Wave Life Sciences, Inc. WVE
We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid ("RNA") medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM®, combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and common disorders. Our toolkit of RNA-targeting modalities, including RNAi (SpiNA) and RNA editing (AIMers), provides us with unmatched capabilities for designing and sustainably delivering candidates that optimally address disease biology. Our pipeline is focused on our obesity (WVE-007), alpha-1 antitrypsin deficiency ("AATD") (WVE-006) and PNPLA3 I148M liver disease (WVE-008) programs, and also includes clinical programs for Duchenne muscular dystrophy ("DMD") and Huntington's disease ("HD"), as well as several preclinical programs utilizing our versatile RNA medicines platform.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.7M | $108.3M | $113.3M | $3.6M | $41.0M | $20.1M | $16.0M | $14.4M | $3.9M | $1.1M |
| R&D | $182.8M | $159.7M | $130.0M | $115.9M | $121.9M | $130.9M | $175.4M | $134.4M | $79.3M | $40.8M |
| SG&A | $75.3M | $59.0M | $51.3M | $50.5M | $46.1M | $42.5M | $48.9M | $39.5M | $27.0M | $16.0M |
| Total operating expenses | $258.1M | $218.7M | $181.3M | $166.4M | $168.0M | $173.5M | $224.3M | $173.9M | $106.3M | $56.8M |
| Operating income | -$215.4M | -$110.4M | -$68.0M | -$162.7M | -$127.0M | -$153.4M | -$208.3M | -$159.5M | -$102.4M | -$55.7M |
| Pre-tax income | -$204.4M | -$97.0M | -$58.2M | -$161.1M | -$122.4M | -$150.8M | -$193.6M | -$146.6M | -$101.1M | -$55.2M |
| Income tax | $0 | $0 | $677.0K | $681.0K | $204.0K | $841.0K | $0 | $69.0K | $842.0K | $482.0K |
| Net income | -$204.4M | -$97.0M | -$57.5M | -$161.8M | -$122.2M | -$149.9M | -$193.6M | -$146.7M | -$102.0M | -$55.7M |
| EPS, basic | -1.21 | -0.70 | -0.54 | -2.05 | -2.36 | — | — | — | — | — |
| EPS, diluted | -1.21 | -0.70 | -0.54 | -2.05 | -2.36 | -3.82 | -5.72 | -5.06 | -3.85 | -2.44 |
| Shares, diluted (wtd. avg.) | 168.6M | 138.3M | 106.1M | 78.9M | 51.8M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $602.1M | $302.1M | $200.4M | $88.5M | $150.6M | $184.5M | $147.2M | $174.8M | $142.5M | $150.3M |
| Receivables | $1.3M | $1.4M | $21.1M | — | — | $30.0M | $20.0M | $10.0M | $1.0M | — |
| Total current assets | $614.8M | $320.4M | $235.4M | $98.5M | $162.6M | $230.0M | $185.5M | $202.3M | $150.5M | $152.0M |
| Property, plant and equipment | $7.4M | $10.1M | $13.1M | $17.3M | $22.3M | $29.2M | $36.4M | $39.9M | $27.3M | $8.6M |
| Total assets | $638.5M | $352.2M | $274.9M | $146.4M | $207.0M | $279.2M | $284.2M | $295.9M | $181.8M | $164.8M |
| Accounts payable | $15.7M | $16.3M | $12.8M | $16.9M | $7.3M | $13.8M | $9.1M | $13.1M | $7.6M | $4.9M |
| Total current liabilities | $95.1M | $111.0M | $186.4M | $71.5M | $64.2M | $121.0M | $118.2M | $130.0M | $18.2M | $12.2M |
| Total liabilities | $112.3M | $134.8M | $227.4M | $183.6M | $166.6M | $188.6M | $212.6M | $214.7M | $34.4M | $22.1M |
| Retained earnings | -$1.33B | -$1.12B | -$1.02B | -$967.3M | -$805.5M | -$683.3M | -$533.4M | -$339.7M | -$192.7M | -$90.5M |
| Total equity | $518.4M | $209.5M | $39.6M | -$45.1M | $32.5M | $82.8M | $63.7M | $73.3M | $139.6M | $134.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$187.5M | -$151.0M | -$19.4M | -$127.8M | -$89.0M | -$116.0M | -$188.2M | -$22.9M | -$83.7M | -$31.9M |
| Depreciation and amortisation | $3.4M | $3.9M | $5.0M | $6.6M | $7.5M | $8.1M | $7.6M | $5.6M | $2.2M | $784.0K |
| Capital expenditure | $718.0K | $938.0K | $1.1M | $1.4M | $560.0K | $1.3M | $3.9M | $9.9M | $18.9M | $5.6M |
| Investing cash flow | -$718.0K | -$938.0K | -$1.1M | -$1.3M | -$560.0K | -$1.3M | -$3.9M | -$9.9M | -$18.9M | -$5.6M |
| Financing cash flow | $488.2M | $253.9M | $132.5M | $67.2M | $55.8M | $154.5M | $164.4M | $65.1M | $94.4M | $29.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-197330.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1M | $3.9M | $14.4M | $16.0M | $20.1M | $41.0M | $3.6M | $113.3M | $108.3M | $42.7M |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | -$55.7M | -$102.0M | -$146.7M | -$193.6M | -$149.9M | -$122.2M | -$161.8M | -$57.5M | -$97.0M | -$204.4M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Change of control Control of the company has changed hands. Item 5.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Item 7.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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