What is Wave Life Scienc's earnings per share (EPS)?

Wave Life Scienc (WVE) reported diluted earnings per share of $-1.21 for fiscal year 2025. This represents a -72.9% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Wave Life Scienc Financials

WVE

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Wave Life Scienc (WVE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 33/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Wave Life Scienc has an operating margin of -504.1%, meaning the company retains $-504 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -101.9% the prior year.

Growth

Wave Life Scienc's revenue declined 60.5% year-over-year, from $108.3M to $42.7M. This contraction results in a growth score of 0/100.

Leverage

Wave Life Scienc carries a low D/E ratio of 0.22, meaning only $0.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

100

With a current ratio of 6.47, Wave Life Scienc holds $6.47 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow

While Wave Life Scienc generated -$187.5M in operating cash flow, capex of $718K consumed most of it, leaving -$188.2M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Wave Life Scienc generates a -39.4% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -46.3% the prior year.

Piotroski F-Score Weak

2/9

Wave Life Scienc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.92x

For every $1 of reported earnings, Wave Life Scienc generates $0.92 in operating cash flow (-$187.5M OCF vs -$204.4M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$42.7M

YoY-60.5%

5Y CAGR+16.3%

10Y CAGR+75.7%

Wave Life Scienc generated $42.7M in revenue in fiscal year 2025. This represents a decrease of 60.5% from the prior year.

EBITDA

-$211.9M

YoY-99.0%

Wave Life Scienc's EBITDA was -$211.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 99.0% from the prior year.

Net Income

-$204.4M

YoY-110.7%

Wave Life Scienc reported -$204.4M in net income in fiscal year 2025. This represents a decrease of 110.7% from the prior year.

EPS (Diluted)

$-1.21

YoY-72.9%

Wave Life Scienc earned $-1.21 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 72.9% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$188.2M

YoY-23.9%

Wave Life Scienc generated -$188.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 23.9% from the prior year.

Cash & Debt

$602.1M

YoY+99.3%

5Y CAGR+26.7%

10Y CAGR+14.1%

Wave Life Scienc held $602.1M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

188M

YoY+22.6%

5Y CAGR+30.9%

10Y CAGR+24.2%

Wave Life Scienc had 188M shares outstanding in fiscal year 2025. This represents an increase of 22.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

-504.1%

YoY-402.1pp

5Y CAGR+259.9pp

10Y CAGR+12192.0pp

Wave Life Scienc's operating margin was -504.1% in fiscal year 2025, reflecting core business profitability. This is down 402.1 percentage points from the prior year.

Net Margin

-478.3%

YoY-388.8pp

5Y CAGR+268.4pp

10Y CAGR+12153.3pp

Wave Life Scienc's net profit margin was -478.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 388.8 percentage points from the prior year.

Return on Equity

-39.4%

YoY+6.9pp

5Y CAGR+141.7pp

10Y CAGR-26.9pp

Wave Life Scienc's ROE was -39.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 6.9 percentage points from the prior year.

Capital Allocation

R&D Spending

$182.8M

YoY+14.5%

5Y CAGR+6.9%

10Y CAGR+35.0%

Wave Life Scienc invested $182.8M in research and development in fiscal year 2025. This represents an increase of 14.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$718K

YoY-23.5%

5Y CAGR-11.7%

10Y CAGR-9.1%

Wave Life Scienc invested $718K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 23.5% from the prior year.

