Michael King

Michael King inquired about the overlap between the existing Platinum customer base and the potential Proteus customer base, asking if Proteus sales would primarily be 'conquest sales.' He also sought insight into the top two or three 'low-hanging fruit' applications expected to drive Proteus adoption at launch, and whether the total spend guidance for 2026 includes an increase in the field sales force.

Answer

Jeff Hawkins, President and CEO, explained that while some Platinum users in core labs are ideal Proteus candidates, smaller basic research labs might pool funds. He highlighted complex biological samples, post-translational modifications (PTMs), and translational labs as key application areas for Proteus. Jeff Keyes, CFO, confirmed that the 2026 total spend includes augmenting the commercial team for launch readiness, with flexibility to redeploy external development spend to commercial activities post-launch.

Michael King from Rodman & Renshaw asked about the extent of overlap between Quantum-Si's existing Platinum customer base and the potential customer base for Proteus, and whether Proteus sales would primarily be 'conquest sales.' He also inquired about the top two or three low-hanging fruit applications expected to drive Proteus adoption at launch, such as biomarker work or PTM analysis. Finally, he asked if the total spend guidance for 2026 included an increase in the field sales force.

Answer

Jeff Hawkins, President and CEO, explained that while not quantified, overlap is expected to be high among larger core labs and proteomics centers of excellence, but less so for smaller basic research labs. He highlighted Proteus's capabilities for complex biological samples, PTM analysis, and enabling translational labs as key application areas, moving beyond basic research. Jeff Keyes, CFO, confirmed that the 2026 total spend guidance includes augmenting the commercial team for launch readiness, noting that external development spend can be reallocated to commercial activities post-Proteus development.

Michael King asked how Wave Life Sciences plans to communicate the benefits of WVE-007, specifically visceral fat loss and muscle preservation, given the broader obesity market's focus on body mass index (BMI) and total body weight loss.

Answer

President and CEO Paul B. Bolno emphasized that patients ultimately desire to be leaner, not just lighter, seeking high lean body mass and low fat without sacrificing muscle. He explained that WVE-007 delivers substantial fat reduction and muscle preservation, which naturally leads to weight loss, aligning with regulatory guidance that now indexes body composition. Bolno highlighted WVE-007's differentiated safety and tolerability compared to incretins, which face high discontinuation rates and tolerability challenges. He sees a significant opportunity for WVE-007 as a maintenance therapy, offering a once-to-twice-a-year option to sustain fat reduction and prevent muscle loss, providing an 'off-ramp' from chronic incretin use.

Michael King asked how Wave Life Sciences plans to communicate WVE-007's benefits of visceral fat loss and muscle preservation, differentiating it from the broader obesity market's focus on total body weight loss, especially given consumer trends.

Answer

Paul Bolno, President and CEO, emphasized that patients ultimately want to be 'leaner, not lighter,' seeking fat reduction and muscle preservation rather than just scale weight loss, which often comes at the expense of lean mass. He highlighted that WVE-007's profile (substantial fat reduction, lean mass preservation, once-to-twice-a-year dosing, differentiated safety) directly addresses health outcomes and patient desires. Bolno also pointed to the significant opportunity for WVE-007 as a maintenance therapy post-incretins, offering an 'off-ramp' from chronic, less tolerable treatments, a need echoed by strategic partners.