WVE Nasdaq Pharmaceutical Preparations Financials FY2016βFY2025
Wave Life Sciences, Inc. had $42.7M of revenue in fiscal 2025, down 60.5% on the year before. Over five years, revenue changed +16.3% a year on average.
Last close Β· Oct 23, 2026
$3.18
5.1%Hi! I read Wave Life Sciences, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β60.5%
No. Sales fell 60.5% last year.
Does it make a profit?
β478.3%
No. It lost money last year.
Does profit turn into cash?
β440.5%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 7
Weak. It passes 2 of 7 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Wave Life Sciences, Inc. had $42.7M of revenue in fiscal 2025, down 60.5% on the year before. Over five years, revenue changed +16.3% a year on average. Its operating margin was β504.1%, down 402.2Β pts: of every 100 in sales, about β504 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Wave Life Sciences, Inc. lost $204M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$188M in fiscal 2025, β440.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders bought $82.6M and sold $15.9M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$82.6M
2 insiders
Sold, 12 months
$15.9M
11 insiders
Of sales under plans
98%
$15.7M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Adrian RawcliffeDirector | Sold plan | 12,700 | $5.29 | $0.1M | Form 4 |
| Aug 11, 2026 | Aik Na TanDirector | Sold plan | 432 | $6.01 | $0.0M | Form 4 |
| Aug 11, 2026 | Ken TakanashiDirector | Sold plan | 3,864 | $6.01 | $0.0M | Form 4 |
| Aug 11, 2026 | Heidi L WagnerDirector | Sold plan | 7,000 | $6.01 | $0.0M | Form 4 |
| Mar 30, 2026 | Ra Capital Management, L.P.Director, 10% owner | Bought | 971,091 | $6.50 | $6.3M | Form 4 |
| Mar 27, 2026 | Ra Capital Management, L.P.Director, 10% owner | Bought | 2,495,623 | $6.43 | $16.0M | Form 4 |
| Mar 26, 2026 | Ra Capital Management, L.P.Director, 10% owner | Bought | 5,305,782 | $6.08 | $32.3M | Form 4 |
| Feb 26, 2026 | Chris FrancisSee Remarks | Sold plan | 33,194 | $15.05 | $0.5M | Form 4 |
| Feb 9, 2026 | Chandra VargeeseSee Remarks | Sold | 3,228 | $13.45 | $0.0M | Form 4 |
| Feb 9, 2026 | Chris FrancisSee Remarks | Sold | 1,883 | $13.45 | $0.0M | Form 4 |
| Feb 9, 2026 | Paul BolnoPresident and CEO, Director | Sold | 10,480 | $13.45 | $0.1M | Form 4 |
| Feb 9, 2026 | Kyle MoranChief Financial Officer | Sold | 3,588 | $13.45 | $0.0M | Form 4 |
| Jan 2, 2026 | Chris FrancisSee Remarks | Sold plan | 9,375 | $16.03 | $0.2M | Form 4 |
| Dec 11, 2025 | GSK plc10% owner | Bought | 1,470,000 | $19.00 | $27.9M | Form 4 |
| Dec 9, 2025 | Kyle MoranChief Financial Officer | Sold plan | 50,036 | $20.03 | $1.0M | Form 4 |
| Dec 8, 2025 | Heidi L WagnerDirector | Sold plan | 14,000 | $13.50 | $0.2M | Form 4 |
| Dec 8, 2025 | Kyle MoranChief Financial Officer | Sold plan | 210,000 | $14.77 | $3.1M | Form 4 |
| Dec 8, 2025 | Gregory L. VerdineDirector | Sold plan | 20,000 | $13.47 | $0.3M | Form 4 |
| Dec 8, 2025 | Mark CorriganDirector | Sold plan | 16,115 | $13.49 | $0.2M | Form 4 |
| Dec 8, 2025 | Christian O HenryDirector | Sold plan | 93,445 | $14.65 | $1.4M | Form 4 |
| Dec 8, 2025 | Chris FrancisSee Remarks | Sold plan | 441,031 | $14.58 | $6.4M | Form 4 |
| Dec 8, 2025 | Aik Na TanDirector | Sold plan | 113,218 | $13.74 | $1.6M | Form 4 |
| Dec 8, 2025 | Adrian RawcliffeDirector | Sold plan | 42,000 | $15.00 | $0.6M | Form 4 |
| Nov 13, 2025 | Adrian RawcliffeDirector | Sold plan | 16,115 | $6.79 | $0.1M | Form 4 |
