Wave Life Sciences (WVE)
Market Price (8/11/2026): $6.06 | Market Cap: $1.2 BilSector: Health Care | Industry: Biotechnology
Wave Life Sciences (WVE)
Market Price (8/11/2026): $6.06Market Cap: $1.2 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 -36% 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 -46%, 3Y Excs Rtn is -52% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -218 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -333% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -30%, Rev Chg QQuarterly Revenue Change % is -74% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 51% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -293%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -295% 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 -21% High stock price volatilityVol 12M is 168% 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 -36% |
| 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 -46%, 3Y Excs Rtn is -52% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -218 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -333% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -30%, Rev Chg QQuarterly Revenue Change % is -74% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 51% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -293%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -295% |
| 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 -21% |
| High stock price volatilityVol 12M is 168% |
| 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
Updated on 8/4/2026
Wave Life Sciences (WVE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. WAVE Life Sciences reported a significant miss on its fiscal Q2 2026 financial results on July 30, 2026. The company posted an adjusted loss per share of $0.34, exceeding analysts' consensus estimates for a loss of $0.30 by $0.04. Furthermore, quarterly revenue came in at $2.27 million, falling substantially short of analyst estimates ranging from $5.79 million to $7.65 million. This represented a notable 73.9% decrease in revenue compared to fiscal Q2 2025.
2. The company experienced a widening net loss and increased research and development (R&D) expenses in fiscal Q2 2026. The net loss for the quarter escalated to $69.4 million, a 37.4% increase from the $50.5 million loss reported in the prior year quarter. This was partly driven by increased R&D expenses, which rose to $51.3 million in fiscal Q2 2026 from $43.5 million in the same period of 2025, reflecting continued investment in its pipeline programs (WVE-007, WVE-006, and WVE-008).
Show more
Wave Life Sciences (WVE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. WAVE Life Sciences reported a significant miss on its fiscal Q2 2026 financial results on July 30, 2026. The company posted an adjusted loss per share of $0.34, exceeding analysts' consensus estimates for a loss of $0.30 by $0.04. Furthermore, quarterly revenue came in at $2.27 million, falling substantially short of analyst estimates ranging from $5.79 million to $7.65 million. This represented a notable 73.9% decrease in revenue compared to fiscal Q2 2025.
2. The company experienced a widening net loss and increased research and development (R&D) expenses in fiscal Q2 2026. The net loss for the quarter escalated to $69.4 million, a 37.4% increase from the $50.5 million loss reported in the prior year quarter. This was partly driven by increased R&D expenses, which rose to $51.3 million in fiscal Q2 2026 from $43.5 million in the same period of 2025, reflecting continued investment in its pipeline programs (WVE-007, WVE-006, and WVE-008).
Show more
Updated on 8/4/2026
Wave Life Sciences (WVE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. WAVE Life Sciences reported a significant miss on its fiscal Q2 2026 financial results on July 30, 2026. The company posted an adjusted loss per share of $0.34, exceeding analysts' consensus estimates for a loss of $0.30 by $0.04. Furthermore, quarterly revenue came in at $2.27 million, falling substantially short of analyst estimates ranging from $5.79 million to $7.65 million. This represented a notable 73.9% decrease in revenue compared to fiscal Q2 2025.
2. The company experienced a widening net loss and increased research and development (R&D) expenses in fiscal Q2 2026. The net loss for the quarter escalated to $69.4 million, a 37.4% increase from the $50.5 million loss reported in the prior year quarter. This was partly driven by increased R&D expenses, which rose to $51.3 million in fiscal Q2 2026 from $43.5 million in the same period of 2025, reflecting continued investment in its pipeline programs (WVE-007, WVE-006, and WVE-008).
3. Several analyst firms lowered their price targets for WAVE Life Sciences following the fiscal Q2 2026 earnings announcement. For instance, Citigroup reduced its price target from $24.00 to $19.00 on July 31, 2026, while maintaining a "buy" rating. Canaccord Genuity Group had previously reduced its price objective from $52.00 to $43.00 on April 30, 2026, also with a "buy" rating. These downward revisions, despite generally positive ratings, contributed to negative sentiment surrounding the stock.
