WVE-004 is an antisense oligonucleotide commercialized by Wave Life Sciences, with a leading Phase II program in Amyotrophic Lateral Sclerosis. According to Globaldata, it is involved in 2 clinical trials, which are ongoing. GlobalData uses proprietary data and analytics to provide a complete picture of WVE-004’s valuation in its risk-adjusted NPV model (rNPV). Buy the model here.

The revenue for WVE-004 is expected to reach an annual total of $47 mn by 2034 globally based off GlobalData’s Expiry Model. The drug’s revenue forecasts along with estimated costs are used to measure the value of an investment opportunity in that drug, otherwise known as net present value (NPV). Applying the drug’s phase transition success rate to remaining R&D costs and likelihood of approval (LoA) to sales related costs provides a risk-adjusted NPV model (rNPV). The rNPV model is a more conservative valuation measure that accounts for the risk of a drug in clinical development failing to progress.

WVE-004 Overview

WVE-004 is under development for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD). It is developed based on the PRISM platform. It acts by targeting C9orf72. It is administered through intrathecal route.

Wave Life Sciences Overview

Wave Life Sciences discovers, develops, and commercializes medicines for genetic diseases. The company’s pipeline consists of an mRNA transcript candidate: WVE-120101 and WVE-120102 for Huntington’s disease; ATXN3 gene candidate for Spinocerebellar ataxia 3; C9orf72 gene candidate for amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD); USH2A and RhoP23H candidate for retinal diseases; and multiple candidates for other central nervous system (CNS) disorders, and hepatic diseases. The company employs its proprietary chemistry platform to design, optimize and manufacture stereopure oligonucleotides with improved safety, tolerability and efficacy compared to that of stereorandom oligonucleotides. Wave Life Sciences is jointly advancing its CNS pipeline candidates in collaboration with Takeda. It has operations in Singapore, the US, Japan, the UK, and Ireland. Wave Life Sciences is headquartered in Singapore city, Singapore.

The company reported revenues of (US Dollars) US$41 million for the fiscal year ended December 2021 (FY2021), compared to a revenue of US$20.1 million in FY2020. The operating loss of the company was US$127 million in FY2021, compared to an operating loss of US$153.4 million in FY2020. The net loss of the company was US$122.3 million in FY2021, compared to a net loss of US$149.9 million in FY2020. The company reported revenues of US$0.3 million for the third quarter ended September 2022, a decrease of 24% over the previous quarter.

For a complete picture of WVE-004’s valuation, buy the drug’s risk-adjusted NPV model (rNPV) here.


GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.

To create this model, GlobalData takes into account factors including patent law, known and projected regulatory approval processes, cash flows, drug margins and company expenses. Combining these data points with GlobalData’s world class analysis creates high value models that companies can use to help in evaluation processes for each drug or company.

The rNPV method integrates the probability of a drug reaching a clinical stage into the cash flow at that time, which provides a more accurate valuation, as it considers the probability that the drug never makes it through the clinical pathway to commercialization. GlobalData’s rNPV model uses proprietary likelihood of approval (LoA) and phase transition success rate (PTSR) data for the indication in the highest development stage, which can be found on GlobalData’s Pharmaceutical Intelligence Center.