[Form 4] Wave Life Sciences Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Wave Life Sciences director Aik Na Tan executed a Rule 10b5-1 plan transaction on 08/15/2025 that exercised and sold share options. The reporting person exercised 21,000 vested options at an exercise price of $9.13 per share, receiving 21,000 ordinary shares, and simultaneously sold 21,000 shares at $9.25 per share. Following these transactions the reporting person beneficially owned 40,388 ordinary shares, down from 61,388 before the sale. The 10b5-1 plan was adopted on March 13, 2025. The Form 4 is signed by Aik Na Tan on 08/19/2025.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating pre-established trading instructions and compliance with insider trading procedures
• Options were fully vested at exercise, showing no acceleration or special vesting event

Negative

• Beneficial ownership decreased from 61,388 shares to 40,388 shares following the sale of 21,000 shares

Insights

Securities Analyst

TL;DR Director exercised vested options under a 10b5-1 plan and sold an equal number of shares, modestly reducing holdings.

The reported transactions show an option exercise and contemporaneous sale executed under a Rule 10b5-1 plan, which provides pre-clearance and affirmative defense for timing of trades. Exercise price was $9.13 and sale price $9.25, indicating a small gross per-share spread. The transactions reduced the reporting persons beneficial ownership from 61,388 to 40,388 shares. This is a routine insider liquidity event rather than a corporate action affecting Wave Life Sciences capital structure.

Corporate Governance Expert

TL;DR Use of a documented 10b5-1 plan and fully vested options reflects standard governance and compliance practices.

The filer adopted the 10b5-1 trading plan on March 13, 2025, and the Form 4 discloses that the related options were fully vested at exercise. Those facts support procedural compliance and reduce concerns about opportunistic timing. The disclosure is complete for the reported events and includes the required Form 4 signature and dates.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Tan Aik Na

(Last) (First) (Middle)

C/O WAVE LIFE SCIENCES LTD.,

733 CONCORD AVE.

(Street)

CAMBRIDGE MA 02138

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Wave Life Sciences Ltd. [ WVE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	08/15/2025		M(1)		21,000	A	$9.13	61,388	D
Ordinary Shares	08/15/2025		S(1)		21,000	D	$9.25	40,388	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Option (right to buy)	$9.13	08/15/2025		M(1)			21,000	(2)	08/18/2025	Ordinary Shares	21,000	$0.00	0	D

Explanation of Responses:

1. The option exercise and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on March 13, 2025.

2. These share options are fully vested.

	/s/ Aik Na Tan	08/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Wave Life Sciences director Aik Na Tan do on 08/15/2025?

The director exercised 21,000 vested options at $9.13 per share and sold 21,000 ordinary shares at $9.25 per share under a 10b5-1 plan.

How many shares does Aik Na Tan beneficially own after the Form 4 transactions?

After the transactions the reporting person beneficially owns 40,388 ordinary shares.

When was the 10b5-1 trading plan adopted for these transactions?

The Form 4 states the Rule 10b5-1 trading plan was adopted on March 13, 2025.

Were the options exercised in this filing vested or unvested?

The filing explicitly states these share options are fully vested.

When was the Form 4 signed and filed?

The signature on the Form 4 is dated 08/19/2025.