WVE (Wave Life Sciences): All Pump, No ActionHitting RESET (PT: $16)

Part 1 in a Multipart Series on WVE (SHORT) by Art Doyle

Summary of this Report

This first report will break down the bull thesis point by point into a series we like to
call Myth vs. Reality. We shed a much-needed dose of reality on each of the following
Wave Life Sciences myths:
MYTH 1: Wave Life Sciences platform is unique and revolutionary
REALITY: The Company cant (and wont) PROVE anything about its platform. These are
not real benefits, just marketing nonsense. Published data by Ionis and othes is far
superior. And yes, we will prove it.
MYTH 2: Wave Life Sciences is a Fast Follower in Huntingtons Disease if/when Ionis
succeeds
REALITY: Ionis successful HD trial nullifies Wave Life Sciences ENTIRE approach to
treating the disease (allele specific). Oh and gene therapy will destroy this whole field.
MYTH 3: Wave Life Sciences is ~15 months behind Ionis in Huntingtons Disease.
REALITY: Lopping off a cohort and getting your IND rejected downt equal X months
behind. It means failure.
MYTH 4: Wave Life Sciences is a Big Time Player in DMD (Duchennes Muscular
Dystrophy)
REALITY: Stop it. You are not the next Sarepta. You are not the next anything. We are
calling your bluff.
MYTH 5: Wave Life Sciences will have top line data in the DMD program in Q3 2018
and top line data in the two HD programs in H1 2019.
REALITY: Not only are Wave Life Sciences milestones not accurate (missing cohorts,
topline data that is anything but), but they havent come close to hitting a single
milestone since their IPO. We spell it out for you
NONE of these things are remotely close to reality. Art suggests hitting the reset'
button on this inflated stock and bringing it back to its IPO price of $16.
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Reading this report, you agree that use of Art Doyle research is at your own risk. In no event will
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Conflict of Interest Advice: You should assume that on the publication date of this report, Art
Doyle has a net short position with respect to the shares (and/or options, swaps, and other
derivatives related to the shares) of the issuer discussed in this report. Therefore, Art Doyle
stands to profit in the event the issuers share price declines, and may incur investment losses if
such issuers share price increases, following the date of this report. This report, therefore,
specifically emphasizes negative aspects of the issuer that Art Doyle believes have not been
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change the form or substance of its position in the issuer in its sole discretion at any time. Art
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This research and report includes forward-looking statements, estimates, projections,

assessments, beliefs, views, and opinions of Art Doyle prepared with respect to, among other
things, certain accounting, legal, and regulatory issues the issuer may faces and the potential
impact of those issues on its future business, financial condition and results of operations, as well
as more generally, the issuers anticipated operating performance, access to capital markets,
market conditions, assets and liabilities. Such statements, estimates, projections and opinions
may prove to be substantially inaccurate and are inherently subject to significant risks and
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This research and report expresses Art Doyle opinions, which have been solely based upon
publicly available information, as well as inferences and deductions through our research and
analytical process. Art Doyle believes all factual information contained herein to be accurate and
reliable, and has obtained such information from public sources believed to be accurate and
reliable. However, the issuer may possess or have access to information that materially differs
from the information presented herein.

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And nowA holiday message from Art:
To anyone out there who has tried to discredit our work, lets make one thing clear: get lost.
We are tweeting out free research and ideas. We have done so without presenting any
credentials, any I went to this school or I worked at this company bullshit. Just good old
fashioned hard work given out for free for you to download and bitch about. We do this
because you dont do the work yourself and neither does the sell side. We see your stupid
comments as you try and discredit an entire mountain of evidence against your beloved stock
by attempting to invalidate a single part the report (the misspelling of a trade name, for
example). You AND the sell side shills are both part of the problem (we see you Leerink,
Mizunho, Jefferies, Suntrust...).
You might have a general idea of what Art is about to show you which is why you are reading
this report at this very moment. The key question you should have as we exit 2017 ishow did
ol Art do? Well, glad you asked (prices as of close 12/15/2017):

Stock Ticker Date Price Current Return

La Jolla Pharmaceuticals LJPC 3/31/2017 $31.50 $23.91 31.7%
Aclaris Therapeutics ACRS 4/21/2017 $32.50 $24.23 34.1%
Omeros Corporation OMER 6/28/2017 $22.61 $19.56 15.6%
Adaptimmune ADAP 11/30/2017 $8.28 $7.37 12.3%