Show less
Wave Life Sciences (WVE) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. WAVE Life Sciences reported a significant miss on its fiscal Q2 2026 financial results on July 30, 2026. The company posted an adjusted loss per share of $0.34, exceeding analysts' consensus estimates for a loss of $0.30 by $0.04. Furthermore, quarterly revenue came in at $2.27 million, falling substantially short of analyst estimates ranging from $5.79 million to $7.65 million. This represented a notable 73.9% decrease in revenue compared to fiscal Q2 2025.
2. The company experienced a widening net loss and increased research and development (R&D) expenses in fiscal Q2 2026. The net loss for the quarter escalated to $69.4 million, a 37.4% increase from the $50.5 million loss reported in the prior year quarter. This was partly driven by increased R&D expenses, which rose to $51.3 million in fiscal Q2 2026 from $43.5 million in the same period of 2025, reflecting continued investment in its pipeline programs (WVE-007, WVE-006, and WVE-008).
3. Several analyst firms lowered their price targets for WAVE Life Sciences following the fiscal Q2 2026 earnings announcement. For instance, Citigroup reduced its price target from $24.00 to $19.00 on July 31, 2026, while maintaining a "buy" rating. Canaccord Genuity Group had previously reduced its price objective from $52.00 to $43.00 on April 30, 2026, also with a "buy" rating. These downward revisions, despite generally positive ratings, contributed to negative sentiment surrounding the stock.
Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →
Stock Movement Drivers
Fundamental Drivers
The -14.0% change in WVE stock from 4/30/2026 to 8/10/2026 was primarily driven by a -9.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.06 | 6.07 | -14.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 72 | 65 | -9.0% |
| P/S Multiple | 19.7 | 18.9 | -3.8% |
| Shares Outstanding (Mil) | 200 | 204 | -1.9% |
| Cumulative Contribution | -14.0% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| WVE | -14.0% | |
| Market (SPY) | 7.6% | 29.1% |
| Sector (XLV) | 15.4% | 9.1% |
Fundamental Drivers
The -53.1% change in WVE stock from 1/31/2026 to 8/10/2026 was primarily driven by a -40.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.94 | 6.07 | -53.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 109 | 65 | -40.2% |
| P/S Multiple | 19.9 | 18.9 | -4.7% |
| Shares Outstanding (Mil) | 168 | 204 | -17.8% |
| Cumulative Contribution | -53.1% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| WVE | -53.1% | |
| Market (SPY) | 12.0% | 34.6% |
| Sector (XLV) | 9.3% | 10.9% |
Fundamental Drivers
The -25.1% change in WVE stock from 7/31/2025 to 8/10/2026 was primarily driven by a -30.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.10 | 6.07 | -25.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 94 | 65 | -30.4% |
| P/S Multiple | 14.1 | 18.9 | 34.0% |
| Shares Outstanding (Mil) | 164 | 204 | -19.6% |
| Cumulative Contribution | -25.1% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| WVE | -25.1% | |
| Market (SPY) | 23.3% | 9.2% |
| Sector (XLV) | 30.8% | -2.4% |
Fundamental Drivers
The 38.9% change in WVE stock from 7/31/2023 to 8/10/2026 was primarily driven by a 340.9% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.37 | 6.07 | 38.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15 | 65 | 340.9% |
| P/S Multiple | 30.1 | 18.9 | -37.0% |
| Shares Outstanding (Mil) | 102 | 204 | -50.0% |
| Cumulative Contribution | 38.9% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| WVE | 38.9% | |
| Market (SPY) | 74.8% | 16.3% |
| Sector (XLV) | 31.5% | 9.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WVE Return | -60% | 123% | -28% | 145% | 37% | -64% | -22% |
| Peers Return | -17% | 13% | -19% | 40% | 103% | -29% | 53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| WVE Win Rate | 33% | 50% | 25% | 58% | 42% | 25% | |
| 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 | -74% | -62% | -50% | -36% | -59% | -68% | |
| Peers Max Drawdown | -44% | -41% | -48% | -40% | -45% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[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 8/10/2026 (YTD)
How Low Can It Go
| Event | WVE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.2% | -18.8% |
| % Gain to Breakeven | 100.9% | 23.1% |
