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Wave Life Sciences, Inc. (WVE) stock

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NASDAQ: WVE Nasdaq Biotechnology Next results ~January 11, 2027

D Fundamentals grade

Wave Life Sciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$1.8

Growth cash-flow model

Base case. Range ~$1.8–$1.8. Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Wave Life Sciences, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 11 selling6 purchases and 46 sales by directors and officers, last 12 monthsInsider trades
  • Funds1 adding, 0 cuttingOf 1 active managers that changed their stake, 1 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Wave Life Sciences files

Where Wave Life Sciences stands after its latest 10-Q

Revenue for the twelve months to September 2026 was $71m, up 202.3% on a year earlier, slower than the 661.5% growth a quarter earlier. Free-cash-flow margin fell to -293.8% from -117.3% a year earlier. Operating margin narrowed to -320.9% from -75.7%. The diluted share count is up 20.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our price-to-sales vs peers value is $0.88 a share, against a share price of $3.59.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 11, 2027 (estimated)

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.2% while net income fell 72.6%: a 67pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 202.3% over the last 12 months.
  • Margins widening. Operating margin is up 296.9 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.2bn.

Things to watch

  • Growth slowing. The growth rate is 459.2 points lower than a quarter earlier.
  • Loss-making. Operating margin is -320.9%: costs exceed revenue.
  • Burning cash. Free cash flow was -293.8% of revenue over the last 12 months.
  • Heavy stock-based pay. Stock pay equals 52.8% of revenue, against a median of 19.2% for biotechnology companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 20.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 168% and a beta of 1.2 against the S&P 500.

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
-$0.30 against an average estimate of -$0.32: beat by 7.3%
Revenue
$13m, up 72.9% on a year earlier
Share reaction
+13.4% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
October 27, 2026; average EPS estimate -$0.33

Wave Life Sciences' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.9%
  • 1 week+9.7%
  • 1 month-6.9%
  • This year-79.3%
  • 1 year-61.1%
  • 5 years-27.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$70.9M
Operating margin
-320.9%
Net margin
-296.9%
EPS (TTM, diluted)
$-1.07

Growth

Share count change
+20.2%

Cash

Free cash flow (TTM)
-$208M
FCF margin
-293.8%
Stock pay % of revenue
52.8%

Earnings

Last results
October 27, 2026
Next results (est.)
January 11, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Wave Life Sciences, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Wave Life Sciences, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.35 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.8 ~$1.8–$1.8 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.5 ~$0.5–$2.0 Left out: out of range vs price (0.15x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$1.8 ~$1.8–$1.8 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Wave Life Sciences, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$15.95$26.15$35.10$42.04$8.02$7.87$3.14$7.00$5.05$12.37$17.00$3.52
Market value$167m$596m$931m$1.2bn$272m$309m$163m$552m$536m$1.7bn$2.9bn$694m
+ Net debt (− = net cash)−$161m−$150m−$143m−$175m−$147m−$184m−$151m−$88m−$200m−$302m−$602m−$197m
Enterprise value$6m$446m$788m$1.0bn$124m$124m$12m$463m$335m$1.4bn$2.3bn$497m
Multiples
Price / sales n/mn/mn/m84.5x17.0x15.4x4.0x151.3x4.7x15.8x67.1x9.8x
Price / earnings ————————————
Price / free cash flow ————————————
EV / EBITDA ————————————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

8 /100

Weak moat

How hard Wave Life Sciences's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -47.3% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median -667.9%; its worst year was -3790.2%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 8 years, at a median -276.8% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 297.0% over five years; stock-based pay has been a median 72.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$1.11 +9% $63m +47%
Next −$1.16 −5% $34m −45%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +32.2% on 90 days ago. In the last 30 days, 0 analysts raised Wave Life Sciences, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Wave Life Sciences, Inc., last 90 days
−$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.84 Current fiscal year, 60 days ago: −$1.11 Current fiscal year, 30 days ago: −$1.10 Current fiscal year, 7 days ago: −$1.10 Current fiscal year, Now: −$1.11 −$1.11 Next fiscal year, 90 days ago: −$1.08 Next fiscal year, 60 days ago: −$1.19 Next fiscal year, 30 days ago: −$1.14 Next fiscal year, 7 days ago: −$1.17 Next fiscal year, Now: −$1.16 −$1.16

