Wave Life Scienc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Wave Life Scienc has an operating margin of -101.9%, meaning the company retains $-102 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 -60.0% the prior year.
Wave Life Scienc's revenue declined 4.4% year-over-year, from $113.3M to $108.3M. This contraction results in a growth score of 16/100.
Wave Life Scienc carries a low D/E ratio of 0.64, meaning only $0.64 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 2.89, Wave Life Scienc holds $2.89 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 96/100.
While Wave Life Scienc generated -$151.0M in operating cash flow, capex of $938K consumed most of it, leaving -$152.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Wave Life Scienc passes 1 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Wave Life Scienc generates $1.56 in operating cash flow (-$151.0M OCF vs -$97.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Wave Life Scienc (WVE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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).
Key Financial Metrics
Wave Life Scienc generated $108.3M in revenue in fiscal year 2024. This represents a decrease of 4.4% from the prior year.
Wave Life Scienc's EBITDA was -$106.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 69.1% from the prior year.
Wave Life Scienc generated -$152.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 639.6% from the prior year.
Wave Life Scienc reported -$97.0M in net income in fiscal year 2024. This represents a decrease of 68.7% from the prior year.
Wave Life Scienc earned $-0.70 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 29.6% from the prior year.
Wave Life Scienc held $302.1M in cash against $0 in long-term debt as of fiscal year 2024.
Wave Life Scienc had 153M shares outstanding in fiscal year 2024. This represents an increase of 28.4% from the prior year.
Wave Life Scienc's operating margin was -101.9% in fiscal year 2024, reflecting core business profitability. This is down 41.9 percentage points from the prior year.
Wave Life Scienc's net profit margin was -89.6% in fiscal year 2024, showing the share of revenue converted to profit. This is down 38.8 percentage points from the prior year.
Wave Life Scienc invested $159.7M in research and development in fiscal year 2024. This represents an increase of 22.8% from the prior year.
Wave Life Scienc invested $938K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 15.9% from the prior year.
WVE Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $8.7M-5.2% | $9.2M | N/A | $19.7M+57.1% | $12.5M-56.8% | $29.1M-41.0% | $49.2M |
| 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 | $45.9M+5.5% | $43.5M+7.0% | $40.6M-1.4% | $41.2M+2.0% | $40.4M+20.8% | $33.4M-1.8% | $34.1M+7.7% | $31.6M |
| SG&A Expenses | $18.1M+0.5% | $18.0M-2.0% | $18.4M+22.0% | $15.0M+5.2% | $14.3M+5.5% | $13.5M-0.8% | $13.7M+4.1% | $13.1M |
| Operating Income | -$56.4M-6.8% | -$52.8M-5.9% | -$49.8M+22.1% | -$63.9M-82.6% | -$35.0M-1.6% | -$34.5M-84.4% | -$18.7M-520.4% | $4.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0+100.0% | -$677K |
| Net Income | -$53.9M-6.7% | -$50.5M-7.7% | -$46.9M+24.1% | -$61.8M-87.6% | -$32.9M-4.3% | -$31.6M-94.1% | -$16.3M-324.2% | $7.3M |
| EPS (Diluted) | $-0.32-3.2% | $-0.31-6.9% | $-0.29+38.3% | $-0.47-88.0% | $-0.25-4.2% | $-0.24-71.4% | $-0.14-300.0% | $0.07 |
WVE Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $241.4M-4.3% | $252.4M-12.5% | $288.3M-18.1% | $352.2M+68.7% | $208.8M-11.2% | $235.3M-14.4% | $274.9M+37.5% | $199.9M |
| Current Assets | $215.5M-3.6% | $223.6M-13.3% | $258.0M-19.5% | $320.4M+86.2% | $172.1M-12.5% | $196.8M-16.4% | $235.4M+48.4% | $158.6M |
| Cash & Equivalents | $196.2M-5.9% | $208.5M-14.2% | $243.1M-19.5% | $302.1M+96.2% | $154.0M-14.9% | $180.9M-9.7% | $200.4M+43.2% | $139.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $10.0M+518.4% | $1.6M | N/A | $1.4M+10.2% | $1.3M | $0-100.0% | $21.1M+201.2% | $7.0M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $109.0M+3.6% | $105.2M-3.2% | $108.7M-19.4% | $134.8M-34.0% | $204.4M+1.2% | $202.0M-11.2% | $227.4M-2.2% | $232.5M |
| Current Liabilities | $85.9M-1.7% | $87.4M0.0% | $87.4M-21.3% | $111.0M-35.9% | $173.1M+4.4% | $165.9M-11.0% | $186.4M+86.5% | $100.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $124.5M-10.6% | $139.3M-18.9% | $171.8M-18.0% | $209.5M+6125.7% | -$3.5M-113.7% | $25.4M-35.9% | $39.6M+197.9% | -$40.5M |
