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Wave Life Sciences, Inc.

WVE Nasdaq Pharmaceutical Preparations Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$3.18

5.1%
Compare
Revenue Total sales reported in the income statement.
$42.7M
60.5% vs prior year
Operating margin Operating income as a share of revenue.
โˆ’504.1%
402.2ย pts
Net income Profit after all expenses, interest and tax.
โˆ’$204M
Free cash flow Cash from operations minus capital spending.
โˆ’$188M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$649M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
โ€”
On โˆ’$1.08 EPS (TTM)

What Wave Life Sciences, Inc. does

No business description yet.

Legal name
Wave Life Sciences, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K ยท Feb 26, 2026
Accession ยท CIK
0001193125-26-073472
0001631574

Revenue and margins

Wave Life Sciences, Inc. had $42.7M of revenue in fiscal 2025, down 60.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โˆ’$188M in fiscal 2025, โˆ’440.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Wave Life Sciences, Inc. returned โ€” to shareholders in fiscal 2025. The diluted share count rose 22.0%.

Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Wave Life Sciences, Inc. can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $151M$88.5M$200M$302M$602M
Current ratio 2.5x1.4x1.3x2.9x6.5x
Quick ratio 2.5x1.4x1.3x2.9x6.5x
Total assets $207M$146M$275M$352M$638M
Total liabilities $167M$184M$227M$135M$112M
Shareholders' equity $32.5Mโˆ’$45.1M$39.6M$210M$518M
Net debt (โˆ’ = net cash) โ€”โ€”โ€”โ€”โ€”

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Cash from operations is positive โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Return on assets rose โ€” โœ• โœ“ โœ• โœ“ โœ• โœ• โœ“ โœ• โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“
Debt fell relative to assets โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio rose โ€” โœ• โœ• โœ“ โœ“ โœ“ โœ• โœ• โœ“ โœ“
Share count didn't rise โ€” โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ• โœ•
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ• โœ•
F-score โ€” / 32 / 73 / 73 / 74 / 73 / 71 / 73 / 71 / 72 / 7
Accruals ratio โˆ’14.4%โˆ’10.6%โˆ’51.8%โˆ’1.9%โˆ’12.0%โˆ’13.7%โˆ’19.3%โˆ’18.1%17.2%โˆ’3.4%
Altman Z'' 7.911.80โˆ’5.40โˆ’9.17โˆ’8.65โˆ’13.49โˆ’28.06โˆ’12.46โˆ’6.961.15