| Time to Breakeven | 242 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -16.2% | -6.7% |
| % Gain to Breakeven | 19.4% | 7.1% |
| Time to Breakeven | 13 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.2% | -24.5% |
| % Gain to Breakeven | 164.2% | 32.4% |
| Time to Breakeven | 48 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -14.9% | -33.7% |
| % Gain to Breakeven | 17.5% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -17.4% | -19.2% |
| % Gain to Breakeven | 21.1% | 23.8% |
| Time to Breakeven | 74 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.2% | -3.7% |
| % Gain to Breakeven | 70.2% | 3.9% |
| Time to Breakeven | 173 days | 6 days |
In The Past
Wave Life Sciences's stock fell -50.2% during the 2025 US Tariff Shock. Such a loss loss requires a 100.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | WVE | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.2% | -18.8% |
| % Gain to Breakeven | 100.9% | 23.1% |
| Time to Breakeven | 242 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -62.2% | -24.5% |
| % Gain to Breakeven | 164.2% | 32.4% |
| Time to Breakeven | 48 days | 427 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -41.2% | -3.7% |
| % Gain to Breakeven | 70.2% | 3.9% |
| Time to Breakeven | 173 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -40.0% | -12.2% |
| % Gain to Breakeven | 66.7% | 13.9% |
| Time to Breakeven | 27 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -39.2% | -6.8% |
| % Gain to Breakeven | 64.6% | 7.3% |
| Time to Breakeven | 33 days | 15 days |
In The Past
Wave Life Sciences's stock fell -50.2% during the 2025 US Tariff Shock. Such a loss loss requires a 100.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Wave Life Sciences (WVE)
Wave Life Sciences Ltd. is a clinical-stage genetic medicine company focused on developing innovative therapies for serious diseases. The company utilizes its proprietary PRISM™ platform to design and produce novel "stereopure oligonucleotides." These advanced drugs are engineered to precisely target ribonucleic acid (RNA) within the body, aiming to either reduce the production of disease-causing proteins, restore the creation of functional proteins, or modulate protein expression to correct underlying genetic defects.
Wave's product pipeline primarily targets genetic disorders with high unmet medical needs. Its leading programs are focused on neurological conditions such as Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), Huntington's disease, and Duchenne muscular dystrophy. The company is also developing treatments for hepatic indications like Alpha-1 antitrypsin deficiency (AATD) and specific retinal diseases, including Usher syndrome type 2A.
Essentially, Wave Life Sciences aims to serve patients suffering from these devastating genetic conditions, providing potentially disease-modifying therapies where few or no effective treatments currently exist. Its research and development efforts are concentrated on delivering precision medicines to address the root causes of these specialized disorders within the neurological, hepatic, and ocular markets.
AI Analysis | Feedback
Here are a few analogies to describe Wave Life Sciences (WVE):
- Like a clinical-stage Alnylam Pharmaceuticals, focused on pioneering a new generation of RNA-based genetic medicines.
- An early-stage Ionis Pharmaceuticals, building an advanced platform for stereopure oligonucleotide therapies for challenging genetic conditions.
AI Analysis | Feedback
Here are the major products for Wave Life Sciences:
- WVE-004: An oligonucleotide targeting C9orf72 for the treatment of amyotrophic lateral sclerosis (ALS) and frontotemporal dementia (FTD).
- WVE-003: An oligonucleotide targeting mutant huntingtin SNP3 for the treatment of Huntington's disease.
- WVE-N531: An oligonucleotide targeting Exon 53 for the treatment of Duchenne muscular dystrophy.
- ATXN3 Program: A discovery stage program developing therapeutics for spinocerebellar ataxia 3.
- GalNAc-conjugated AIMers: A pipeline of molecules designed to treat hepatic indications, such as Alpha-1 antitrypsin deficiency (AATD).
- Usher Syndrome Type 2A (USH2A) Program: A preclinical program focused on developing treatments for retinal diseases.
- RhoP23H Program: A preclinical program targeting retinitis pigmentosa caused by a P23H mutation in the RHO gene.