| Retained Earnings | -$1.3B-4.4% | -$1.2B-4.3% | -$1.2B-4.2% | -$1.1B-3.0% | -$1.1B-3.1% | -$1.1B-3.1% | -$1.0B-1.6% | -$1.0B |
WVE Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$44.7M+2.9% | -$46.0M+27.0% | -$63.0M-44.4% | -$43.6M-58.9% | -$27.5M+17.8% | -$33.4M-0.6% | -$33.2M+3.5% | -$34.5M |
| Capital Expenditures | $248K-19.0% | $306K+85.5% | $165K+91.9% | $86K+65.4% | $52K-87.5% | $417K+17.1% | $356K+79.8% | $198K |
| Free Cash Flow | -$44.9M+3.0% | -$46.3M+26.7% | -$63.2M-44.5% | -$43.7M-58.9% | -$27.5M+18.7% | -$33.8M-0.8% | -$33.6M+3.1% | -$34.7M |
| Investing Cash Flow | -$248K+19.0% | -$306K-85.5% | -$165K-91.9% | -$86K-65.4% | -$52K+87.5% | -$417K-17.1% | -$356K-79.8% | -$198K |
| Financing Cash Flow | $32.7M+179.6% | $11.7M+181.4% | $4.2M-88.1% | $35.0M+5257.0% | $653K-95.5% | $14.5M-84.6% | $94.0M+5526.5% | $1.7M |
| 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 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | -606.5%-63.7pp | -542.8% | N/A | -177.7%+97.1pp | -274.8%-210.5pp | -64.3%-73.3pp | 9.0% |
| Net Margin | N/A | -580.2%-69.2pp | -510.9% | N/A | -167.2%+84.5pp | -251.7%-195.8pp | -56.0%-70.7pp | 14.7% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -22.3%-2.3pp | -20.0%-3.7pp | -16.3%+1.0pp | -17.2%-1.5pp | -15.8%-2.4pp | -13.4%-7.5pp | -5.9%-9.5pp | 3.6% |
| Current Ratio | 2.51-0.0 | 2.56-0.4 | 2.95+0.1 | 2.89+1.9 | 0.99-0.2 | 1.19-0.1 | 1.26-0.3 | 1.59 |
| Debt-to-Equity | 0.87+0.1 | 0.76+0.1 | 0.63-0.0 | 0.64+59.4 | -58.79-66.7 | 7.96+2.2 | 5.74+11.5 | -5.74 |
| FCF Margin | N/A | -532.4%+156.4pp | -688.9% | N/A | -139.8%+130.2pp | -270.0%-154.4pp | -115.6%-45.2pp | -70.4% |
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Frequently Asked Questions
What is Wave Life Scienc's annual revenue?
Wave Life Scienc (WVE) reported $108.3M in total revenue for fiscal year 2024. This represents a -4.4% 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 4.4% year-over-year, from $113.3M to $108.3M in fiscal year 2024.
Is Wave Life Scienc profitable?
No, Wave Life Scienc (WVE) reported a net income of -$97.0M in fiscal year 2024, with a net profit margin of -89.6%.
What is Wave Life Scienc's earnings per share (EPS)?
Wave Life Scienc (WVE) reported diluted earnings per share of $-0.70 for fiscal year 2024. This represents a -29.6% 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.
What is Wave Life Scienc's EBITDA?
Wave Life Scienc (WVE) had EBITDA of -$106.5M in fiscal year 2024, 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 -101.9% in fiscal year 2024, 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 -89.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Wave Life Scienc's free cash flow?
Wave Life Scienc (WVE) generated -$152.0M in free cash flow during fiscal year 2024. This represents a -639.6% 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 -$151.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Wave Life Scienc's total assets?
Wave Life Scienc (WVE) had $352.2M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Wave Life Scienc's capital expenditures?
Wave Life Scienc (WVE) invested $938K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Wave Life Scienc spend on research and development?
Wave Life Scienc (WVE) invested $159.7M in research and development during fiscal year 2024.
How many shares does Wave Life Scienc have outstanding?
Wave Life Scienc (WVE) had 153M shares outstanding as of fiscal year 2024.
What is Wave Life Scienc's current ratio?
Wave Life Scienc (WVE) had a current ratio of 2.89 as of fiscal year 2024, 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 0.64 as of fiscal year 2024, 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 -27.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Wave Life Scienc's cash runway?
Based on fiscal year 2024 data, Wave Life Scienc (WVE) had $302.1M in cash against an annual operating cash burn of $151.0M. This gives an estimated cash runway of approximately 24 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 1 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 1.56x, 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 40 out of 100 on our Financial Profile, indicating moderate 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.