WAVE Life Sciences (WVE) Financials

$6.14 -0.26 (-4.06%)

Closing price 05/19/2026 04:00 PM Eastern

Extended Trading

$6.18 +0.04 (+0.57%)

As of 07:35 AM Eastern

Annual Income Statements for WAVE Life Sciences

This table shows WAVE Life Sciences' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-19	-56	-102	-147	-194	-321	-122	-162	-58	-97	-204
Consolidated Net Income / (Loss)	-19	-56	-102	-147	-194	-150	-122	-162	-58	-97	-204
Net Income / (Loss) Continuing Operations	-19	-56	-102	-147	-194	-321	-122	-162	-58	-97	-204
Total Pre-Tax Income	-19	-55	-101	-147	-194	-151	-122	-161	-58	-97	-204
Total Operating Income	-19	-56	-102	-160	-208	-153	-127	-163	-68	-110	-215
Total Gross Profit	0.15	1.09	3.89	14	16	20	41	3.65	113	108	43
Total Revenue	0.15	1.09	3.89	14	16	20	41	3.65	113	108	43
Operating Revenue	0.15	1.09	3.89	14	16	20	41	3.65	113	108	43
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	19	57	106	174	224	347	168	166	181	219	258
Selling, General & Admin Expense	10	16	27	40	49	43	46	51	51	59	75
Research & Development Expense	9.06	41	79	134	175	131	122	116	130	160	183
Total Other Income / (Expense), net	0.14	0.54	1.25	13	15	5.25	4.57	1.58	9.81	13	11
Interest & Investment Income	0.09	0.59	1.58	3.39	4.94	0.57	0.03	1.57	7.93	10	10
Other Income / (Expense), net	0.06	-0.05	-0.33	9.55	9.74	4.68	4.54	0.01	1.88	3.23	0.53
Income Tax Expense	0.04	0.48	0.84	0.07	0.00	-0.84	-0.20	0.68	-0.68	0.00	0.00
Basic Earnings per Share	($1.83)	($2.44)	($3.85)	($5.06)	($5.72)	($3.82)	($2.36)	($2.05)	($0.54)	($0.70)	($1.21)
Weighted Average Basic Shares Outstanding	10.50M	22.80M	26.51M	28.97M	33.87M	39.23M	51.83M	78.86M	106.10M	138.28M	168.65M
Diluted Earnings per Share	($1.83)	($2.44)	($3.85)	($5.06)	($5.72)	($3.82)	($2.36)	($2.05)	($0.54)	($0.70)	($1.21)
Weighted Average Diluted Shares Outstanding	10.50M	22.80M	26.51M	28.97M	33.87M	39.23M	51.83M	78.86M	106.10M	138.28M	168.65M
Weighted Average Basic & Diluted Shares Outstanding	10.50M	22.80M	26.51M	28.97M	33.87M	39.23M	60.84M	98.10M	122.28M	153.49M	188.25M

This table shows WAVE Life Sciences' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	7.00	-16	-32	-33	-62	29	-47	-50	-54	-53	-26
Consolidated Net Income / (Loss)	7.25	-16	-32	-33	-62	29	-47	-50	-54	-53	-26
Net Income / (Loss) Continuing Operations	7.25	-16	-32	-33	-62	29	-47	-50	-54	-53	-26
Total Pre-Tax Income	6.58	-16	-32	-33	-62	29	-47	-50	-54	-53	-26
Total Operating Income	4.44	-19	-34	-35	-64	23	-50	-53	-56	-56	-31
Total Gross Profit	49	29	13	20	-7.68	84	9.18	8.70	7.61	17	38
Total Revenue	49	29	13	20	-7.68	84	9.18	8.70	7.61	17	38
Operating Revenue	49	29	13	20	-7.68	84	9.18	8.70	7.61	17	38
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	45	48	47	55	56	61	59	61	64	74	70
Selling, General & Admin Expense	13	14	14	14	15	16	18	18	18	21	22
Research & Development Expense	32	34	33	40	41	45	41	43	46	53	47
Total Other Income / (Expense), net	2.13	2.43	2.90	2.07	2.14	6.29	2.93	2.29	2.50	3.29	5.21
Interest & Investment Income	1.96	1.84	2.54	2.09	1.80	3.74	2.88	2.37	2.18	3.05	5.29
Other Income / (Expense), net	0.17	0.58	0.37	-0.02	0.34	2.55	0.05	-0.08	0.32	0.23	-0.08
Income Tax Expense	-0.68	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Basic Earnings per Share	$0.07	($0.14)	($0.24)	($0.25)	($0.47)	$0.26	($0.29)	($0.31)	($0.32)	($0.29)	($0.13)
Weighted Average Basic Shares Outstanding	106.03M	106.10M	129.27M	129.53M	132.56M	138.28M	162.57M	163.99M	167.74M	168.65M	200.17M
Diluted Earnings per Share	$0.07	($0.14)	($0.24)	($0.25)	($0.47)	$0.26	($0.29)	($0.31)	($0.32)	($0.29)	($0.13)
Weighted Average Diluted Shares Outstanding	106.98M	106.10M	129.27M	129.53M	132.56M	138.28M	162.57M	163.99M	167.74M	168.65M	200.17M
Weighted Average Basic & Diluted Shares Outstanding	99.05M	122.28M	122.46M	124.74M	152.52M	153.49M	154.13M	159.14M	167.18M	188.25M	192.38M