XBI Index .XBI 3/31/2017 $69.26 $81.82 18.1%

Yes, ol Art was FOUR FOR FOUR AGAINST AN ALMOST 20% INCREASE IN THE XBI BIOTECH
INDEX! And we arent even going to go back and talk about how much greater your return
would have been had you covered OMER at say $14 last month. So now that we have reminded
you why you read Arts stuff FOR FREE, lets discuss the next idea which you should just go now
right now and get started on. Its pretty easy and its a simple trade:

HIT THE RESET BUTTON ON WAVE LIFE SCIENCES (WVE) AND GO BACK TO ITS
2015 IPO PRICE OF $16. THEY HAVE ACCOMPLISHED ABSOLUTELY NOTHING
SINCE THEN AND HAVE NO REAL CATALYSTS UNTIL THE END OF 2019
(ASSUMING THEY DONT HIT THEIR USUAL DELAYS). THIS STOCK IS ALL PUMP
AND NO ACTION.
In Part One of this Multipart Series on Wave Life Sciences (WVE), we pick
apart the RIDICULOUS bull thesis point by point (thanks LEERINK!).
Part 2 will focus on Pfizer giving up and a deeper dive into the technology
(and lack thereof).
Stay tuned for Arts BIG SURPRISE during JPMorgan on WVE

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This is one of the easiest reports Art has ever written. You are going to be sick of the repetition
by the time we are through. Because we have never seen a company that has accomplished
SO LITTLE as a publicly traded company in our lifetime. And what little Wave Life Sciences has
accomplished, they have done WRONG. To make matters worse, when things go bad for
themTHEY HIDE IT. So these guys are like the moronic TRIFECTA of bad biotechnology
companies. We have been blessed by some idiotic sell side notes recently by the likes of
Leerink who are trying like heck to justify the Q4 pump that we are seeing in this stock (led by
the largest investor RA who obviously want their Christmas bonuses).
What you will find when you dig more than one inch past the bullshit on this company is a (RICK
FLAIR VOICE) BS marketing spin heavy, real company coattail ridin, Pope name droppin,
shareholder value destroyin, do nothin, milestone missin, getting INDs rejectin, fake
platform comparin no good shell of a company. WHOOOOOOOOO!!!!
So here goes, point by point. To Leerink or any other shills hoping to get a piece of the next
massively dilutive raiseif I missed any of your company-fed disposable bullet points please
email Art. You are right down the road from them in Boston after all. We are going to play a
simple game of MYTH vs. REALITY. Wave Life Sciences and its management have created what
we believe is a MYTH about what Wave actually is. We have pretty good conviction in this
because if you look at their IPO prospectus from 2015 and what they SAID they would
accomplish compared to what they have actually accomplished, you will see we are right. But
lets get more specific than that. HOW is this a myth. What are they and the sell side feeding
us that we believe isnt accurate?
MYTH 1: WAVE LIFE SCIENCES PLATFORM IS UNIQUE AND REVOLUTIONARY
REALITY: Wave hasnt proven that its platform is better than anything except its own research.
But Wave tells the sell side analysts with their newly minted PhDs that their platform is better
and stereopure and they buy it hook line and sinker. WHAT DATA HAVE THEY ACTUALLY SHOWN
YOU THAT IS DEFINITIVE PROOF THAT THEY ARE BETTER? And by data I mean in vitro animal data
(or God forbid CLINICAL data). Because lets not kid ourselves, knocking down genes is knocking
down genes and there are hundreds of companies that can do it. Did you ever take a GOOD hard
look at the slides where Wave Life Sciences touts how much better they are? Well, let me do the
hard work for you (this is from their November 15, 2017 investor presentation):