WVE Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$42.7M-60.5%	$108.3M-4.4%	$113.3M+3005.1%	$3.6M-91.1%	$41.0M+104.0%	$20.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$182.8M+14.5%	$159.7M+22.8%	$130.0M+12.2%	$115.9M-4.9%	$121.9M-6.9%	$130.9M
SG&A Expenses	$75.3M+27.6%	$59.0M+15.1%	$51.3M+1.5%	$50.5M+9.6%	$46.1M+8.5%	$42.5M
Operating Income	-$215.4M-95.1%	-$110.4M-62.4%	-$68.0M+58.2%	-$162.7M-28.1%	-$127.0M+17.2%	-$153.4M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$0	$0+100.0%	-$677K-199.4%	$681K+433.8%	-$204K+75.7%	-$841K
Net Income	-$204.4M-110.7%	-$97.0M-68.7%	-$57.5M+64.5%	-$161.8M-32.4%	-$122.2M+18.5%	-$149.9M
EPS (Diluted)	$-1.21-72.9%	$-0.70-29.6%	$-0.54+73.7%	$-2.05+13.1%	$-2.36	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	N/A	N/A	$8.7M-5.2%	$9.2M	N/A	N/A	$19.7M+57.1%	$12.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	$45.9M+5.5%	$43.5M+7.0%	$40.6M	N/A	$41.2M+2.0%	$40.4M+20.8%	$33.4M
SG&A Expenses	N/A	$18.1M+0.5%	$18.0M-2.0%	$18.4M	N/A	$15.0M+5.2%	$14.3M+5.5%	$13.5M
Operating Income	N/A	-$56.4M-6.8%	-$52.8M-5.9%	-$49.8M	N/A	-$63.9M-82.6%	-$35.0M-1.6%	-$34.5M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	$0	$0	$0	N/A	$0	$0	$0
Net Income	N/A	-$53.9M-6.7%	-$50.5M-7.7%	-$46.9M	N/A	-$61.8M-87.6%	-$32.9M-4.3%	-$31.6M
EPS (Diluted)	N/A	$-0.32-3.2%	$-0.31-6.9%	$-0.29	N/A	$-0.47-88.0%	$-0.25-4.2%	$-0.24

WVE Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$638.5M+81.3%	$352.2M+28.1%	$274.9M+87.8%	$146.4M-29.3%	$207.0M-25.9%	$279.2M
Current Assets	$614.8M+91.9%	$320.4M+36.1%	$235.4M+138.9%	$98.5M-39.4%	$162.6M-29.3%	$230.0M
Cash & Equivalents	$602.1M+99.3%	$302.1M+50.8%	$200.4M+126.4%	$88.5M-41.2%	$150.6M-18.4%	$184.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.3M-10.3%	$1.4M-93.3%	$21.1M	N/A	N/A	$30.0M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$112.3M-16.7%	$134.8M-40.7%	$227.4M+23.9%	$183.6M+10.2%	$166.6M-11.6%	$188.6M
Current Liabilities	$95.1M-14.3%	$111.0M-40.5%	$186.4M+160.7%	$71.5M+11.4%	$64.2M-47.0%	$121.0M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$518.4M+147.4%	$209.5M+428.7%	$39.6M+187.9%	-$45.1M-238.8%	$32.5M-60.7%	$82.8M
Retained Earnings	-$1.3B-18.2%	-$1.1B-9.5%	-$1.0B-5.9%	-$967.3M-20.1%	-$805.5M-17.9%	-$683.3M

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$638.5M+164.5%	$241.4M-4.3%	$252.4M-12.5%	$288.3M-18.1%	$352.2M-1.8%	$358.5M+71.7%	$208.8M-11.2%	$235.3M
Current Assets	$614.8M+185.3%	$215.5M-3.6%	$223.6M-13.3%	$258.0M-19.5%	$320.4M-1.3%	$324.5M+88.6%	$172.1M-12.5%	$196.8M
Cash & Equivalents	$602.1M+206.8%	$196.2M-5.9%	$208.5M-14.2%	$243.1M-19.5%	$302.1M-2.9%	$310.9M+102.0%	$154.0M-14.9%	$180.9M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$1.3M-87.2%	$10.0M+518.4%	$1.6M	N/A	$1.4M	$0-100.0%	$1.3M	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$112.3M+3.0%	$109.0M+3.6%	$105.2M-3.2%	$108.7M-19.4%	$134.8M-35.5%	$209.0M+2.2%	$204.4M+1.2%	$202.0M
Current Liabilities	$95.1M+10.7%	$85.9M-1.7%	$87.4M0.0%	$87.4M-21.3%	$111.0M-35.0%	$170.7M-1.4%	$173.1M+4.4%	$165.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$518.4M+316.2%	$124.5M-10.6%	$139.3M-18.9%	$171.8M-18.0%	$209.5M+47.9%	$141.6M+4173.6%	-$3.5M-113.7%	$25.4M
Retained Earnings	-$1.3B-4.2%	-$1.3B-4.4%	-$1.2B-4.3%	-$1.2B-4.2%	-$1.1B+2.5%	-$1.2B-5.7%	-$1.1B-3.1%	-$1.1B

