Wave Life Sciences, Inc. (WVE)

Wave Life Sciences, Inc., a clinical-stage biotechnology company, focuses on unlocking the potential of ribonucleic acid (RNA) medicines to transform human health. Its RNA medicines platform, PRISM, combines RNA medicine modalities, chemistry innovation, and deep insights in human genetics to deliver scientific breakthroughs that treat rare and common disorders. Its pipeline focuses on obesity (WVE-007), alpha-1 antitrypsin deficiency (AATD) (WVE-006), and PNPLA3 I148M liver disease (WVE-008) programs; and clinical programs for Duchenne muscular dystrophy and Huntington's disease, as well as various preclinical programs utilizing its RNA medicines platform. Wave Life Sciences, Inc. was founded in 2012 and is headquartered in Cambridge, Massachusetts.

Ticker: WVE
Exchange: Nasdaq
Sector: Healthcare
Industry: Biotechnology
Market cap: $664.61M
52-week range: $3.04 - $21.73

Valuation

Share price: $3.37 (close of Nov 6, 2026)
P/E (TTM): -3.18x
Price to book: 1.65x
Price to free cash flow: -3.19x
Enterprise value: $276.88M
Book value per share: $2.04

Price performance

Period	Change
1 day	+4.66%
5 days	-6.13%
1 month	-4.26%
3 months	-44.02%
6 months	-53.77%
Year to date	-80.18%
1 year	-57.23%
3 years	-38.39%
5 years	-28.30%
10 years	-90.10%
All time	-78.94%

Short interest

As of: Oct 15, 2026
Short % of float: 13.28%
Shares short: 21.17M
Days to cover: 6.53
Change since prior report: +14.07%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -39.43%
Return on invested capital: -40.17%
Return on assets: -32.01%
Return on capital employed: -39.63%
Net margin: -478.33%
EBITDA margin: -496.04%
Revenue growth: -60.55%

Cash flow and balance sheet

Free cash flow yield (TTM): -31.36%
Current ratio: 8.38x
Net debt to EBITDA: 1.78x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $42.73M
EBITDA: -$211.94M
Net income: -$204.38M
Earnings per share: $-1.21
Research and development: $182.78M
Shares outstanding: 168.65M

Income statement by year

Period end	Revenue	Net income	EPS
2025-12-31	$42.73M	-$204.38M	-$1.21
2024-12-31	$108.30M	-$97.01M	-$0.70
2023-12-31	$113.31M	-$57.51M	-$0.54
2022-12-31	$3.65M	-$161.82M	-$2.05
2021-12-31	$40.96M	-$122.25M	-$2.36
2020-12-31	$20.08M	-$149.91M	-$3.82
2019-12-31	$15.98M	-$193.64M	-$5.72
2018-12-31	$14.41M	-$146.65M	-$5.06
2017-12-31	$3.89M	-$101.98M	-$3.85
2016-12-31	$1.09M	-$55.66M	-$2.44

Margins and returns by year

Period end	Net margin	Return on equity	Return on capital
2025-12-31	-478.33%	-39.43%	-40.17%
2024-12-31	-89.57%	-46.30%	-47.00%
2023-12-31	-50.76%	-145.12%	-93.83%
2022-12-31	-4,434.72%	-	-
2021-12-31	-298.42%	-	-203.18%
2020-12-31	-746.68%	-181.10%	-136.09%
2019-12-31	-1,211.52%	-	-216.37%
2018-12-31	-1,017.43%	-199.94%	-146.69%
2017-12-31	-2,619.57%	-73.05%	-73.34%
2016-12-31	-5,097.07%	-41.35%	-41.40%

Cash and debt by year

Period end	Cash
2025-12-31	$602.07M
2024-12-31	$302.08M
2023-12-31	$200.35M
2022-12-31	$88.50M
2021-12-31	$150.56M
2020-12-31	$184.50M
2019-12-31	$147.16M
2018-12-31	$174.82M
2017-12-31	$142.50M
2016-12-31	$150.29M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$188.21M	$24.97M
2024-12-31	-$151.96M	$13.14M
2023-12-31	-$20.55M	$9.79M
2022-12-31	-$129.14M	$17.19M
2021-12-31	-$89.55M	$16.41M
2020-12-31	-$117.32M	$14.30M
2019-12-31	-$192.15M	$19.51M
2018-12-31	-$32.80M	$15.60M
2017-12-31	-$102.56M	$12.14M
2016-12-31	-$37.49M	$6.85M

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-27	Sep 2026	-$0.34
2026-07-30	Jun 2026	-$0.31
2026-04-28	Mar 2026	-$0.34
2026-02-26	Dec 2025	-$0.28
2025-11-10	Sep 2025	-$0.30
2025-07-30	Jun 2025	-$0.29
2025-05-08	Mar 2025	-$0.27
2025-03-04	Dec 2024	-$0.17

Filings and sources

Company website: wavelifesciences.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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