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 1 3
2

Art has helpfully labelled each of these travesties in red for you in order to refer to them and
their massive flaws:
1) Here we believe they are trying to show that stereopure is better than stereorandom
in the area of antisense (a field dominated by Ionis). A couple of major issues that they
dont address:
a. The knockdown is pretty good for stereorandom at the 3 and 10 mpk dose levels
and is comparable to the stereopure.
b. NO ONE OPTOMIZED THE STEREORANDOM CONSTRUCT. YOU BOUGHT THAT OFF
A VENDOR. Let Art explain: By labelling this chart Antisense we believe that
Wave Life Science management is trying to imply they are better than say Ionis
who is the best known antisense company in the universe. Did Ionis design that
stereorandom APOC3 construct using their platform?!? NO! So why are you
implying this is a fair comparison. Let Ionis build an APOC3 and send it you, then
post thiswe bet you LOSE at all doses.
c. BOTTOM LINE: For every paper that Wave Life Sciences shows you that says that
stereopure nucleic acids are better than stereorandom, there is one that says
there is no difference at all (in fact it could even be described as WORSE). And
guess which ones came first, from more established players in the space of RNA
interference (hint: the ones that said the technology was NO GOOD).
2) Here we believe they are trying to show that they are superior to RNAi. A couple of major
issues they dont address:
a. Most of the improvement you see in this graph is them going from WVE RNAi
1.0 to WVE RNAi 3.0. Congratulations, you guys are getting better at not sucking
using all the shareholder money you are wasting. However, this slide is a mess.

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 Are you not able to get full knockdown with your constructs (down to the bottom
of your graph) like the double stranded RNAi constructs are able to? Sketchy.
b. Now, as for the double stranded RNAi constructs on the graph we just
mentionedYOU BOUGHT THOSE FROM A VENDOR TOO. Those are also not best
of breed and are not optimized. This is the equivalent of saying your car is the
fastest in the world because you beat 2017 Hyundai. No, you need to beat a 2018
prototype Bugatti to prove you are the fastest in the world. And you cant run the
race in your own backyard. The fact that Wave Life Sciences posts this data and
claims it validates their platform is a joke.
c. BOTTOM LINE: siRNA is NOT the best of breed in 2017 for RNAi and should not
be used for comparing technologies. Wave Life Sciences seems aware of this fact
which is why most of their graph involves their own evolution of sucking less with
their own technology. We believe Wave management is purposely using off the
shelf constructs from vendors that use dated technologies to snow novice
investors. There are shRNA technologies, Dicer substrate technologiesso many
things in 2017 that are more relevant yet they want to pretend that old technology
is still comparable. Hey Wave, why not put Dicernas APOC3 construct up there?
Hey, dont believe Art? Here is a recent slide from Dicerna Pharmaceuticals
(DRNA) showing the ability of their NEXT GENERATION, MODIFIED platform to
knockdown their target. IF you arent a scientist, what you want in knockdown is
for the graph to be LOW to the bottom of the axisthat means that you have
reduced the mRNA expression of the gene. This is from their May 2, 2017
presentation, slide 14:

Do you see what we are talking about? The red line at the bottom? How after
one dose it HUGS THE GODDAMN FLOOR FOR WEEKS!?!? And you are trying to
tell me that when Wave Life Sciences was testing their APOC3 compounds they
went up against something like this?!? Of course not. They bought something off
the shelf like this, or this, or thisthrew it in with their crap and WOW. That is all
they have been doing since they went public. TELLING YOU A STORY. And they
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 have been controlling the narrative by selecting who they get to beat up in the
various experiments. But anyone who is in the industry will tell you: those
comparisons SUCK. They arent optimized, they arent best of breed and they
arent next generation. But you go ahead and believe them anyways. (Oh and by
the way, the Dicerna slide was practically picked at random. There are HUNDREDS
of examples of this if you just DO ACTUAL WORK and STOP LISTENING TO ONLY
WHAT THE COMPANY IS TELLING YOU.)

3) Here we believe they are trying to show that they are superior to exon skipping drugs like
Sareptas Eteplirsen. Here are a couple of major issues they dont address:
a. See those asterisks all over the chart? You can just stop right there and throw the
chart out. Those mean they tested analogs of Eteplirsen and Drisapersen. So it
is sort of like when they said Michael Phelps was going to race a Great White shark
and there was no goddamn shark. Just a computer-generated thing. This isnt
Eteplirsen but an analog. Thanks for playing.
b. Even beyond it being an analog, there are so many things wrong with this
comparison. If you have looked at therapeutic stocks for more than five minutes,
this should look weird to you. Most companies dont feel the need to include the
competition in their experiments. Its cheesy. Especially an analog. If it feels like
a red flag, its because it is. Put your drug into people and SHOW US. Oh wait,
that wont happen for years.

