For the twelve months ended Sep 30, 2026, Wave Life Sciences Inc. reported $70.92M of revenue and -$210.53M of net income.
WVE revenue was $13.16M in fiscal Q3 2026 (ended Sep 30, 2026), up 72.9% from a year earlier and up 479.1% from the prior quarter. For the full fiscal 2025 it was $42.73M, down 60.5% from fiscal 2024. Compound annual growth was +16.3% over 5 years and +75.7% over 10 years. It rose in 7 of the last 10 fiscal years.
WVE net income was -$61.91M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$53.85M a year earlier. For the full fiscal 2025 it was -$204.38M, compared with -$97.01M in fiscal 2024.
WVE diluted EPS was -$0.30 in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$0.32 a year earlier. For the full fiscal 2025 it was -$1.21, compared with -$0.70 in fiscal 2024.
WVE free cash flow was -$60.16M in fiscal Q3 2026 (ended Sep 30, 2026), compared with -$44.91M a year earlier. For the full fiscal 2025 it was -$188.21M, compared with -$151.96M in fiscal 2024.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.73M | $108.30M | $113.31M | $3.65M | $40.96M | $20.08M | $15.98M | $14.41M | $3.89M | $1.09M |
| Research and development | $182.78M | $159.68M | $130.01M | $115.86M | $121.88M | $130.94M | $175.43M | $134.43M | $79.31M | $40.82M |
| Selling, general and admin | $75.33M | $59.02M | $51.29M | $50.51M | $46.10M | $42.51M | $48.87M | $39.51M | $26.98M | $15.99M |
| Operating income | -$215.38M | -$110.40M | -$68.00M | -$162.72M | -$127.02M | -$153.38M | -$208.32M | -$159.52M | -$102.39M | -$55.72M |
| Pre-tax income | -$204.38M | -$97.01M | -$58.19M | -$161.14M | -$122.45M | -$150.75M | -$193.64M | -$146.58M | -$101.14M | -$55.18M |
| Income tax | $0 | $0 | -$677.0K | $681.0K | -$204.0K | -$841.0K | $0 | $69.0K | $842.0K | $482.0K |
| Net income | -$204.38M | -$97.01M | -$57.51M | -$161.82M | -$122.25M | -$149.91M | -$193.64M | -$146.65M | -$101.98M | -$55.66M |
| EPS, basic | -$1.21 | -$0.70 | -$0.54 | -$2.05 | -$2.36 | -$3.82 | -$5.72 | -$5.06 | -$3.85 | -$2.44 |
| EPS, diluted | -$1.21 | -$0.70 | -$0.54 | -$2.05 | -$2.36 | -$3.82 | -$5.72 | -$5.06 | -$3.85 | -$2.44 |
| Diluted shares | 168.6M | 138.3M | 106.1M | 78.9M | 51.8M | 39.2M | 33.9M | 29.0M | 26.5M | 22.8M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $602.07M | $302.08M | $200.35M | $88.50M | $150.56M | $184.50M | $147.16M | $174.82M | $142.50M | $153.89M |
| Short-term investments | $0 | - | - | - | - | - | - | - | - | - |
| Receivables | $1.28M | $1.42M | $21.09M | - | - | $30.00M | $20.00M | $10.00M | $1.00M | - |
| Current assets | $614.81M | $320.39M | $235.37M | $98.54M | $162.56M | $230.04M | $185.48M | $202.27M | $150.49M | $151.99M |
| Total assets | $638.50M | $352.21M | $274.95M | $146.39M | $207.01M | $279.24M | $284.25M | $295.94M | $181.84M | $164.81M |
| Current liabilities | $95.06M | $110.95M | $186.44M | $71.52M | $64.20M | $121.04M | $118.15M | $130.04M | $18.19M | $12.15M |
| Total liabilities | $112.27M | $134.82M | $227.44M | $183.60M | $166.63M | $188.59M | $212.64M | $214.72M | $34.36M | $22.07M |