AI Analysis | Feedback
Wave Life Sciences (WVE) is a clinical-stage genetic medicine company focused on drug discovery and development. At this stage, its primary "customers" are typically other companies, particularly larger pharmaceutical firms, with whom it forms collaboration agreements for the development and potential commercialization of its drug candidates.
Based on the provided description, Wave Life Sciences has major collaboration agreements with the following companies:
- Pfizer Inc. (NYSE: PFE)
- Takeda Pharmaceutical Company Limited (NYSE: TAK)
AI Analysis | Feedback
null
AI Analysis | Feedback
Paul Bolno, MD, MBA President and Chief Executive Officer
Background: Dr. Paul Bolno assumed the role of President and Chief Executive Officer of Wave Life Sciences in 2013 and guided the company through its initial public offering in 2015. Under his leadership, Wave has evolved from a small team into a fully integrated clinical-stage genetic medicines company. Before joining Wave, Dr. Bolno served as Vice President, Worldwide Business Development at GSK, where his responsibilities included heading Asia Business Development and Investments, Global Neuroscience Business Development, and Oncology Business Development. Earlier in his career, he was the Director of Research at Two River Group. Wave Life Sciences has received Series A financing from venture capital firms, indicating his experience in managing a company backed by private equity (venture capital) funding.
Kyle Moran, CFA Chief Financial Officer and Principal Accounting Officer
Background: Kyle Moran became the Chief Financial Officer of Wave Life Sciences in 2020, after joining the company in 2014 as Vice President of Finance. He played a crucial role in establishing the company's finance and accounting operations and served as Principal Financial Officer during its initial public offering. Moran also held the position of Senior Vice President of Supply Chain and Operations, where he oversaw the construction of Wave's cGMP manufacturing facility. Prior to his tenure at Wave, he was the CFO and Chief Operating Officer of Veroha, Inc., a software company. He also co-founded Context Financial Services, LLC, a consulting firm that offered CFO services to companies. His professional background includes senior operational and financial roles at prominent global financial services firms such as Zurich Scudder Investments, JPMorgan Chase, and Putnam Investments. Wave Life Sciences, during his involvement, secured venture capital funding in its early stages.
Erik Ingelsson Chief Scientific Officer
Background: Dr. Erik Ingelsson contributes to the company's strategic scientific direction and provides insights on programs such as the WVE-007 obesity program during earnings calls.
Chris Wright Chief Medical Officer
Background: Dr. Chris Wright is responsible for the clinical development and trial designs of Wave Life Sciences' pipeline candidates, including the WVE-007 study focused on obesity.
Dr. Chandra Vargeese, PhD Chief Technology Officer and Head of Platform Discovery Sciences
Background: Dr. Chandra Vargeese holds a critical leadership position, overseeing the technological advancements and discovery efforts for Wave Life Sciences' platform.AI Analysis | Feedback
Key Risks to Wave Life Sciences (WVE)
- Clinical Development and Regulatory Approval Risk: As a clinical-stage genetic medicine company, Wave Life Sciences faces significant inherent risks associated with the development of novel therapeutic candidates. The vast majority of drug candidates fail during clinical trials due to lack of efficacy, safety concerns, or other issues. Even if clinical trials are successful, there is no guarantee that the company's product candidates, such as WVE-004 for ALS/FTD, WVE-003 for Huntington's disease, or WVE-N531 for DMD, will receive the necessary regulatory approvals from agencies like the FDA to be commercialized. The regulatory pathway for genetic medicines can be complex and unpredictable, and any delays or failures in this process could severely impact the company's future prospects and financial viability.
- Intense Competition: Wave Life Sciences operates in the highly competitive genetic medicine and rare disease therapeutic areas. Numerous pharmaceutical and biotechnology companies, including larger, more established players, are also developing oligonucleotides and other genetic therapies for conditions such as amyotrophic lateral sclerosis, Huntington's disease, Duchenne muscular dystrophy, Alpha-1 antitrypsin deficiency, and retinal diseases. This competitive landscape means that Wave Life Sciences' product candidates, even if successfully developed, may face challenges in gaining market share, securing favorable pricing, or even being surpassed by more effective or convenient treatments developed by competitors.