WVE Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$187.5M-24.1%	-$151.0M-677.2%	-$19.4M+84.8%	-$127.8M-43.6%	-$89.0M+23.3%	-$116.0M
Capital Expenditures	$718K-23.5%	$938K-15.9%	$1.1M-18.1%	$1.4M+143.0%	$560K-58.1%	$1.3M
Free Cash Flow	-$188.2M-23.9%	-$152.0M-639.6%	-$20.5M+84.1%	-$129.1M-44.2%	-$89.6M+23.7%	-$117.3M
Investing Cash Flow	-$718K+23.5%	-$938K+15.9%	-$1.1M+11.2%	-$1.3M-124.1%	-$560K+58.1%	-$1.3M
Financing Cash Flow	$488.2M+92.3%	$253.9M+91.6%	$132.5M+97.3%	$67.2M+20.3%	$55.8M-63.9%	$154.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	-$33.8M+24.4%	-$44.7M+2.9%	-$46.0M+27.0%	-$63.0M-44.4%	-$43.6M+6.1%	-$46.5M-69.2%	-$27.5M+17.8%	-$33.4M
Capital Expenditures	-$1K-100.4%	$248K-19.0%	$306K+85.5%	$165K+91.9%	$86K-77.5%	$383K+636.5%	$52K-87.5%	$417K
Free Cash Flow	-$33.8M+24.8%	-$44.9M+3.0%	-$46.3M+26.7%	-$63.2M-44.5%	-$43.7M+6.7%	-$46.9M-70.3%	-$27.5M+18.7%	-$33.8M
Investing Cash Flow	$1K+100.4%	-$248K+19.0%	-$306K-85.5%	-$165K-91.9%	-$86K+77.5%	-$383K-636.5%	-$52K+87.5%	-$417K
Financing Cash Flow	$439.7M+1245.0%	$32.7M+179.6%	$11.7M+181.4%	$4.2M-88.1%	$35.0M-82.8%	$203.7M+31101.5%	$653K-95.5%	$14.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

