Wave Life Sciences reported promising results from its Phase Ib/IIa clinical trial of WVE-006, an experimental RNA editing therapy for alpha-1 antitrypsin deficiency (AATD), though investor expectations for higher protein expression levels led to a significant stock decline despite the therapeutic achievements.
Clinical Trial Results Demonstrate Therapeutic Efficacy
The study evaluated WVE-006 in patients with AATD, a rare genetic disorder affecting the liver and lungs where patients cannot produce sufficient functional alpha-1 antitrypsin (AAT) protein. In the trial, eight patients who received multiple 200 mg doses achieved an average of 11.9 micromolars of total AAT protein, while eight patients receiving a single 400 mg dose reached 12.8 micromolars on average.
These results build upon earlier promising data from the first two trial participants who received a single 200 mg dose and achieved approximately 11 micromolars of AAT protein within 15 days. Notably, one patient demonstrated a spike to over 20 micromolars during an acute exacerbation event, suggesting the therapy can provide protective protein when most needed.
"The data show the therapy can rise to meet the occasion, wherever it is, to drive down and protect during exacerbations," CEO Paul Bolno told analysts. "That is the functional cure."
Safety Profile and Regulatory Benchmarks
Wave reported no serious adverse events or study discontinuations across all dosing groups. All side effects were classified as mild to moderate, with no notable elevations in liver enzyme levels that could indicate organ damage. The company stated the findings support "monthly or less frequent dosing" schedules.
Importantly, all study groups achieved protein levels that met the regulatory threshold established for approval of AAT augmentation therapies, even if the improvements were modest compared to single-dose results.
Market Response and Analyst Perspectives
Despite the clinical success, Wave shares fell as much as 22% on Wednesday, reflecting investor disappointment with the magnitude of protein expression increases. Truist Securities analysts noted they and consulted investors had hoped for total AAT levels greater than 12 micromolars.
However, multiple analysts defended the results. Leerink Partners' Joseph Schwartz characterized the share sell-off as reflecting "outdated investor expectations," noting that "higher levels of AAT protein do not appear to be required to drive efficacy and protection in AATD." Mizuho Securities' Salim Syed described the findings as "still clinically meaningful."
Broader Implications for RNA Editing Field
The results represent a significant milestone for RNA editing technology, with WVE-006 being the first therapy of its kind to reach human testing. William Blair analysts noted the data suggest "oligonucleotide therapies for RNA editing are an applicable therapeutic modality to human diseases."
The validation of RNA editing's therapeutic potential appeared to benefit other companies in the space. Korro Bio, which is advancing KRRO-110 for AATD in its Phase I/IIa REWRITE trial, saw its shares increase 17% on Wednesday. Beam Therapeutics, developing the irreversible RNA editor BEAM-302 for AATD, jumped 15%.
Next Steps and Future Timeline
Wave continues treating patients in the 400 mg multidose cohort on a monthly schedule, with results expected in the first quarter of 2026. The company is also testing monthly administrations of the higher dose, with data anticipated in early 2026.
Meanwhile, Korro Bio plans to share early results for its competing RNA editing drug for AATD later this year, setting up potential head-to-head comparisons in this emerging therapeutic space.
