10-Q · April 28, 2026
Wave Life’s Q1 2026 report shows meaningful clinical progress and a narrower GAAP loss: net loss for the quarter was $26.1 million versus $46.9 million a year earlier, while reported collaboration revenue was material.…
Earnings analysis · 10-K
WVE earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Wave Life Sciences (WVE) reported a challenging financial year ended December 31, 2025, marked by a significant cash balance of $602.1 million and notable clinical milestones across multiple product candidates. Despite…
Read full summary
Wave Life Sciences (WVE) reported a challenging financial year ended December 31, 2025, marked by a significant cash balance of $602.1 million and notable clinical milestones across multiple product candidates. Despite this, the company remains unprofitable with persistent operating losses and a diluted EPS of -0.29 in Q4 2025, leading analysts to maintain a cautious outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.27
What stood out
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Significant Cash Position
Wave ended 2025 with $602.1 million in cash and cash equivalents, ensuring operational runway until mid-2028.
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Clinical Milestones Achieved
In 2025, the company advanced its R&D pipeline, including key data in its WVE-007 trial for obesity and generated $80.9 million in revenue from the GSK collaboration.
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Narrowed Annual Loss
The net loss for Q4 2025 was reported at $17 million, down from a loss of $26 million in Q4 2024.
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Strong Clinical Data
Presented positive interim data for WVE-007, catalyzing the largest financing in Wave’s history, raising $402.5 million.
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Increased Equity Grants to Executives
For 2026, executive equity awards included options priced at $12.75, valuing compensation at market-driven levels.
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GSK Partnership Solidified
The collaboration with GSK resulted in an upfront cash payment of $120 million and additional milestones.
What to watch
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Continued Unprofitability
Wave has sustained operating losses with a reported net loss of $17 million in Q4 2025, raising concerns about long-term viability.
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Heavy Reliance on External Collaboration
Dependence on GSK collaboration for revenue may expose the company to risks related to partnership dynamics.
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Regulatory and Clinical Trial Risks
Ongoing clinical trials and regulatory feedback for several programs may face delays or setbacks, impacting future revenue forecasts.
Management's outlook
Management has not provided numeric full-year guidance, focusing on program milestones and operational execution.
Earlier filings 4
10-K · February 26, 2026
Wave Life Sciences (WVE) positions itself as a multimodal RNA medicines company (PRISM®) focused on hepatic/metabolic and rare disease programs (WVE-007, WVE-006, WVE-008 plus DMD and HD programs). The filing highlights…
10-Q · November 10, 2025
Wave reported Q3 2025 revenue of $7.608M (turning positive from $(7.676)M in Q3 2024) and a GAAP loss per share of $(0.32), improved versus $(0.47) a year ago. Operating loss narrowed to $56.353M from $63.915M…
10-Q · May 8, 2025
Wave reported Q1 revenue of $9.175M and GAAP net loss of $46.878M (EPS -$0.29), missing revenue and EPS consensus. R&D and G&A rose to $40.622M and $18.357M respectively, driving an operating loss of $49.804M. Cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.