If it sounds like Wave Life Sciences does more TELLING about their platform
then DOING about their platform, that is because all they do is tell you how
good it is. There is ZERO clinical data to date. ZERO published animal data that
we can find on Huntingtons disease that would allow comparisons to other
programs like Ionis. Just a lot of cell-based assays and schematics on this
STEREOPURE marketing BS. There is nothing tangible that Wave can point to
that its platform has actually DONE, yet investors have let it get pumped up to
a billion dollar market cap!

MYTH 2: WAVE LIFE SCIENCES IS A FAST FOLLOWER IN HUNTINGTONS DISEASE IF/WHEN

IONIS SUCCEEDS
REALITY: Ionis Pharmaceutical has already completely negated Wave Life Sciences entire
Huntingtons Disease program. Game over. Thanks for coming. If Ionis doesnt destroy Wave
Life Sciences then one of the emerging gene therapy players will. Let Art break this down for
you:
- Art said he wasnt going to do a lot of science in this report but this is important. For
some time now, Wave Life Sciences has been touting its allele specific approach to
Huntingtons Disease or HD. Every HD patient has a specific mutant HD allele that they
express. Right now they are actually developing TWO Huntingtons Disease drugs at the
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 same time: One for SNP 1 and one for SNP 2. The first one is found in about 55% of the
HD population. The second one is found in approximately 16%. Beyond the 2nd SNP the
prevalence just shrinks and shrinks. This is from their own presentation (they took it out
a while ago because it shows how dumb they are):

The issue is that for each SNP you need a DIFFERENT DRUG. No, the FDA doesnt care
that the drugs are going after the same disease. Nor does the FDA care that they are
made on the same Stereopure fake BS platform. The FDA looks at all drugs and their
safety and efficacy separately and will not cut any corners. Which is why they actually
have to run PARALLEL experiments right now in Ontario and Warsaw for their first two
drugs.
- The reason for this allele specific approach, Wave Life Science reasoned, was that the
human brain needs wildtype (normal) HTT protein and that suppression may have
detrimental long-term consequences.
- Every other HTT protein knockdown program we can find from Ionis with antisense to
Voyager and UniQuire with gene therapy do NOT agree with Wave Life Sciences. They
reason that the adult brain (25 and older) does not need wildtype HTT protein any more
and that it is fine to go ahead and knockdown ALL HTT protein.
- So if Wave Life Sciences was correct in its assumption (that knocking down wildtype HTT
was bad for you) then this probably wouldnt have happened this week:

That is right. After Ionis completed FIVE (yes that is what Art said FIVE) cohorts in its
Phase 1b study of Huntingtons patients using an antisense molecule that knocked down
BOTH mutant HTT protein and wildtype HTT protein, Roche wrote Ionis a $45 million
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 check and took over the program. If Wave Life Sciences theory that they based their
entire convoluted drug development program around was true, we would expect to have
seen some tox issues in that study. Oh, but we didnt. And now Wave Life Sciences is
stuck up in POLAND with an allele specific strategy that is just plain stupid.
- There is no fast following Ionis/Roche. If their drug works, you dont need another nearly
identical approach. What is more, Ionis/Roche havent even validated the HTT protein
biomarker that Wave Life Sciences management calls clinically validated. They need to
conduct a massive (and long) clinical study to do that. Roche doesnt mindthey have
the time and resources. Hey WVE shareholder, do you?
- Maybe you dont like Ionis or Roche. Well, Voyager, UniQure and others are entering the
clinic in 2018 with gene therapy solutions (you know, the one-time treatment variety)
which would make Wave completely obsolete. But dont worry, That FIFTH Wave Life
Sciences cohort will read out in 2020they promise!

