Wave Life Sciences is a clinical-stage biotech developing RNA medicines, specifically oligonucleotides, for rare and common diseases. Wave has no approved products and no meaningful product revenue; it funds operations primarily through a collaboration agreement with GSK. Wave's core drug development platform, PRISM, uses proprietary chemistry — particularly stereochemistry control and backbone modifications — to design "stereopure" oligonucleotides that Wave argues are more potent and durable than conventional approaches. PRISM enables delivery via subcutaneous injection using GalNAc conjugates targeting the liver, avoiding more complex delivery systems. Wave's pipeline spans multiple RNA-targeting mechanisms: RNAi gene silencing, RNA editing, splicing modification, and allele-selective silencing. Lead programs include WVE-007, a GalNAc-siRNA targeting obesity by silencing INHBE to reduce fat while preserving muscle mass; WVE-006, an RNA editing drug for alpha-1 antitrypsin deficiency (AATD); and WVE-008, an RNA editing drug for PNPLA3-driven liver disease. Wave also has WVE-N531, a splicing oligonucleotide for Duchenne muscular dystrophy (DMD) with an NDA filing planned for 2026, and WVE-003, an allele-selective program for Huntington's disease. Wave's business model combines near-term collaboration revenue from GSK — which paid $170M upfront and could pay up to $2.8B in milestones — with the long-term goal of commercializing its own wholly owned programs if they achieve regulatory approval.