Wave Life Sciences Ltd. (WVE) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 7, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the WVE SEC filings page.
Wave Life Sciences Ltd. (WVE) reported $42.7M in revenue for fiscal year 2025, down 60.5% from the prior fiscal year. This page shows its 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).
Development-stage economics dominate: revenue is small, R&D is outsized, and operations rely on external financing.
Revenue fell from$108M in FY2024 to$42.7M in FY2025 while operating cash flow deteriorated from-$151M to-$187M ; the smaller sales base did not bring a matching reduction in spending. The near match between free cash flow of-$188M and operating cash flow of-$187M shows capital spending was not the main cash drain; the deficit was overwhelmingly operating.
The 2025 financing cash inflow of
R&D investment was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Wave Life Sciences Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Wave Life Sciences Ltd. held $602.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $187.5M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Wave Life Sciences Ltd. scores 63/100 among other emerging companies.
Wave Life Sciences Ltd. had 188M shares outstanding at the end of fiscal year 2025, against 153M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Wave Life Sciences Ltd. scores 32/100 among other emerging companies.
Wave Life Sciences Ltd. spent $182.8M on research and development in fiscal year 2025, which was 70.8% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Wave Life Sciences Ltd. scores 91/100 among other emerging companies.
Wave Life Sciences Ltd. reported revenue of $42.7M in fiscal year 2025, against $108.3M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Wave Life Sciences Ltd. scores 9/100 among other emerging companies.
Wave Life Sciences Ltd.'s operations used $187.5M of cash in fiscal year 2025, against $151.0M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Wave Life Sciences Ltd. scores 3/100 among other emerging companies.
Wave Life Sciences Ltd.'s cash, cash equivalents and investments came to $602.1M at the end of fiscal year 2025, against $112.3M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Wave Life Sciences Ltd. scores 90/100 among other emerging companies.
Wave Life Sciences Ltd. scores 0.75, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($697.6M) relative to total liabilities ($112.3M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Wave Life Sciences Ltd. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
Wave Life Sciences Ltd. reported a net loss of $204.4M while operations used $187.5M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Wave Life Sciences Ltd. generated $2.3M in revenue in Q2 2026. This represents a decrease of 73.9% from the same quarter a year earlier. Against the prior quarter it is down 94.1%.
Wave Life Sciences Ltd.'s EBITDA was -$72.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 40.6% from the same quarter a year earlier. Against the prior quarter it is down 139.5%.
Wave Life Sciences Ltd. reported -$69.4M in net income in Q2 2026. This represents a decrease of 37.4% from the same quarter a year earlier. Against the prior quarter it is down 165.9%.
Wave Life Sciences Ltd. earned -$0.34 per diluted share (EPS) in Q2 2026. This represents a decrease of 9.7% from the same quarter a year earlier. Against the prior quarter it is down 161.5%.
Cash & Balance Sheet
Wave Life Sciences Ltd. recorded an outflow of $54.5M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 17.6% from the same quarter a year earlier. Against the prior quarter it is up 9.2%.
Wave Life Sciences Ltd. held $368.0M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Wave Life Sciences Ltd.'s ROE was -15.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 20.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 10.2 percentage points.
Not reported for Q2 2026.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Wave Life Sciences Ltd. invested $51.3M in research and development in Q2 2026. This represents an increase of 18.0% from the same quarter a year earlier. Against the prior quarter it is up 8.1%.
Wave Life Sciences Ltd. invested $884K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 188.9% from the same quarter a year earlier. Against the prior quarter it is up 101.8%.
Not reported for Q2 2026.
WVE Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M-73.9% | $38.2M+316.9% | N/A | N/A | $8.7M-55.8% | $9.2M-26.8% | N/A | N/A |
| R&D Expenses | $51.3M+18.0% | $47.4M+16.8% | N/A | $45.9M+11.4% | $43.5M+7.6% | $40.6M+21.5% | N/A | $41.2M+30.2% |
| SG&A Expenses | $24.8M+37.8% | $22.1M+20.4% | N/A | $18.1M+20.2% | $18.0M+25.8% | $18.4M+35.5% | N/A | $15.0M+14.6% |
| Operating Income | -$73.8M-39.9% | -$31.3M+37.2% | N/A | -$56.4M+11.8% | -$52.8M-50.8% | -$49.8M-44.5% | N/A | -$63.9M-1538.2% |
| EBITDA | -$72.9M-40.6% | -$30.5M+37.8% | N/A | -$55.5M+11.9% | -$51.9M-52.6% | -$48.9M-46.4% | N/A | -$63.0M-1216.2% |
| Income Tax | $0 | $0 | N/A | $0 | $0 | $0 | N/A | $0+100.0% |
| Net Income | -$69.4M-37.4% | -$26.1M+44.4% | N/A | -$53.9M+12.8% | -$50.5M-53.3% | -$46.9M-48.5% | N/A | -$61.8M-951.9% |
| EPS (Basic) | -$0.34-9.7% | -$0.13+55.2% | -$0.29-207.4% | -$0.32+31.9% | -$0.31-24.0% | -$0.29-20.8% | $0.27+280.0% | -$0.47-771.4% |
| EPS (Diluted) | -$0.34-9.7% | -$0.13+55.2% | -$0.29-207.4% | -$0.32+31.9% | -$0.31-24.0% | -$0.29-20.8% | $0.27+280.0% | -$0.47-771.4% |
| Diluted Shares (Avg) | 204M+24.4% | 200M+23.1% | N/A | 168M+26.5% | 164M+26.6% | 163M+25.8% | N/A | 133M+23.9% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.