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.5M $3.7M $14.4M $16.0M $20.1M $41.0M $3.6M $113M $108M $42.7M
Research and development $40.8M $79.3M $134M $175M $131M $122M $116M $130M $160M $183M
Operating income โˆ’$55.7M โˆ’$102M โˆ’$160M โˆ’$208M โˆ’$153M โˆ’$127M โˆ’$163M โˆ’$68.0M โˆ’$110M โˆ’$215M
Pretax income โˆ’$55.2M โˆ’$101M โˆ’$147M โˆ’$194M โˆ’$151M โˆ’$122M โˆ’$161M โˆ’$58.2M โˆ’$97.0M โˆ’$204M
Income tax $0.5M $0.8M $0.1M $0.0M โˆ’$0.8M โˆ’$0.2M $0.7M โˆ’$0.7M $0.0M $0.0M
Net income โˆ’$55.7M โˆ’$102M โˆ’$147M โˆ’$194M โˆ’$150M โˆ’$122M โˆ’$162M โˆ’$57.5M โˆ’$97.0M โˆ’$204M
Net income to common โˆ’$55.7M โˆ’$102M โˆ’$147M โˆ’$194M โˆ’$150M โˆ’$122M โˆ’$162M โˆ’$57.5M โˆ’$97.0M โˆ’$204M
Diluted EPS โˆ’$2.44 โˆ’$3.85 โˆ’$5.06 โˆ’$5.72 โˆ’$3.82 โˆ’$2.36 โˆ’$2.05 โˆ’$0.54 โˆ’$0.70 โˆ’$1.21
Diluted shares 0.02B 0.03B 0.03B 0.03B 0.04B 0.05B 0.08B 0.11B 0.14B 0.17B
Cash flow
Cash from operations โˆ’$31.9M โˆ’$83.7M โˆ’$22.9M โˆ’$188M โˆ’$116M โˆ’$89.0M โˆ’$128M โˆ’$19.4M โˆ’$151M โˆ’$187M
Capital expenditure $5.6M $18.9M $9.9M $3.9M $1.3M $0.6M $1.4M $1.1M $0.9M $0.7M
Free cash flow โˆ’$37.5M โˆ’$103M โˆ’$32.8M โˆ’$192M โˆ’$117M โˆ’$89.6M โˆ’$129M โˆ’$20.5M โˆ’$152M โˆ’$188M
Depreciation and amortization $0.8M $2.2M $5.6M $7.6M $8.1M $7.5M $6.6M $5.0M $3.9M $3.4M
Stock-based compensation $6.8M $12.1M $15.6M $19.5M $14.3M $16.4M $17.2M $9.8M $13.1M $25.0M
Balance sheet
Cash and short-term investments $150M $143M $175M $147M $184M $151M $88.5M $200M $302M $602M
Current assets $152M $150M $202M $185M $230M $163M $98.5M $235M $320M $615M
Current liabilities $12.2M $18.2M $130M $118M $121M $64.2M $71.5M $186M $111M $95.1M
Property and equipment, net $8.6M $27.3M $39.9M $36.4M $29.2M $22.3M $17.3M $13.1M $10.1M $7.4M
Total assets $165M $182M $296M $284M $279M $207M $146M $275M $352M $638M
Total liabilities $22.1M $34.4M $215M $213M $189M $167M $184M $227M $135M $112M
Shareholders' equity $135M $140M $73.3M $63.7M $82.8M $32.5M โˆ’$45.1M $39.6M $210M $518M
Margins
Operating margin โˆ’3,752.2% โˆ’2,764.3% โˆ’1,106.7% โˆ’1,303.4% โˆ’763.9% โˆ’310.1% โˆ’4,459.3% โˆ’60.0% โˆ’101.9% โˆ’504.1%
EBITDA margin โˆ’3,699.4% โˆ’2,706.2% โˆ’1,068.0% โˆ’1,255.9% โˆ’723.5% โˆ’291.8% โˆ’4,279.1% โˆ’55.6% โˆ’98.3% โˆ’496.0%
Net margin โˆ’3,748.1% โˆ’2,753.2% โˆ’1,017.4% โˆ’1,211.5% โˆ’746.7% โˆ’298.4% โˆ’4,434.7% โˆ’50.8% โˆ’89.6% โˆ’478.3%
FCF margin โˆ’2,524.7% โˆ’2,768.8% โˆ’227.6% โˆ’1,202.2% โˆ’584.4% โˆ’218.6% โˆ’3,539.1% โˆ’18.1% โˆ’140.3% โˆ’440.5%
Returns
Return on capital employed โˆ’36.5% โˆ’62.6% โˆ’96.2% โˆ’125.4% โˆ’97.0% โˆ’88.9% โˆ’217.4% โˆ’76.8% โˆ’45.8% โˆ’39.6%
Return on equity โˆ’41.4% โˆ’74.4% โˆ’137.7% โˆ’282.5% โˆ’204.6% โˆ’212.1% โ€” โ€” โˆ’77.9% โˆ’56.2%
Return on assets โˆ’33.8% โˆ’58.8% โˆ’61.4% โˆ’66.7% โˆ’53.2% โˆ’50.3% โˆ’91.6% โˆ’27.3% โˆ’30.9% โˆ’41.3%
Return on tangible equity โˆ’41.4% โˆ’73.0% โˆ’199.9% โˆ’303.8% โˆ’181.1% โˆ’376.2% โ€” โˆ’145.1% โˆ’46.3% โˆ’39.4%
Growth
Revenue growth โ€” 149.4% 289.1% 10.9% 25.6% 104.0% โˆ’91.1% 3,005.1% โˆ’4.4% โˆ’60.5%
Share count change โ€” 16.3% 9.3% 16.9% 15.8% 32.1% 52.2% 34.5% 30.3% 22.0%
Financial health
Current ratio 12.5x 8.3x 1.6x 1.6x 1.9x 2.5x 1.4x 1.3x 2.9x 6.5x
Quick ratio 12.5x 8.3x 1.6x 1.6x 1.9x 2.5x 1.4x 1.3x 2.9x 6.5x
Capital allocation
Capex / revenue 374.9% 509.9% 68.9% 24.5% 6.7% 1.4% 37.3% 1.0% 0.9% 1.7%
Stock comp / revenue 461.1% 327.8% 108.2% 122.1% 71.2% 40.1% 471.2% 8.6% 12.1% 58.4%
Quality scores
Piotroski F-score โ€” 2.0 3.0 3.0 4.0 3.0 1.0 3.0 1.0 2.0
Altman Z'' 7.9 1.8 โˆ’5.4 โˆ’9.2 โˆ’8.6 โˆ’13.5 โˆ’28.1 โˆ’12.5 โˆ’7.0 1.1
Accruals ratio โˆ’14.4% โˆ’10.6% โˆ’51.8% โˆ’1.9% โˆ’12.0% โˆ’13.7% โˆ’19.3% โˆ’18.1% 17.2% โˆ’3.4%

Source: SEC EDGAR XBRL filings (CIK 0001631574). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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