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.84−$1.08
60 days ago −$1.11−$1.19
30 days ago −$1.10−$1.14
7 days ago −$1.10−$1.17
Now −$1.11−$1.16

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 −$0.32 −$0.30 +7.3%
Jun 2026 −$0.30 −$0.34 −14.4%
Mar 2026 −$0.31 −$0.13 +58.5%
Dec 2025 −$0.26 −$0.30 −13.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

21 analysts, Oct 2026
Buy1990%
Hold210%
Sell00%

Monthly trend

  1. Oct 2026217221
  2. Sep 2026214218
  3. Aug 202621416
  4. Jul 202621416

Counts of recommendations published by analysts covering Wave Life Sciences, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.2%
of tradable shares
Days to cover
6.51
at average volume
Short interest, 1 month
+20%
to October 15, 2026
Held by institutions
86%
of shares
Held by insiders
15.6%
of shares
Employees
317
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −61.1%

$9.04 on October 31, 2025 to $3.52

ThenNowEffect
Revenue (last 12 months) $111m $65m −40.8%
P/S multiple 12.7x 10.1x −20.3%
Share count 155m 188m −17.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WVE−60%+123%−28%+145%+37%−79%
Industry peers (median)−35%−57%−17%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WVE33%50%25%58%42%9%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WVE−74%−63%−50%−36%−59%−82%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 11, 2015: 98% from September 24, 2018 to May 13, 2022. Getting back needed a 4388% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.09 – $21.31
From 52-week high
−83.5%
vs 50-day average
−12.7%
vs 200-day average
−52.2%
Volatility (1 year)
168%
Beta vs S&P 500
1.22

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±5.2%
After a week
5 up, 6 down
typical move ±4.7%
After a month
4 up, 7 down
typical move ±27.9%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +13.4% +0.9% — —
July 30, 2026 −5.2% +2.4% +3.6% −13.3%
April 28, 2026 +1.6% −0.5% +3.5% −6.8%
February 26, 2026 −4.2% −1.0% −9.2% −56.2%
January 12, 2026 +2.7% 0.0% −0.1% −4.1%
November 10, 2025 −7.6% +1.8% −9.0% +157.4%
July 30, 2025 −2.6% −0.5% +2.8% +19.4%
May 8, 2025 +1.5% +0.6% −2.9% +8.6%
March 4, 2025 +5.2% −0.1% +3.5% −24.7%
November 12, 2024 −4.6% −0.3% −13.6% −15.8%
August 8, 2024 −9.5% +2.8% −2.8% 0.0%
May 9, 2024 −3.9% +0.7% +0.9% +0.9%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) Wave Life Sciences, Inc.
$0 $50M $100M $150M FY22 Q3 FY23 Q2 FY24 Q1 FY26 Q3 Revenue (TTM), FY22 Q3: $4.2M Revenue (TTM), FY22 Q4: $3.6M Revenue (TTM), FY23 Q1: $14.8M Revenue (TTM), FY23 Q2: $36.6M Revenue (TTM), FY23 Q3: $85.5M Revenue (TTM), FY23 Q4: $113.3M Revenue (TTM), FY24 Q1: $112.9M Revenue (TTM), FY24 Q2: $110.5M Revenue (TTM), FY25 Q4: $42.7M Revenue (TTM), FY26 Q1: $71.8M Revenue (TTM), FY26 Q2: $65.4M Revenue (TTM), FY26 Q3: $70.9M $70.9M