WVE Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $558.3M+121.2% | $583.5M+102.4% | $638.5M+81.3% | $241.4M-32.7% | $252.4M+20.8% | $288.3M+22.6% | $352.2M+28.1% | $358.5M+79.3% |
| Current Assets | $507.5M+127.0% | $561.3M+117.6% | $614.8M+91.9% | $215.5M-33.6% | $223.6M+29.9% | $258.0M+31.1% | $320.4M+36.1% | $324.5M+104.6% |
| Cash & Equivalents | $368.0M+76.5% | $544.6M+124.0% | $602.1M+99.3% | $196.2M-36.9% | $208.5M+35.4% | $243.1M+34.4% | $302.1M+50.8% | $310.9M+122.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $888K-45.1% | $0 | $1.3M-10.3% | $10.0M | $1.6M+25.3% | N/A | $1.4M-93.3% | $0-100.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $104.8M-0.4% | $71.8M-33.9% | $112.3M-16.7% | $109.0M-47.9% | $105.2M-48.5% | $108.7M-46.2% | $134.8M-40.7% | $209.0M-10.1% |
| Current Liabilities | $50.8M-41.9% | $49.8M-43.0% | $95.1M-14.3% | $85.9M-49.7% | $87.4M-49.5% | $87.4M-47.3% | $111.0M-40.5% | $170.7M+70.8% |
| Non-Current Liabilities | $54.0M+203.2% | $22.0M+3.2% | $17.2M-27.9% | $23.1M-39.7% | $17.8M-43.1% | $21.3M-41.1% | $23.9M-41.8% | $38.3M-71.1% |
| Total Equity | $453.5M+225.7% | $511.7M+197.9% | $518.4M+147.4% | $124.5M-12.1% | $139.3M+4105.3% | $171.8M+576.7% | $209.5M+428.7% | $141.6M+449.8% |
| Retained Earnings | -$1.4B-16.6% | -$1.4B-15.7% | -$1.3B-18.2% | -$1.3B-10.6% | -$1.2B-11.9% | -$1.2B-10.6% | -$1.1B-9.5% | -$1.2B-14.1% |
Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.
WVE Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$53.6M-16.5% | -$59.6M+5.5% | -$33.8M+22.6% | -$44.7M+3.9% | -$46.0M-67.5% | -$63.0M-88.6% | -$43.6M-31.3% | -$46.5M-34.9% |
| Depreciation & Amortization | $858K-0.8% | $841K-3.9% | $844K-6.9% | $856K-9.7% | $865K-13.4% | $875K-16.0% | $907K-16.1% | $948K-20.8% |
| Stock-Based Compensation | N/A | $9.1M+83.0% | N/A | N/A | N/A | $5.0M+71.9% | N/A | N/A |
| Capital Expenditures | $884K+188.9% | $438K+165.5% | -$1K-98.8% | $248K-35.2% | $306K+488.5% | $165K-60.4% | $86K-75.8% | $383K+93.4% |
| Free Cash Flow | -$54.5M-17.6% | -$60.0M+5.1% | -$33.8M+22.8% | -$44.9M+4.2% | -$46.3M-68.3% | -$63.2M-86.7% | -$43.7M-30.2% | -$46.9M-35.2% |
| Investing Cash Flow | -$123.5M-40244.4% | -$438K-165.5% | $1K+101.2% | -$248K+35.2% | -$306K-488.5% | -$165K+60.4% | -$86K+75.8% | -$383K-93.4% |
| Financing Cash Flow | $330K-97.2% | $2.5M-39.2% | $439.7M+1157.0% | $32.7M-84.0% | $11.7M+1690.7% | $4.2M-71.4% | $35.0M-62.8% | $203.7M+12100.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
WVE Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | -3248.3% | -81.8% | N/A | N/A | -606.5% | -542.8% | N/A | N/A |
| Net Margin | -3052.6% | -68.2% | N/A | N/A | -580.2% | -510.9% | N/A | N/A |
| Return on Equity | -15.3%+20.9pp | -5.1%+22.2pp | N/A | -43.2%+0.4pp | -36.2% | -27.3%+97.0pp | N/A | -43.6% |
| Return on Assets | -12.4%+7.6pp | -4.5%+11.8pp | N/A | -22.3%-5.1pp | -20.0%-4.2pp | -16.3%-2.8pp | N/A | -17.2%-20.9pp |
| Current Ratio | 9.99+7.4x | 11.26+8.3x | 6.47+3.6x | 2.51+0.6x | 2.56+1.6x | 2.95+1.8x | 2.89+1.6x | 1.90+0.3x |
| Debt-to-Equity | 0.23-0.5x | 0.14-0.5x | 0.22-0.4x | 0.87-0.6x | 0.76 | 0.63-7.3x | 0.64-5.1x | 1.48 |
| Asset Turnover | 0.000.0x | 0.070.0x | N/A | N/A | 0.03-0.1x | 0.030.0x | N/A | N/A |
| FCF Margin | -2397.3% | -156.9% | N/A | N/A | -532.4% | -688.9% | N/A | N/A |
Not reported in any period shown, so not listed: Gross Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Wave Life Sciences Ltd. WVE | FY2025 | $42.7M | -$204.4M | N/A | $697.6M | 48/100 |
