Cantor Fitzgerald LP - Analyst : Yeah, good morning. Thanks for taking the question and congrats on all the recent progress. I wanted to ask in the AATD study, obviously, that is ongoing, and you have that one really profound example of the acute phase response. Are you able to maybe gather more examples of that by protocolizing AAT assessment if people get sick this winter or if they get their flu shots. Just curious if there's anything you can do in the study to supplement that finding.

Question: Steve Seedhouse - Cantor Fitzgerald LP - Analyst : And then just in INLIGHT, I was curious if you could clarify or just guide us what proportion of that study enrolled in the US versus ex-US? And even if it's sort of relevant, would you expect any difference in the patient demographics or something that would affect the results?

Question: Madison El-Saadi - B. Riley Securities Holdings Inc - Analyst : Hi, good morning, everyone. Thanks for taking our question. A couple from us. On the single AATD patient that experienced the acute phase response, curious if there's any additional insights or observations from that patient that you could comment on? And then secondly, I actually wanted to ask about your bifunctional single nucleotide construct. Curious if you've optimized this construct to avoid any type of intermolecular interference and if you're seeing any off-target end, basically where you're at in the optimization phase. Thank you.

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : Thanks that's really helpful.

Question: Yun Zhong - Wedbush Securities Inc - Analyst : Good morning. So first question on DMD program. I wanted to check if you have had any interactions with the FDA on your 48-week data and any additional clarity that you are able to provide in terms of how much monthly dosing data you will need to or you will be able to include in the package, please? And I have a follow-up question, please.

Question: Yun Zhong - Wedbush Securities Inc - Analyst : Then on the Huntington's disease program, it's very encouraging to see or hear the FDA is open to accelerated approval pathway. But you commented on the capital allocation. So, I just wanted to ask, would you be able -- would you be open to moving the program independently even without a partner? Or would you prefer to have a partner before taking the next step? Thank you very much.