This table details how cash moves in and out of WAVE Life Sciences' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	160	-8.38	-8.18	32	-28	37	-34	-62	112	102	300
Net Cash From Operating Activities	-13	-32	-84	-23	-188	-116	-89	-128	-19	-151	-187
Net Cash From Continuing Operating Activities	-13	-32	-84	-23	-188	-116	-89	-128	-19	-151	-187
Net Income / (Loss) Continuing Operations	-19	-56	-102	-147	-194	-150	-122	-162	-58	-97	-204
Consolidated Net Income / (Loss)	-19	-56	-102	-147	-194	-150	-122	-162	-58	-97	-204
Depreciation Expense	0.59	0.78	2.16	5.58	7.59	8.11	7.48	6.57	5.00	3.90	3.44
Amortization Expense	-	-	-0.21	-0.79	1.61	1.87	2.35	3.54	4.21	4.77	5.41
Non-Cash Adjustments To Reconcile Net Income	4.11	7.10	16	17	20	14	16	13	9.80	13	25
Changes in Operating Assets and Liabilities, net	1.97	16	0.42	102	-23	9.65	7.01	11	19	-76	-17
Net Cash From Investing Activities	-2.91	-5.56	-19	-9.94	-3.92	-1.34	-0.56	-1.26	-1.12	-0.94	-0.72
Net Cash From Continuing Investing Activities	-2.91	-5.56	-19	-9.94	-3.92	-1.34	-0.56	-1.26	-1.12	-0.94	-0.72
Purchase of Property, Plant & Equipment	-1.86	-5.57	-19	-9.94	-3.92	-1.34	-0.56	-1.36	-1.12	-0.94	-0.72
Purchase of Investments	-	-	-	-	-	-	0.00	-75	0.00	0.00	0.00
Sale of Property, Plant & Equipment	-	0.00	-	-	-	-	0.00	0.11	0.00	0.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	75	0.00	0.00	0.00
Net Cash From Financing Activities	176	29	94	65	164	155	56	67	133	254	488
Net Cash From Continuing Financing Activities	176	29	94	65	164	155	0.86	67	133	254	488
Issuance of Debt	0.13	-	0.06	0.02	-	-	-	0.00	35	0.00	0.00
Issuance of Common Equity	113	30	94	60	162	154	0.61	66	97	251	473
Other Financing Activities, net	0.11	0.26	0.93	5.11	2.61	0.74	0.25	1.33	0.51	2.98	15
Effect of Exchange Rate Changes	-	-	-	-	-	-	-0.21	-	-0.10	-0.14	0.01

This table details how cash moves in and out of WAVE Life Sciences' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-33	60	-19	-27	157	-8.86	-59	-35	-12	406	-57
Net Cash From Operating Activities	-34	-33	-33	-27	-46	-44	-63	-46	-45	-34	-60
Net Cash From Continuing Operating Activities	-34	-33	-33	-27	-46	-44	-63	-46	-45	-34	-60
Net Income / (Loss) Continuing Operations	7.25	-16	-32	-33	-62	29	-47	-50	-54	-53	-26
Consolidated Net Income / (Loss)	7.25	-16	-32	-33	-62	29	-47	-50	-54	-53	-26
Depreciation Expense	1.20	1.08	1.04	1.00	0.95	0.91	0.88	0.87	0.86	0.84	0.84
Amortization Expense	1.07	1.10	1.14	1.17	1.21	1.25	1.29	1.33	1.37	1.42	1.46
Non-Cash Adjustments To Reconcile Net Income	2.28	-3.14	2.88	1.83	1.83	1.48	4.95	6.20	6.47	7.35	9.06
Changes in Operating Assets and Liabilities, net	-46	-16	-6.93	1.46	11	-77	-23	-3.94	0.48	9.79	-45
Net Cash From Investing Activities	-0.20	-0.36	-0.42	-0.05	-0.38	-0.09	-0.17	-0.31	-0.25	0.00	-0.44
Net Cash From Continuing Investing Activities	-0.20	-0.36	-0.42	-0.05	-0.38	-0.09	-0.17	-0.31	-0.25	0.00	-0.44
Purchase of Property, Plant & Equipment	-0.20	-0.36	-0.42	-0.05	-0.38	-0.09	-0.17	-0.31	-0.25	0.00	-0.44
Net Cash From Financing Activities	1.67	94	15	0.65	204	35	4.16	12	33	440	2.53
Net Cash From Continuing Financing Activities	1.67	94	15	0.65	204	35	4.16	12	33	440	2.53
Issuance of Common Equity	38	56	14	-	14	-0.02	1.70	11	31	430	0.59
Other Financing Activities, net	-1.73	3.47	0.12	0.65	15	7.15	2.45	0.59	2.04	9.78	1.93
Effect of Exchange Rate Changes	-	-	-0.07	-	-	-	0.06	0.04	-0.03	-0.06	-0.00