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue (TTM)
FY22 Q3 $4.2M
FY22 Q4 $3.6M
FY23 Q1 $14.8M
FY23 Q2 $36.6M
FY23 Q3 $85.5M
FY23 Q4 $113.3M
FY24 Q1 $112.9M
FY24 Q2 $110.5M
FY25 Q4 $42.7M
FY26 Q1 $71.8M
FY26 Q2 $65.4M
FY26 Q3 $70.9M
Revenue growth, TTM YoY Wave Life Sciences, Inc.
-1000% 0% 1000% 2000% 3000% 4000% FY19 Q3 FY20 Q2 FY23 Q1 FY24 Q2 Revenue growth, TTM YoY, FY19 Q3: 38.0% Revenue growth, TTM YoY, FY19 Q4: 10.9% Revenue growth, TTM YoY, FY20 Q1: 6.9% Revenue growth, TTM YoY, FY20 Q2: -33.3% Revenue growth, TTM YoY, FY20 Q3: -24.2% Revenue growth, TTM YoY, FY20 Q4: 25.6% Revenue growth, TTM YoY, FY23 Q1: -65.3% Revenue growth, TTM YoY, FY23 Q2: -9.3% Revenue growth, TTM YoY, FY23 Q3: 1947.6% Revenue growth, TTM YoY, FY23 Q4: 3005.1% Revenue growth, TTM YoY, FY24 Q1: 661.5% Revenue growth, TTM YoY, FY24 Q2: 202.3% 202.3%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Revenue growth, TTM YoY
FY19 Q3 38.0%
FY19 Q4 10.9%
FY20 Q1 6.9%
FY20 Q2 -33.3%
FY20 Q3 -24.2%
FY20 Q4 25.6%
FY23 Q1 -65.3%
FY23 Q2 -9.3%
FY23 Q3 1947.6%
FY23 Q4 3005.1%
FY24 Q1 661.5%
FY24 Q2 202.3%
Operating margin (TTM) Wave Life Sciences, Inc.
-6000% -4000% -2000% 0% FY22 Q3 FY23 Q2 FY24 Q1 FY26 Q3 Operating margin (TTM), FY22 Q3: -3719.0% Operating margin (TTM), FY22 Q4: -4459.3% Operating margin (TTM), FY23 Q1: -1044.7% Operating margin (TTM), FY23 Q2: -372.6% Operating margin (TTM), FY23 Q3: -108.6% Operating margin (TTM), FY23 Q4: -60.0% Operating margin (TTM), FY24 Q1: -63.9% Operating margin (TTM), FY24 Q2: -75.7% Operating margin (TTM), FY25 Q4: -504.1% Operating margin (TTM), FY26 Q1: -274.2% Operating margin (TTM), FY26 Q2: -333.4% Operating margin (TTM), FY26 Q3: -320.9% -320.9%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period Operating margin (TTM)
FY22 Q3 -3719.0%
FY22 Q4 -4459.3%
FY23 Q1 -1044.7%
FY23 Q2 -372.6%
FY23 Q3 -108.6%
FY23 Q4 -60.0%
FY24 Q1 -63.9%
FY24 Q2 -75.7%
FY25 Q4 -504.1%
FY26 Q1 -274.2%
FY26 Q2 -333.4%
FY26 Q3 -320.9%
FCF margin (TTM) Wave Life Sciences, Inc.
-4000% -3000% -2000% -1000% 0% FY22 Q3 FY23 Q2 FY24 Q1 FY26 Q3 FCF margin (TTM), FY22 Q3: -2456.2% FCF margin (TTM), FY22 Q4: -3539.1% FCF margin (TTM), FY23 Q1: -27.2% FCF margin (TTM), FY23 Q2: -32.9% FCF margin (TTM), FY23 Q3: -24.1% FCF margin (TTM), FY23 Q4: -18.1% FCF margin (TTM), FY24 Q1: -123.5% FCF margin (TTM), FY24 Q2: -117.3% FCF margin (TTM), FY25 Q4: -440.5% FCF margin (TTM), FY26 Q1: -257.7% FCF margin (TTM), FY26 Q2: -295.5% FCF margin (TTM), FY26 Q3: -293.8% -293.8%