- Intellectual Property Protection: The success of Wave Life Sciences' PRISM platform and its pipeline of stereopure oligonucleotides heavily relies on its ability to obtain, maintain, and enforce robust intellectual property protection. The company's patents and other proprietary rights could be challenged, invalidated, or circumvented by competitors. Failure to adequately protect its intellectual property, or the inability to operate without infringing on the intellectual property rights of others, could significantly harm its business by limiting its ability to develop, manufacture, and commercialize its genetic medicines.
AI Analysis | Feedback
null
AI Analysis | Feedback
Wave Life Sciences (WVE) is developing treatments for several neurological and ocular conditions. The addressable markets for their main product areas are as follows:
- WVE-004 (Amyotrophic Lateral Sclerosis - ALS): The global amyotrophic lateral sclerosis therapeutics market was valued at approximately USD 0.89 billion in 2025 and is projected to grow to USD 2.19 billion by 2034. Another estimate places the global ALS market size at USD 0.79 billion in 2024, expected to reach USD 1.38 billion by 2035.
- WVE-004 (Frontotemporal Dementia - FTD): The global frontotemporal dementia market is estimated to be valued between USD 3.92 billion and USD 12.93 billion in 2025, with projections to reach between USD 7.35 billion and USD 19.57 billion by 2032.
- WVE-003 (Huntington's Disease): The global Huntington's disease treatment market size was valued between USD 642.7 million and USD 724.6 million in 2025. It is projected to grow to a range of USD 1.54 billion to USD 2.83 billion by 2034-2035.
- WVE-N531 (Duchenne Muscular Dystrophy - DMD): The global Duchenne muscular dystrophy treatment market size was valued at approximately USD 4.63 billion in 2025 and is projected to grow to USD 19.18 billion by 2034. Other estimates for the global DMD drugs market were around USD 3.5 billion in 2023, growing to USD 9.9 billion by 2030.
- ATXN3 (Spinocerebellar Ataxia 3 - SCA3): The global spinocerebellar ataxias (SCA's) 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 and accounted for 38.5% of the market revenue share in 2024, which translates to approximately USD 143.88 million for SCA3 in 2024.
- GalNAc-conjugated AIMers for Hepatic Indications (Alpha-1 Antitrypsin Deficiency - AATD): The global alpha-1 antitrypsin deficiency treatment market size was valued between USD 3.1 billion and USD 3.8 billion in 2025. It is projected to reach between USD 6.8 billion and USD 12.7 billion by 2035.
- Usher Syndrome type 2A (USH2A): The global Usher syndrome type 2 treatment market size was valued at USD 1.35 billion in 2024 and is expected to reach USD 2.15 billion by 2032. Usher syndrome type II is expected to represent 55.5% of the overall Usher syndrome market in 2026.
- Retinitis Pigmentosa (including RhoP23H mutation): The global retinitis pigmentosa market size was valued at approximately USD 14.9 billion in 2024 and USD 15.16 billion in 2025. It is projected to grow to approximately USD 27.17 billion by 2034. The RhoP23H mutation is a specific genetic cause of retinitis pigmentosa, and a market size for this specific mutation was not available.
AI Analysis | Feedback
Wave Life Sciences Ltd. (WVE) is poised for future revenue growth over the next two to three years, driven primarily by progress in its clinical pipeline and strategic collaborations.
- Milestone Payments from Existing and Future Collaborations: A significant portion of Wave Life Sciences' revenue growth is expected to come from milestone payments under its existing collaboration agreements, such as with GSK. For example, the company experienced a substantial increase in Q1 2026 revenue, largely attributed to collaboration milestones with GSK, and anticipates further milestone payments in the second half of 2026. Furthermore, the company is actively seeking strategic partnerships for its rare disease programs, which could lead to new collaboration agreements and associated revenue.
- Potential Accelerated Approval and Commercialization of WVE-006 for Alpha-1 Antitrypsin Deficiency (AATD): The company is progressing with WVE-006, an RNA editing program for AATD, and expects to receive regulatory feedback from the FDA regarding a potential accelerated approval pathway in mid-to-late 2026. The successful progression and potential accelerated approval of WVE-006 would position it for commercialization and product sales within the 2-3 year timeframe.
