Status Quo Update for WVE-006 at ATS

Research evidence excerpt

Status Quo Update for WVE-006 at ATS

Biotechnology

Wave Life Sciences Ltd. (WVE)

EQUITY RESEARCH Company Update

May 18, 2026

Status Quo Update for WVE-006 at ATS Price: $6.40

Price Target: $13.00 New data from 400mg QM and 600mg single-dose cohorts presented today

Rating: Overweight by WVE maintain the status quo for WVE-006 (RNA editing oligonucleotide

Key Statistics: for AATD).

Symbol NASDAQ: WVE

52-Week Range 5.02 - 21.73 WVE will share FDA feedback on accelerated approval pathway for

Market Cap 1,231.4 WVE-006 in mid-2026. Assuming positive feedback and a supportive FDA,

ADV (3 mo) 4,473,720 and given the consistency of editing and M-AAT production observed to

Shares Out (M) 192.4 date (observed in all patients in all cohorts), there would actually be very

manageable clinical and regulatory risk for this pivotal-stage and most

Research Analysts: advanced RNA editing program, in our view (it's just a GalNAc-conjugated

Steve Seedhouse oligo; many of which are already FDA approved). 212-915-1240

Steve.Seedhouse@cantor.com The main risk from a value-creation standpoint would be competitive (both

Nick Econom with other RNA editing programs fast-following WVE in AATD, and base 312-469-7407

Nick.Econom@cantor.com editing therapeutic BEAM-302, which achieves higher overall editing and

Timur Ivannikov M-AAT production).

312-469-7406

Timur.Ivannikov@cantor.com Our conclusion that today's data update does not change our prevailing

view and interpretation of WVE-006's therapeutic profile (which is that it's

REV ($M) a viable and potentially approvable drug, and sentinel for many successes

FYE Dec 2025A 2026E 2027E to come for RNA editing) is supported by the following:

1Q $9.2 $38.2A $0.0

2Q $8.7 $8.2E $0.0 ●Nothing materially different in safety profile vs. last update.