WAVE Life Sciences (WVE)
Market Price (4/16/2026): $7.55 | Market Cap: $1.4 BilSector: Health Care | Industry: Biotechnology
WAVE Life Sciences (WVE)
Market Price (4/16/2026): $7.55Market Cap: $1.4 BilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -10%, 3Y Excs Rtn is -6.3% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -215 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -504% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg QQuarterly Revenue Change % is -79% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 58% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -439%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -440% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 185% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% High stock price volatilityVol 12M is 170% Key risksWVE key risks include [1] a critical dependence on positive clinical trial outcomes for its pipeline and [2] significant net losses and a high cash burn rate that create an ongoing need for substantial funding. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -43% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -10%, 3Y Excs Rtn is -6.3% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -215 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -504% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -61%, Rev Chg QQuarterly Revenue Change % is -79% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 58% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -439%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -440% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 185% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| High stock price volatilityVol 12M is 170% |
| Key risksWVE key risks include [1] a critical dependence on positive clinical trial outcomes for its pipeline and [2] significant net losses and a high cash burn rate that create an ongoing need for substantial funding. |
Qualitative Assessment
AI Analysis | Feedback
WAVE Life Sciences (WVE) stock has lost about 55% since 12/31/2025 because of the following key factors:
1. Disappointing Phase 1 INLIGHT trial results for obesity candidate WVE-007 led to a significant stock drop. On March 26, 2026, Wave Life Sciences shares plummeted by nearly 50% in a single day following the release of six-month data from the Phase 1 INLIGHT trial for its obesity candidate WVE-007. The data showed a minimal placebo-adjusted weight loss of only 1% for higher doses (400 mg), which significantly underperformed market expectations set by other GLP-1 therapies, despite some positive body composition changes observed with lower doses.
2. Wave Life Sciences reported a wider-than-expected loss in its Fourth Quarter and Full-Year 2025 financial results. On February 26, 2026, the company announced a quarterly loss of $0.30 per share, missing the Zacks Consensus Estimate of a $0.28 loss by 8.26%. This financial underperformance was compounded by "significant financial challenges due to the termination of a major collaboration", contributing to a substantial 79.4% quarter-over-quarter revenue decrease and a negative operating margin of -327.4% as of March 31, 2026.
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1. Disappointing Phase 1 INLIGHT trial results for obesity candidate WVE-007 led to a significant stock drop. On March 26, 2026, Wave Life Sciences shares plummeted by nearly 50% in a single day following the release of six-month data from the Phase 1 INLIGHT trial for its obesity candidate WVE-007. The data showed a minimal placebo-adjusted weight loss of only 1% for higher doses (400 mg), which significantly underperformed market expectations set by other GLP-1 therapies, despite some positive body composition changes observed with lower doses.
2. Wave Life Sciences reported a wider-than-expected loss in its Fourth Quarter and Full-Year 2025 financial results. On February 26, 2026, the company announced a quarterly loss of $0.30 per share, missing the Zacks Consensus Estimate of a $0.28 loss by 8.26%. This financial underperformance was compounded by "significant financial challenges due to the termination of a major collaboration", contributing to a substantial 79.4% quarter-over-quarter revenue decrease and a negative operating margin of -327.4% as of March 31, 2026.
