RA Capital boosts Wave Life Sciences (NASDAQ: WVE) stake with 8.8M-share open-market buy

Rhea-AI Filing Summary

Wave Life Sciences Ltd. reported significant open-market buying by entities associated with RA Capital. RA Capital Healthcare Fund LP, advised by RA Capital Management, L.P., purchased a total of 8,772,496 ordinary shares in open-market transactions between March 26 and March 30, 2026 at prices around $6.06–$6.50 per share. Following these purchases, the Fund’s indirect holdings reached 26,975,505 ordinary shares, with an additional 28,815 shares linked to previously reported RSU awards held by Dr. Peter Kolchinsky for the benefit of the Fund. The Adviser, its general partner, the Fund, Dr. Kolchinsky and Mr. Rajeev Shah each disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest.

Insights

Equity analyst

RA Capital’s fund made a large net open-market purchase of Wave Life Sciences shares, increasing its indirect position materially.

Entities associated with RA Capital disclosed a net open-market purchase of 8,772,496 Wave Life Sciences ordinary shares over three trading days at per-share prices a little above $6. These transactions are classified as non-derivative common stock purchases, not option exercises or gifts.

After the purchases, the filing shows 26,975,505 ordinary shares held indirectly for the RA Capital Healthcare Fund LP, plus 28,815 shares related to RSU settlements held by Dr. Kolchinsky for the Fund’s benefit. The footnotes emphasize that the Adviser, Fund and individuals disclaim beneficial ownership beyond their pecuniary interest, framing this as institutional portfolio activity rather than personal trading.

The pattern reflects a concentrated institutional buyer adding significantly to an existing position in the open market. Actual implications for Wave Life Sciences depend on future company performance and any additional position changes that may appear in subsequent filings.

Insider Trade Summary

Net Buyer: 8,772,496 shares ($54,624,378)

Net Buy 5 txns

Insider RA CAPITAL MANAGEMENT, L.P., RA Capital Healthcare Fund LP, Kolchinsky Peter, Shah Rajeev M.

Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner

Bought 8,772,496 shs ($54.62M)

Type	Security	Shares	Price	Value
Purchase	Ordinary Shares	971,091	$6.50	$6.31M
Purchase	Ordinary Shares	2,495,623	$6.43	$16.05M
Purchase	Ordinary Shares	4,954,558	$6.06	$30.02M
Purchase	Ordinary Shares	351,224	$6.38	$2.24M
holding	Ordinary Shares	--	--	--

Holdings After Transaction: Ordinary Shares — 26,975,505 shares (Indirect, See footnotes)

Footnotes (1)

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.365 to $6.36 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote. RA Capital Management, L.P. (the "Adviser") is the investment manager for RA Capital Healthcare Fund, L.P. (the "Fund"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. Each of the Adviser, the Adviser GP, the Fund, Dr. Kolchinsky and Mr. Shah disclaims beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein. Held directly by the Fund. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.365 to $6.40 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.09 to $6.74 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.305 to $6.665 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote. Represents previously reported restricted stock unit awards ("RSUs") granted to Dr. Kolchinsky and shares received by Dr. Kolchinsky upon settlement of RSUs. Dr. Kolchinsky is a Managing Partner of the Adviser who serves on the Issuer's board of directors. Under Dr. Kolchinsky's arrangement with the Adviser, Dr. Kolchinsky holds the RSUs and shares for the benefit of the Fund. Dr. Kolchinsky is obligated to turn over to the Adviser any net cash or shares received upon settlement of the RSUs, which will offset advisory fees owed by the Fund to the Adviser.

Key Figures

Net shares bought: 8,772,496 shares Shares held after latest trade: 26,975,505 shares March 30 purchase: 971,091 shares at $6.50 +4 more

7 metrics

Net shares bought 8,772,496 shares Net open-market purchases disclosed in Form 4

Shares held after latest trade 26,975,505 shares Indirect ordinary share holdings after March 30, 2026

March 30 purchase 971,091 shares at $6.50 Ordinary share purchase on March 30, 2026

March 27 purchase 2,495,623 shares at $6.43 Ordinary share purchase on March 27, 2026

March 26 purchases 4,954,558 shares at $6.06 One of multiple ordinary share purchases on March 26, 2026

Additional March 26 purchase 351,224 shares at $6.38 Additional ordinary share purchase on March 26, 2026

RSU-related holdings 28,815 shares Shares from previously reported RSU awards held for the Fund

Key Terms

open-market purchase, weighted average price, pecuniary interest, restricted stock unit awards ("RSUs"), +1 more

5 terms

open-market purchase financial

"transaction_action": "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The price reported in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

pecuniary interest financial

"disclaims beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein."

restricted stock unit awards ("RSUs") financial

"Represents previously reported restricted stock unit awards ("RSUs") granted to Dr. Kolchinsky"

beneficial ownership financial

"disclaims beneficial ownership of any of the reported securities"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

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).

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^*

RA CAPITAL MANAGEMENT, L.P.

