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

Rhea-AI Filing Summary

Wave Life Sciences director Adrian Rawcliffe received equity awards on 08/11/2025 comprising both restricted share units and stock options. The filing shows a grant of 12,700 restricted share units (RSUs) and a grant of 76,200 options with an exercise price listed as $8.105. The RSUs and options vest as to 100% on the earlier of the company’s 2026 annual general meeting or August 11, 2026, and the option listing shows an expiration date of 08/11/2030. The filing reports 28,815 ordinary shares beneficially owned by Rawcliffe following these awards. These items are recorded as director compensation under the company’s 2025 Non-Employee Director Compensation Policy.

Positive

• Clear disclosure of grant sizes: 12,700 RSUs and 76,200 options
• Vesting alignment with the 2026 annual general meeting or August 11, 2026, which ties director incentives to near-term shareholder events
• Post-grant ownership reported: 28,815 ordinary shares beneficially owned following the awards

Negative

• None.

Insights

Corporate Governance Expert

Routine director awards align interests but are standard compensation, not a material corporate change.

The Form 4 discloses director Adrian Rawcliffe received 12,700 RSUs and 76,200 options, vesting 100% by the earlier of the 2026 AGM or August 11, 2026. As a governance matter, awards granted under the 2025 Non-Employee Director Compensation Policy are typical to align board members with shareholder outcomes. The disclosure is clear about vesting and the option exercise price of $8.105, and shows post-grant direct ownership of 28,815 shares. This appears to be routine director compensation rather than a signal of material corporate action.

Compensation & Securities Analyst

Compensation grants create standard incentive alignment; monitor dilution but no immediate material impact shown.

The filing documents grant-level specifics: 12,700 RSUs and 76,200 share options (exercise price $8.105) granted on 08/11/2025 with vesting by mid-2026 and an indicated expiration date of 08/11/2030 for the options. From a securities perspective, these awards increase potential future share issuance if exercised, and the filing reports 28,815 shares beneficially owned after the grants. The disclosure provides the necessary terms for investors to assess compensation mechanics without introducing new operational or financial information.

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

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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^*

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)
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	28,815	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/ Adrian Rawcliffe	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).
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FAQ

What equity awards did Wave Life Sciences director Adrian Rawcliffe receive (WVE)?

The Form 4 shows 12,700 RSUs and 76,200 stock options granted on 08/11/2025.

When do the RSUs and options granted to Adrian Rawcliffe vest?

Both the RSUs and options 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 options granted to Rawcliffe?

The options list an exercise price of $8.105 and the filing shows an expiration date of 08/11/2030.

How many shares does Adrian Rawcliffe beneficially own after the reported transaction?

The Form 4 reports 28,815 ordinary shares beneficially owned following the transaction.

Under what policy were the awards granted?

The awards were granted pursuant to the company’s 2025 Non-Employee Director Compensation Policy.