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Stock Movement Drivers
Fundamental Drivers
The -55.4% change in WVE stock from 12/31/2025 to 4/15/2026 was primarily driven by a -60.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.00 | 7.59 | -55.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 109 | 43 | -60.9% |
| P/S Multiple | 26.1 | 32.0 | 22.7% |
| Shares Outstanding (Mil) | 168 | 180 | -7.0% |
| Cumulative Contribution | -55.4% |
Market Drivers
12/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| WVE | -55.4% | |
| Market (SPY) | -5.4% | 37.5% |
| Sector (XLV) | -4.5% | 13.1% |
Fundamental Drivers
The 3.7% change in WVE stock from 9/30/2025 to 4/15/2026 was primarily driven by a 150.6% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.32 | 7.59 | 3.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 94 | 43 | -54.5% |
| P/S Multiple | 12.8 | 32.0 | 150.6% |
| Shares Outstanding (Mil) | 164 | 180 | -9.0% |
| Cumulative Contribution | 3.7% |
Market Drivers
9/30/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| WVE | 3.7% | |
| Market (SPY) | -2.9% | 10.0% |
| Sector (XLV) | 6.6% | -9.3% |
Fundamental Drivers
The -6.1% change in WVE stock from 3/31/2025 to 4/15/2026 was primarily driven by a -60.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.08 | 7.59 | -6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 108 | 43 | -60.5% |
| P/S Multiple | 12.1 | 32.0 | 165.5% |
| Shares Outstanding (Mil) | 162 | 180 | -10.3% |
| Cumulative Contribution | -6.1% |
Market Drivers
3/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| WVE | -6.1% | |
| Market (SPY) | 16.3% | 16.2% |
| Sector (XLV) | 2.6% | 6.6% |
Fundamental Drivers
The 75.3% change in WVE stock from 3/31/2023 to 4/15/2026 was primarily driven by a 1070.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.33 | 7.59 | 75.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 43 | 1070.9% |
| P/S Multiple | 111.7 | 32.0 | -71.3% |
| Shares Outstanding (Mil) | 94 | 180 | -47.8% |
| Cumulative Contribution | 75.3% |
Market Drivers
3/31/2023 to 4/15/2026| Return | Correlation | |
|---|---|---|
| WVE | 75.3% | |
| Market (SPY) | 63.3% | 16.4% |
| Sector (XLV) | 19.5% | 10.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WVE Return | -60% | 123% | -28% | 145% | 37% | -57% | -6% |
| Peers Return | -17% | 13% | -19% | 40% | 103% | -19% | 75% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| WVE Win Rate | 33% | 50% | 25% | 58% | 42% | 50% | |
| Peers Win Rate | 48% | 58% | 43% | 45% | 58% | 45% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| WVE Max Drawdown | -60% | -61% | -50% | -30% | -56% | -64% | |
| Peers Max Drawdown | -34% | -35% | -44% | -21% | -37% | -32% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ALNY, IONS, SRPT, ARWR, RNA. See WVE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/15/2026 (YTD)
How Low Can It Go
| Event | WVE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -89.8% | -25.4% |
| % Gain to Breakeven | 876.4% | 34.1% |
| Time to Breakeven | 887 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -64.2% | -33.9% |
| % Gain to Breakeven | 179.5% | 51.3% |
| Time to Breakeven | 1,863 days | 148 days |
| 2018 Correction | ||
| % Loss | -85.5% | -19.8% |
| % Gain to Breakeven | 590.9% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
Compare to ALNY, IONS, SRPT, ARWR, RNA
In The Past
WAVE Life Sciences's stock fell -89.8% during the 2022 Inflation Shock from a high on 2/4/2021. A -89.8% loss requires a 876.4% gain to breakeven.
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About WAVE Life Sciences (WVE)
Wave Life Sciences Ltd., a clinical stage genetic medicine company, designs, optimizes, and produces novel stereopure oligonucleotides through PRISM, a discovery and drug developing platform. It is developing oligonucleotides target ribonucleic acid to reduce the expression of disease-promoting proteins or restore the production of functional proteins, or modulate protein expression. The company also develops WVE-004, a C9orf72 molecule for the treatment of amyotrophic lateral sclerosis and frontotemporal dementia; WVE-003, a mutant huntingtin SNP3 molecule for the treatment of Huntington's disease; WVE-N531, an Exon 53 molecule for the treatment of Duchenne muscular dystrophy; and ATXN3, a discovery stage program for the treatment of spinocerebellar ataxia 3, as well as multiple preclinical programs for CNS disorders. In addition, it focuses on developing GalNAc-conjugated AIMers to treat hepatic indications comprising Alpha-1 antitrypsin deficiency (AATD); and two preclinical programs, such as Usher syndrome type 2A (USH2A) and retinitis pigmentosa due to a P23H mutation in the RHO gene (RhoP23H) for the treatment of retinal diseases. It has collaboration agreements with Pfizer Inc., Takeda Pharmaceutical Company Limited, University of Oxford, University of Massachusetts, Western Washington University, Grenoble Institute of Neurosciences, IRBM S.p.A, University of Louisville, and University College London. The company was incorporated in 2012 and is based in Singapore.