WVE Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	-504.1%-402.1pp	-101.9%-41.9pp	-60.0%+4399.3pp	-4459.3%-4149.2pp	-310.1%+453.9pp	-763.9%
Net Margin	-478.3%-388.8pp	-89.6%-38.8pp	-50.8%+4384.0pp	-4434.7%-4136.3pp	-298.4%+448.3pp	-746.7%
Return on Equity	-39.4%+6.9pp	-46.3%+98.8pp	-145.1%	N/A	-376.2%-195.1pp	-181.1%
Return on Assets	-32.0%-4.5pp	-27.5%-6.6pp	-20.9%+89.6pp	-110.5%-51.5pp	-59.1%-5.4pp	-53.7%
Current Ratio	6.47+3.6	2.89+1.6	1.26-0.1	1.38-1.2	2.53+0.6	1.90
Debt-to-Equity	0.22-0.4	0.64-5.1	5.74+9.8	-4.07-9.2	5.13+2.8	2.28
FCF Margin	-440.5%-300.2pp	-140.3%-122.2pp	-18.1%+3521.0pp	-3539.1%-3320.5pp	-218.6%+365.7pp	-584.4%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	-606.5%-63.7pp	-542.8%	N/A	N/A	-177.7%+97.1pp	-274.8%
Net Margin	N/A	N/A	-580.2%-69.2pp	-510.9%	N/A	N/A	-167.2%+84.5pp	-251.7%
Return on Equity	N/A	-43.2%-7.0pp	-36.2%-9.0pp	-27.3%	N/A	-43.6%	N/A	-124.3%
Return on Assets	N/A	-22.3%-2.3pp	-20.0%-3.7pp	-16.3%	N/A	-17.2%-1.5pp	-15.8%-2.4pp	-13.4%
Current Ratio	6.47+4.0	2.51-0.0	2.56-0.4	2.95+0.1	2.89+1.0	1.90+0.9	0.99-0.2	1.19
Debt-to-Equity	0.22-0.7	0.87+0.1	0.76+0.1	0.63-0.0	0.64-0.8	1.48+60.3	-58.79-66.7	7.96
FCF Margin	N/A	N/A	-532.4%+156.4pp	-688.9%	N/A	N/A	-139.8%+130.2pp	-270.0%

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Frequently Asked Questions

What is Wave Life Scienc's annual revenue?

Wave Life Scienc (WVE) reported $42.7M in total revenue for fiscal year 2025. This represents a -60.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Wave Life Scienc's revenue growing?

Wave Life Scienc (WVE) revenue declined by 60.5% year-over-year, from $108.3M to $42.7M in fiscal year 2025.

Is Wave Life Scienc profitable?

No, Wave Life Scienc (WVE) reported a net income of -$204.4M in fiscal year 2025, with a net profit margin of -478.3%.

What is Wave Life Scienc's EBITDA?

Wave Life Scienc (WVE) had EBITDA of -$211.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Wave Life Scienc's operating margin?

Wave Life Scienc (WVE) had an operating margin of -504.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Wave Life Scienc's net profit margin?

Wave Life Scienc (WVE) had a net profit margin of -478.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Wave Life Scienc's return on equity (ROE)?

Wave Life Scienc (WVE) has a return on equity of -39.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Wave Life Scienc's free cash flow?

Wave Life Scienc (WVE) generated -$188.2M in free cash flow during fiscal year 2025. This represents a -23.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Wave Life Scienc's operating cash flow?

Wave Life Scienc (WVE) generated -$187.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Wave Life Scienc's total assets?

Wave Life Scienc (WVE) had $638.5M in total assets as of fiscal year 2025, including both current and long-term assets.

What are Wave Life Scienc's capital expenditures?

Wave Life Scienc (WVE) invested $718K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Wave Life Scienc spend on research and development?

Wave Life Scienc (WVE) invested $182.8M in research and development during fiscal year 2025.

How many shares does Wave Life Scienc have outstanding?

Wave Life Scienc (WVE) had 188M shares outstanding as of fiscal year 2025.

What is Wave Life Scienc's current ratio?

Wave Life Scienc (WVE) had a current ratio of 6.47 as of fiscal year 2025, which is generally considered healthy.

What is Wave Life Scienc's debt-to-equity ratio?

Wave Life Scienc (WVE) had a debt-to-equity ratio of 0.22 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Wave Life Scienc's return on assets (ROA)?

Wave Life Scienc (WVE) had a return on assets of -32.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Wave Life Scienc's cash runway?

Based on fiscal year 2025 data, Wave Life Scienc (WVE) had $602.1M in cash against an annual operating cash burn of $187.5M. This gives an estimated cash runway of approximately 39 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Wave Life Scienc's Piotroski F-Score?

Wave Life Scienc (WVE) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Wave Life Scienc's earnings high quality?

Wave Life Scienc (WVE) has an earnings quality ratio of 0.92x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Wave Life Scienc?

Wave Life Scienc (WVE) scores 33 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.