| Nov 13, 2025 | Ra Capital Management, L.P.Director, 10% owner | Bought | 1,000 | $6.69 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Wave Life Sciences, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $151M | $88.5M | $200M | $302M | $602M |
| Current ratio | 2.5x | 1.4x | 1.3x | 2.9x | 6.5x |
| Quick ratio | 2.5x | 1.4x | 1.3x | 2.9x | 6.5x |
| Total assets | $207M | $146M | $275M | $352M | $638M |
| Total liabilities | $167M | $184M | $227M | $135M | $112M |
| Shareholders' equity | $32.5M | β$45.1M | $39.6M | $210M | $518M |
| Net debt (β = net cash) | β | β | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Wave Life Sciences, Inc. passes 2 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 2 / 7 | 3 / 7 | 3 / 7 | 4 / 7 | 3 / 7 | 1 / 7 | 3 / 7 | 1 / 7 | 2 / 7 |
| Accruals ratio | β14.4% | β10.6% | β51.8% | β1.9% | β12.0% | β13.7% | β19.3% | β18.1% | 17.2% | β3.4% |
| Altman Z'' | 7.91 | 1.80 | β5.40 | β9.17 | β8.65 | β13.49 | β28.06 | β12.46 | β6.96 | 1.15 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | β$55.7M | β$102M | β$160M | β$208M | β$153M | β$127M | β$163M | β$68.0M | β$110M | β$215M |
| Pretax income | β$55.2M | β$101M | β$147M | β$194M | β$151M | β$122M | β$161M | β$58.2M | β$97.0M | β$204M |
| Income tax | $0.5M | $0.8M | $0.1M | $0.0M | β$0.8M | β$0.2M | $0.7M | β$0.7M | $0.0M | $0.0M |
| Net income | β$55.7M | β$102M | β$147M | β$194M | β$150M | β$122M | β$162M | β$57.5M | β$97.0M | β$204M |
| Net income to common | β$55.7M | β$102M | β$147M | β$194M | β$150M | β$122M | β$162M | β$57.5M | β$97.0M | β$204M |
| Diluted EPS | β$2.44 | β$3.85 | β$5.06 | β$5.72 | β$3.82 | β$2.36 | β$2.05 | β$0.54 | β$0.70 | β$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 | β$31.9M | β$83.7M | β$22.9M | β$188M | β$116M | β$89.0M | β$128M | β$19.4M | β$151M | β$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 | β$37.5M | β$103M | β$32.8M | β$192M | β$117M | β$89.6M | β$129M | β$20.5M | β$152M | β$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 | β$45.1M | $39.6M | $210M | $518M |
| Margins | ||||||||||
| Operating margin | β3,752.2% | β2,764.3% | β1,106.7% | β1,303.4% | β763.9% | β310.1% | β4,459.3% | β60.0% | β101.9% | β504.1% |
| EBITDA margin | β3,699.4% | β2,706.2% | β1,068.0% | β1,255.9% | β723.5% | β291.8% | β4,279.1% | β55.6% | β98.3% | β496.0% |
| Net margin | β3,748.1% | β2,753.2% | β1,017.4% | β1,211.5% | β746.7% | β298.4% | β4,434.7% | β50.8% | β89.6% | β478.3% |
| FCF margin | β2,524.7% | β2,768.8% | β227.6% | β1,202.2% | β584.4% | β218.6% | β3,539.1% | β18.1% | β140.3% | β440.5% |
| Returns | ||||||||||
| Return on capital employed | β36.5% | β62.6% | β96.2% | β125.4% | β97.0% | β88.9% | β217.4% | β76.8% | β45.8% | β39.6% |
| Return on equity | β41.4% | β74.4% | β137.7% | β282.5% | β204.6% | β212.1% | β | β | β77.9% | β56.2% |
| Return on assets | β33.8% | β58.8% | β61.4% | β66.7% | β53.2% | β50.3% | β91.6% | β27.3% | β30.9% | β41.3% |
| Return on tangible equity | β41.4% | β73.0% | β199.9% | β303.8% | β181.1% | β376.2% | β | β145.1% | β46.3% | β39.4% |
| Growth | ||||||||||
| Revenue growth | β | 149.4% | 289.1% | 10.9% | 25.6% | 104.0% | β91.1% | 3,005.1% | β4.4% | β60.5% |
| Share count change | β | 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 | β | 2.0 | 3.0 | 3.0 | 4.0 | 3.0 | 1.0 | 3.0 | 1.0 | 2.0 |
| Altman Z'' | 7.9 | 1.8 | β5.4 | β9.2 | β8.6 | β13.5 | β28.1 | β12.5 | β7.0 | 1.1 |
| Accruals ratio | β14.4% | β10.6% | β51.8% | β1.9% | β12.0% | β13.7% | β19.3% | β18.1% | 17.2% | β3.4% |
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 β not investment advice. Check the original filings before relying on any figure.