AI Analysis | Feedback
Here are a few analogies to describe WAVE Life Sciences:- WAVE Life Sciences is like an **Alnylam Pharmaceuticals** for novel RNA-based genetic medicines.
- It's similar to **CRISPR Therapeutics**, but 'tuning' gene expression with custom RNA snippets instead of directly editing genes.
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- WVE-004: A C9orf72 molecule developed for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia.
- WVE-003: A mutant huntingtin SNP3 molecule developed for the treatment of Huntington's disease.
- WVE-N531: An Exon 53 molecule developed for the treatment of Duchenne muscular dystrophy.
- ATXN3 Program: A discovery stage program targeting spinocerebellar ataxia 3.
- GalNAc-conjugated AIMers: A platform for developing treatments for hepatic indications, including Alpha-1 antitrypsin deficiency (AATD).
- Usher Syndrome Type 2A (USH2A) Program: A preclinical program focused on developing treatments for this retinal disease.
- Retinitis Pigmentosa (RhoP23H) Program: A preclinical program focused on developing treatments for retinitis pigmentosa caused by a P23H mutation.
AI Analysis | Feedback
WAVE Life Sciences (WVE) is a clinical-stage genetic medicine company focused on the discovery and development of novel stereopure oligonucleotides. As a clinical-stage company, it does not currently sell commercialized drugs directly to individuals.
Instead, its major "customers" or significant revenue generators are its collaboration partners, primarily larger pharmaceutical companies that provide funding, research support, and potential licensing agreements for its drug candidates and platform technology.
Based on the provided information, the major customer companies with collaboration agreements are:
The company also has collaboration agreements with various academic institutions (e.g., University of Oxford, University of Massachusetts), which are typically for research and development rather than direct commercial sales.
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Paul Bolno President & CEO
Dr. Paul Bolno has served as President and CEO of Wave Life Sciences since December 2013. Prior to joining Wave, he was Vice President, Worldwide Business Development at GlaxoSmithKline (GSK), holding positions as Head of Asia BD and Investments, Head of Global Neuroscience BD, and Head of Oncology BD. Before his time at GSK, Dr. Bolno was Director of Research at Two River Group, a healthcare private equity firm. He currently serves as Chairman of the Board of Directors for ExpressionEdits, Chairman of the Scientific Advisory Group for the Nucleic Acid Therapy Accelerator (NATA), and a member of the Board of Directors at Invivyd, Inc.
Kyle Moran Chief Financial Officer
Kyle Moran joined Wave Life Sciences in 2014 as Vice President of Finance and was appointed Chief Financial Officer in 2020. He was responsible for establishing the company's finance and accounting functions and served as Principal Financial Officer through its initial public offering. Before his tenure at Wave, Mr. Moran served as CFO and Chief Operating Officer of Veroha, Inc., a software company. He was also a founding partner of Context Financial Services, LLC, a boutique consulting firm that provided CFO services to companies undergoing rapid expansion or requiring expert financial counsel. His career includes senior operational and financial roles at leading global financial services firms such as Zurich Scudder Investments, JPMorgan Chase, and Putnam Investments.
Chandra Vargeese Chief Technology Officer, Head of Platform Discovery Sciences
Dr. Chandra Vargeese serves as the Chief Technology Officer and Head of Platform Discovery Sciences at Wave Life Sciences.
Christopher Francis Senior Vice President, Corporate Development, Head of Emerging Areas
Dr. Christopher Francis is the Senior Vice President, Corporate Development, and Head of Emerging Areas at Wave Life Sciences.
