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

Rhea-AI Filing Summary

Wave Life Sciences Ltd. director reports option exercise and share sale. On December 8, 2025, director Adrian Rawcliffe exercised 42,000 share options for Wave Life Sciences ordinary shares at an exercise price of $5.97 per share. On the same day, he sold 42,000 ordinary shares at a sale price of $15.00 per share.

Following these transactions, Rawcliffe directly held 12,700 ordinary shares and no remaining share options. The filing states that the option exercise and related sales were carried out under a Rule 10b5-1 trading plan adopted on August 5, 2025, which is a pre-arranged plan intended to allow insiders to trade on a scheduled basis.

Insider Trade Summary

Exercise and Sale: 42,000 shares ($379K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Rawcliffe Adrian

Role Director

Sold 42,000 shs ($630K)

Approx. gross sale proceeds $630K

Approx. exercise cost $251K

Approx. pre-tax spread $379K

Type	Security	Shares	Price	Value
Exercise	Share Option (right to buy)	42,000	$0.00	$0.00
Exercise	Ordinary Shares	42,000	$5.97	$251K
Sale	Ordinary Shares	42,000	$15.00	$630K

Holdings After Transaction: Share Option (right to buy) — 0 shares (Direct); Ordinary Shares — 12,700 shares (Direct)

Footnotes (2)

1. F1. 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 August 5, 2025.
2. F2. These share options are fully vested.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 12/10/2025 - 09:45 PM Learn about SEC filing 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^*

Rawcliffe Adrian

(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)
12/08/2025

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	12/08/2025		M(1)		42,000	A	$5.97	54,700	D
Ordinary Shares	12/08/2025		S(1)		42,000	D	$15	12,700	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)	$5.97	12/08/2025		M(1)			42,000	(2)	08/16/2026	Ordinary Shares	42,000	$0	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 August 5, 2025.

2. These share options are fully vested.

	/s/ Adrian Rawcliffe	12/10/2025
	** 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.