WVE - Quick Take - New AATD Data at ATS Show More Evidence for Appropriate Acute Phase Responses Following Treatment w/ WVE-006

Research evidence excerpt

WVE - Quick Take - New AATD Data at ATS Show More Evidence for Appropriate Acute Phase Responses Following Treatment w/ WVE-006

Truist Securities

Equity Research Report May 18, 2026

HEALTHCARE: Biotech Wave Life Sciences Ltd. (WVE)

WVE - Quick Take - New AATD Data at ATS Show More Evidence Danielle Brill, Pharm.D.

212-303-4110 for Appropriate Acute Phase Responses Following Treatment w/

Danielle.Brill@truist.com WVE-006

Alex Nackenoff, Ph.D.

212-590-0908 Today, Wave shared additional data (400mg multiple-dose and 600mg single-dose)

Alex.Nackenoff@truist.com from the WVE-006 program in AATD at the ATS 2026 conference. Broadly, the data show

(1) dose-dependent increases in the proportion of wild-type M-AAT protein, with subsequent

decreases in mutant Z-AAT protein following single-doses, (2) average total circulating

Current Price (May 18, $6.40 AAT levels above the current approval threshold of 11uM across all dose arms, and (3) 2026) three different examples of appropriate acute phase responses (APRs), in which patients

produced significant increases in total AAT in response to an inflammatory stimulus.

Stock Rating BUY

Unchanged Similar to prior data cuts, the absolute level of total AAT protein achieved with WVE-006

appears numerically inferior to the latest data generated by competitor BEAM (NR), however

Price Target $15.00 WVE-006 poses lower risk of liver damage, which could be a potential clinical point of

Unchanged differentiation given the degree of baseline liver disease these patients already have.

Additionally, this data cut again fails to resolve a clear dose-response relationship on total

AAT, as the 600mg arm does not induce a step-up over the 400mg SAD and the 200mg

dose is administered Q2W vs QM for the 400 & 600 mg doses, though the 400mg MAD is