GSK has decided to return the RNA editing oligonucleotide WVE-006 to Wave Life Sciences, ending their joint development of the treatment for alpha-1 antitrypsin deficiency (AATD). The company did not provide a specific reason for its decision, but it follows an underwhelming Phase Ib/IIa data release in September.
Analysts from Truist Securities commented on the move, stating, “The news comes as a bit of a surprise, but we think it makes sense as GSK may be more interested in large indications, such as COPD. It appears GSK may have decided that AATD may be a more niche program for them.”
In the September study results, patients who received repeat injections of a 200-mg dose of WVE-006 showed 11.9uM of alpha-1 antitrypsin protein. While Wave Life Sciences described this outcome as “therapeutically relevant,” analysts noted that expectations were set at 12uM or higher. Truist analysts remarked that the result was “exceedingly close” but still “came in below buyside expectations.”
Despite these results, there is some optimism about higher dosing. According to Truist Securities, the 400 mg dose “could drive total AAT well into the 13uM+ range.” Data from this higher dose is expected in the first quarter of 2026. Additional findings from a single 600-mg dose and multidose cohorts are anticipated later this year.
Truist analysts also highlighted that GSK’s withdrawal from the partnership occurred before these new data readouts: “there should not be any read-through to forthcoming AATD data.”
Although GSK ended its involvement with WVE-006, collaboration between the two companies continues. Tony Wood, chief scientific officer at GSK, stated Monday: “our research collaboration with Wave continues with exciting opportunities ahead.”
GSK and Wave began their partnership in December 2022 when GSK provided $170 million upfront and committed up to $3.3 billion in milestone payments for exclusive global rights to WVE-006. The agreement also included access to Wave’s PRISM platform for developing oligonucleotides aimed at RNA silencing and editing across several preclinical programs.
Last month, GSK selected a fourth program from this collaboration for further development. Validation work is ongoing in multiple therapeutic areas. If additional programs advance successfully, Wave could receive up to $2.8 billion in milestones related to initiation, development, launch and commercialization, along with tiered royalties.
Wave Life Sciences reports that even without these potential milestone payments, its cash reserves—totaling $196.2 million as of September 30, 2025—are expected to fund operations into the third quarter of 2028.
