Wave Life Sciences Ltd. (WVE) Financial Statements
Industry: Pharmaceutical Preparations
In fiscal 2025, Wave Life Sciences reported revenue of $42.7M, down 60.5% from $108.3M the year before. Net income was -$204.4M (a -478.3% net margin), or -$1.21 per diluted share. Operating margin was -504.1%. Operating activities generated -$187.5M of cash, leaving -$188.2M of free cash flow. At fiscal year end, Wave Life Sciences held $638.5M in total assets against $112.3M in total liabilities, including $602.1M of cash and equivalents.
Open the full interactive Wave Life Sciences financials → Quarterly statements, key ratios, valuation history and price charts.
Wave Life Sciences Key Stats
| Share Price | $3.14 |
|---|---|
| Market Cap | $640.6M |
| Revenue YoY Growth | -60.6% |
| 52-Week Range | $3.14 – $21.31 |
| Shares Outstanding | 204.0 million (basic, 2026 Q2) |
Wave Life Sciences Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $20.1M | $41.0M | $3.6M | $113.3M | $108.3M | $42.7M |
| Operating Income | -$153.4M | -$127.0M | -$162.7M | -$68.0M | -$110.4M | -$215.4M |
| Pre-Tax Income | -$150.8M | -$122.4M | -$161.1M | -$58.2M | -$97.0M | -$204.4M |
| Income Tax | -$841,000 | -$204,000 | $681,000 | -$677,000 | — | $0 |
| Net Income | -$149.9M | -$122.2M | -$161.8M | -$57.5M | -$97.0M | -$204.4M |
| Diluted EPS | -$3.82 | -$2.36 | -$2.05 | -$0.54 | -$0.70 | -$1.21 |
Wave Life Sciences Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $0 | $24.9M | $38.2M | $2.3M |
| Net Income | -$53.9M | -$53.2M | -$26.1M | -$69.4M |
| Diluted EPS | -$0.32 | -$0.32 | -$0.13 | -$0.34 |
Wave Life Sciences Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $184.5M | $150.6M | $88.5M | $200.4M | $302.1M | $602.1M |
| Current Assets | $230.0M | $162.6M | $98.5M | $235.4M | $320.4M | $614.8M |
| Total Assets | $279.2M | $207.0M | $146.4M | $274.9M | $352.2M | $638.5M |
| Current Liabilities | $121.0M | $64.2M | $71.5M | $186.4M | $111.0M | $95.1M |
| Total Liabilities | $188.6M | $166.6M | $183.6M | $227.4M | $134.8M | $112.3M |
| Shareholders' Equity | $82.8M | $32.5M | -$45.1M | $39.6M | $209.5M | $518.4M |
Wave Life Sciences Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$116.0M | -$89.0M | -$127.8M | -$19.4M | -$151.0M | -$187.5M |
| Cash From Investing | -$1.3M | -$560,000 | -$1.3M | -$1.1M | -$938,000 | -$718,000 |
| Cash From Financing | $154.5M | $55.8M | $67.2M | $132.5M | $253.9M | $488.2M |
| Free Cash Flow | -$117.3M | -$89.6M | -$129.1M | -$20.5M | -$152.0M | -$188.2M |
Figures from Wave Life Sciences' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Wave Life Sciences financials page for every line item.
Wave Life Sciences Company Profile
| Ticker | WVE |
|---|---|
| Exchange | Nasdaq |
| Industry | Pharmaceutical Preparations |
| Headquarters | Cambridge, Massachusetts |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001631574 |
Frequently Asked Questions
What was Wave Life Sciences' revenue in fiscal 2025?
Wave Life Sciences (WVE) reported revenue of $42.7M for fiscal 2025.
What is Wave Life Sciences' annual revenue history?
Wave Life Sciences' annual revenue by fiscal year: 2020: $20.1M; 2021: $41.0M; 2022: $3.6M; 2023: $113.3M; 2024: $108.3M; 2025: $42.7M.
What was Wave Life Sciences' net income in fiscal 2025?
Wave Life Sciences reported net income of -$204.4M for fiscal 2025.
What was Wave Life Sciences' earnings per share (EPS) in fiscal 2025?
Wave Life Sciences' diluted EPS was -$1.21 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Wave Life Sciences generate in fiscal 2025?
Wave Life Sciences generated -$188.2M of free cash flow in fiscal 2025.
What was Wave Life Sciences' revenue last quarter?
In its most recent reported quarter (2026 Q2), Wave Life Sciences reported revenue of $2.3M.
How many shares of Wave Life Sciences are outstanding?
Wave Life Sciences reported a weighted average of 204.0 million basic shares outstanding in 2026 Q2.
What is Wave Life Sciences' market cap?
Based on its latest closing price, Wave Life Sciences (WVE) has a market capitalization of about $640.6M.
When does Wave Life Sciences' fiscal year end?
Wave Life Sciences' fiscal year end, as registered with the SEC, is December 31.
Where is Wave Life Sciences headquartered?
Wave Life Sciences lists its business address in Cambridge, Massachusetts in its SEC filings.