Wave Life Sciences Ltd. WVE R2K

Healthcare · Biotechnology · Singapore

Wave Life Sciences Ltd., a clinical-stage biotechnology company, designs, develops, and commercializes ribonucleic acid (RNA) medicines through PRISM, a discovery and drug development platform. The company's medicines platform, PRISM combines multiple modalities, chemistry innovation, and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and prevalent disorders. It is developing WVE-006, a GalNAc-conjugated RNA editing oligonucleotide for the treatment of alpha-1 antitrypsin deficiency; WVE-007, a GalNAc-conjugated small interfering RNA designed to silence INHBE mRNA targeting obesity; WVE-008, a GalNAc-conjugated RNA editing oligonucleotide for the treatment of liver disease; WVE-N531, an exon splicing oligonucleotide for the treatment of Duchenne muscular dystrophy; and WVE-003, an allele-selective oligonucleotide for the treatment of Huntington's disease (HD). The company has collaboration agreements with GlaxoSmithKline for the research, development, and commercialization of oligonucleotide therapeutics; Takeda Pharmaceutical Company Limited for the research, development, and commercialization of oligonucleotide therapeutics for disorders of the Central Nervous System; and Asuragen, Inc. for the development and potential commercialization of companion diagnostics for investigational allele-selective therapeutic programs targeting HD. Wave Life Sciences Ltd. was founded in 2012 and is based in Singapore.

Market & Price

Market Cap

$1.27B

Current Price

$6.58

High / Low (52W)

$21.31 / $6.01

Beta

-1.32

Valuation

Stock P/E

Industry PE

23.65

Forward P/E

PEG Ratio

Book Value

$2.76

Price to Book

2.38

P/S

17.63

EV/EBITDA

-3.81

Dividend Yield

Profitability & Returns

ROCE

-39.63%

ROE

-53.10%

ROA

-28.23%

Profit Margin

Op Margin

-81.83%

EPS (Latest Qtr)

$-0.13

EPS (TTM)

$-1.05

Balance Sheet & Liquidity

Debt/Equity

3.07

Quick Ratio

10.93

Current Ratio

11.26

Debt

$15.71M

Total Assets

$638.50M

Current Assets

$614.81M

Working Capital

$519.75M

Ownership

Promoter Holding

15.88%

Chg in Prom Hold

FII / Inst Holding

82.30%

Chg in FII Hold

Financial Snapshot

Enterprise Value

$736.98M

Total Revenue (TTM)

$71.80M

EBITDA

$-193.47M

Free Cash Flow

$-125.72M

Operating Cash Flow

$-184.01M

Shares Outstanding

192.40M

Gross Margin

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

127.08%

Profit 5Y

-8.77%

Revenue (YoY)

316.90%

Earnings (YoY)

PROS

Compounding revenue at 127.1% over 5 years.

CONS

Earnings shrank at -8.8% CAGR over 5 years.
Trading 69.1% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Healthcare).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	WVE Wave Life Sciences Ltd. R2K	6.58	-	$1.27B	-	-39.63%	-53.10%	127.08%	-8.77%
2	LLY Eli Lilly and Company SPX	1,105.00	39.21	$985.37B	0.63%	38.44%	107.46%	31.69%	48.96%
3	JNJ Johnson & Johnson SPX	225.33	26.11	$542.42B	2.38%	23.13%	26.42%	5.60%	14.32%
4	UNH UnitedHealth Group Incorporated SPX	380.31	28.66	$345.38B	2.32%	9.60%	12.18%	11.35%	-15.69%
5	MRK Merck & Co., Inc. SPX	118.72	33.44	$293.22B	2.86%	20.66%	18.94%	3.12%	7.93%
6	TMO Thermo Fisher Scientific Inc. SPX	492.51	27.11	$183.03B	0.38%	9.17%	13.52%	-0.27%	-1.19%
7	AMGN Amgen Inc. NDXSPX	336.79	23.42	$181.77B	2.99%	18.02%	101.32%	11.77%	5.58%
8	GILD Gilead Sciences, Inc. NDXSPX	134.43	18.29	$166.90B	2.44%	22.92%	43.36%	2.57%	22.83%
9	ISRG Intuitive Surgical, Inc. NDXSPXAI	424.64	51.53	$150.39B	-	15.96%	17.23%	17.39%	29.26%

Quarterly Results

Figures in USD.

