WVE Form 4: Aik Na Tan Receives Equity Awards with $8.105 Strike

Rhea-AI Filing Summary

Wave Life Sciences Ltd. (WVE) Director Aik Na Tan reported equity awards on 08/11/2025 under the company’s 2025 Non-Employee Director Compensation Policy. The filing shows a grant of 25,400 restricted share units (RSUs) that vest 50% on the earlier of the 2026 annual general meeting or August 11, 2026 and 50% on the earlier of the 2027 annual general meeting or August 11, 2027. The reporting person was also granted a share option for 152,400 ordinary shares with an exercise price of $8.105, vesting 12.5% quarterly beginning August 11, 2025 over two years and expiring on 08/11/2030. After these reported transactions the form lists 40,388 ordinary shares and 152,400 derivative securities beneficially owned by the reporting person.

Positive

• Equity-based compensation aligns the director’s interests with long-term shareholders via RSUs and options
• Clear vesting schedules (50%/50% for RSUs; 12.5% quarterly for options) support retention and transparency

Negative

• Potential dilution of up to 177,800 shares if the 25,400 RSUs vest and 152,400 options are exercised
• RSUs granted at $0.00 increase outstanding share count without cash proceeds to the company

Insights

Securities Analyst

TL;DR: Routine director compensation disclosed: RSUs plus options create retention incentives without immediate cash transfer.

The Form 4 documents a standard non-employee director award: 25,400 RSUs and a 152,400-share option at an $8.105 exercise price. Vesting schedules are time-based and staggered, aligning the director’s interests with long-term shareholder value while delaying potential dilution until vesting/exercise. The expiration date of 08/11/2030 gives multi-year optionality. From a market-impact perspective, this filing is routine and informational for governance and share-capital monitoring.

Corporate Governance Expert

TL;DR: Compensation follows disclosed policy; vesting structure supports retention but increases potential outstanding shares.

The awards were granted pursuant to the company’s 2025 Non-Employee Director Compensation Policy, with explicit vesting terms: RSUs vest in two equal installments tied to AGMs or calendar dates, and options vest quarterly at 12.5% increments over two years. These features indicate a focus on retention and alignment. The filing clearly discloses quantities, exercise price, vesting cadence, and expiration, meeting standard disclosure expectations for insider transactions.

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

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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^*

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)
08/11/2025

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		25,400(1)	A	$0.00	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)	$8.105	08/11/2025		A		152,400		(2)	08/11/2030	Ordinary Shares	152,400	$0.00	152,400	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 50% on each of (i) the earlier of the Company's 2026 annual general meeting or August 11, 2026; and (ii) the earlier of the Company's 2027 annual general meeting or August 11, 2027.

2. The reporting person was granted this option pursuant to the 2025 Non-Employee Director Compensation Policy. The option vests as to 12.5% on a quarterly basis beginning August 11, 2025, through the two-year period following the grant date.

	/s/ Aik Na Tan	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 did Wave Life (WVE) director Aik Na Tan receive on 08/11/2025?

The reporting person was granted 25,400 RSUs and a 152,400-share option on 08/11/2025 under the 2025 Non-Employee Director Compensation Policy.

What is the exercise price and expiration for the options reported by WVE?

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

How do the RSUs vest for Aik Na Tan at Wave Life (WVE)?

The RSUs vest 50% on the earlier of the 2026 AGM or 08/11/2026 and 50% on the earlier of the 2027 AGM or 08/11/2027.

What is the vesting schedule for the options disclosed in the WVE Form 4?

The option vests 12.5% quarterly beginning 08/11/2025 through the two-year period following the grant date.

How many shares does the reporting person beneficially own after the reported transactions?

After the reported transactions the Form 4 lists 40,388 ordinary shares and 152,400 derivative securities beneficially owned by the reporting person.