Wave Life Sciences Prices Upsized $350 Million Public Offering of Ordinary Shares and Pre-Funded Warrants

Rhea-AI Summary

Wave Life Sciences (Nasdaq: WVE) priced an underwritten public offering to raise gross proceeds of approximately $350 million.

The offering consists of 15,789,475 ordinary shares at $19.00 per share and, in lieu of shares to certain investors, 2,631,578 pre-funded warrants at $18.9999 each (exercise price $0.0001). Wave granted the underwriters a 30-day option to buy up to an additional 2,763,157 shares. The offering is expected to close on or about December 11, 2025, subject to customary conditions.

Positive

• Gross proceeds approximately $350 million
• 15,789,475 ordinary shares offered at $19.00 per share
• 2,631,578 pre-funded warrants issued at $18.9999 each
• 30-day overallotment option for 2,763,157 additional shares

Negative

• Potential share dilution from 15,789,475 new shares and 2,631,578 warrants
• Pre-funded warrants exercisable at a nominal $0.0001 exercise price
• Underwriting discounts and offering expenses will reduce net proceeds

Key Figures

Ordinary shares offered 15,789,475 shares Public offering size

Offer price per share $19.00 Public offering price to investors

Pre-funded warrants 2,631,578 warrants In lieu of ordinary shares for certain investors

Warrant offering price $18.9999 Price per pre-funded warrant

Warrant exercise price $0.0001 Per-share exercise price for each pre-funded warrant

Gross proceeds $350 million Expected gross proceeds before fees and expenses

Underwriters’ option shares 2,763,157 shares 30-day option for additional ordinary shares

Market Reality Check

$21.31 Last Close

Volume Volume 37,646,729 is 3.32x the 20-day average of 11,327,927, indicating unusually heavy trading ahead of the offering pricing. high

Technical Shares at $21.31 are trading above the 200-day MA of $7.85 and sit 1.93% below the 52-week high of $21.73.

Peers on Argus 1 Up

WVE gained 15.06% on heavy volume, while key biotech peers like CVAC, ELVN, PGEN, STOK, and ZYME mostly declined. Only STOK appeared in the momentum scanner, up 11.42% without news, underscoring WVE’s stock-specific drivers.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 08	Equity offering	Neutral	+147.3%	Announced proposed $250M offering with underwriters’ 30-day option.
Dec 08	Clinical data	Positive	+147.3%	Reported positive interim Phase 1 INLIGHT obesity data for WVE-007.
Dec 07	Data timing update	Neutral	+147.3%	Outlined timing and access details for upcoming INLIGHT data release.
Nov 10	Earnings update	Positive	-10.3%	Reported Q3 2025 results, cash runway into 2Q 2027 and pipeline updates.
Nov 07	Investor conferences	Neutral	-0.3%	Announced participation in upcoming Guggenheim and Jefferies conferences.

Pattern Detected

Shares have reacted strongly to recent news, with clinical and offering headlines coinciding with very large upside moves, while earnings drew a negative response.

Recent Company History

This announcement follows a string of impactful updates for Wave Life Sciences. On Dec 8, positive Phase 1 INLIGHT data for WVE-007 and a proposed $250M offering coincided with a 147.26% move. Earlier Q3 2025 results on Nov 10 highlighted pipeline progress and cash of $196.2M but the stock fell 10.31%. Conference participation and prior INLIGHT disclosures had minimal or neutral impact. Today’s upsized, priced offering extends this capital-raising phase after strong clinical momentum.

Market Pulse Summary

This announcement prices an upsized equity deal, with 15,789,475 ordinary shares at $19.00 and 2,631,578 pre-funded warrants, targeting roughly $350 million in gross proceeds. It follows strong INLIGHT obesity data and a prior proposed offering on Dec 8. Key factors to monitor include use of proceeds, any underwriters’ exercise of the 2,763,157-share option, and how added share supply interacts with WVE’s recent high trading volumes and elevated share price.

Key Terms

pre-funded warrants financial

"in lieu of ordinary shares to certain investors, pre-funded warrants to purchase up to"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

underwritten public offering financial

"announced today the pricing of its previously announced underwritten public offering of 15,789,475"

An underwritten public offering is when a company sells new shares of its stock to the public with the help of a financial firm, called an underwriter. The underwriter agrees to buy all the shares upfront, reducing the company's risk, and then sells them to investors. This process helps companies raise money quickly and confidently from a wide range of buyers.

prospectus supplement regulatory

"The preliminary prospectus supplement and accompanying base prospectus relating to the offering"

A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.

AI-generated analysis. Not financial advice.