| Shareholders' equity | $518.36M | $209.51M | $39.63M | -$45.09M | $32.50M | $82.78M | $63.73M | $73.35M | $139.61M | $134.60M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$187.49M | -$151.03M | -$19.43M | -$127.78M | -$88.99M | -$115.98M | -$188.23M | -$22.86M | -$83.67M | -$31.93M |
| Capital expenditures | $718.0K | $938.0K | $1.11M | $1.36M | $560.0K | $1.34M | $3.92M | $9.94M | $18.89M | $5.57M |
| Free cash flow | -$188.21M | -$151.96M | -$20.55M | -$129.14M | -$89.55M | -$117.32M | -$192.15M | -$32.80M | -$102.56M | -$37.49M |
| Investing cash flow | -$718.0K | -$938.0K | -$1.11M | -$1.25M | -$560.0K | -$1.34M | -$3.92M | -$9.94M | -$18.89M | -$5.56M |
| Financing cash flow | $488.24M | $253.89M | $132.53M | $67.19M | $55.83M | $154.54M | $164.40M | $65.09M | $94.37M | $29.12M |
| Depreciation and amortization | - | - | - | - | - | - | - | - | $2.15M | $784.0K |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -60.5% | -4.4% | 3005.1% | -91.1% | 104.0% | 25.6% | 10.9% | 270.3% | 256.5% | 618.4% |
| Operating margin | -504.1% | -101.9% | -60.0% | -4459.3% | -310.1% | -763.9% | -1303.4% | -1106.7% | -2630.1% | -5102.6% |
| Net margin | -478.3% | -89.6% | -50.8% | -4434.7% | -298.4% | -746.7% | -1211.5% | -1017.4% | -2619.6% | -5097.1% |
| Free cash flow margin | -440.5% | -140.3% | -18.1% | -3539.1% | -218.6% | -584.4% | -1202.2% | -227.6% | -2634.4% | -3433.3% |
| Return on equity | -39.4% | -46.3% | -145.1% | - | -376.2% | -181.1% | -303.8% | -199.9% | -73.0% | -41.4% |
| Return on assets | -32.0% | -27.5% | -20.9% | -110.5% | -59.1% | -53.7% | -68.1% | -49.6% | -56.1% | -33.8% |
| Current ratio | 6.47 | 2.89 | 1.26 | 1.38 | 2.53 | 1.90 | 1.57 | 1.56 | 8.27 | 12.50 |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.16M | $2.27M | $38.25M | $17.25M | $7.61M | $8.70M | $9.18M | - | - | $19.69M | $12.54M | $29.06M |
| Research and development | $53.84M | $51.29M | $47.44M | $52.81M | $45.87M | $43.47M | $40.62M | $44.65M | $41.20M | $40.39M | $33.45M | $34.07M |
| Selling, general and admin | $25.36M | $24.78M | $22.10M | $20.90M | $18.09M | $17.99M | $18.36M | $16.14M | $15.04M | $14.30M | $13.55M | $13.66M |
| Operating income | -$66.05M | -$73.80M | -$31.30M | -$56.47M | -$56.35M | -$52.76M | -$49.80M | $22.97M | -$63.91M | -$35.00M | -$34.46M | -$18.68M |
| Pre-tax income | -$61.91M | -$69.36M | -$26.09M | -$53.18M | -$53.85M | -$50.47M | -$46.88M | $29.25M | -$61.78M | -$32.92M | -$31.56M | -$16.26M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$61.91M | -$69.36M | -$26.09M | -$53.18M | -$53.85M | -$50.47M | -$46.88M | $29.25M | -$61.78M | -$32.92M | -$31.56M | -$16.26M |
| EPS, basic | -$0.30 | -$0.34 | -$0.13 | -$0.29 | -$0.32 | -$0.31 | -$0.29 | $0.26 | -$0.47 | -$0.25 | -$0.24 | -$0.14 |
| EPS, diluted | -$0.30 | -$0.34 | -$0.13 | -$0.29 | -$0.32 | -$0.31 | -$0.29 | $0.26 | -$0.47 | -$0.25 | -$0.24 | -$0.14 |
| Diluted shares | 204.2M | 204.0M | 200.2M | - | 167.7M | 164.0M | 162.6M | - | 132.6M | 129.5M | 129.3M | - |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $197.31M | $368.01M | $544.59M | $602.07M | $196.22M | $208.48M | $243.07M | $302.08M | $310.95M | $153.96M | $180.92M | $200.35M |