This table presents WAVE Life Sciences' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	165	165	182	296	284	279	207	146	275	352	638
Total Current Assets	161	152	150	202	185	230	163	99	235	320	615
Cash & Equivalents	161	150	143	175	147	184	151	88	200	302	602
Accounts Receivable	-	-	1.00	10	20	30	0.00	0.00	21	1.42	1.28
Prepaid Expenses	0.15	1.48	6.99	6.59	9.63	10	6.58	7.93	9.91	9.54	8.40
Other Current Assets	-	-	-	11	8.69	5.11	5.42	2.11	4.02	7.35	3.08
Plant, Property, & Equipment, net	2.79	8.61	27	40	36	29	22	17	13	10	7.41
Total Noncurrent Assets	1.25	4.21	4.02	54	62	20	22	31	26	22	16
Other Noncurrent Operating Assets	0.00	0.05	0.41	0.11	29	16	18	27	23	18	12
Other Noncurrent Nonoperating Assets	1.06	3.60	3.61	3.63	3.65	3.65	3.65	3.66	3.70	3.76	3.81
Total Liabilities & Shareholders' Equity	165	165	182	296	284	279	207	146	275	352	638
Total Liabilities	4.06	22	34	215	213	189	167	184	227	135	112
Total Current Liabilities	3.82	12	18	130	118	121	64	72	186	111	95
Accounts Payable	2.81	4.94	7.60	13	9.07	14	7.28	17	13	16	16
Accrued Expenses	0.95	4.43	8.90	15	16	12	15	18	17	21	27
Current Deferred Revenue	0.00	2.71	1.34	101	90	92	37	32	150	66	44
Other Current Liabilities	-	0.01	0.34	1.16	3.24	3.71	4.96	5.50	6.71	7.64	8.36
Total Noncurrent Liabilities	0.24	9.92	16	85	94	68	102	112	41	24	17
Noncurrent Deferred Revenue	0.00	8.99	11	73	63	41	77	80	16	6.10	7.80
Other Noncurrent Operating Liabilities	0.16	0.80	1.62	2.14	31	26	25	32	25	18	9.41
Redeemable Noncontrolling Interest	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87
Total Equity & Noncontrolling Interests	153	135	140	73	64	83	32	-45	40	210	518
Total Preferred & Common Equity	153	135	140	73	64	83	32	-45	40	210	518
Total Common Equity	153	135	140	73	64	83	32	-45	40	210	518
Common Stock	189	226	332	413	597	766	838	922	1,065	1,332	1,845
Retained Earnings	-35	-90	-193	-340	-533	-683	-806	-967	-1,025	-1,122	-1,326
Accumulated Other Comprehensive Income / (Loss)	0.04	-0.29	0.12	0.15	0.27	0.39	0.18	-0.03	-0.12	-0.26	-0.25

This table presents WAVE Life Sciences' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	182	267	230	200	235	209	359	288	252	241	584
Total Current Assets	131	220	185	159	197	172	325	258	224	215	561
Cash & Equivalents	97	208	173	140	181	154	311	243	208	196	545
Accounts Receivable	-	-	-	7.00	0.00	1.29	0.00	0.00	1.62	10	0.00
Prepaid Expenses	7.42	9.23	9.01	7.51	11	12	11	8.06	6.70	6.65	13
Other Current Assets	2.02	2.80	2.72	4.12	4.71	4.68	3.00	6.84	6.76	2.62	3.46
Plant, Property, & Equipment, net	19	16	15	14	12	12	11	9.57	9.04	8.20	7.08
Total Noncurrent Assets	31	30	28	28	25	25	23	21	20	18	15
Other Noncurrent Operating Assets	28	26	25	24	22	21	19	17	16	14	11
Other Noncurrent Nonoperating Assets	3.65	4.66	3.67	3.68	3.72	3.73	3.75	3.77	3.78	3.80	3.82
Total Liabilities & Shareholders' Equity	182	267	230	200	235	209	359	288	252	241	584
Total Liabilities	178	294	274	233	202	204	209	109	105	109	72
Total Current Liabilities	64	133	140	100	166	173	171	87	87	86	50
Accounts Payable	16	12	12	13	12	18	13	14	15	14	19
Accrued Expenses	11	7.62	10	13	6.62	11	15	7.81	13	16	13
Current Deferred Revenue	32	107	111	68	141	137	136	57	52	47	9.40
Other Current Liabilities	4.93	6.08	6.29	6.50	6.94	7.16	7.40	7.88	8.14	8.39	8.33
Total Noncurrent Liabilities	114	162	134	133	36	31	38	21	18	23	22
Noncurrent Deferred Revenue	80	131	105	105	13	9.58	18	5.58	4.23	12	15
Other Noncurrent Operating Liabilities	34	31	29	27	24	22	20	16	14	11	7.39
Redeemable Noncontrolling Interest	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87	7.87	0.00
Total Equity & Noncontrolling Interests	-4.52	-35	-52	-40	25	-3.48	142	172	139	125	512
Total Preferred & Common Equity	-4.52	-35	-52	-40	25	-3.48	142	172	139	125	512
Total Common Equity	-4.52	-35	-52	-40	25	-3.48	142	172	139	125	512
Common Stock	919	960	964	968	1,082	1,086	1,293	1,341	1,359	1,398	1,864
Retained Earnings	-924	-995	-1,016	-1,009	-1,056	-1,089	-1,151	-1,169	-1,219	-1,273	-1,352
Accumulated Other Comprehensive Income / (Loss)	-0.12	-0.05	-0.15	-0.18	-0.20	-0.28	-0.16	-0.20	-0.16	-0.19	-0.25