Christopher Wright Chief Medical Officer
Dr. Christopher Wright was appointed Chief Medical Officer of Wave Life Sciences in May 2025. Prior to joining Wave, he served as CMO and Head of Translational Research at Ring Therapeutics, and as CMO of AavantiBio, a gene therapy company, before its acquisition by Solid Biosciences. His previous roles include SVP, CMO of Cyclerion Therapeutics and SVP, Chief Development Officer at Ironwood Pharmaceuticals, Inc. Earlier in his career, Dr. Wright held SVP-level Global Development leadership positions at Axcella Health Inc. and Vertex Pharmaceuticals.
AI Analysis | Feedback
The key risks to WAVE Life Sciences (WVE) are primarily related to the inherent challenges of its clinical-stage biotechnology operations and financial sustainability.- Clinical Trial and Regulatory Approval Risk: As a clinical-stage genetic medicine company, WAVE Life Sciences' success hinges on the successful outcome of its various drug candidates in clinical trials and subsequent regulatory approvals. The development of novel RNA medicines is a complex process with limited scientific evidence supporting their platform, which may complicate the review process by regulatory bodies. Delays, setbacks, or failures in clinical trials, or an inability to obtain necessary regulatory approvals, would significantly impact the company's ability to commercialize its products and generate revenue.
- Financial Risk and Funding Requirements: WAVE Life Sciences has a history of significant losses and anticipates continued substantial expenses due to ongoing research and development, manufacturing, and regulatory activities. As of December 31, 2025, the company had an accumulated deficit of $1,326.2 million. While the company has a cash runway into Q3 2028, it will require substantial additional funding to sustain its operations and development programs. The ability to raise this capital is subject to market conditions, and adverse economic factors could impact funding availability. An Altman Z-Score indicating financial distress also highlights a potential risk of bankruptcy.
- Intense Competition: The biotechnology and genetic medicine sector is highly competitive. WAVE Life Sciences faces competition from other companies developing similar or more effective treatments for the diseases it targets. The success of its diversified RNA-focused pipeline depends on its ability to differentiate its candidates and overcome competitive pressures in the market.
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Addressable Markets for WAVE Life Sciences' Main Products
WAVE Life Sciences (WVE) is developing novel stereopure oligonucleotides for several genetic diseases. The addressable markets for their main product candidates are as follows:
- WVE-004 for Amyotrophic Lateral Sclerosis (ALS) and Frontotemporal Dementia (FTD):
- For Amyotrophic Lateral Sclerosis (ALS), the market size in the seven major markets (7MM: US, EU4, UK, Japan) was approximately USD 1,000 million in 2023. The market in the United States alone was estimated at around USD 920 million in 2023. Globally, the ALS market was valued at USD 673.4 million in 2023 and is projected to reach USD 1,271.6 million by 2033. Another estimate projects the global ALS market to be valued at USD 835.8 million in 2025 and to reach USD 1,496.9 million by 2035.
- For Frontotemporal Dementia (FTD), the market size in the United States was USD 60 million in 2024. Across the seven major markets, the FTD market reached US$ 142.8 million in 2024 and is expected to reach US$ 688.2 million by 2035. Globally, the FTD market size is expected to be valued at USD 12.93 billion in 2025, projected to reach USD 19.57 billion by 2032.
- WVE-003 for Huntington's Disease (HD):
- The global Huntington's disease treatment market size was estimated at USD 500 million in 2024 and is projected to reach USD 1,871.2 million by 2030. Another projection indicates a global market size of USD 1.28 billion in 2024, expanding to USD 3.5 billion by 2035. The United States accounted for the largest share of the Huntington's disease market, representing more than 70% of the seven major markets. WVE-003 is expected to address approximately 40% of individuals with HD.