BOTTOM LINE: Waves Huntingtons Disease business plan is totally broken RIGHT NOW. They
are wasting TWICE the money (at least) and taking TWICE the risk of a company who is developing
a drug hitting all the alleles, meanwhile their drugs are currently addressing AT MOST 70% of the
HD market! Ionis not only beat you to the punch last week, they blew your whole stupid theory
out of the water! So not only is Wave Life Sciences HD game already OVER, but they cant even
PROVE ANYTHING about their program they DO have. So here you are, sitting on a failed drug
development plan, a failed business plan and literally zero data to prove anything otherwise. I
hope you are patientit is a long time until 2020.
HERE IS THE DEAL: I dont like Ionis is NOT a valid bull thesis for Wave Life Sciences. There is
NOTHING that Waves platform can do (even in THEORY) that Ionis platform cannot do. The
ENTIRE neurology pipeline for Wave Life Sciences is just a ripoff of the Biogen/Ionis
partnershipexcept the Waves is two years or more behind. Lets look at the key features:
1) Intrathecal delivery.check
2) Monogenic diseasescheck
3) Antisense platformcheck
Think about itwhat if Wave Life Sciences said they were developing Spinraza Jr. for Spinal
Muscle Atrophy? Ionis is already on the market, selling their drug with Biogen in SMA. In Wave
Life Sciences world, they would say their Spinraza Jr would be BETTER. What would that be
worth to you? Would that be feasible to develop? Over what time period? How on earth would
one EVER show it was superior to Spinraza? YOU CANT YOU MORON. ITS IMPOSSIBLE THE
BATTLE IS ALREADY WON JUST LIKE SAREPTAS EXONDYS 51!!! You cant tell the world you have
a better mousetrap in a rare disease when there is already a clear winner. That isnt how this
works. Wave thinks you are stupid enough to wait a couple of years (or more!) for clinical data
to prove that their follow on product works at all. Not AGAINST the incumbent product mind
you. Just works at all. Its complete and total nonsense. Dont fall for it. The world does not
need Spinraza Jr. or Exondys 51 Jr. Those games are OVER. Those products are fighting against
gene therapies. Not crappy follow on products like those offered by Wave.

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 You cant be a fast follower if the catalyst you need to prove you are even in
the game is in 2020. And you cant be a fast follower if you approach to
developing a drug for a disease has just been rendered obsolete by actual
clinical data.
Wave Life Sciences wont tell you any of this. They wont tell you that Ionis
didnt have any safety issues (which is why Roche wrote the check) or that the
gene therapy players knock down wildtype. Nor will they tell you that the
allele specific approach is so damn inefficient it HAD to be invented by
someone who had never gotten a drug approved before (oh, it had)

MYTH 3: WAVE LIFE SCIENCES (WVE) IS ~15 MONTHS BEHIND IONIS IN HUNTINGTONS
DISEASE. (This is a direct quote from the embarrassing November 15, 2017 Leerink note).
REALITY: Wave Life Sciences has no idea what they are doing on clinical development in any way,
shape or form. They were UNSUCCESSFUL in getting a US IND allowed for their Huntingtons
program (even the worst companies Art has reviewed can get an IND allowed) and had to take
development offshore. There are only TWO CENTERS WORLDWIDE recruiting for their
Huntingtons trial and those are in Ontario Canada and Warsaw Poland (yes, thought leader
central). Meanwhile, the lead dog in the race by a mile is Ionis Pharmaceuticals. They started
their trial on August 31, 2015 and just recently completed it. They did FIVE COHORTS in NINE
CENTERS in their Phase 1b. So Wave Life Sciences is promising investors clinical data in the
second half of 2019. Lets see if that is even possible. Here is what their trial record says:

Wow, that is cutting it pretty close for a company that cant hit a milestone to save its life.
September 2019 and they are going to get you all the data before the end of the year? Recruiting
out of TWO CENTERS? Meanwhile, Ionis recruited in nine centers including real countries like
Germany and the UK?!? Man, I wouldnt bet my money on that.
Oh, and one more thing: WAVE MANAGEMENT MADE A COHORT DISAPPEAR TO MAKE EVEN
THIS RIDICULOUS TIMELINE SEEM PLAUSIBLE!
What is that you say? Come on now. Well, we told you that Ionis did five cohorts. Maybe Wave
ALWAYS planned on doing four cohorts instead of five like Ionis did. NO. Here is a Wave Life
Sciences investor presentation from January 6, 2017 (Page 21) where they say they are going to
do 60 patients per trial in the Phase 1:

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Not fair, you say. That was a LONG TIME AGO. Things can change in eleven months. Heck, the
whole NFL collapsed in less time than that. OK, would you believe Art if he told you they have
been saying 60 patients as recent asSeptember 18, 2017?