CAMBRIDGE, Mass., Dec. 09, 2025 (GLOBE NEWSWIRE) -- Wave Life Sciences Ltd. (Nasdaq: WVE), a clinical-stage biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health (“Wave” or “Wave Life Sciences”), announced today the pricing of its previously announced underwritten public offering of 15,789,475 of its ordinary shares at a price to the public of $19.00 per ordinary share, and, in lieu of ordinary shares to certain investors, pre-funded warrants to purchase up to 2,631,578 ordinary shares at an offering price of $18.9999 per pre-funded warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each pre-funded warrant.

Gross proceeds to Wave Life Sciences from the offering are expected to be approximately $350 million, before deducting underwriting discounts and commissions and offering expenses. All of the securities in the offering are being sold by Wave Life Sciences. In addition, Wave Life Sciences has granted the underwriters a 30-day option to purchase up to an additional 2,763,157 of its ordinary shares on the same terms and conditions. The offering is expected to close on or about December 11, 2025, subject to customary closing conditions.

Jefferies, Leerink Partners and BofA Securities are acting as joint book-running managers for the offering. Truist Securities and Mizuho are acting as book-runners for the offering.

The offering is being made only by means of a prospectus and related prospectus supplement forming part of a shelf registration statement that was previously filed with the Securities and Exchange Commission (“SEC”) and became effective upon filing. The preliminary prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC on December 8, 2025. The final prospectus supplement and the accompanying prospectus will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov, copies of which may be obtained, when available, from Jefferies LLC, by mail at Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; from Leerink Partners LLC, Syndicate Department, 53 State Street, 40th Floor, Boston, MA 02109, or by telephone at (800) 808-7525, ext. 6105, or by email at syndicate@leerink.com; or from BofA Securities, NC1-022-02-25, 201 North Tyron Street, Charlotte, NC 28255-0001, Attention: Prospectus Department, or by emailing dg.prospectus_requests@bofa.com.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

About Wave Life Sciences

Wave Life Sciences (Nasdaq: WVE) is a biotechnology company focused on unlocking the broad potential of RNA medicines to transform human health. Wave’s RNA medicines platform, PRISM®, combines multiple modalities, chemistry innovation and deep insights in human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Its toolkit of RNA-targeting modalities includes editing, splicing, RNA interference, and antisense silencing, providing Wave with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Wave’s diversified pipeline includes clinical programs in obesity, alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington’s disease, as well as several preclinical programs utilizing the company’s broad RNA therapeutics toolkit. Driven by the calling to “Reimagine Possible,” Wave is leading the charge toward a world in which human potential is no longer hindered by the burden of disease. Wave is headquartered in Cambridge, MA.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. The words “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include statements regarding the closing of the public offering of ordinary shares and pre-funded warrants to purchase ordinary shares. These statements are subject to various risks and uncertainties, actual results could differ materially from those projected and Wave cautions investors not to place undue reliance on the forward-looking statements in this press release. These risks and uncertainties include, without limitation, risks and uncertainties related to satisfaction of customary closing conditions related to the public offering. There can be no assurance that Wave will be able to complete the public offering on the anticipated terms, or at all. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, the risks and uncertainties described in the section entitled “Risk Factors” in Wave’s preliminary prospectus supplement related to the proposed offering filed with the SEC on December 8, 2025 and Wave’s most recent Annual Report on Form 10-K filed with the SEC and in other filings Wave makes with the SEC from time to time. Wave undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

Contact: 
Kate Rausch
VP, Corporate Affairs and Investor Relations
+1 617-949-4827

Investors:
James Salierno
Director, Investor Relations
+1 617-949-4043
InvestorRelations@wavelifesci.com

Media:
Katie Sullivan
Senior Director, Corporate Communications
+1 617-949-2936
MediaRelations@wavelifesci.com

FAQ

When is Wave Life Sciences' (WVE) offering expected to close?

The offering is expected to close on or about December 11, 2025, subject to customary closing conditions.

How much gross proceeds will Wave Life Sciences (WVE) raise from the offering?

Wave expects to raise approximately $350 million in gross proceeds before discounts and expenses.

How many ordinary shares and pre-funded warrants did Wave Life Sciences (WVE) offer?

The offering comprises 15,789,475 ordinary shares and 2,631,578 pre-funded warrants.

What is the exercise price of the pre-funded warrants in the WVE offering?

Each pre-funded warrant has an exercise price of $0.0001 per share.

Does Wave Life Sciences (WVE) have an overallotment option in the deal?

Yes. Underwriters have a 30-day option to purchase up to 2,763,157 additional shares on the same terms.

Where can investors find the final prospectus for the WVE offering?

The final prospectus will be filed with the SEC and available on www.sec.gov and from the offering managers when available.