Metric	Jun 2015	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	-	383.00K	1.10M	1.31M	1.10M	1.42M	4.88M	4.49M	3.62M	3.03M	7.63M	2.93M	2.40M	4.16M	3.03M	3.45M	-	2.78M	36.42M	1.75M	375.00K	285.00K	12.93M	22.11M	49.21M	12.54M	19.69M	-	-	9.18M	8.70M	7.61M	17.25M	38.25M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	58.98M	61.46M	63.96M	73.71M	69.54M
Operating Income	-3.63M	-4.99M	-7.21M	-7.95M	-11.64M	-17.23M	-18.50M	-20.21M	-24.67M	-26.35M	-31.16M	-35.77M	-36.57M	-38.23M	-48.94M	-47.99M	-45.62M	-54.18M	-60.53M	-49.99M	-38.66M	-34.41M	-43.47M	-39.83M	-7.61M	-38.09M	-42.16M	-38.90M	-30.29M	-23.47M	4.44M	-34.46M	-35.00M	-	-	-49.80M	-52.76M	-56.35M	-56.47M	-31.30M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-47.64M	-50.56M	-54.12M	-54.20M	-28.99M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-46.88M	-50.47M	-53.85M	-53.18M	-26.09M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	0	0
Net Income	-3.70M	-4.94M	-7.10M	-7.85M	-11.56M	-17.54M	-18.45M	-21.10M	-24.60M	-25.49M	-30.79M	-35.24M	-35.89M	-37.63M	-37.89M	-44.20M	-41.94M	-50.73M	-56.77M	-47.49M	-40.53M	-33.10M	-42.46M	-38.77M	-6.23M	-37.81M	-41.30M	-39.00M	-27.41M	-21.10M	7.25M	-31.56M	-32.92M	-	-	-46.88M	-50.47M	-53.85M	-53.18M	-26.09M
Diluted EPS	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.78	-0.12	-0.62	-0.62	-0.42	-0.27	-0.20	0.07	-0.24	-0.25	-	-	-0.29	-0.31	-0.32	-0.30	-0.13
R&D Expense	1.85M	2.13M	-	4.74M	8.40M	13.69M	-	14.74M	19.10M	20.10M	-	29.20M	32.55M	32.88M	-	40.11M	41.60M	44.59M	-	41.16M	31.48M	28.27M	33.39M	31.64M	31.09M	27.47M	29.73M	27.57M	30.98M	33.31M	31.64M	33.45M	40.39M	41.20M	-	40.62M	43.47M	45.87M	-	47.44M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	1.09M	3.89M	14.41M	15.98M	20.08M	40.96M	3.65M	113.31M	108.30M	42.73M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-	-	-	166.37M	181.30M	218.71M	258.11M
Operating Income	-3.57M	-5.39M	-19.30M	-55.72M	-102.39M	-159.52M	-208.32M	-153.38M	-127.02M	-162.72M	-68.00M	-110.40M	-215.38M
EBITDA	-	-	-	-	-	-	-	-	-	-152.61M	-58.79M	-101.74M	-206.53M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-
Pretax Income	-	-	-	-	-	-	-	-	-	-161.14M	-58.19M	-97.01M	-204.38M
Tax Provision	-	-	-	-	-	-	-	-	-	681.00K	-677.00K	0	0
Net Income	-3.32M	-5.23M	-19.20M	-55.66M	-101.98M	-146.65M	-193.64M	-149.91M	-122.25M	-161.82M	-57.51M	-97.01M	-204.38M
Diluted EPS	-	-	-	-	-	-	-	-	-2.36	-2.05	-0.54	-0.70	-1.21
R&D Expense	1.92M	2.40M	9.06M	40.82M	79.31M	134.43M	175.43M	130.94M	121.88M	115.86M	130.01M	159.68M	182.78M