- WVE-N531 for Duchenne Muscular Dystrophy (DMD) (Exon 53):
- Wave's exon 53, 52, 51, 45, and 44 programs collectively target approximately 40% of the Duchenne muscular dystrophy (DMD) population and represent a total market opportunity of over $2.4 billion in the United States alone. The global DMD treatment market was valued at USD 4.63 billion in 2025 and is projected to grow to USD 19.18 billion by 2034. Across the seven major markets, DMD treatments are expected to grow from sales of $2.3 billion in 2023 to $5.2 billion by 2033. The United States holds the largest market size for DMD, estimated at around USD 1,900 million in 2023.
- ATXN3 for Spinocerebellar Ataxia 3 (SCA3):
- The global spinocerebellar ataxias (SCA) market size was valued at USD 373.74 million in 2024 and is expected to reach USD 523.41 million by 2032. SCA3 is the most common subtype, accounting for 25% to 50% of cases and held the largest market revenue share of 38.5% in 2024. The North American region is expected to account for 41.2% of the global spinocerebellar ataxia market in 2024.
- GalNAc-conjugated AIMers for Alpha-1 Antitrypsin Deficiency (AATD):
- The Alpha-1 Antitrypsin Deficiency (AATD) market in the seven major markets was approximately USD 830 million in 2023, with the United States accounting for about 84% of this market. Globally, the AATD market is estimated to be USD 3.8 billion in 2025 and is projected to reach USD 12.7 billion by 2035. The U.S. AATD market was valued at USD 0.98 billion in 2025 and is expected to reach USD 2.61 billion by 2032.
- USH2A (Usher syndrome type 2A) and RhoP23H (Retinitis Pigmentosa):
- For Retinitis Pigmentosa (RP), the global market is predicted to expand from USD 15.81 billion in 2025 to USD 27.17 billion by 2034. Another estimate projects the global market size to grow from $11.32 billion in 2024 to $16.37 billion by 2029. The Retinitis Pigmentosa market size in the seven major markets was approximately USD 500 million in 2023, with the United States market estimated at nearly USD 260 million in 2023. North America was identified as the largest region in the retinitis pigmentosa market in 2025.
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Wave Life Sciences Ltd. (WVE) has several expected drivers of future revenue growth over the next two to three years, primarily stemming from the advancement of its clinical pipeline and ongoing collaboration agreements:
- Advancement and potential commercialization of WVE-007 for Obesity: WVE-007, Wave's investigational siRNA therapy for obesity, has shown positive clinical data demonstrating fat loss while preserving muscle mass. The company plans to initiate a Phase 2a multidose portion of the INLIGHT clinical trial in the first half of 2026, with additional studies, including incretin add-on and post-incretin maintenance therapy, slated for later in the year. Analysts have identified WVE-007 as a primary value driver, with some modeling peak sales potentially exceeding $11 billion. Upcoming data readouts in the first quarter and mid-2026 are considered key catalysts.
- Progress and potential accelerated approval for WVE-006 in Alpha-1 Antitrypsin Deficiency (AATD): WVE-006 has demonstrated promising clinical results, with the potential to restore endogenous MAAT protein levels in AATD patients. Wave Life Sciences has regained full global rights to WVE-006 from GSK, allowing the company to retain all future economic upside. Wave is accelerating the development of this program and intends to engage with the U.S. FDA regarding a potential accelerated approval pathway, with regulatory feedback anticipated by mid-2026. Multidose data from the RestorAATion-2 trial is expected in the first quarter of 2026.
- Milestone payments from the GSK collaboration: Wave Life Sciences' collaboration with GSK continues to progress, with a fourth program having been selected for development in January 2026. Under this agreement, Wave is eligible to receive up to $2.8 billion in initiation, development, launch, and commercialization milestones, in addition to tiered royalties on future sales. The company expects to continue receiving milestone payments in 2026 and beyond.
- Potential New Drug Application (NDA) submission for WVE-N531 in Duchenne Muscular Dystrophy (DMD): Wave Life Sciences is advancing WVE-N531, an Exon 53 molecule for the treatment of Duchenne muscular dystrophy. The company remains on track to submit an NDA in 2026, seeking accelerated approval based on monthly dosing data. Positive interim data has shown consistent dystrophin expression and effective muscle delivery.