| Stoke Therapeutics, Inc. STOK | FY2025 | $184.4M | -$6.9M | -3.7% | $1.6B | 83/100 |
| Zymeworks Inc. ZYME | FY2025 | $106.0M | -$81.1M | -76.6% | $1.8B | 76/100 |
| Precigen, Inc. PGEN | FY2025 | $9.7M | -$250.6M | N/A | $2.7B | 49/100 |
| Enliven Therapeutics, Inc. ELVN | FY2025 | N/A | -$103.7M | N/A | $3.1B | — |
Where Wave Life Sciences Ltd. Ranks
Frequently Asked Questions
What is Wave Life Sciences Ltd.'s annual revenue?
Wave Life Sciences Ltd. (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 Sciences Ltd.'s revenue growing?
Wave Life Sciences Ltd. (WVE) revenue declined by 60.5% year-over-year, from $108.3M to $42.7M in fiscal year 2025.
Is Wave Life Sciences Ltd. profitable?
No, Wave Life Sciences Ltd. (WVE) reported a net income of -$204.4M in fiscal year 2025.
What is Wave Life Sciences Ltd.'s EBITDA?
Wave Life Sciences Ltd. (WVE) had EBITDA of -$211.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Wave Life Sciences Ltd.'s return on equity (ROE)?
Wave Life Sciences Ltd. (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 Sciences Ltd.'s free cash flow?
Wave Life Sciences Ltd. (WVE) recorded an outflow of $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 Sciences Ltd.'s operating cash flow?
Wave Life Sciences Ltd. (WVE) recorded an outflow of $187.5M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Wave Life Sciences Ltd.'s total assets?
Wave Life Sciences Ltd. (WVE) had $638.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Wave Life Sciences Ltd.'s capital expenditures?
Wave Life Sciences Ltd. (WVE) invested $718K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Wave Life Sciences Ltd. spend on research and development?
Wave Life Sciences Ltd. (WVE) invested $182.8M in research and development during fiscal year 2025.
What is Wave Life Sciences Ltd.'s current ratio?
Wave Life Sciences Ltd. (WVE) had a current ratio of 6.47 as of fiscal year 2025, which is generally considered healthy.
What is Wave Life Sciences Ltd.'s debt-to-equity ratio?
Wave Life Sciences Ltd. (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 Sciences Ltd.'s return on assets (ROA)?
Wave Life Sciences Ltd. (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 Sciences Ltd.'s P/E ratio?
Wave Life Sciences Ltd. (WVE) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $697.6M as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Wave Life Sciences Ltd.'s price-to-sales ratio?
Wave Life Sciences Ltd. (WVE) trades at 16.3x sales, its market capitalization divided by revenue of $42.7M revenue, FY2025. The market capitalization is $697.6M as of Oct 7, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Wave Life Sciences Ltd.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Wave Life Sciences Ltd. (WVE) held $602.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $187.5M over that year. Dividing the one by the other, the reported balance equals about 39 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Wave Life Sciences Ltd.'s Altman Z-Score?
Wave Life Sciences Ltd. (WVE) has an Altman Z-Score of 0.75, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Wave Life Sciences Ltd.'s Piotroski F-Score?
Wave Life Sciences Ltd. (WVE) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Wave Life Sciences Ltd.'s earnings high quality?
Wave Life Sciences Ltd. (WVE) reported a net loss of $204.4M while operations used $187.5M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 Sciences Ltd.?
Wave Life Sciences Ltd. (WVE) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.