Shares of Wave Life Sciences (WVE) plummeted 5.05% in pre-market trading on Wednesday following the release of disappointing second-quarter financial results. The clinical-stage biotechnology company reported a wider net loss and a significant revenue decline, falling short of analyst expectations.

Wave Life Sciences reported a Q2 net loss of $0.31 per diluted share, compared to a loss of $0.25 per share in the same period last year. This missed the FactSet analyst consensus estimate of a $0.27 per share loss. Revenue for the quarter ended June 30 plunged to $8.7 million, a substantial decrease from $19.7 million a year earlier and well below the $13.2 million analysts had projected.

The company's financial performance was further impacted by increased operating expenses. Research and development costs rose to $43.5 million from $40.4 million in the previous year, while general and administrative expenses climbed to $18.0 million from $14.3 million. Despite these challenges, Wave Life Sciences reported a cash position of $208.5 million as of June 30, 2025, which is expected to fund operations into 2027. The company also announced the appointment of Dr. Christopher Wright as Chief Medical Officer to lead global development efforts and provided updates on its clinical trials, including the expansion of the INLIGHT Cohort 2 due to favorable safety and tolerability data.