- Advancement of WVE-003 for Huntington's Disease (HD) and potential new partnerships: Takeda terminated its option for WVE-003 in October 2024, giving Wave full control of the program. Positive Phase 1b/2a clinical data demonstrated a significant reduction in mutant huntingtin protein while preserving the healthy, wild-type protein, supporting a case for accelerated approval. Wave plans to meet with the FDA to discuss a potential accelerated approval pathway and considers WVE-003 to represent a potential $5 billion commercial opportunity, having already generated significant interest from prospective partners. The company is also planning for a global, potentially registrational Phase 2/3 study.
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Share Issuance
- In December 2025, Wave Life Sciences closed an underwritten public offering, raising approximately $402.5 million.
- The company received $94.6 million in net proceeds from its 'at-the-market' (ATM) equity program in 2025, with an additional $72.1 million in ATM proceeds subsequent to September 30, 2025.
- In September 2024, Wave Life Sciences raised net proceeds of $215.8 million through an equity offering at $8 per share.
- Shareholders approved an amendment on August 5, 2025, to increase the 2021 Equity Incentive Plan by 8,000,000 ordinary shares.
Inbound Investments
- In December 2022, Wave Life Sciences entered a strategic collaboration with GSK, receiving an upfront payment of $170 million, which included a $120 million cash payment and a $50 million equity investment.
- Under the GSK collaboration, Wave is eligible to receive up to $2.8 billion in milestone payments and tiered royalties across up to eight programs.
- In January 2026, GSK selected a fourth program to advance to development candidate, resulting in a milestone payment to Wave.
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| 03312026 | PGNY | Progyny | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.0% | 0.0% | 0.0% |
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| 03202026 | WAT | Waters | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -0.4% | -0.4% | -3.3% |
| 03202026 | GILD | Gilead Sciences | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 1.6% | 1.6% | -2.2% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.34 |
| Mkt Cap | 6.0 |
| Rev LTM | 1,091 |
| Op Inc LTM | -215 |
| FCF LTM | -188 |
| FCF 3Y Avg | -217 |
| CFO LTM | -187 |
| CFO 3Y Avg | -119 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 33.8% |
| Rev Chg 3Y Avg | 54.8% |
| Rev Chg Q | -10.3% |
| QoQ Delta Rev Chg LTM | -2.4% |
| Op Inc Chg LTM | 19.6% |
| Op Inc Chg 3Y Avg | -17.1% |
| Op Mgn LTM | -29.9% |
| Op Mgn 3Y Avg | -50.9% |
| QoQ Delta Op Mgn LTM | -11.7% |
| CFO/Rev LTM | -9.3% |
| CFO/Rev 3Y Avg | -46.2% |
| FCF/Rev LTM | -14.3% |
| FCF/Rev 3Y Avg | -51.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.0 |
| P/S | 11.9 |
| P/Op Inc | -3.5 |
| P/EBIT | -3.4 |
| P/E | -3.2 |
| P/CFO | -7.3 |
| Total Yield | -3.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -5.8% |
| D/E | 0.0 |
| Net D/E | -0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.8% |
| 3M Rtn | -6.9% |
| 6M Rtn | -4.1% |
| 12M Rtn | 32.6% |
| 3Y Rtn | 66.3% |
| 1M Excs Rtn | 1.0% |
| 3M Excs Rtn | -7.5% |
| 6M Excs Rtn | -7.3% |
| 12M Excs Rtn | 6.3% |
| 3Y Excs Rtn | -7.5% |
Price Behavior
Price Behavior
| Market Price | $7.59 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 11/11/2015 | |
| Distance from 52W High | -64.4% | |