This table displays calculated financial ratios and metrics derived from WAVE Life Sciences' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	618.42%	256.50%	270.25%	10.89%	25.61%	104.03%	-91.09%	3,005.10%	-4.42%	-60.55%
EBITDA Growth	-284.34%	-194.86%	-83.27%	-44.07%	-30.44%	26.76%	18.79%	-35.47%	62.70%	-73.09%	-109.12%
EBIT Growth	-274.87%	-189.83%	-84.19%	-46.00%	-32.41%	25.12%	17.63%	-32.85%	59.37%	-62.09%	-100.48%
NOPAT Growth	-257.77%	-188.73%	-83.76%	-55.80%	-30.59%	26.37%	17.19%	-28.11%	58.21%	-62.37%	-95.09%
Net Income Growth	-267.18%	-189.90%	-83.22%	-43.81%	-32.04%	22.58%	18.45%	-32.38%	64.46%	-68.67%	-110.68%
EPS Growth	-36.57%	-33.33%	-57.79%	-31.43%	-13.04%	33.22%	38.22%	13.14%	73.66%	-29.63%	-72.86%
Operating Cash Flow Growth	-183.03%	-154.85%	-162.09%	72.68%	-723.34%	38.38%	23.27%	-43.59%	84.79%	-677.24%	-24.15%
Free Cash Flow Firm Growth	-147.32%	-145.00%	-202.38%	77.95%	-704.76%	42.39%	18.70%	-36.05%	79.27%	-611.76%	-9.76%
Invested Capital Growth	-178.65%	-1,323.77%	140.87%	-2,063.29%	9.97%	-23.10%	-16.92%	-13.49%	-21.00%	43.50%	9.96%
Revenue Q/Q Growth	0.00%	34.98%	26.48%	21.21%	-7.09%	53.99%	-15.78%	-12.60%	32.54%	102.02%	-60.88%
EBITDA Q/Q Growth	0.00%	-26.39%	-13.43%	-5.16%	-10.18%	18.06%	23.52%	-50.90%	30.89%	30.68%	-65.65%
EBIT Q/Q Growth	0.00%	-26.29%	-13.67%	-5.44%	-10.27%	17.01%	22.03%	-46.22%	28.03%	28.93%	-61.41%
NOPAT Q/Q Growth	0.00%	-26.53%	-13.60%	-12.55%	-5.89%	16.46%	-4.78%	-4.80%	26.79%	27.39%	-58.43%
Net Income Q/Q Growth	0.00%	-26.37%	-13.44%	-5.08%	-10.81%	15.73%	39.57%	-142.05%	32.31%	31.93%	-67.60%
EPS Q/Q Growth	0.00%	-16.75%	-8.45%	-3.48%	-6.92%	24.36%	-7.76%	9.29%	31.65%	36.36%	-83.33%
Operating Cash Flow Q/Q Growth	-76.66%	-26.46%	-12.67%	-78.67%	-17.78%	20.46%	21.51%	-26.05%	1.02%	-7.40%	5.00%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-11.92%	-376.13%	-11.14%	22.29%	26.84%	-29.43%	-83.71%	-23.94%	17.30%
Invested Capital Q/Q Growth	0.00%	0.05%	18.48%	3.75%	12.00%	6.16%	-26.98%	-5.75%	11.17%	46.52%	-17.83%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	-12,268.42%	-5,035.35%	-2,588.62%	-1,007.24%	-1,184.87%	-690.89%	-274.98%	-4,181.94%	-50.23%	-90.96%	-482.14%
Operating Margin	-12,696.05%	-5,102.56%	-2,630.13%	-1,106.72%	-1,303.37%	-763.94%	-310.07%	-4,459.30%	-60.01%	-101.94%	-504.09%
EBIT Margin	-12,659.21%	-5,107.14%	-2,638.63%	-1,040.47%	-1,242.44%	-740.61%	-298.99%	-4,459.11%	-58.35%	-98.96%	-502.86%
Profit (Net Income) Margin	-12,631.58%	-5,097.07%	-2,619.57%	-1,017.43%	-1,211.52%	-746.68%	-298.42%	-4,434.72%	-50.76%	-89.57%	-478.33%
Tax Burden Percent	100.23%	100.87%	100.83%	100.05%	100.00%	99.44%	99.83%	100.42%	98.84%	100.00%	100.00%
Interest Burden Percent	99.55%	98.94%	98.46%	97.74%	97.51%	101.38%	99.98%	99.03%	88.01%	90.52%	95.12%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-12,926.89%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-12,919.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	12,903.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-23.50%	-36.61%	-70.28%	-128.25%	-253.41%	-184.78%	-186.60%	-10,258.19%	-1,118.17%	-73.24%	-54.97%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-1,944.16%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-22.86%	-33.78%	-59.26%	-62.78%	-68.45%	-52.78%	-50.38%	-92.09%	-31.39%	-34.18%	-43.37%
Return on Assets (ROA)	-22.81%	-33.71%	-58.84%	-61.39%	-66.75%	-53.21%	-50.28%	-91.58%	-27.30%	-30.94%	-41.26%
Return on Common Equity (ROCE)	-21.24%	-34.71%	-66.46%	-119.42%	-227.29%	-166.85%	-164.17%	40,944.99%	593.60%	-68.89%	-53.80%
Return on Equity Simple (ROE_SIMPLE)	-12.51%	-41.27%	-73.05%	-199.94%	-303.83%	-181.10%	-376.16%	358.88%	-145.12%	-46.30%	0.00%
Net Operating Profit after Tax (NOPAT)	-14	-39	-72	-112	-146	-107	-89	-114	-48	-77	-151
NOPAT Margin	-8,887.24%	-3,571.79%	-1,841.09%	-774.71%	-912.36%	-534.76%	-217.05%	-3,121.51%	-42.01%	-71.36%	-352.86%
Net Nonoperating Expense Percent (NNEP)	-6.98%	-10.55%	-20.43%	-22.41%	-29.88%	-25.10%	-19.46%	-38.88%	-6.70%	-7.74%	-11.76%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	252.61%	-120.10%	-36.89%	-29.09%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	6,837.50%	1,464.65%	692.91%	274.10%	305.76%	211.73%	112.55%	1,384.30%	45.27%	54.50%	176.31%
R&D to Revenue	5,958.55%	3,737.91%	2,037.22%	932.62%	1,097.61%	652.21%	297.52%	3,175.01%	114.74%	147.44%	427.78%
Operating Expenses to Revenue	12,796.05%	5,202.56%	2,730.13%	1,206.72%	1,403.37%	1,727.89%	410.07%	4,559.30%	160.01%	201.94%	604.09%
Earnings before Interest and Taxes (EBIT)	-19	-56	-103	-150	-199	-149	-122	-163	-66	-107	-215
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-19	-55	-101	-145	-189	-139	-113	-153	-57	-99	-206
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.24	4.55	6.99	16.89	4.31	4.64	5.68	0.00	12.62	9.00	5.48
Price to Tangible Book Value (P/TBV)	2.24	4.55	6.99	16.89	4.31	4.64	5.68	0.00	12.62	9.00	5.48
Price to Revenue (P/Rev)	2,261.48	562.16	250.56	85.93	17.20	19.12	4.51	166.70	4.41	17.42	66.52
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	188.33	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	1,253.55	431.92	216.78	74.99	8.48	10.32	1.03	144.61	2.72	14.70	52.61
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.02	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.02	0.11	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-1.00	-1.04	-1.02	-1.37	-2.09	-2.09	-2.61	-78.14	-28.79	-1.92	-1.23
Leverage Ratio	1.03	1.09	1.19	2.09	3.80	3.47	3.71	112.01	40.96	2.37	1.33
Compound Leverage Factor	1.03	1.07	1.18	2.04	3.70	3.52	3.71	110.93	36.05	2.14	1.27
Debt to Total Capital	0.09%	0.14%	2.07%	10.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.04%	0.04%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.05%	0.09%	2.05%	10.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.88%	5.51%	5.23%	8.70%	11.00%	8.69%	19.50%	-21.16%	16.58%	3.62%	1.50%
Common Equity to Total Capital	95.04%	94.36%	92.71%	81.08%	89.00%	91.31%	80.50%	121.16%	83.42%	96.38%	98.50%
Debt to EBITDA	-0.01	0.00	-0.03	-0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	8.64	2.73	1.38	1.14	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	-0.03	-0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.01	-0.01	-0.04	-0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	11.92	3.85	1.94	1.48	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	-0.01	0.00	-0.04	-0.08	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	51.28	15.83	14.58	0.52	-3.82	-3.42	-5.97	-10.69	-4.07	3.95	12.21
Noncontrolling Interest Sharing Ratio	9.64%	5.18%	5.43%	6.89%	10.30%	9.71%	12.02%	499.14%	153.09%	5.95%	2.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	42.27	12.50	8.27	1.56	1.57	1.90	2.53	1.38	1.26	2.89	6.47
