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

Rhea-AI Filing Summary

Paul B. Bolno, President and CEO and Director of Wave Life Sciences Ltd. (WVE), reported an insider sale. On 08/22/2025 he sold 217,351 ordinary shares under a Rule 10b5-1 trading plan adopted May 19, 2025. The weighted-average sale price was $10.098, with individual sale prices ranging from $10.00 to $10.27. After the reported transactions, the filing shows 121,000 ordinary shares beneficially owned by the reporting person. The Form 4 was signed on 08/26/2025 and notes the seller can provide detailed execution pricing by request.

Positive

• Transaction executed under a Rule 10b5-1 plan, indicating the sale was pre-arranged and compliant with insider trading rules
• Weighted-average price and price range disclosed ($10.098 average; $10.00 to $10.27 range), improving transparency

Negative

• Significant reduction in insider holdings: 217,351 shares sold leaving 121,000 shares reported as beneficially owned
• No contextual information on total outstanding shares is provided in the filing to assess the relative size of the remaining stake

Insights

Corporate Governance Expert

TL;DR: Routine, pre-arranged insider sale under a 10b5-1 plan reduces holdings but follows an established compliance plan.

The sale of 217,351 shares by the CEO/Director was executed under a Rule 10b5-1 plan adopted on May 19, 2025, which generally mitigates concerns about opportunistic timing. The disclosure of the weighted-average price and the price range improves transparency. However, the reduction to 121,000 shares held post-transaction materially changes the insiders stake and should be contextualized against total outstanding shares to assess governance implications. No other material transactions or derivative positions are reported.

Securities Analyst

TL;DR: Insider sale is notable in size but appears procedural under an established trading plan; limited immediate valuation signal.

From a market perspective, the 217,351-share sale at a $10.098 weighted-average price provides a realized liquidity event for the reporting person but does not, by itself, indicate new information about company fundamentals. The specified price range ($10.000.27) and the offer to provide per-trade pricing are helpful for analysts estimating volume-weighted impacts. No earnings or operational updates accompany this filing.

Insider Trade Summary

Net Seller: 217,351 shares ($2,194,810)

Net Sell 1 txn

Insider BOLNO PAUL

Role President and CEO

Sold 217,351 shs ($2.19M)

Type	Security	Shares	Price	Value
Sale	Ordinary Shares	217,351	$10.098	$2.19M

Holdings After Transaction: Ordinary Shares — 121,000 shares (Direct)

Footnotes (1)

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 19, 2025. The price reflected is the weighted-average sale price for shares sold. The shares were sold in multiple transactions and the range of sale prices for the transactions reported was $10.00 to $10.27 per share. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.

Form 4 Insider Transactions: What Each Field Means →

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^*

BOLNO PAUL

(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
X	Officer (give title below)		Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
08/22/2025

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	08/22/2025		S(1)		217,351	D	$10.098(2)	121,000	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

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on May 19, 2025.

2. The price reflected is the weighted-average sale price for shares sold. The shares were sold in multiple transactions and the range of sale prices for the transactions reported was $10.00 to $10.27 per share. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price.

	/s/ Paul B. Bolno	08/26/2025
	** 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).
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