WVE (Wave Life Sciences Ltd.) Stock Financials & Earnings | Market Cap Arena

WVE (Wave Life Sciences Ltd.) Stock Financials & Earnings | Market Cap Arena

WVEWave Life Sciences Ltd.

Mkt Cap$3B

Healthcare·Biotechnology·🇸🇬 Singapore·NASDAQ

Revenue (TTM)$43M

Net Income (TTM)-$204M

EPS (TTM)-$1.22

Free Cash Flow (TTM)-$187M

Gross Margin84.5%

Op. Margin-504.1%

Net Margin-478.3%

FCF Margin-436.6%

P/S Ratio (TTM)62.2x

P/E Ratio (TTM)—

YoY Rev Growth-60.5%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
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 23	179.2x	—
Q2 23	72.7x	—
Q3 23	31.1x	—
Q4 23	23.5x	—
Q1 24	23.5x	—
Q2 24	24.0x	—
Q3 24	49.6x	—
Q4 24	24.5x	—
Q1 25	25.3x	—
Q2 25	28.3x	—
Q3 25	24.3x	—
Q4 25	62.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
Q1 23	$489K
Q2 23	$72K
Q3 23	$198K
Q4 23	$356K
Q1 24	$417K
Q2 24	$52K
Q3 24	$383K
Q4 24	$86K
Q1 25	$165K
Q2 25	$306K
Q3 25	$248K
Q4 25	$10K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 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 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

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	102M	+8.6%
Q2 23	105M	+3.3%
Q3 23	107M	+1.4%
Q4 23	110M	+2.5%
Q1 24	129M	+17.9%
Q2 24	130M	+0.2%
Q3 24	133M	+2.3%
Q4 24	172M	+30.0%
Q1 25	163M	-5.7%
Q2 25	164M	+0.9%
Q3 25	168M	+2.3%
Q4 25	180M	+7.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	$4K	41
FY 16	$15K	96
FY 17	$22K	168
FY 18	$58K	250
FY 19	$53K	301
FY 20	$91K	220
FY 21	$172K	238
FY 22	$14K	252
FY 23	$423K	268
FY 24	$377K	287
FY 25	$214	200K