Quick Ratio	42.23	12.36	7.89	1.42	1.41	1.77	2.35	1.24	1.19	2.74	6.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-12	-29	-87	-19	-155	-89	-72	-99	-20	-145	-160
Operating Cash Flow to CapEx	-674.58%	-573.88%	-443.01%	-230.05%	-4,804.26%	-8,668.31%	-15,891.61%	-10,181.75%	-1,742.69%	-16,100.85%	-26,113.23%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.01	0.02	0.06	0.06	0.07	0.17	0.02	0.54	0.35	0.09
Accounts Receivable Turnover	0.00	0.00	0.00	2.62	1.07	0.80	0.00	0.00	0.00	9.62	31.67
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.07	0.19	0.22	0.43	0.42	0.61	1.59	0.18	7.46	9.33	4.87
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	139.27	342.55	454.50	0.00	0.00	0.00	37.93	11.52
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	139.27	342.55	454.50	0.00	0.00	0.00	37.93	11.52
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-0.77	-11	4.48	-88	-79	-97	-114	-129	-157	-88	-80
Invested Capital Turnover	1.45	-0.19	-1.20	-0.35	-0.19	-0.23	-0.39	-0.03	-0.79	-0.88	-0.51
Increase / (Decrease) in Invested Capital	-1.75	-10	15	-92	8.77	-18	-16	-15	-27	68	8.81
Enterprise Value (EV)	191	472	844	1,081	136	207	42	528	308	1,592	2,248
Market Capitalization	344	614	975	1,239	275	384	185	608	500	1,887	2,842
Book Value per Share	$7.12	$5.74	$5.02	$2.49	$1.86	$1.70	$0.55	($0.52)	$0.40	$1.37	$3.10
Tangible Book Value per Share	$7.12	$5.74	$5.02	$2.49	$1.86	$1.70	$0.55	($0.52)	$0.40	$1.37	$3.10
Total Capital	162	143	151	90	72	91	40	-37	48	217	526
Total Debt	0.14	0.19	3.11	9.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.08	0.13	3.09	9.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-161	-150	-139	-166	-147	-184	-151	-88	-200	-302	-602
Capital Expenditures (CapEx)	1.86	5.56	19	9.94	3.92	1.34	0.56	1.26	1.12	0.94	0.72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.59	-10	-10	-103	-80	-75	-52	-61	-151	-93	-82
Debt-free Net Working Capital (DFNWC)	158	140	132	72	67	109	98	27	49	209	520
Net Working Capital (NWC)	158	140	132	72	67	109	98	27	49	209	520
Net Nonoperating Expense (NNE)	5.69	17	30	35	48	43	33	48	9.92	20	54
Net Nonoperating Obligations (NNO)	-162	-154	-143	-169	-151	-188	-154	-92	-204	-306	-606
Total Depreciation and Amortization (D&A)	0.59	0.78	1.95	4.79	9.20	9.98	9.84	10	9.21	8.66	8.85
Debt-free, Cash-free Net Working Capital to Revenue	-2,363.16%	-952.01%	-261.75%	-711.72%	-499.52%	-376.03%	-127.43%	-1,684.87%	-133.64%	-85.54%	-192.66%
Debt-free Net Working Capital to Revenue	103,702.63%	12,811.08%	3,398.74%	501.12%	421.22%	542.92%	240.12%	740.37%	43.19%	193.39%	1,216.44%
Net Working Capital to Revenue	103,661.84%	12,805.40%	3,398.33%	501.12%	421.22%	542.92%	240.12%	740.37%	43.19%	193.39%	1,216.44%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.83)	($2.43)	($3.85)	($5.06)	($5.72)	($3.82)	($2.36)	($2.05)	($0.54)	($0.70)	($1.21)
Adjusted Weighted Average Basic Shares Outstanding	21.55M	23.54M	27.99M	34.19M	34.54M	49.00M	60.84M	78.86M	106.10M	138.28M	168.65M
Adjusted Diluted Earnings per Share	($1.83)	($2.43)	($3.85)	($5.06)	($5.72)	($3.82)	($2.36)	($2.05)	($0.54)	($0.70)	($1.21)
Adjusted Weighted Average Diluted Shares Outstanding	21.55M	23.54M	27.99M	34.19M	34.54M	49.00M	60.84M	78.86M	106.10M	138.28M	168.65M
Adjusted Basic & Diluted Earnings per Share	($1.83)	($2.43)	($3.85)	($5.06)	($5.72)	($3.82)	($2.36)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	10.50M	22.80M	26.51M	28.97M	33.87M	39.23M	60.84M	98.10M	122.28M	153.49M	188.25M
Normalized Net Operating Profit after Tax (NOPAT)	-14	-39	-72	-112	-146	-107	-89	-114	-48	-77	-151
Normalized NOPAT Margin	-8,887.24%	-3,571.79%	-1,841.09%	-774.71%	-912.36%	-534.76%	-217.05%	-3,121.51%	-42.01%	-71.36%	-352.86%
Pre Tax Income Margin	-12,602.63%	-5,052.93%	-2,597.95%	-1,016.96%	-1,211.52%	-750.86%	-298.92%	-4,416.06%	-51.36%	-89.57%	-478.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from WAVE Life Sciences' official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	188,254,954.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	188,254,954.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.14
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17,168.07%	2,245.12%	-3.02%	-10.92%	-115.60%	188.23%	-26.82%	-55.82%	199.11%	-79.41%	316.85%
EBITDA Growth	118.59%	61.51%	-18.91%	-56.15%	-992.86%	273.83%	-49.11%	-54.20%	12.41%	-295.05%	38.91%
EBIT Growth	111.65%	58.73%	-16.45%	-49.93%	-1,477.64%	240.97%	-45.93%	-50.91%	11.87%	-320.39%	36.93%
NOPAT Growth	118.00%	57.12%	-13.78%	-49.09%	-1,012.78%	275.62%	-44.54%	-50.75%	11.83%	-272.10%	37.16%
Net Income Growth	118.59%	62.81%	-15.15%	-56.00%	-951.90%	279.95%	-48.55%	-53.29%	12.83%	-281.79%	44.35%
EPS Growth	116.67%	64.10%	11.11%	-25.00%	-771.43%	285.71%	-20.83%	-24.00%	31.91%	-211.54%	55.17%
Operating Cash Flow Growth	-34.36%	0.60%	-139.09%	26.27%	-34.89%	-31.32%	-88.56%	-67.51%	3.90%	22.62%	5.53%
Free Cash Flow Firm Growth	1,001.14%	193.27%	-200.56%	-200.68%	-194.56%	-420.19%	-6.97%	-33.77%	-146.81%	-7.10%	56.31%
Invested Capital Growth	-44.05%	-21.00%	36.63%	31.05%	6.16%	43.50%	55.88%	57.52%	59.13%	9.96%	45.40%
Revenue Q/Q Growth	122.63%	-40.96%	-56.85%	57.06%	-138.98%	1,191.04%	-89.04%	-5.19%	-12.54%	126.67%	121.78%
EBITDA Q/Q Growth	132.71%	-331.40%	-100.50%	-2.90%	-87.01%	145.05%	-271.98%	-6.42%	-6.23%	-0.32%	46.13%
EBIT Q/Q Growth	119.76%	-492.20%	-88.36%	-2.70%	-81.57%	140.13%	-295.00%	-6.21%	-6.03%	-0.36%	44.20%
NOPAT Q/Q Growth	129.83%	-366.80%	-84.44%	-1.56%	-82.63%	151.33%	-251.80%	-5.93%	-6.81%	-0.20%	44.57%
Net Income Q/Q Growth	134.36%	-324.16%	-94.13%	-4.33%	-87.65%	147.35%	-260.25%	-7.66%	-6.70%	1.25%	50.94%
EPS Q/Q Growth	135.00%	-300.00%	-71.43%	-4.17%	-88.00%	155.32%	-211.54%	-6.90%	-3.23%	9.38%	55.17%
Operating Cash Flow Q/Q Growth	7.52%	3.53%	-0.58%	17.84%	-69.21%	6.09%	-44.43%	27.01%	2.93%	24.38%	-76.32%
Free Cash Flow Firm Q/Q Growth	-36.70%	-76.03%	-895.46%	16.59%	40.54%	18.83%	-165.75%	-4.31%	-9.70%	64.78%	-8.42%
Invested Capital Q/Q Growth	20.72%	11.17%	2.75%	-0.69%	-7.88%	46.52%	24.06%	3.04%	-3.79%	-17.83%	53.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	0.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	13.98%	-54.78%	-254.55%	-166.78%	0.00%	33.04%	-518.68%	-582.19%	-707.14%	-312.97%	-76.02%
Operating Margin	9.03%	-64.30%	-274.83%	-177.72%	0.00%	27.42%	-542.82%	-606.50%	-740.71%	-327.44%	-81.83%
EBIT Margin	9.38%	-62.29%	-271.92%	-177.81%	0.00%	30.47%	-542.27%	-607.44%	-736.45%	-326.08%	-82.04%
Profit (Net Income) Margin	14.74%	-55.95%	-251.70%	-167.19%	0.00%	34.93%	-510.93%	-580.17%	-707.83%	-308.37%	-68.21%
Tax Burden Percent	110.30%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	142.47%	89.81%	92.56%	94.03%	97.17%	114.65%	94.22%	95.51%	96.11%	94.57%	83.14%
