Wave Life Sciences Ltd.

Listed Company

WVECIK 0001631574NasdaqLarge AcceleratedPharmaceutical PreparationsU0SGFY ends Dec 31

Period

FY 2025

Revenue

$42.73M

Net Income

$-204.38M

Total Assets

—

Equity

—

Shares Out

192.38M

Op. Cash Flow

$-187.49M

Business

Wave Life Sciences Ltd. is a clinical-stage biotechnology company focused on developing RNA medicines that target the transcriptome to treat rare and common diseases. It develops stereopure oligonucleotide therapeutics across multiple modalities, including RNA editing (AIMers), antisense RNase H silencing, RNA interference (siRNA), and splicing/exon skipping. Its business is organized around a PRISM® discovery and drug development platform and a diversified pipeline and collaborations to advance clinical and preclinical programs. Wave distributes candidates via subcutaneous or intrathecal dosing approaches and leverages GalNAc conjugates, free uptake, internal and CMO manufacturing, and global collaborations to reach patients in the United States, Europe, and other jurisdictions.

Summary from filing dated 2025-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	43	108	113	4	41
Research and development	183	160	130	116	122
General and administrative	75	59	51	51	46
Total operating expenses	258	219	181	166	168
Loss from operations	−215	−110	−68	−163	−127
Dividend income and interest income, net	10	10	8	2	30,000
Other income, net	527,000	3	2	7,000	5
Total other income, net	11	13	10	2	5
Loss before income taxes	−204	−97	−58	−161	−122
Income tax benefit	0	0	677,000	−681,000	200,000
Net loss	−204	−97	−58	−162	−122
Net loss per share attributable to ordinary shareholders - basic	−1.21	−0.7	−0.54	−2.05	−2.36
Net loss per share attributable to ordinary shareholders - diluted	−1.21	−0.7	−0.54	−2.05	−2.36
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders - basic	169	138	106	79	52
Weighted-average ordinary shares used in computing net loss per share attributable to ordinary shareholders - diluted	169	138	106	79	52
Foreign currency translation gain (loss)	12,000	−138,000	−95,000	−210,000	−208,000
Comprehensive loss	−204	−97	−58	−162	−122

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	602	302	200	88	151
Accounts receivable	1	1	21	—	—
Prepaid expenses	8	10	10	8	7
Other current assets	3	7	4	2	5
Total current assets	615	320	235	99	163
Property and equipment, net of accumulated depreciation of $49,522 and $46,329 as of December 31, 2025 and 2024 respectively	7	10	13	17	22
Operating lease right-of-use assets	12	18	23	27	18
Restricted cash	4	4	4	4	4
Other assets	16,000	55,000	156,000	—	—
Total long-term assets	24	32	40	48	44
Total assets	638	352	275	146	207
Accounts payable	16	16	13	17	7
Accrued expenses and other current liabilities	27	21	17	18	15
Current portion of deferred revenue	44	66	150	32	37
Current portion of operating lease liability	8	8	7	5	5
Total current liabilities	95	111	186	72	64
Deferred revenue, net of current portion	8	6	16	80	77
Operating lease liability, net of current portion	9	18	25	32	25
Total long-term liabilities	17	24	41	112	102
Total liabilities	112	135	227	184	167
Series A preferred shares, no par value; 3,901,348 shares issued and outstanding at December 31, 2025 and 2024	8	8	8	8	8
Ordinary shares, no par value; 187,660,263 and 153,037,286 shares issued and outstanding at December 31, 2025 and 2024, respectively	1,616	1,175	935	803	750
Additional paid-in capital	228	156	129	119	88
Accumulated other comprehensive loss	−250,000	−262,000	−124,000	−29,000	181,000
Accumulated deficit	−1,326	−1,122	−1,025	−967	−806
Total shareholders' equity	518	210	40	−45	32
Total liabilities, Series A preferred shares and shareholders' equity	638	352	275	146	207

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−204	−97	−58	−162	−122
Amortization of right-of-use assets	5	5	4	4	2
Depreciation of property and equipment	3	4	5	7	8
Share-based compensation expense	25	13	10	17	16
Accounts receivable	146,000	20	−21	—	30
Prepaid expenses	1	368,000	−2	−1	4
Other assets	4	−3	−2	3	−338,000
Accounts payable	−561,000	3	−4	9	−7
Accrued expenses and other current liabilities	5	4	−724,000	3	3
Deferred revenue	−20	−94	54	−3	−18
Operating lease liabilities	−8	−7	−5	−4	−4
Other non-current liabilities	0	—	−190,000	190,000	−474,000
Net cash used in operating activities	−187	−151	−19	−128	−89
Purchases of property and equipment	−718,000	−938,000	−1	−1	−560,000
Net cash used in investing activities	−718,000	−938,000	−1	−1	−560,000
Proceeds from issuance of ordinary shares pursuant to the GSK Collaboration Agreement	—	—	35	—	—
Proceeds from issuance of ordinary shares pursuant to the at-the-market equity program, net	95	20	3	1	55
Proceeds from the exercise of share options	15	3	509,000	223,000	250,000
Proceeds from the ESPP	881,000	659,000	748,000	372,000	608,000
Net cash provided by financing activities	488	254	133	67	56
Effect of foreign exchange rates on cash	12,000	−138,000	−95,000	−210,000	−208,000
Net increase in cash, cash equivalents and restricted cash	300	102	112	−62	−34
Offering costs in accounts payable at period end	—	—	210,000	—	—

Filings

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