Source: SEC EDGAR filings. Retrieved October 31, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q3 -2456.2%
FY22 Q4 -3539.1%
FY23 Q1 -27.2%
FY23 Q2 -32.9%
FY23 Q3 -24.1%
FY23 Q4 -18.1%
FY24 Q1 -123.5%
FY24 Q2 -117.3%
FY25 Q4 -440.5%
FY26 Q1 -257.7%
FY26 Q2 -295.5%
FY26 Q3 -293.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0 1 4 14 16 20 41 4 113 108 43 71
EBITDA −19 −55 −100 −154 −201 −145 −120 −156 −63 −107 −212 −224
Operating income −19 −56 −102 −160 −208 −153 −127 −163 −68 −110 −215 −228
Net income −19 −56 −102 −147 −194 −150 −122 −162 −58 −97 −204 −211
Diluted EPS −$1.83 −$2.44 −$3.85 −$5.06 −$5.72 −$3.82 −$2.36 −$2.05 −$0.54 −$0.70 −$1.21 −$1.07
Growth (year on year)
Revenue — +877.0% +149.4% +289.1% +10.9% +25.6% +104.0% −91.1% +>999% −4.4% −60.5% —
Margins
EBITDA margin <−999% <−999% <−999% <−999% <−999% −723.5% −291.8% <−999% −55.6% −98.3% −496.0% −316.1%
Operating margin <−999% <−999% <−999% <−999% <−999% −763.9% −310.1% <−999% −60.0% −101.9% −504.1% −320.9%
Net margin <−999% <−999% <−999% <−999% <−999% −746.7% −298.4% <−999% −50.8% −89.6% −478.3% −296.9%
Free-cash-flow margin <−999% <−999% <−999% −227.6% <−999% −584.4% −218.6% <−999% −18.1% −140.3% −440.5% −293.8%
Cash flow
Cash from operations −13 −32 −84 −23 −188 −116 −89 −128 −19 −151 −187 −207
Capital spending 2 6 19 10 4 1 1 1 1 1 1 1
Free cash flow −14 −37 −103 −33 −192 −117 −90 −129 −21 −152 −188 −208
Stock-based pay 4 7 12 16 20 14 16 17 10 13 25 37
Free cash flow after stock pay −18 −44 −115 −48 −212 −132 −106 −146 −30 −165 −213 −246
Balance sheet
Cash 161 150 143 175 147 184 151 88 200 302 602 197
Total debt 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −161 −150 −143 −175 −147 −184 −151 −88 −200 −302 −602 −197
Diluted shares 11m 23m 27m 29m 34m 39m 52m 79m 106m 138m 169m 197m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $508m
Short-term assets $459mLonger-term assets $49m
What it owes, and who funded it · $508m
Short-term liabilities $55mLonger-term liabilities $51mShareholders' equity $402m
  • Short-term assets cover short-term liabilities $459m of assets due within a year against $55m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $459m short-term assets against $51m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Wave Life Sciences, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+20.2%
year over year
R&D spending
289.6%
of revenue
Days sales outstanding
62 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated WVE VRDN CGEN RXRX CYTK ASMB Median
Revenue, last 12 months $71m $71m $73m $68m $68m $75m $56m
Revenue growth, last 12 months 202.3% >999% 161.1% 56.2% −21.1% 125.1% 12.6%
Revenue growth, 3-year average 20.7% 264.4% 302.6% 12.9% 89.5% −3.3% 13.7%
Revenue growth, latest quarter 72.9% 278.7% — 258.5% −57.1% 38.9% 10.2%
Gross margin — 54.5% 87.3% 29.2% — — 82.9%
Operating margin −320.9% −569.7% 43.1% −725.4% <−999% −11.8% −189.4%
Operating margin, 3-year average −256.4% <−999% −255.7% −995.4% <−999% −126.0% −363.5%
Net margin −296.9% −544.1% 48.6% −697.1% <−999% −0.1% −169.8%
Cash from operations / revenue −291.9% −468.7% 43.5% −455.1% −820.8% −51.4% −168.0%
Free-cash-flow margin −293.8% −471.0% 43.1% −458.0% −858.2% −51.5% −162.4%
Free-cash-flow margin, 3-year average −148.0% <−999% −216.6% −664.1% <−999% −35.8% −310.0%
Stock pay / revenue 52.8% 75.4% 2.6% 129.4% 188.1% 8.9% 20.0%
Change in share count 20.2% 42.0% 4.8% 32.7% 4.9% 50.8% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Operating margin Profitability -320.9% -189.4% 108 of 175
Net margin Profitability -296.9% -157.3% 112 of 180
Free-cash-flow margin Cash generation -293.8% -145.4% 112 of 176
Stock pay as % of revenue Cash generation 52.8% 19.2% 116 of 179
Change in share count Balance sheet 20.2% 7.9% 114 of 156
Days sales outstanding Balance sheet 62 days 75 days 45 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$2.5M
Institutions reporting
1
Positions opened / closed
1 / 0