Effective Tax Rate	-10.30%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	580.83%	-1,118.17%	-1,920.16%	372.56%	-243.82%	-73.24%	-105.50%	-171.41%	-86.51%	-54.97%	-53.11%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	4.20%	-33.50%	-122.19%	-89.55%	0.00%	10.52%	-217.36%	-247.48%	-268.19%	-28.13%	-13.51%
Return on Assets (ROA)	6.61%	-30.09%	-113.11%	-84.20%	0.00%	12.06%	-204.80%	-236.37%	-257.77%	-26.60%	-11.23%
Return on Common Equity (ROCE)	893.46%	593.60%	2,787.72%	521.28%	-210.98%	-68.89%	-97.70%	-153.60%	-81.67%	-53.80%	-52.50%
Return on Equity Simple (ROE_SIMPLE)	209.87%	0.00%	-242.88%	2,113.46%	-100.62%	0.00%	-65.38%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4.90	-13	-24	-24	-45	23	-35	-37	-39	-40	-22
NOPAT Margin	9.96%	-45.01%	-192.38%	-124.41%	0.00%	27.42%	-379.98%	-424.55%	-518.50%	-229.21%	-57.28%
Net Nonoperating Expense Percent (NNEP)	1.75%	-2.15%	-3.73%	-5.01%	-7.43%	2.47%	-5.56%	-7.32%	-5.60%	-2.99%	-1.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-33.00%	-	-	-	10.96%	-20.29%	-26.52%	-31.67%	-7.63%	-4.28%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	26.68%	47.03%	108.06%	72.60%	0.00%	19.27%	200.08%	206.79%	237.74%	121.18%	57.79%
R&D to Revenue	64.29%	117.27%	266.77%	205.12%	0.00%	53.31%	442.75%	499.70%	602.97%	306.26%	124.04%
Operating Expenses to Revenue	90.97%	164.30%	374.83%	277.72%	0.00%	72.58%	642.82%	706.50%	840.71%	427.44%	181.83%
Earnings before Interest and Taxes (EBIT)	4.62	-18	-34	-35	-64	26	-50	-53	-56	-56	-31
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6.88	-16	-32	-33	-61	28	-48	-51	-54	-54	-29
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	12.62	29.72	0.00	7.22	9.00	7.22	7.19	9.35	5.48	2.67
Price to Tangible Book Value (P/TBV)	0.00	12.62	29.72	0.00	7.22	9.00	7.22	7.19	9.35	5.48	2.67
Price to Revenue (P/Rev)	6.66	4.41	6.68	5.53	19.08	17.42	11.82	10.66	10.66	66.52	19.01
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	5.11	2.72	5.15	4.21	13.43	14.70	9.58	8.53	8.94	52.61	11.42
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	9.21	-28.79	-62.11	8.52	-3.92	-1.92	-2.03	-2.44	-1.83	-1.23	-1.15
Leverage Ratio	-13.04	40.96	78.24	-11.12	4.78	2.37	2.46	3.04	2.13	1.33	1.26
Compound Leverage Factor	-18.57	36.79	72.42	-10.46	4.64	2.71	2.32	2.91	2.05	1.26	1.05
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-24.14%	16.58%	23.67%	179.08%	5.27%	3.62%	4.38%	5.35%	5.95%	1.50%	0.00%
Common Equity to Total Capital	124.14%	83.42%	76.33%	-79.08%	94.73%	96.38%	95.62%	94.65%	94.05%	98.50%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	-4.74	-3.49	-3.89	-5.54	-1.48	5.20	1.68	-0.72	-0.64	13.03	9.16
Noncontrolling Interest Sharing Ratio	-53.83%	153.09%	245.18%	-39.92%	13.47%	5.95%	7.40%	10.39%	5.59%	2.12%	1.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.59	1.26	1.19	0.99	1.90	2.89	2.95	2.56	2.51	6.47	11.26
Quick Ratio	1.47	1.19	1.09	0.90	1.82	2.74	2.78	2.40	2.40	6.35	10.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	59	14	-112	-94	-56	-45	-120	-125	-137	-48	-52
Operating Cash Flow to CapEx	-17,402.53%	-9,336.80%	-8,017.27%	-52,823.08%	-12,135.25%	-50,753.49%	-38,205.45%	-15,036.60%	-18,010.48%	0.00%	-13,596.58%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.45	0.54	0.45	0.50	0.19	0.35	0.40	0.41	0.36	0.09	0.16
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	9.62	0.00	64.63	0.00	31.67	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	5.29	7.46	7.95	8.26	4.34	9.33	9.55	9.02	11.42	4.87	8.63
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	37.93	0.00	5.65	0.00	11.52	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	0.00	0.00	0.00	0.00	0.00	37.93	0.00	5.65	0.00	11.52	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-176	-157	-152	-153	-165	-88	-67	-65	-68	-80	-37
Invested Capital Turnover	-0.57	-0.79	-0.58	-0.59	-0.31	-0.88	-0.96	-0.86	-0.94	-0.51	-1.38
Increase / (Decrease) in Invested Capital	-54	-27	88	69	11	68	85	88	98	8.81	30
Enterprise Value (EV)	437	308	581	465	720	1,592	1,005	801	977	2,248	820
Market Capitalization	569	500	754	611	1,023	1,887	1,240	1,002	1,165	2,842	1,365
Book Value per Share	($0.41)	$0.40	$0.21	($0.03)	$1.14	$1.37	$1.12	$0.90	$0.78	$3.10	$2.72
Tangible Book Value per Share	($0.41)	$0.40	$0.21	($0.03)	$1.14	$1.37	$1.12	$0.90	$0.78	$3.10	$2.72
Total Capital	-33	48	33	4.40	150	217	180	147	132	526	512
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-140	-200	-181	-154	-311	-302	-243	-208	-196	-602	-545
Capital Expenditures (CapEx)	0.20	0.36	0.42	0.05	0.38	0.09	0.17	0.31	0.25	-0.00	0.44
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-81	-151	-150	-155	-157	-93	-72	-72	-67	-82	-33
Debt-free Net Working Capital (DFNWC)	59	49	31	-1.05	154	209	171	136	130	520	511
Net Working Capital (NWC)	59	49	31	-1.05	154	209	171	136	130	520	511
Net Nonoperating Expense (NNE)	-2.35	3.18	7.44	8.43	17	-6.29	12	14	14	14	4.18
Net Nonoperating Obligations (NNO)	-144	-204	-186	-158	-315	-306	-247	-212	-200	-606	-548
Total Depreciation and Amortization (D&A)	2.26	2.18	2.18	2.17	2.16	2.16	2.16	2.20	2.23	2.26	2.31
Debt-free, Cash-free Net Working Capital to Revenue	-95.16%	-133.64%	-132.87%	-140.28%	-293.16%	-85.54%	-69.06%	-76.99%	-61.00%	-192.66%	-46.17%
Debt-free Net Working Capital to Revenue	68.54%	43.19%	27.36%	-0.95%	286.86%	193.39%	162.58%	144.92%	118.64%	1,216.44%	712.33%
Net Working Capital to Revenue	68.54%	43.19%	27.36%	-0.95%	286.86%	193.39%	162.58%	144.92%	118.64%	1,216.44%	712.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	($0.14)	($0.24)	($0.25)	($0.47)	$0.26	($0.29)	($0.31)	($0.32)	($0.29)	($0.13)
Adjusted Weighted Average Basic Shares Outstanding	106.03M	106.10M	129.27M	129.53M	132.56M	138.28M	162.53M	163.99M	167.74M	168.65M	200.17M
Adjusted Diluted Earnings per Share	$0.07	($0.14)	($0.24)	($0.25)	($0.47)	$0.26	($0.29)	($0.31)	($0.32)	($0.29)	($0.13)
Adjusted Weighted Average Diluted Shares Outstanding	106.98M	106.10M	129.27M	129.53M	132.56M	138.28M	162.53M	163.99M	167.74M	168.65M	200.17M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	99.05M	122.28M	122.46M	124.74M	152.52M	153.49M	154.13M	159.14M	167.18M	188.25M	192.38M
Normalized Net Operating Profit after Tax (NOPAT)	3.11	-13	-24	-24	-45	16	-35	-37	-39	-40	-22
Normalized NOPAT Margin	6.32%	-45.01%	-192.38%	-124.41%	0.00%	19.20%	-379.98%	-424.55%	-518.50%	-229.21%	-57.28%
Pre Tax Income Margin	13.36%	-55.95%	-251.70%	-167.19%	0.00%	34.93%	-510.93%	-580.17%	-707.83%	-308.37%	-68.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, four-year view of Wave Life Sciences (WVE) using the provided quarterly data. The company shows notable revenue volatility, a pattern of cash burn from operations, and a heavy reliance on equity financing to fund activities.