- Advancement and Potential NDA Submission for WVE-N531 for Duchenne Muscular Dystrophy (DMD): Wave Life Sciences is on track to submit a New Drug Application (NDA) for WVE-N531 for the treatment of Duchenne muscular dystrophy in 2026. This regulatory filing indicates a clear pathway toward potential market approval and subsequent product sales within the next two to three years.
- Clinical Progress and Expansion of WVE-007 Program for Obesity/Metabolic Diseases: The company's WVE-007 program for obesity is advancing, with the Phase 2a multidose portion of the INLIGHT trial underway. Wave Life Sciences expects to initiate combination and maintenance studies for WVE-007 in 2026, highlighting its potential to offer fat loss without muscle degradation and compete in the multi-billion dollar obesity market. While full commercialization may extend beyond three years, successful clinical data and advancement could trigger significant milestone payments from existing or new partnerships, contributing to revenue growth.
- Progression of WVE-008 for PNPLA3 Liver Disease: Wave Life Sciences plans to file a Clinical Trial Application (CTA) for WVE-008, a second RNA editing candidate for PNPLA3 liver disease, in the second half of 2026. This advancement into clinical development for a high unmet need liver disease could lead to future collaboration opportunities and milestone payments as the program progresses.
AI Analysis | Feedback
Share Issuance
- Wave Life Sciences significantly increased its shares outstanding, with 192.338 million shares outstanding as of March 31, 2026, representing a 24.82% year-over-year increase.
- The company raised approximately $402.5 million from an underwritten public offering in December 2025 and an additional $94.6 million in net proceeds through its 'at-the-market' equity program in 2025.
- Overall, Wave Life Sciences has funded its operations through public offerings, collaborations, and private placements, accumulating approximately $2,076.7 million in net proceeds to date.
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, triggering a milestone payment to Wave.
Capital Expenditures
- Capital expenditures in the second quarter of 2026 totaled -$0.438 million USD.
- The company plans to continue strategic investments in its PRISM platform and manufacturing capabilities.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 37.06 |
| Mkt Cap | 5.6 |
| Rev LTM | 772 |
| Op Inc LTM | -148 |
| FCF LTM | -74 |
| FCF 3Y Avg | -208 |
| CFO LTM | -64 |
| CFO 3Y Avg | -173 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -7.4% |
| Rev Chg 3Y Avg | 52.3% |
| Rev Chg Q | -34.3% |
| QoQ Delta Rev Chg LTM | -9.0% |
| Op Inc Chg LTM | -109.7% |
| Op Inc Chg 3Y Avg | -28.3% |
| Op Mgn LTM | -50.9% |
| Op Mgn 3Y Avg | -47.0% |
| QoQ Delta Op Mgn LTM | -3.2% |
| CFO/Rev LTM | -32.8% |
| CFO/Rev 3Y Avg | -41.2% |
| FCF/Rev LTM | -38.1% |
| FCF/Rev 3Y Avg | -47.1% |
Price Behavior
Price Behavior
| Market Price | $6.07 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 11/11/2015 | |
| Distance from 52W High | -71.5% | |
| 50 Days | 200 Days | |
| DMA Price | $5.96 | $9.56 |
| DMA Trend | down | down |
| Distance from DMA | 1.8% | -36.5% |
| 3M | 1YR | |
| Volatility | 48.6% | 168.7% |
| Downside Capture | 152.70 | 69.63 |
| Upside Capture | 56.92 | 20.51 |
| Correlation (SPY) | 31.3% | 10.0% |
WVE Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.11 | 0.72 | 0.80 | 2.04 | 1.14 | 1.33 |
| Up Beta | -0.77 | 1.34 | 0.71 | 1.48 | 1.62 | 0.96 |
| Down Beta | 0.99 | 1.56 | 0.96 | 4.03 | 4.10 | 2.36 |
