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

Rhea-AI Filing Summary

Mark Corrigan, a director of Wave Life Sciences Ltd. (WVE), received equity awards on 08/11/2025 under the company’s 2025 Non-Employee Director Compensation Policy. The filing shows a grant of 12,700 restricted share units (RSUs) and a grant of a share option for 76,200 ordinary shares with an exercise price of $8.105. These awards were reported on a Form 4 disclosing insider activity.

The RSUs vest 100% on the earlier of the company’s 2026 annual general meeting or August 11, 2026. The option also vests 100% by that same earlier date and has an expiration date of 08/11/2030. After the reported transactions, the filing shows the reporting person beneficially owns 44,930 ordinary shares and holds 76,200 options referenced in the filing.

Positive

• Alignment of interests: Director received RSUs and options that vest within a year, which aligns management incentives with shareholder value.
• Transparency: Grants were disclosed on a Form 4, providing clear dates, amounts, vesting terms, exercise price, and expiration.

Negative

• Potential dilution: The grants total 88,900 shares (12,700 RSUs plus 76,200 options) that could increase outstanding shares if options are exercised or RSUs settle in stock.
• Exercise price set: Options carry a $8.105 strike price; depending on future share price, this could lead to dilution upon exercise.

Insights

Financial Analyst

TL;DR: Director grants of RSUs and options align incentives but add potential dilution; routine compensation event.

The Form 4 documents a standard non-employee director compensation package: 12,700 RSUs and an option for 76,200 shares at a $8.105 strike, vesting by the earlier of the 2026 AGM or August 11, 2026. From an investor viewpoint, these awards increase insider alignment with shareholder value while creating potential dilution if options are exercised. The exercise price and multi-year expiration (through 08/11/2030) set the time and price framework for any future share issuance.

Corporate Governance Expert

TL;DR: Compensation appears routine and time-based with clear vesting; no governance red flags in the filing.

The disclosure indicates the awards were made pursuant to the 2025 Non-Employee Director Compensation Policy and vest 100% upon the earlier of the 2026 AGM or August 11, 2026. The clear vesting schedule and public reporting on Form 4 reflect typical governance transparency for director pay. There is no indication in the filing of atypical acceleration, related-party conflicts, or contingent performance conditions.

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

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^*

CORRIGAN MARK

(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)
08/11/2025

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	08/11/2025		A		12,700(1)	A	$0.00	44,930	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)	$8.105	08/11/2025		A		76,200		(2)	08/11/2030	Ordinary Shares	76,200	$0.00	76,200	D

Explanation of Responses:

1. The reporting person was granted this restricted share unit award (RSU) pursuant to the 2025 Non-Employee Director Compensation Policy. The RSU vests as to 100% of the shares on the earlier of the Company's 2026 annual general meeting or August 11, 2026.

2. The reporting person was granted this option pursuant to the 2025 Non-Employee Director Compensation Policy. The option vests as to 100% of the shares on the earlier of the Company's 2026 annual general meeting or August 11, 2026.

	/s/ Mark Corrigan	08/13/2025
	** 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.
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FAQ

What equity awards did Mark Corrigan receive at Wave Life Sciences (WVE)?

He was granted 12,700 restricted share units (RSUs) and a share option for 76,200 ordinary shares pursuant to the 2025 Non-Employee Director Compensation Policy.

When do the awards vest for Mark Corrigan?

Both the RSUs and the option vest 100% on the earlier of the company’s 2026 annual general meeting or August 11, 2026.

What is the exercise price and expiration for the option granted to Corrigan?

The option has an exercise price of $8.105 and an expiration date of 08/11/2030.

How many shares does Corrigan beneficially own after the reported transactions?

The Form 4 reports 44,930 ordinary shares beneficially owned following the reported transactions and 76,200 options held (as shown in the filing).

Under what policy were the awards granted?

The awards were granted under the 2025 Non-Employee Director Compensation Policy as stated in the filing.