| 50 Days | 200 Days | |
| DMA Price | $11.45 | $10.20 |
| DMA Trend | up | down |
| Distance from DMA | -33.7% | -25.6% |
| 3M | 1YR | |
| Volatility | 113.8% | 170.5% |
| Downside Capture | 2.07 | 0.43 |
| Upside Capture | 143.70 | 86.73 |
| Correlation (SPY) | 41.4% | 11.3% |
WVE Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 6.38 | 4.86 | 3.34 | 1.86 | 1.46 | 1.39 |
| Up Beta | -2.48 | 1.70 | 2.60 | 1.70 | 1.05 | 0.95 |
| Down Beta | 13.05 | 9.36 | 5.84 | 7.32 | 3.20 | 2.47 |
| Up Capture | 60% | 265% | 7% | 18% | 64% | 155% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 22 | 31 | 62 | 128 | 365 |
| Down Capture | 561% | 389% | 333% | 60% | 118% | 106% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 20 | 32 | 63 | 120 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WVE | |
|---|---|---|---|---|
| WVE | 28.6% | 170.3% | 0.71 | - |
| Sector ETF (XLV) | 9.5% | 16.0% | 0.38 | 2.0% |
| Equity (SPY) | 22.0% | 12.9% | 1.36 | 11.7% |
| Gold (GLD) | 49.0% | 27.5% | 1.44 | 1.1% |
| Commodities (DBC) | 25.0% | 16.1% | 1.38 | -13.0% |
| Real Estate (VNQ) | 17.3% | 13.7% | 0.92 | 3.2% |
| Bitcoin (BTCUSD) | -10.4% | 42.6% | -0.14 | 10.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WVE | |
|---|---|---|---|---|
| WVE | 2.9% | 114.5% | 0.46 | - |
| Sector ETF (XLV) | 6.5% | 14.6% | 0.26 | 15.3% |
| Equity (SPY) | 10.9% | 17.0% | 0.50 | 20.5% |
| Gold (GLD) | 21.9% | 17.8% | 1.01 | 3.4% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | -0.7% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.12 | 16.6% |
| Bitcoin (BTCUSD) | 5.1% | 56.5% | 0.31 | 15.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with WVE | |
|---|---|---|---|---|
| WVE | -5.8% | 98.8% | 0.36 | - |
| Sector ETF (XLV) | 9.5% | 16.5% | 0.47 | 19.6% |
| Equity (SPY) | 13.8% | 17.9% | 0.67 | 22.0% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 1.5% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 4.0% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 15.8% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 9.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 5.6% | -5.7% | -57.4% |
| 11/10/2025 | -10.3% | -9.9% | 157.4% |
| 7/30/2025 | -1.9% | 6.2% | 21.2% |
| 3/4/2025 | 11.7% | -6.6% | -23.0% |
| 11/12/2024 | -3.3% | -21.8% | -6.3% |
| 8/8/2024 | -4.0% | -6.9% | -14.2% |
| 3/6/2024 | 31.3% | 39.0% | 22.1% |
| 11/9/2023 | -9.5% | -5.7% | -21.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 8 | 11 |
| # Negative | 10 | 13 | 10 |
| Median Positive | 8.6% | 11.0% | 22.6% |
| Median Negative | -6.5% | -6.9% | -20.2% |
| Max Positive | 31.3% | 39.0% | 157.4% |
| Max Negative | -12.2% | -21.8% | -57.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/04/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/06/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 03/23/2023 | 10-K |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Francis, Chris | See Remarks | Direct | Sell | 1062026 | 16.03 | 9,375 | 150,260 | 400,694 | Form |
| 2 | Gsk, Plc | Corporation | Buy | 12152025 | 19.00 | 1,470,000 | 27,930,000 | 346,668,129 | Form | |
| 3 | Rawcliffe, Adrian | Direct | Sell | 12102025 | 15.00 | 42,000 | 630,000 | 190,500 | Form | |
| 4 | Wagner, Heidi L | Direct | Sell | 12102025 | 13.50 | 14,000 | 189,000 | 606,555 | Form | |
| 5 | Henry, Christian O | Direct | Sell | 12102025 | 14.65 | 93,445 | 1,369,324 | 186,103 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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