Wave Life Sciences Ltd.

Hello and welcome to Wave Life Sciences' second quarter 2026 earnings call. We ask that you please hold all questions until the completion of the formal remarks. At which time you'll be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. I will now turn the call over to Kate Rausch, Vice President of Corporate Affairs and Investor Relations.

Thank you, operator, and good morning to everyone on the call. Earlier this morning, we issued a press release outlining our second quarter 2026 earnings update. Joining me today with prepared remarks are Dr. Paul Bolno, President and Chief Executive Officer, Dr. Erik Ingelsson, Chief Scientific Officer, Dr. Chris Wright, Chief Medical Officer, and Kyle Moran, Chief Financial Officer. The press release issued this morning is available on the investor section of our website, www.wavelifesciences.com. Before we begin, I would like to remind you that discussions during this conference call will include forward-looking statements. These statements are subject to several risks and uncertainties that could cause our actual results to differ materially from those described in these forward-looking statements. The factors that could cause actual results to differ are discussed in the press release issued today and in our SEC filings. We undertake no obligation to update or revise any forward-looking statement for any reason. I'd now like to turn the call over to Paul.

Thanks, Kate, and good morning to everyone joining us on today's call. At WAVE, we are focused on harnessing the convergence of deep genetic insights with our proprietary chemistry to rapidly advance the pipeline of transformational RNA medicine. Over the past decade, we have built the most sophisticated and broadly enabled oligonucleotide platform in the industry. Multiple clinical datasets now demonstrate our ability to rapidly advance programs from novel genetic target to proof of mechanism in the clinic. Our proprietary chemistry is what differentiates our pipeline and Distinguishes Our Molecules from Others in the Field. In the first half of 2026, we delivered multiple positive datasets across our RNAi and RNA editing pipeline, led by WVE007 for obesity and WVE006 for AETD, positioning us to advance both programs to their next stage of development. We also continue to progress our second RNA editing candidate, WVE008 for PNPLA3 liver disease, and remain on track for a CTA filing later this year. In March, we shared positive data from the single dose phase one portion of the in-light trial of 007 and obesity. These data fortified our conviction in a best-in-class siRNA design with robust and extremely durable silencing demonstrated in the clinic, supporting potential dosing of once or twice a year. Also, even in this otherwise healthy population, A single dose of 007 led to substantial reductions in visceral fat and subcutaneous fat without muscle loss or other adverse events associated with incretin therapy. We have three opportunities to explore in the next phase of development for this program. First, evaluate WVE-007 in a Phase IIa population with higher BMI and comorbidities typical of other obesity trials. to demonstrate 007's potential in obesity, as well as evaluate biomarkers to unlock other cardiometabolic indications, including MASH and type 2 diabetes. Second, evaluate combination with incretin, which has the potential to deepen weight loss and enhance metabolic benefits. Third, and perhaps one of the most exciting and unique opportunities, evaluate maintenance therapy, which would represent an entirely new commercial frontier enabling patients an off-ramp for their GLP-1s. We often hear from patients about the fear of weight regain post cessation of incretins. Up to 70% of patients discontinued GLP-1 therapy within the first year of treatment. And for many, it's due to challenges that WVE-007 may address, including tolerability issues, treatment burden, or anhedonia, loss of joy, among others. In this maintenance setting, 007 would have the potential to enable individuals and payers to realize the sustained health benefits of fat loss and improve body composition for the long term. Over the past quarter, the FDA accepted the Phase 2a inlay trial amendment and dosing is now underway. The Phase 2a is enrolling individuals living with obesity with BMI between 35 and 50 and comorbidities with and without diabetes. These patients are expected to have higher total body fat and higher levels of visceral fat than the Phase 1 otherwise healthy patients. With this multi-dose clinical trial, we are evaluating our target patient population and have the potential to deliver further improvements in body composition, meaning weight loss driven off of fat loss without muscle loss, as well as other improvements in cardiometabolic biomarkers, including liver fat and HbA1c. We are also working expeditiously to initiate the additional phase two trials of 007 in combination and maintenance settings this year. Collectively, our development program has the potential to redefine the treatment landscape in obesity. In RNA editing, we delivered data supporting 006's potential to offer a new standard of care for individuals living with AETD by treating both lung and liver manifestations of the disease and restoring the dynamic AET protein response with convenient, infrequent subcutaneous dosing. We are planning to engage the FDA as the agency has granted our request for a meeting to discuss a potential accelerated approval pathway for WBE006. This meeting is expected at the end of summer and will help inform our registrational plans and path toward bringing a much needed new treatment option to the 200,000 individuals in the US and Europe living with homozygous ZZ-AATD. As a scalable, infrequent, subcutaneously dosed oligonucleotide therapy 006 would offer a potentially differentiated value proposition for both healthcare providers and payers. Current IV augmentation standard of care does not have any impact on liver manifestations of the disease, while investigational DNA editing in addition to any safety concerns would be associated with payer challenges for one-time costly therapy with uncertain durability and multi-year enrollee retention. Building on our RNA editing success, We are advancing our second RNA editing candidate, WVE008, toward the clinic this year for PNPLA3 liver disease. 008 aims to address an area of high unmet need with 9 million individuals living with homozygous PNPLA3 I148M liver disease. Human genetic data demonstrates these homozygous individuals have about a nine-fold higher risk of dying from liver disease as compared with non-carriers. The landscape of therapies and development for this target has been narrowed by recent clinical demonstration that silencing approaches do not address the disease and may actually exacerbate it. An RNA editing approach is the only way to restore the functional protein and offers a potential for a novel infrequently dose therapy with strong support from human genetics. Beyond our lead RNAi and RNA editing programs, we continue to push the boundaries of innovation with our proprietary chemistry. We are planning to host our annual Investor Day in the fall to shed more light on our latest platform advancements and work on our bi-functional modality. At the start of the year, we outlined our pipeline priorities, WVE 007, 006, and 008, demonstrating our core focus on RNAi and RNA editing, as well as our intent to seek partnership opportunities for HD and DMD. Given the evolving regulatory and commercial landscape in DMD, we are exploring potential partnerships in advance of filing an NDA for N531. We continue to believe in N531 and 003's potential as best-in-class treatment options and look forward to continuing our partnering discussions. With our continued success in the clinic and robust balance sheet, we are well positioned and well capitalized to bring our pipeline of potential first and best-in-class candidates to the next stage of development. as we reimagine what's possible for patients. Now I'd like to turn the call over to Erik who will discuss 007 and how we are leveraging our proprietary chemistry and human genetic insights to advance a transformative approach for obesity and other cardiometabolic diseases.