Compounded Sales Growth

5 Years:	127.08%
1 Year:	316.90%

Compounded Profit Growth

5 Years:	-8.77%
1 Year:	-

Stock Price Performance

1 Year:	+9.48%
6 Months:	-11.44%
3 Months:	-52.76%
1 Month:	-6.67%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	2.94M	165.42M	164.81M	181.84M	295.94M	284.25M	279.24M	207.01M	146.39M	274.95M	352.21M	638.50M
Current Assets	-	-	-	-	-	-	-	-	-	-	98.54M	235.37M	320.39M	614.81M
Cash & Equivalents	379.00K	439.00K	1.05M	161.22M	150.29M	142.50M	174.82M	147.16M	184.50M	150.56M	88.50M	200.35M	302.08M	602.07M
Inventory	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Receivables	-	-	-	-	-	-	-	-	-	-	0	21.09M	1.42M	1.28M
Total Liabilities	-	-	911.00K	4.06M	22.07M	34.36M	214.72M	212.64M	188.59M	166.63M	191.48M	235.32M	142.69M	120.14M
Current Liabilities	-	-	882.00K	3.82M	12.15M	18.19M	130.04M	118.15M	121.04M	64.20M	71.52M	186.44M	110.95M	95.06M
Long Term Debt	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Debt	-	-	-	-	-	-	-	-	-	-	37.61M	32.12M	25.40M	17.77M
Total Equity	-4.58M	-7.76M	2.03M	153.49M	134.60M	139.61M	73.35M	63.73M	82.78M	32.50M	-45.09M	39.63M	209.51M	518.36M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	86.92M	119.16M	153.04M	187.66M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	-	-	-31.93M	-83.67M	-22.86M	-188.23M	-115.98M	-	-127.78M	-19.43M	-151.03M	-187.49M
Investing Cash Flow	-	-	-	-5.56M	-18.89M	-9.94M	-3.92M	-1.34M	-	-1.25M	-1.11M	-938.00K	-718.00K
Financing Cash Flow	-	-	-	29.12M	94.37M	65.09M	164.40M	154.54M	-	67.19M	132.53M	253.89M	488.24M
Capital Expenditure	-47.00K	-590.00K	-1.86M	-5.57M	-18.89M	-9.94M	-3.92M	-1.34M	-	-1.36M	-1.11M	-938.00K	-718.00K
Free Cash Flow	-	-	-	-37.49M	-102.56M	-32.80M	-192.15M	-117.32M	-	-129.14M	-20.55M	-151.96M	-188.21M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-61.85M	111.99M	101.93M	300.02M

Ratios (Annual)

Figures in %.

Metric	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin %	-	-	-	-5,102.6%	-2,630.1%	-1,106.7%	-1,303.4%	-763.9%	-310.1%	-4,459.3%	-60.0%	-101.9%	-504.1%
Net Margin %	-	-	-	-5,097.1%	-2,619.6%	-1,017.4%	-1,211.5%	-746.7%	-298.4%	-4,434.7%	-50.8%	-89.6%	-478.3%
ROE %	42.7%	-258.0%	-12.5%	-41.4%	-73.0%	-199.9%	-303.8%	-181.1%	-376.2%	358.9%	-145.1%	-46.3%	-39.4%
ROCE %	-	-262.4%	-11.9%	-36.5%	-62.6%	-96.2%	-125.4%	-97.0%	-88.9%	-217.4%	-76.8%	-45.8%	-39.6%

Shareholding Pattern

Insiders

15.88%

Institutions

82.30%

Public Float

97.84%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	RA Capital Management, L.P.	14.02%	26.98M	$177.50M
2	GSK plc	9.48%	18.25M	$120.06M
3	Blackrock Inc.	7.34%	14.12M	$92.89M
4	Maverick Capital Ltd.	5.28%	10.16M	$66.86M
5	Price (T.Rowe) Associates Inc	4.52%	8.70M	$57.28M
6	Driehaus Capital Management, LLC	2.82%	5.43M	$35.74M
7	Federated Hermes, Inc.	2.76%	5.32M	$34.99M
8	FMR, LLC	2.70%	5.19M	$34.17M
9	683 Capital Management LLC	2.55%	4.90M	$32.24M
10	Primecap Management Company	2.51%	4.83M	$31.80M

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WVE · Healthcare