2024 Q4 profitability: Net income attributable to common shareholders of about $29.25 million with basic/diluted earnings per share around $0.26, on revenue of roughly $83.75 million, marking a profitable quarter after several losses.
Strong Q4 2024 revenue and margin: Revenue of approximately $83.75 million and gross profit of the same amount in Q4 2024, implying a very high gross margin for that quarter (cost of revenue appears minimal or zero in the data).
Healthy year-end cash position (2024): Cash & equivalents around $243.1 million at end of 2024, providing a meaningful liquidity cushion heading into 2025.
Massive equity financing in 2025: In Q4 2025, the company reported an issuance of common equity totaling about $429.9 million, contributing to a net financing cash inflow of roughly $439.7 million for that quarter, significantly boosting liquidity.
Revenue volatility persists: 2025 Q4 revenue (~$17.25 million) remains far below 2024’s Q4 level (~$83.75 million), indicating continued variability in top-line demand or program timing.
Share dilution risk: 2025 quarters show increases in weighted-average shares outstanding and negative earnings per share, reflecting dilution from new equity financing even as cash improves.
Persistent net losses in 2025: Net income attributable to common shareholders remained negative through 2025 (e.g., about −$46.9M in Q1, −$53.9M in Q3, and −$53.2M in Q4), underscoring ongoing profitability challenges.
Operating cash flow remains negative in 2025: Net cash from continuing operating activities was negative in all 2025 quarters (for example, around −$63.0M in Q1, −$46.0M in Q2, −$44.7M in Q3, and −$33.8M in Q4), signaling sustained cash burn from core operations.
High operating burn relative to revenue in 2025: In Q4 2025, operating expenses reached about $73.7 million (S&G&A around $20.9M and R&D around $52.8M) on only about $17.2 million of revenue, indicating a steep burn rate.
Accumulated losses and an equity deficit: Retained earnings were deeply negative (for example, about −$1.273 billion by mid-2025), reflecting a substantial cumulative deficit and a large equity burden on the balance sheet.