| Up Capture | -29% | -36% | 8% | 69% | 4% | 117% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 22 | 30 | 64 | 123 | 370 |
| Down Capture | 53% | 76% | 137% | 212% | 72% | 104% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 21 | 32 | 60 | 125 | 367 |
[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 | -25.4% | 168.0% | 0.37 | - |
| Sector ETF (XLV) | 32.4% | 15.6% | 1.60 | -3.1% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 9.9% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | 6.1% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | -10.7% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | -0.9% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 12.4% |
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 | 0.7% | 114.4% | 0.44 | - |
| Sector ETF (XLV) | 6.6% | 15.0% | 0.25 | 15.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 21.1% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | 4.4% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | -1.5% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 16.5% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 17.4% |
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 | -11.3% | 98.6% | 0.30 | - |
| Sector ETF (XLV) | 10.2% | 16.6% | 0.50 | 19.4% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 22.1% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 2.4% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 3.1% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 15.8% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 9.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.9% | 2.1% | |
| 4/28/2026 | 8.4% | 7.6% | -8.6% |
| 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% |
| 5/8/2025 | 0.8% | -2.2% | 11.2% |
| 3/4/2025 | 11.7% | -6.6% | -23.0% |
| 11/12/2024 | -3.3% | -21.8% | -6.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 11 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 5.8% | 7.6% | 22.1% |
| Median Negative | -4.0% | -6.9% | -16.5% |
| Max Positive | 31.3% | 39.0% | 157.4% |
| Max Negative | -12.2% | -21.8% | -57.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | -0.9% | 2.1% | |
| 4/28/2026 | 8.4% | 7.6% | -8.6% |
| 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% |
| 5/8/2025 | 0.8% | -2.2% | 11.2% |
| 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% |
| 5/9/2024 | -1.5% | 0.9% | -0.7% |
| 3/6/2024 | 31.3% | 39.0% | 22.1% |
| 11/9/2023 | -9.5% | -5.7% | -21.8% |
| 8/3/2023 | 15.8% | 1.6% | -0.5% |
| 5/3/2023 | 1.9% | 8.2% | 13.0% |
| 11/10/2022 | 5.8% | -15.5% | -1.3% |
| 8/11/2022 | 16.9% | 36.1% | 26.7% |
| 5/12/2022 | -12.2% | -14.3% | 46.3% |
| 3/3/2022 | -2.8% | -7.3% | -18.7% |
| 11/10/2021 | 0.4% | -5.8% | -23.3% |
| 8/5/2021 | 8.6% | 2.7% | 15.9% |
| 5/13/2021 | -4.2% | 10.1% | 18.3% |
| 3/4/2021 | -8.8% | -10.4% | -40.5% |
| 11/9/2020 | 3.6% | 11.9% | 22.6% |
| 8/10/2020 | 3.1% | -0.5% | 28.1% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 11 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 5.8% | 7.6% | 22.1% |
| Median Negative | -4.0% | -6.9% | -16.5% |
| 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 |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 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 |
| 12/31/2021 | 03/03/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/04/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
| 09/30/2019 | 11/05/2019 | 10-Q |
Recent Forward Guidance
Updated 7/31/2026Latest: Q2 2026 Earnings Reported 7/30/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2028 Cash Runway | |||||||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Buy | 3302026 | 6.50 | 971,091 | 6,312,092 | 175,340,782 | Form | |