| Short-term investments | $233.43M | - | - | $0 | - | - | - | - | - | - | - | - |
| Receivables | $12.00M | $888.0K | $0 | $1.28M | $10.00M | $1.62M | - | $1.42M | $0 | $1.29M | $0 | $21.09M |
| Current assets | $458.63M | $507.51M | $561.27M | $614.81M | $215.49M | $223.56M | $257.98M | $320.39M | $324.51M | $172.07M | $196.77M | $235.37M |
| Total assets | $507.93M | $558.32M | $583.54M | $638.50M | $241.38M | $252.35M | $288.34M | $352.21M | $358.50M | $208.82M | $235.27M | $274.95M |
| Current liabilities | $54.76M | $50.81M | $49.83M | $95.06M | $85.90M | $87.41M | $87.37M | $110.95M | $170.73M | $173.13M | $165.87M | $186.44M |
| Total liabilities | $105.99M | $104.80M | $71.81M | $112.27M | $108.95M | $105.22M | $108.67M | $134.82M | $208.99M | $204.42M | $202.01M | $227.44M |
| Shareholders' equity | $401.94M | $453.52M | $511.73M | $518.36M | $124.55M | $139.27M | $171.80M | $209.51M | $141.64M | -$3.48M | $25.39M | $39.63M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$60.14M | -$53.58M | -$59.55M | -$33.78M | -$44.67M | -$46.01M | -$63.04M | -$43.65M | -$46.48M | -$27.47M | -$33.43M | -$33.24M |
| Capital expenditures | $15.0K | $884.0K | $438.0K | -$1.0K | $248.0K | $306.0K | $165.0K | $86.0K | $383.0K | $52.0K | $417.0K | $356.0K |
| Free cash flow | -$60.16M | -$54.47M | -$59.99M | -$33.78M | -$44.91M | -$46.32M | -$63.20M | -$43.73M | -$46.86M | -$27.52M | -$33.85M | -$33.59M |
| Investing cash flow | -$110.86M | -$123.45M | -$438.0K | $1.0K | -$248.0K | -$306.0K | -$165.0K | -$86.0K | -$383.0K | -$52.0K | -$417.0K | -$356.0K |
| Financing cash flow | $433.0K | $330.0K | $2.53M | $439.69M | $32.69M | $11.69M | $4.16M | $34.98M | $203.75M | $653.0K | $14.51M | $93.96M |
| Line item | Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 72.9% | -73.9% | 316.9% | - | - | -55.8% | -26.8% | - | - | -10.9% | -3.0% | 2245.1% |
| Operating margin | -502.0% | -3248.3% | -81.8% | -327.4% | -740.7% | -606.5% | -542.8% | - | - | -177.7% | -274.8% | -64.3% |
| Net margin | -470.5% | -3052.6% | -68.2% | -308.4% | -707.8% | -580.2% | -510.9% | - | - | -167.2% | -251.7% | -55.9% |
| Free cash flow margin | -457.2% | -2397.3% | -156.9% | -195.9% | -590.4% | -532.5% | -688.9% | - | - | -139.8% | -270.0% | -115.6% |
| Current ratio | 8.38 | 9.99 | 11.26 | 6.47 | 2.51 | 2.56 | 2.95 | 2.89 | 1.90 | 0.99 | 1.19 | 1.26 |
Source: XBRL data Wave Life Sciences Inc. files with the SEC, latest filing dated Oct 27, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| WVE | $70.92M | - | -$210.53M | -296.9% | $663.6M |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.27T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $664.95B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $514.92B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $361.71B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $310.17B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $289.10B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $190.39B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $178.51B |