But look what magically happened to the same slide in NOVEMBER 6, 2017:

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Do you see how stupid management thinks you are?!? All the way through the year its
approximately 60 and then out of nowhere it drops to approximately 50 (which sounds an
awful lot like 48!). Meanwhile, their clinical trial record has been on file with the FDA since JULY
2017 saying 48 patients and four cohorts and finishing in SEPTEMBER 2019. Yet somehow in the
slide above that nets you topline data in H1 2019. Hmmmmm.
So if FOUR cohorts of twelve patients puts them finishing the trial in September of 2019 then
FIVE cohorts would certainly put them finishing the trial in 2020. And they cant have that. So
we are suggesting that one of these cohorts has been magically eliminated (possibly to return
later once investors have lost all their money) in order to make the timelines work. Because
we can assure you that the more conservative five cohort approach is the more realistic approach
to begin with for a Phase 1 trial. They clearly had that approach to begin FOR THE MAJORITY OF
THIS ENTIRE YEAR and magically it disappeared. We think it is just a really dumb thing to try and

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do to investors and so should you. They arent going to hit their mark anyways so the least they
can do is be honest about it.
MYTH 4: WAVE LIFE SCIENCES IS A BIG TIME PLAYER IN DMD (DUCHENNES MUSCULAR
DYSTROPHY)

What is more important here than lopping a cohort off in the dead of the night
to appear like you are going to make a 2019 catalyst timeline is the fact that
you are investing in a stock that needs to have a 2019 catalyst timeline in the
first place.
Wave Life Sciences has and for the next two years AT LEAST will be DEAD
MONEY. DO NOT TAKE THE COMPANY AT ITS WORD ON TIMELINES. IT DOES
NOT KNOW HOW TO RUN TRIALSJUST ASK THEM. Their Huntingtons IND
got REJECTED by the FDA. They have only two centers open for their HD trial
and have given ZERO enrollment updates. Why wont you hold management
responsible to any of its commitments?!?

REALITY: We believe Wave Life Sciences is completely bluffing on their DMD program in exon
51. Hey, everyone needs their year end bonuses (just ask RA Capital) so we kind of get it. Wave
Life Sciences management has been touting three programs in the clinic by the end of 2017 for
quite some time now. Here it is at the beginning of their February 1, 2017 presentation:

Ok, so how were they doing by Q3? Well, they counted the Huntingtons Disease program as
TWO (SNP 1 and SNP 2 being separate drugs). That is sort of cheating but at least it is rational.
(Dont allow them later to pretend that there are synergies between the programs!) Well, they
need a third one in order to hit their marks. So out of nowhere in November we get this press
release:

They even spell it out there at the end that it is the third clinical trial initiated in 2017 as though
telling the Board of Directors F you, pay me This press release has everything:
- Hat tip to the DMD scientific and patient communities
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 - A quote from a scientific collaborator!
- A quote from a patient support group (Parent Project Muscular Dystrophy)gotta show
you are just like Sarepta, right!?
- Contact information for Patients (its their VP, Patient Advocacy and Market Insights
she is a former salesperson at Biogen but you wont find the word sales anywhere in her
Wave Life Sciences bioshhhhh.)
Then it has this really curious language which has us really confused (emphasis ours):
- Waves first global clinical trial in DMD is expected to enroll up to 40 patients between
the ages of 5 and 18 years. The Phase 1 inclusion criteria allow for participation of both
ambulatory and non-ambulatory patients, including those previously treated with
eteplirsen following an appropriate washout period. The trial has been initiated in the
United States, with Europe and other regions to follow. Intravenous doses tested in the
Phase 1 trial will escalate through a range expected to be clinically relevant. In the U.S.,
Wave is required to provide data from ongoing preclinical studies to the FDA in order
to progress to the highest dose cohorts and planned multi-dose studies.
What the hell?!? We have so many questions it isnt even funny:
- When did Wave Life Sciences get its IND allowed? The company used to talk about we
will be filing our IND with the FDA
- Who is the Principal Investigator for this trial?
- Why does the Parent Project Muscular Dystrophy, who apparently is so in the know on
this program and is so excited, still show you as being preclinical?
- Where is this program recruiting patients and why cant you find them anywhere?
- Why havent you registered this trial with the FDA?
- If you did have an IND allowed, what are issues the FDA has safety? They obviously want
to see more preclinical studies than what you currently have--why havent you disclosed
this before? They sound really material. Companies like Concert Pharmaceuticals (CNCE)
have notified investors immediately when they hear things like this from the FDA. You
just throw it in here like it is no big deal? Wave, a company that has NEVER gotten an IND
allowed before and in fact got its previous INDs rejected?!?
There is something REALLY fishy going on with this program. Note they never use the words
enrolled its first patient nor do they say where such a patient could be enrolled. They never say
an IND was allowed. All ridiculous red flags. Amateur hour. None of this matters though. Sarepta
already has won the exon 51 fight and they arent going anywhere. Dystrophin isnt a validated
clinical biomarker no matter what Wave Life Sciences management tells you.
Oh, and this top line data in 2018 catalyst they dangle on this program? Top line for their DMD
program is safety and tolerability. So get ready to take that to the bank. The closest thing to
remotely useful data wouldnt come until the end of 2019 or later. They admit that but you have
to read the fine print.

