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NASDAQ · PHARMACEUTICAL PREPARATIONS · LARGE CAP

Wave Life Sciences, Inc. WVE

13 fiscal years on record · USD · FY2025 reported · SEC filings only
$42.7M
▼ 60.5% YoY
$-204.4M
$-188.2M
In brief

What this company does

Our RNA medicines platform, PRISM, combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our pipeline is focused on our obesity (WVE-007), alpha-1 antitrypsin deficiency ("AATD") (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs for Duchenne muscular dystrophy ("DMD") and Huntington's disease ("HD"), as well as several preclinical programs utilizing our versatile RNA medicines platform. We were incorporated under the name Wave Life Sciences Pte. Ltd. (Registration No.: 201218209G) under the laws of Singapore on July 23, 2012. In preparation for our initial public offering, on November 5, 2015, Wave Life Sciences Pte. Ltd. converted from a private limited company to a public limited company known as Wave Life Sciences Ltd. ("Wave"). Wave has four wholly-owned subsidiaries: Wave Life Sciences USA, Inc. ("Wave USA"), a Delaware corporation (formerly Ontorii, Inc.); Wave Life Sciences Japan, Inc. ("Wave Japan"), a company organized under the laws of Japan (formerly Chiralgen., Ltd.); Wave Life Sciences Ireland Limited ("Wave Ireland"), a company organized under the laws of Ireland; and Wave Life Sciences UK Limited ("Wave UK"), a company organized under the laws of the United Kingdom. As of December 31, 2025, we employed 317 employees, all of whom were full-time employees.

Written from the business description in Wave Life Sciences Ltd.'s annual report to the U.S. Securities and Exchange Commission, filed 26 February 2026. Every sentence was checked against that document before publication.

Growth
USD 42.7M
Revenue, FY2025 · full 13-year series below
Revenue $M Net income $M
FY2025 · Revenue 42.7 · Net income -204.4
40M80M-80M-160M2013201520172019202120232025
Compound annual growth
+127.1%
+16.3%
+75.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +16.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−478 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -504.1% · Net -478.3%
-5000%-10000%2013201520172019202120232025
ROE
FY2025 · ROE -56.2%
-100%-200%2013201520172019202120232025
Gross margin—
Operating margin-504.1%
Net margin-478.3%
Return on assets-41.3%
EBITDAUSD -211.9M

Each USD of equity lost 56 cents this year.

Cash & shareholders
—
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -188.2
-80M-160M2013201520172019202120232025
Dividends paid—
Net buybacks—
Share of profit—
Consecutive raises—

Total assetsUSD 638.5M
EquityUSD 518.4M
CashUSD 602.1M
Current ratio6.47×

Equity funds 81% of total assets.

The 13-year record
13 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 2025202420232022202120202019201820172016201520142013
Revenue $B0.00.10.10.00.00.00.00.00.00.00.0··
Operating income $B−0.2−0.1−0.1−0.2−0.1−0.2−0.2−0.2−0.1−0.1−0.0−0.0−0.0
EBITDA $B−0.2−0.1−0.1−0.2−0.1−0.1−0.2−0.2−0.1−0.1···
Income tax $B0.00.0−0.00.0−0.0−0.00.00.00.00.00.00.0−0.0
Net income $B−0.2−0.1−0.1−0.2−0.1−0.1−0.2−0.1−0.1−0.1−0.0−0.0−0.0
Free cash flow $B−0.2−0.2−0.0−0.1−0.1−0.1−0.2−0.0−0.1−0.0−0.0−0.0−0.0
EPS, diluted $−1.21−0.70−0.54−2.05−2.36−3.82−5.72−5.06−3.85−2.44−1.83−1.34−1.90
Dividend / sh $·············
Payout %·············
ROE %−56.2−77.9··−212.1−204.6−282.5−137.7−74.4−38.6−24.7··
Shares out B0.190.150.120.090.060.050.030.030.030.020.020.00·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 50 reconciliationsAUDITED

Reconciled in 13 of 19 fiscal years. 26 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityPharmaceutical Preparations
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
Data on record since2013

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