WVE

MKT CAP:$1B

Wave Life Sciences Ltd.

Market Cap

$1B

Healthcare·Biotechnology·🇸🇬 Singapore·NASDAQ

Healthcare·Biotechnology·🇸🇬·NASDAQ

Stock Price

$7.20-$8.75 (-54.89%)

Apr 24, 2026

Company Details

Wave Life Sciences Ltd., a clinical stage genetic medicine company, designs, optimizes, and produces novel stereopure oligonucleotides through PRISM, a discovery and drug developing platform. It is developing oligonucleotides target ribonuc...

CEO

Paul Bolno

IPO Date

Nov 11, 2015

Website

www.wavelifesciences.com

Key Metrics TTM

Revenue

$43M

-60.5% YoY

Net Income

-$204M

EPS (Diluted)

-$1.22

Free Cash Flow

-$187M

Revenue / Share

$0.24

Gross Margin

84.5%

Operating Margin

-504.1%

Net Margin

-478.3%

FCF Margin

-436.6%

P/S

31.7x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$43M-60.5%EPS -$1.21

Q4 2025

Feb 26, 2026

$17M-79.4%EPS -$0.30

Q3 2025

Nov 10, 2025

$8M+199.1%EPS -$0.32

Q2 2025

Jul 30, 2025

$9M-55.8%EPS -$0.31

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$2M	-$26M	-$38M
Q2 22	$375.0K	-$29M	-$42M
Q3 22	$285.0K	-$27M	-$39M
Q4 22	$1M	-$30M	-$44M
Q1 23	$13M	-$18M	-$30M
Q2 23	$22M	-$11M	-$23M
Q3 23	$49M	$18M	$4M
Q4 23	$29M	$27M	-$19M
Q1 24	$13M	$13M	-$34M
Q2 24	$20M	$20M	-$35M
Q3 24	-$8M	-$8M	-$64M
Q4 24	$84M	$84M	$23M
Q1 25	$9M	$7M	-$50M
Q2 25	$9M	$7M	-$53M
Q3 25	$8M	$8M	-$56M
Q4 25	$17M	$15M	-$56M

Valuation

Quarter	P/S	P/E
Q1 22	3.0x	—
Q2 22	4.4x	—
Q3 22	79.7x	—
Q4 22	153.0x	—
Q1 23	32.9x	—
Q2 23	10.3x	—
Q3 23	7.7x	—
Q4 23	5.9x	—
Q1 24	7.2x	—
Q2 24	6.2x	—
Q3 24	20.1x	—
Q4 24	18.5x	—
Q1 25	12.5x	—
Q2 25	11.2x	—
Q3 25	10.7x	—
Q4 25	70.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$40M	-$40M
Q2 22	-$29M	-$29M
Q3 22	-$26M	-$26M
Q4 22	-$33M	-$34M
Q1 23	$86M	$85M
Q2 23	-$37M	-$37M
Q3 23	-$34M	-$35M
Q4 23	-$33M	-$34M
Q1 24	-$33M	-$34M
Q2 24	-$27M	-$28M
Q3 24	-$46M	-$47M
Q4 24	-$44M	-$44M
Q1 25	-$63M	-$63M
Q2 25	-$46M	-$46M
Q3 25	-$45M	-$45M
Q4 25	-$32M	-$32M

Capital Expenditures

Quarter	CapEx
Q1 22	$208.0K
Q2 22	$492.0K
Q3 22	$457.0K
Q4 22	$204.0K
Q1 23	$489.0K
Q2 23	$72.0K
Q3 23	$198.0K
Q4 23	$356.0K
Q1 24	$417.0K
Q2 24	$52.0K
Q3 24	$383.0K
Q4 24	$86.0K
Q1 25	$165.0K
Q2 25	$306.0K
Q3 25	$248.0K
Q4 25	$10.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	-8.3%
Q2 22	-86.5%	-0.2%
Q3 22	-99.2%	-11.0%
Q4 22	-29.8%	+18.3%
Q1 23	+638.8%	+8.5%
Q2 23	+5794.9%	+7.1%
Q3 23	+17168.1%	+14.3%
Q4 23	+2245.1%	+6.6%
Q1 24	-3.0%	+8.8%
Q2 24	-10.9%	+20.0%
Q3 24	-115.6%	+25.6%
Q4 24	+188.2%	+27.3%
Q1 25	-26.8%	+25.5%
Q2 25	-55.8%	+12.4%
Q3 25	+199.1%	+13.7%
Q4 25	-79.4%	+21.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	226.9%
Q2 22	$7M	1853.3%
Q3 22	$3M	1181.1%
Q4 22	$3M	234.6%
Q1 23	$3M	21.3%
Q2 23	$2M	10.9%
Q3 23	$2M	4.6%
Q4 23	$2M	8.1%
Q1 24	$3M	23.0%
Q2 24	$3M	17.7%
Q3 24	$4M	—
Q4 24	$3M	3.9%
Q1 25	$5M	54.0%
Q2 25	$6M	71.2%
Q3 25	$6M	85.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 22	$27M	$12M
Q2 22	$30M	$13M
Q3 22	$28M	$12M
Q4 22	$31M	$14M
Q1 23	$31M	$12M
Q2 23	$33M	$12M
Q3 23	$32M	$13M
Q4 23	$34M	$14M
Q1 24	$33M	$14M
Q2 24	$40M	$14M
Q3 24	$41M	$15M
Q4 24	$45M	$16M
Q1 25	$41M	$18M
Q2 25	$43M	$18M
Q3 25	$46M	$18M
Q4 25	$53M	$21M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$62M	$50M	$112M
Q2 22	$123M	$25M	$148M
Q3 22	$97M	$25M	$122M
Q4 22	$88M	$0	$88M
Q1 23	$208M	$0	$208M
Q2 23	$173M	$0	$173M
Q3 23	$140M	$0	$140M
Q4 23	$200M	$0	$200M
Q1 24	$181M	$0	$181M
Q2 24	$154M	$0	$154M
Q3 24	$311M	$0	$311M
Q4 24	$302M	$0	$302M
Q1 25	$243M	$0	$243M
Q2 25	$208M	$0	$208M
Q3 25	$196M	$0	$196M
Q4 25	$602M	$0	$602M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	61M	+5.8%	+23.2%
Q2 22	66M	+9.9%	+33.0%
Q3 22	94M	+41.2%	+85.2%
Q4 22	94M	+0.1%	+64.4%
Q1 23	102M	+8.6%	+68.6%
Q2 23	105M	+3.3%	+58.6%
Q3 23	107M	+1.4%	+13.9%
Q4 23	110M	+2.5%	+16.6%
Q1 24	129M	+17.9%	+26.7%
Q2 24	130M	+0.2%	+22.8%
Q3 24	133M	+2.3%	+23.9%
Q4 24	172M	+30.0%	+57.2%
Q1 25	163M	-5.7%	+25.7%
Q2 25	164M	+0.9%	+26.6%
Q3 25	168M	+2.3%	+26.5%
Q4 25	180M	+7.4%	+4.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$7.4K	238
Q2 22	$1.6K	238
Q3 22	$1.2K	238
Q4 22	$4.9K	252
Q1 23	$51.3K	252
Q2 23	$87.7K	252
Q3 23	$195.3K	252
Q4 23	$108.4K	268
Q1 24	$46.8K	268
Q2 24	$73.5K	268
Q3 24	-$28.6K	268
Q4 24	$291.8K	287
Q1 25	$32.0K	287
Q2 25	$30.3K	287
Q3 25	$26.5K	287
Q4 25	$54.4K	317

Revenue / Employee