Wave Life Sciences Ltd. priced an upsized public offering of 15,789,475 ordinary shares at $19.00 per share, accompanied by pre‑funded warrants for up to 2,631,578 shares at $18.9999 per warrant. The underwriters received a 30‑day option to purchase an additional 2,763,157 shares on the same terms. The offering is expected to raise approximately $350 million before underwriting discounts and commissions, with a closing date anticipated on December 11 2025.
The offering follows a surge in investor interest after positive interim data from the Phase 1 INLIGHT trial of WVE‑007, an obesity treatment. The trial demonstrated significant fat‑loss benefits comparable to GLP‑1 drugs without muscle loss, reinforcing confidence in Wave’s proprietary PRISM platform. The capital raise will support the next phases of WVE‑007, the alpha‑1 antitrypsin deficiency program WVE‑006, and other programs targeting Duchenne muscular dystrophy and Huntington’s disease.
Wave reported a Q3 2025 net loss of $53.8 million and a cash balance of $196.2 million, giving a runway into Q2 2027. The $350 million infusion will extend that runway and fund the pivotal Phase 2 studies for WVE‑007 and WVE‑006. While the company’s valuation multiples remain high, the successful pricing signals strong investor confidence in its RNA editing technology and its ability to secure substantial funding for long‑term development.
CEO Paul Bolno said the company is “pioneering the RNA editing field with unmatched platform capabilities and a growing pipeline of innovative GalNAc programs for cardiometabolic diseases.” He emphasized that the new capital will accelerate development of its obesity and rare‑disease candidates and strengthen its position in a competitive biopharma landscape.
The announcement was met with positive sentiment from investors and analysts, who highlighted the trial data as the primary driver of enthusiasm. The upsized offering itself reinforced confidence in Wave’s ability to secure substantial funding, further supporting its strategic roadmap.
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