WAVE Life Sciences Ltd Announce Interim Data from the Phase 1 INLIGHT Trial of WVE-007 Transcript

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

Question: Joon Lee - Truist Securities - Analyst : Great. Congrats on the great data and thanks for taking the questions. It looks like there was a net weight gain in the placebo arm, driven by increase in lean mass. How do you explain that given most weight loss trials placebo arm loses weight, not gain. And bigger picture down the road, how are you looking at the potential labeling differentiation to compete against GLP-1s, which now just $300 to $600 per month?

Question: Joon Lee - Truist Securities - Analyst : Great. And just a follow-up. Is weight loss going to be the regulatory hurdle that you guys are going to loop, I mean jump over? Or are you looking at something else as an approvable end point down the road? Thank you.

Question: Steve Seedhouse - Cantor Fitzgerald LP - Analyst : Good morning thank you. I wanted to first ask if you could comment on the precision and accuracy of the DEXA methodology that you're using in the study. I think it has a pretty good reputation, but I just wanted to confirm how much variance across patients in the study you'd expect to be just biological versus actually technical margin of error from the measurement? And I have a couple of follow-ups.

Question: Steve Seedhouse - Cantor Fitzgerald LP - Analyst : Just relatedly, what was the -- if you have it handy, what was the highest percent fat loss and highest percent total weight loss that you saw in like any individual patient in the treatment, if you have that?

Question: Steve Seedhouse - Cantor Fitzgerald LP - Analyst : Got it. I'm just trying to get it basically as you follow through six months, your level of conviction that the true effect of the drug here with increasing fat loss over time that would be expected would sort of easily reveal itself. And then the other question I want to ask is [bimekizumab] has an adverse event profile that includes like diarrhea, muscle spasms, I think, acne as well. Are you seeing any imbalance in those features specifically from 007? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 1:30PM, WVE.OQ - WAVE Life Sciences Ltd Announce Interim Data from the Phase 1 INLIGHT Trial of WVE-007

Question: Steve Seedhouse - Cantor Fitzgerald LP - Analyst : Okay. And just real quick, lastly, do you have data on any patients yet through six months in the 240 mg cohort or is that sort of batched and received altogether at some point in the first quarter?

Question: Salim Syed - Mizuho Securities Asia Ltd - Analyst : Okay, great. Paul, congrats on the data. I know you mentioned that the data here is pretty tight on the [Wave]. Could you give us just some quantification to how tight it was just given we don't have any sort of spider plot data here just on that -- maybe some of the measurements, the 9.2% and the 4% that you provided. How tight exactly is this data? (multiple speaker).

Question: Salim Syed - Mizuho Securities Asia Ltd - Analyst : Okay. And then just a follow-up. The data that's coming into 1Q, could you maybe just review that for us? Like what are your expectations for the six-month data and for the next cohort three months data?Thank you.

Question: Salim Syed - Mizuho Securities Asia Ltd - Analyst : Okay. That's great. And can I also ask, I mean, so the hypothesis is sort of playing out that we're -- you're seeing muscle sparing. I think a lot of us are kind of looking at the GLP-1s and what else is sort of coming down kind of the obesity pipeline as sort of comps for what to expect. I guess if you are indeed show that you could spare a muscle, like what -- would love to hear like what ultimate level of fat loss you want to see for this to be commercially competitive?

Question: Yun Zhong - Wedbush Securities Inc - Analyst : So the first question on the lipid profile, I believe that press release said there were no meaningful changes in lipid profile. But I thought heterozygous carriers, they do have a better lipid profile. So do you expect the treatment to maybe lead to any metabolic benefit as GLP-1 does to reduce the risk of other comorbidities?

Question: Yun Zhong - Wedbush Securities Inc - Analyst : I see. And then the second question, given the lean mass increase in both treatment cohort and the placebo cohort, I understand that there was no modification in diet, but are you collecting data on any potential impact on diet or calorie intake or maybe even exercise pattern?

Question: Cheng Li - Oppenheimer & Co Inc - Analyst : Congrats on the super impressive data and thanks for taking the question. Just a couple from us. First, can you maybe comment on -- I mean, recognizing the small patient number, but curious if you can comment on any like baseline characteristics can predict the weight loss. For example, you see, the greater weight loss in female versus male or maybe higher BMI versus lower BMI. I'm also wondering if like baseline Activin E level can predict response to WVE-007?

Question: Cheng Li - Oppenheimer & Co Inc - Analyst : Got it. And also, I think you are measuring some blood biomarkers, so any comments on those? Like biomarkers relevant to anti-inflammation or anti-fibrosis you can share?

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : Great, thank you so much. Congratulations on this really ground-breaking data. I guess I have a question on efficacy and also safety. So first of all, how would you expect the weight loss effects to differ in patients who are obese and are entitled to diet and exercise in a study like we might see in the next phase? And just conceptually, like why at a fundamental basis, would you expect the results to differ based on the mechanism? And then safety, it's really encouraging. You saw no discontinuations to three months. I think we do see some with the GLPs due to GI issues. So can you just dissect that for us a little bit? Thanks.

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : No, you're going to what I was going to ask. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 1:30PM, WVE.OQ - WAVE Life Sciences Ltd Announce Interim Data from the Phase 1 INLIGHT Trial of WVE-007

Question: Cha Cha Yang, MS, MBA - Jefferies LLC - Analyst : This is Cha Cha on for Roger Song. I was just hoping that you can speak to your decision to use BMI as a benchmark, especially as Lilly has halted that development of the product. And then also, if you could give some more color on time lines for potentially a maintenance trial and your thoughts on potentially starting that trial before INLIGHT [bimagrumab]?

Question: Catherine Novak - Jones Trading - Analyst : Hi, good morning. Thanks for taking my questions. I just had a question on the prioritization of the different potential Phase II studies. It seems like conversations at obesity, for example, a lot of expert opinion was that incretin discontinuation is the ideal setting for Inhibin E -- but given what you've seen today, it looks like there could be prioritization in other Phase II settings would make sense as well. Just given the resources that you have available and the potential size of some of these studies where do you think you'd want to focus your efforts in the next year?

Question: Catherine Novak - Jones Trading - Analyst : Got it. And then given that there are multiple ligands at signal ALK7, is there any thought on compensatory signaling with sustained knockdown of Activin E. Would a view and others seen there long term?

Question: Madison El-Saadi - B. Riley Securities Holdings Inc - Analyst : Congrats on the data. Thanks for taking your question. A broader mechanistic question, we obviously have the animal data, and then we have data from a couple of human readouts. How long do you think patients need to be on drug before that top line weight loss crosses the GLP-1 weight-loss trajectory? And then related to that, it sounds like there are no plans to seek a Phase II endpoint on body composition? Thanks.

Question: Luka Izzi - RBC Capital Markets - Analyst : Great, congrats on fantastic data. Maybe just a few questions here. Maybe circling back on a prior question. So would be the -- is this an asset that you're envisioning bringing all the way to finish line by yourself? Or is it the drug that you're maybe planning to partner at some point? Any context there, much appreciated. And then maybe on competition, I think, again, your competitor will have data in early January. So I wonder if you can talk about differentiation versus them. And then maybe lastly on the data. Do you want to confirm is this entire data set that was presented today coming from a single site in Moldova? Or is this a data set that is coming from a broader number of sites and a broader number of geographies? Thank you so much. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 1:30PM, WVE.OQ - WAVE Life Sciences Ltd Announce Interim Data from the Phase 1 INLIGHT Trial of WVE-007