| 2 | Ra, Capital Management, LP | See footnotes | Buy | 3302026 | 6.43 | 2,495,623 | 16,046,856 | 167,208,382 | Form | |
| 3 | Ra, Capital Management, LP | See footnotes | Buy | 3302026 | 6.08 | 5,305,782 | 32,265,431 | 142,961,257 | Form | |
| 4 | Francis, Chris | See Remarks | Direct | Sell | 2272026 | 15.05 | 33,194 | 499,593 | 931,141 | Form |
| 5 | Moran, Kyle | Chief Financial Officer | Direct | Sell | 2112026 | 13.45 | 3,588 | 48,259 | 1,807,478 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ra, Capital Management, LP | See footnotes | Buy | 3302026 | 6.50 | 971,091 | 6,312,092 | 175,340,782 | Form | |
| 2 | Ra, Capital Management, LP | See footnotes | Buy | 3302026 | 6.43 | 2,495,623 | 16,046,856 | 167,208,382 | Form | |
| 3 | Ra, Capital Management, LP | See footnotes | Buy | 3302026 | 6.08 | 5,305,782 | 32,265,431 | 142,961,257 | Form | |
| 4 | Francis, Chris | See Remarks | Direct | Sell | 2272026 | 15.05 | 33,194 | 499,593 | 931,141 | Form |
| 5 | Moran, Kyle | Chief Financial Officer | Direct | Sell | 2112026 | 13.45 | 3,588 | 48,259 | 1,807,478 | Form |
| 6 | Bolno, Paul | President and CEO | Direct | Sell | 2112026 | 13.45 | 10,480 | 140,956 | 3,705,744 | Form |
| 7 | Francis, Chris | See Remarks | Direct | Sell | 2112026 | 13.45 | 1,883 | 25,326 | 832,111 | Form |
| 8 | Vargeese, Chandra | See Remarks | Direct | Sell | 2112026 | 13.45 | 3,228 | 43,417 | 5,490,909 | Form |
| 9 | Francis, Chris | See Remarks | Direct | Sell | 1062026 | 16.03 | 9,375 | 150,260 | 400,694 | Form |
| 10 | Gsk, Plc | Corporation | Buy | 12152025 | 19.00 | 1,470,000 | 27,930,000 | 346,668,129 | Form | |
| 11 | Moran, Kyle | Chief Financial Officer | Direct | Sell | 12102025 | 20.03 | 50,036 | 1,001,979 | 1,786,605 | Form |
| 12 | Rawcliffe, Adrian | Direct | Sell | 12102025 | 15.00 | 42,000 | 630,000 | 190,500 | Form | |
| 13 | Wagner, Heidi L | Direct | Sell | 12102025 | 13.50 | 14,000 | 189,000 | 606,555 | Form | |
| 14 | Henry, Christian O | Direct | Sell | 12102025 | 14.65 | 93,445 | 1,369,324 | 186,103 | Form | |
| 15 | Tan, Aik NA | Direct | Sell | 12102025 | 13.58 | 134,218 | 1,823,158 | 345,022 | Form | |
| 16 | Verdine, Gregory L | Direct | Sell | 12102025 | 13.47 | 20,000 | 269,461 | 3,708,010 | Form | |
| 17 | Francis, Chris | See Remarks | Direct | Sell | 12102025 | 14.57 | 441,031 | 6,427,085 | 364,322 | Form |
| 18 | Moran, Kyle | Chief Financial Officer | Direct | Sell | 12102025 | 14.77 | 210,000 | 3,102,000 | 1,317,877 | Form |
| 19 | Corrigan, Mark | Direct | Sell | 12102025 | 13.48 | 16,115 | 217,297 | 388,546 | Form | |
| 20 | Rawcliffe, Adrian | Direct | Sell | 11142025 | 6.79 | 16,115 | 109,421 | 86,233 | Form | |
| 21 | Ra, Capital Management, LP | See footnotes | Buy | 11142025 | 6.69 | 1,000 | 6,688 | 121,732,623 | Form | |
| 22 | Verdine, Gregory L | Direct | Sell | 8262025 | 10.00 | 10,000 | 100,000 | 2,852,170 | Form | |
| 23 | Bolno, Paul | President and CEO | Direct | Sell | 8262025 | 10.10 | 217,351 | 2,194,810 | 1,221,858 | Form |
| 24 | Tan, Aik NA | Direct | Sell | 8192025 | 9.25 | 21,000 | 194,250 | 373,589 | Form | |
| 25 | Henry, Christian O | Direct | Sell | 8132025 | 8.81 | 9,670 | 85,193 | 261,172 | Form | |
| 26 | Takanashi, Ken | Direct | Sell | 8072025 | 8.75 | 4,872 | 42,630 | 50,017,651 | Form | |
| 27 | Tan, Aik NA | Direct | Sell | 8072025 | 8.75 | 1,127 | 9,861 | 131,145 | Form | |
| 28 | Verdine, Gregory L | Direct | Sell | 6132025 | 6.95 | 30,000 | 208,500 | 1,963,493 | Form |
Investor Activity (13F)
Updated Aug 11, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.
Core Cache Last Updated: 8/10/2026