Top buyers and sellers, Q2 2026: 1 institutions bought and 0 sold ; the biggest buyer was Kennedy Capital Management LLC (+429K shares) . See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Kennedy Capital Management LLC $2.5M 429K 100.0% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Wave Life Sciences, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $82.6M 6 trades by 2 insiders, last 12 months Insider sales History → $15.9M 46 trades by 11 insiders · 98% under pre-set plans
Net ▲ $66.6M net buying
Insider Date Trade Shares Price Value
Rawcliffe Adrian Director August 12, 2026 Sell pre-set plan 12,700 $5.29 $67,183
Tan Aik Na Director August 11, 2026 Sell pre-set plan 432 $6.01 $2,596
Takanashi Ken Director August 11, 2026 Sell pre-set plan 3,864 $6.01 $23,223
Wagner Heidi L Director August 11, 2026 Sell pre-set plan 7,000 $6.01 $42,070
Ra Capital Management, L.P. Director March 30, 2026 Buy 971,091 $6.50 $6.3M
Ra Capital Management, L.P. Director March 27, 2026 Buy 2,495,623 $6.43 $16M
Ra Capital Management, L.P. Director March 26, 2026 Buy 351,224 $6.38 $2.2M
Ra Capital Management, L.P. Director March 26, 2026 Buy 4,954,558 $6.06 $30M
Francis Chris See Remarks February 26, 2026 Sell pre-set plan 15,294 $15.00 $229,410
Francis Chris See Remarks February 26, 2026 Sell pre-set plan 17,900 $15.09 $270,183
Vargeese Chandra See Remarks February 9, 2026 Sell 3,228 $13.45 $43,417
Francis Chris See Remarks February 9, 2026 Sell 1,883 $13.45 $25,326

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 11, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 30, 2026
  • April 28, 2026
  • February 26, 2026
  • January 12, 2026
  • November 10, 2025

Recent SEC filings

Data status

When each part of this page on Wave Life Sciences, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Wave Life Sciences, Inc. in brief

What does Wave Life Sciences, Inc. do?
Wave Life Sciences, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Wave Life Sciences, Inc.'s stock ticker?
Wave Life Sciences, Inc. trades under the ticker WVE on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Wave Life Sciences, Inc.'s free cash flow?
Wave Life Sciences, Inc.'s free-cash-flow margin is -293.8% of revenue over the trailing twelve months, ranking 112 of the 176 biotechnology companies we cover.
What is Wave Life Sciences, Inc.'s market cap?
On November 2, 2026, Wave Life Sciences, Inc.'s market capitalisation was about $694M and net debt of -$197M. Market figures come from third-party market data and may be delayed.
Who are Wave Life Sciences, Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Wave Life Sciences, Inc. are Viridian Therapeutics, Inc.\de, Compugen LTD, Recursion Pharmaceuticals, Inc., Cytokinetics Inc and Assembly Biosciences, Inc. The side-by-side comparison below sets their revenue, margins and growth against Wave Life Sciences, Inc.'s.
Are insiders buying or selling Wave Life Sciences, Inc. stock?
Over the last 12 months, Wave Life Sciences, Inc.'s directors and officers reported 6 open-market purchases and 46 sales on Form 4. The insider trading page charts every trade.
When is Wave Life Sciences, Inc.'s next earnings date?
Around January 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Wave Life Sciences, Inc. announces its own schedule.