(Last) (First) (Middle)

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026

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

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

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

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	03/26/2026		P		4,954,558	A	$6.06(1)	23,157,567	I	See footnotes(2)(3)
Ordinary Shares	03/26/2026		P		351,224	A	$6.38(4)	23,508,791	I	See footnotes(2)(3)
Ordinary Shares	03/27/2026		P		2,495,623	A	$6.43(5)	26,004,414	I	See footnotes(2)(3)
Ordinary Shares	03/30/2026		P		971,091	A	$6.5(6)	26,975,505	I	See footnotes(2)(3)
Ordinary Shares								28,815	I	See footnotes(7)(8)

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

1. Name and Address of Reporting Person^*

RA CAPITAL MANAGEMENT, L.P.

(Last) (First) (Middle)

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

RA Capital Healthcare Fund LP

(Last) (First) (Middle)

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Kolchinsky Peter

(Last) (First) (Middle)

C/O RA CAPITAL MANAGEMENT, L.P.

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Shah Rajeev M.

(Last) (First) (Middle)

C/O RA CAPITAL MANAGEMENT, L.P.

200 BERKELEY STREET, 18TH FLOOR

(Street)

BOSTON MASSACHUSETTS 02116

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $5.365 to $6.36 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote.

2. RA Capital Management, L.P. (the "Adviser") is the investment manager for RA Capital Healthcare Fund, L.P. (the "Fund"). The general partner of the Adviser is RA Capital Management GP, LLC (the "Adviser GP"), of which Dr. Peter Kolchinsky and Mr. Rajeev Shah are the managing members. Each of the Adviser, the Adviser GP, the Fund, Dr. Kolchinsky and Mr. Shah disclaims beneficial ownership of any of the reported securities, except to the extent of its or his respective pecuniary interest therein.

3. Held directly by the Fund.

4. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.365 to $6.40 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote.

5. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.09 to $6.74 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote.

6. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $6.305 to $6.665 inclusive. The Reporting Persons undertake 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 purchased at each separate price within the range set forth in this footnote.

7. Represents previously reported restricted stock unit awards ("RSUs") granted to Dr. Kolchinsky and shares received by Dr. Kolchinsky upon settlement of RSUs.

8. Dr. Kolchinsky is a Managing Partner of the Adviser who serves on the Issuer's board of directors. Under Dr. Kolchinsky's arrangement with the Adviser, Dr. Kolchinsky holds the RSUs and shares for the benefit of the Fund. Dr. Kolchinsky is obligated to turn over to the Adviser any net cash or shares received upon settlement of the RSUs, which will offset advisory fees owed by the Fund to the Adviser.

Remarks:

Dr. Peter Kolchinsky, a Managing Partner of the Adviser, serves on the Issuer's board of directors.

	/s/ Peter Kolchinsky, Manager of RA Capital Management, L.P.	03/30/2026
	/s/ Peter Kolchinsky, Manager of RA Capital Healthcare Fund GP, LLC, the General Partner of RA Capital Healthcare Fund, L.P.	03/30/2026
	/s/ Peter Kolchinsky, individually	03/30/2026
	/s/ Rajeev Shah, individually	03/30/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider activity did RA Capital report in Wave Life Sciences (WVE)?

RA Capital Healthcare Fund LP reported buying 8,772,496 Wave Life Sciences ordinary shares in the open market. The purchases occurred over several days at prices slightly above $6 per share, materially increasing the fund’s indirect stake to 26,975,505 shares after the latest transaction.

Over what dates did RA Capital buy Wave Life Sciences (WVE) shares?

The disclosed Wave Life Sciences share purchases occurred on March 26, 27 and 30, 2026. Across these three trading days, RA Capital Healthcare Fund LP executed multiple open-market transactions, gradually building its position at different prices clustered a bit above $6 per share.

How many Wave Life Sciences (WVE) shares does RA Capital hold after these trades?

After the reported trades, RA Capital Healthcare Fund LP indirectly holds 26,975,505 Wave Life Sciences ordinary shares. The Form 4 also lists 28,815 additional shares tied to previously reported RSU awards held by Dr. Peter Kolchinsky for the Fund’s benefit under his arrangement with the adviser.

What prices did RA Capital pay for Wave Life Sciences (WVE) shares?

Reported per-share prices include $6.06, $6.38, $6.43 and $6.50 for Wave Life Sciences stock. Footnotes explain these are weighted average prices from multiple trades within ranges, for example $5.365–$6.36 and $6.09–$6.74, across the disclosed purchase dates.

Who is actually considered the owner of the Wave Life Sciences (WVE) shares in this filing?

The shares are held for RA Capital Healthcare Fund LP, managed by RA Capital Management, L.P. The adviser, its general partner, the Fund, Dr. Peter Kolchinsky and Mr. Rajeev Shah each disclaim beneficial ownership, except to the extent of their respective pecuniary interest in the reported securities.

How are Dr. Peter Kolchinsky’s RSUs in Wave Life Sciences (WVE) treated?

Previously reported RSU awards and resulting shares are held by Dr. Kolchinsky for the Fund’s benefit. Under his arrangement with the adviser, any net cash or shares from RSU settlements are turned over to the adviser, offsetting advisory fees owed by the Fund to RA Capital Management.