Martin Auster

Martin Auster asked if plan resets and other seasonality factors are expected to drive an uptick in cash pay patients in Q1, and about the trends assumed within the 55%-59% gross-to-net guidance.

Answer

Steven Basta, President and CEO, confirmed an expected uptick in cash pay patients in early months due to high deductibles and plan changes, noting this is a typical seasonal feature. Sanjeev Narula, Chief Financial and Business Officer, added that the 55%-59% gross-to-net guidance is for the full year, expected to be consistent and stable, with potential quarter-to-quarter variations based on plan flows.

Martin Auster from Raymond James asked about an expected uptick in cash pay patients due to Q1 seasonality and plan resets, and any assumed trends within the 55%-59% gross-to-net guidance provided by Sanjeev.

Answer

Steven Basta, President and CEO, expected some uptick in cash pay patients in early months due to high deductible plans, but did not provide specific guidance on the magnitude. Sanjeev Narula, Chief Financial and Business Officer, stated that the 55%-59% gross-to-net guidance is for the full year, with quarter-to-quarter variations possible depending on plan and business flow, similar to 2025 trends.

Martin Auster of Raymond James followed up on the WVE-007 program, asking if Activin E reduction data from cohort two would influence the size of cohort three and whether that could potentially shift the planned Q1 2026 data disclosure timeline for cohort three.

Answer

President & CEO Paul Bolno stated that they would expect a similar approach for cohort three as they took for cohort two, but this would not shift the timeline for delivering the 400 mg cohort data in 2026. He emphasized the study was well-designed to assess the dose response between 240 mg and 400 mg and that recruitment has been incredibly efficient, keeping all data readouts on track.