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By the way, have you heard of this company Solid Biosciences, LLC? They started their first clinical
trial for GENE THERAPY for DMD on November 30, 2017. Oh, and unlike Wave Life Sciences you
can actually LOOK UP their clinical trial for DMD. So its just like HD. Pick your poison. There is
no fast following here. Wave Life Sciences data for DMD comes out at the end of 2019 or 2020
if it comes out at all. In the meantime, Sarepta is going to solidify its business. Dont like Sarepta?
OK. Solid Bioscience is creating a one-time therapy with a micro dystrophin gene. Makes sense
doesnt it. Doesnt your money have better things to do than go to SLEEP until 2020?

Just like the disappearing cohort we now have the case of the phantom
trial. They both have the same thing in common: you shouldnt care about
either. The DMD program (like HD) is behind a proven leader. There is a more
interesting gene therapy approach emerging faster than Wave Life Sciences
can produce data. And their timelines (which are not to be believed anyways)
have you finding out that you STILL have a loser at the end of 2019 (we say
2020).
If you want to put your money to sleep, invest in sleep drugs.

MYTH 5: WAVE LIFE SCIENCES WILL HAVE TOP LINE DATA IN THE DMD PROGRAM IN Q3 2018
AND TOP LINE DATA IN THE TWO HD PROGRAMS IN H1 2019
REALITY: The Q3 2018 catalyst is purposely misleading we believe and there is not a chance in
hell that the company will read out the HD programs in 2019. Most importantly, and this is for
the new investors, WAVE LIFE SCIENCES NEVER HITS ITS MARKS. So first Art is going to tell you
that the catalysts they mention are actually fake and then he is going to tell you that it wouldnt
matter if they were not fake: Wave Life Sciences cant seem to hit a REAL milestone promised to
investors to save its life. Lets go through these one at time, shall we (this is all from their
November 15, 2017 investor presentation):
- DMD program Top line data Q3 2018. Well, that sounds exciting. We going to get these
kids walking again? I mean, that surely has to be the top line right? No. The top line
they are referring to is safety and tolerability. And I will go ahead and bet you that aside
from the gnarly inflammation this drug Art believes this could cause on these kids
muscles (more on that in the second report), it will be deemed safe and well tolerated.
There, feel better? Oh, did you want something more? Like dystrophin levels? Walking
longer? Yeah, that isnt going to come until (according to their own PR) H2 2019. Cue
the sad trombone music. So there is no top line data of any investor relevance in 2018
heck, given the open label nature of the extension study the dystrophin samples will be
taken from I would argue there wont be a lot of relevance to the 2019 data either.
Especially with how fast Sarepta and the other players will be moving.
- HD Program Top line data H1 2019. We have already shown you that Wave Life Sciences
has SELF REPORTED to the FDA that they are not going to finish with the 48 person study
(which would be FOUR cohorts) until September of 2019. So we arent even sure where
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 this H1 2019 number comes fromhoping and wishing maybe? But usually in order to
provide investors with data the study needs to be completed first and then analyzed.
Mind you they only have two centers open in the entire world. A real company that
develops actual drugs like Ionis had a much larger global study and it took them quite a
bit of time to get their five cohorts done. So we believe that Wave Life Sciences isnt even
being honest about their own internal timelines with investors in order to keep you
interested in the stock. We clearly showed you that a cohort magically disappeared.
Whatever reason they give you for removing the cohort is a lie. You cannot KNOW a priori
that you will DEFINITELY not need the fifth cohort. You might decide once you are well
under way you dont need the fifth cohort but its not ethical to make that decision exactly
when your stock is tanking and you need to keep people from running to the exits. They