05/20/26 05:07 AM ETAI Generated. May Contain Errors.

WAVE Life Sciences Financials - Frequently Asked Questions

According to the most recent income statement we have on file, WAVE Life Sciences' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

WAVE Life Sciences' net income appears to be on an upward trend, with a most recent value of -$204.38 million in 2025, rising from -$19.20 million in 2015. The previous period was -$97.01 million in 2024. See WAVE Life Sciences' forecast for analyst expectations on what's next for the company.

WAVE Life Sciences' total operating income in 2025 was -$215.38 million, based on the following breakdown:

Total Gross Profit: $42.73 million
Total Operating Expenses: $258.11 million

Over the last 10 years, WAVE Life Sciences' total revenue changed from $152 thousand in 2015 to $42.73 million in 2025, a change of 28,009.9%.

WAVE Life Sciences' total liabilities were at $112.27 million at the end of 2025, a 16.7% decrease from 2024, and a 2,665.9% increase since 2015.

In the past 10 years, WAVE Life Sciences' cash and equivalents has ranged from $88.50 million in 2022 to $602.07 million in 2025, and is currently $602.07 million as of their latest financial filing in 2025.

Over the last 10 years, WAVE Life Sciences' book value per share changed from 7.12 in 2015 to 3.10 in 2025, a change of -56.5%.

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Financial statements for NASDAQ:WVE last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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WAVE Life Sciences (WVE) Financials

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