could tell people we might not need the fifth but to straight up hide it from you like that
is disgraceful. You can thank us later.
- Now that we have debunked what those milestones and catalysts even are, let Art explain
why you shouldnt believe management even farther than you can throw them. Since Art
is asking to hit the RESET BUTTON on this stock and go back to the IPO price of $16, why
dont we go back to that day in November 2015 and see what kind of promises were being
made back then. We will go program by program and you can decide how good Wave
Life Sciences management is at hitting its marks when it comes to timelines. That way
you know how to judge if 2019 really means 2021 (Source IPO prospectus):
Lets start with the late stage programs:
o HD: We expect to file investigational new drug applications, or INDs, with the
FDA for our candidate targeting HTT SNP-1 in late 2016 and our candidate
targeting HTT SNP-2 in early 2017
Outcome: They NEVER got an IND approved by the FDA for HD. The
protocol to do the study in Ontario Canada and Warsaw Poland was filed
in Q3 2017.
o DMD: We have selected a lead product candidate in our Exon 51 program and
expect to file an IND with the FDA for this candidate in late 2016.
Outcome: To the best of Arts knowledge, they have never filed an IND
with the FDA for this candidatecertainly not in 2016. In November 2017
they announced they were initiating a worldwide clinical study.
o Irritable Bowel Disease (IBD)I know, What?: We expect to file an IND with
the FDA for this candidate in 2017.
Outcome: They havent even advanced this (SMAD7) program out of
Discovery phase on the Wave Life Sciences pipeline chart, let alone filed
an IND on it.
Lets do the same thing with the earlier stage programs:
o EBS (Epidermolysis Bullosa Simplex): In EBSWe expect to identify lead
candidates in our KRT14 SNP-1 and KRT14 SNP-2 programs in 2016.
Outcome: Per the Wave Life Sciences current pipeline chart, they have not
advanced the KRT14 program for EBS beyond the discovery phase in 2017,
let alone 2016. FAIL.

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 o DMD: In DMDWe expect to identify a lead candidate in our AcRIIb program in
2016.
Outcome: Per the Wave Life Sciences current pipeline chart, just like the
EBS program they have not advanced the Activin receptor program beyond
the discovery phase in 2017, let alone 2016. FAIL part 2.

DO YOU SEE A PATTERN HERE? DO YOU NOW SEE WHY THIS STOCK WAS TANKING?
Now can you see why Art titled this report ALL PUMP, NO ACTION?!? These guys
make promises after promises yet NEVER DO ANYTHING. What they tell us they do (like
HD) is COMPLETELY wrong from the moment they started doing it. They can provide
ZERO REAL supporting data that would TRULY substantiate any of their claims.
Meanwhile, current investors are pumping the stock in the hopes they can get you to
hold the bag for them. These 2019 catalysts arent even REALand we have shown
you that time and time again the company CANNOT HIT ANY TIMELINESnot even
close. Dont fall for this ridiculous pump and hit the reset button. Make the Wave Life
Sciences management team actually PROVE they can do something other than hype a
stock and ride others coattails.

Things Wave Life Sciences management should tell you but they wont:
- The reason they havent published any animal data using their HD constructs.
- The reason they dont compare their platform to Ionis 2MOE constructs
- The reasons why the FDA rejected their HD INDs in the first place
- The issues the FDA has with their DMD safety data
- What it is like to meet the Pope (just kidding, the CEO name drops constantly)

THEY HIDE, DELAY AND MISS MILESTONES WHILE YOU WAIT

Coming in part 2:
- A deeper dive on the technology and why all the companys claims are bogus (tech nerd
alert!)
- Why Art believes Pfizer has no actual interest in this technology or this Company
- Is RA Capital doing a pay to play scheme in order to get their portfolio companys (like
Wave Life Sciences) articles into major journals? We do a deep dive.

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