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Saturday 7 November 2026
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WAVE Life Sciences Ltd.
WAVE Life Sciences Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $42.7 million, down 60.5% from fiscal 2024.
- Revenue
- +73.0%
- EPS
- +5.25%
- Free cash flow
- −33.9%
Quarter to September 2026, against a year earlier
3.36
0.14
+4.35%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1 | 4 | 14 | 16 | 20 | 41 | 4 | 113 | 108 | 43 | 71 | +50.3% | 63 | 34 | 64 | +14.4% | |
| Gross margin, % | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | (55) | (101) | (147) | (194) | (151) | (122) | (161) | (58) | (97) | (204) | (211) | +15.7% | ||||||
| EBT margin, % | (5,052.93) | (2,597.95) | (1,016.96) | (1,211.52) | (750.86) | (298.92) | (4,416.06) | (51.36) | (89.57) | (478.33) | (296.86) | +4,574.6 pt | ||||||
| Net income | (56) | (102) | (147) | (194) | (150) | (122) | (162) | (58) | (97) | (204) | (211) | +15.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.05 | 0.15 | 0.50 | 0.47 | 0.51 | 0.79 | 0.05 | 1.07 | 0.78 | 0.25 | 0.35 | +20.3% | |||||
| Earnings | (2.43) | (3.85) | (5.06) | (5.72) | (3.82) | (2.36) | (2.05) | (0.54) | (0.70) | (1.21) | (1.07) | (7.5%) | ||||||
| Cash flow | (1.40) | (3.16) | (0.79) | (5.56) | (2.96) | (1.72) | (1.62) | (0.18) | (1.09) | (1.11) | (1.01) | (2.5%) | ||||||
| Capex | (0.24) | (0.71) | (0.34) | (0.12) | (0.03) | (0.01) | (0.02) | (0.01) | (0.01) | 0.00 | (0.01) | (36.2%) | ||||||
| Free cash flow | (1.64) | (3.87) | (1.13) | (5.67) | (2.99) | (1.73) | (1.64) | (0.19) | (1.10) | (1.12) | (1.02) | (4.2%) | ||||||
| Book value | 6.26 | 5.56 | 2.53 | 1.88 | 2.11 | 0.63 | (0.57) | 0.37 | 1.52 | 3.07 | 1.97 | (7.6%) | ||||||
| Shares, m | 23 | 27 | 29 | 34 | 39 | 52 | 79 | 106 | 138 | 169 | 194 | +24.9% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | 547.06 | 237.00 | 84.49 | 16.99 | 15.38 | 3.23 | 133.98 | 5.00 | 15.79 | 67.10 | 9.68 | 112.6 | ||||||
| P/B | 4.43 | 6.61 | 16.60 | 4.26 | 3.73 | 5.01 | 0.00 | 14.30 | 8.16 | 5.53 | 1.71 | 6.9 | ||||||
| EV/Sales | 409.44 | 200.40 | 72.37 | 7.79 | 6.19 | 0.24 | 109.74 | 3.23 | 13.00 | 53.01 | 3.60 | 87.5 | ||||||
| EV/FCF | (11.93) | (7.61) | (31.80) | (0.65) | (1.06) | (0.14) | (3.10) | (17.82) | (9.27) | (12.03) | (1.23) | (9.5) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | (32) | (84) | (23) | (188) | (116) | (89) | (128) | (19) | (151) | (187) | (207) | +21.7% | |||||
| Capex | (6) | (19) | (10) | (4) | (1) | (1) | (1) | (1) | (1) | (1) | (1) | (20.3%) | ||||||
| Free cash flow | (37) | (103) | (33) | (192) | (117) | (90) | (129) | (21) | (152) | (188) | (208) | +19.6% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 140 | 132 | 72 | 67 | 109 | 98 | 27 | 49 | 209 | 520 | 404 | +15.7% | |||||
| Net debt | (150) | (143) | (175) | (147) | (184) | (151) | (88) | (200) | (302) | (602) | (431) | +16.7% | ||||||
| Shareholders’ equity | 143 | 147 | 73 | 64 | 83 | 32 | (45) | 40 | 210 | 518 | 402 | +15.4% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (33.71) | (58.84) | (61.39) | (66.75) | (53.21) | (50.28) | (91.58) | (27.30) | (30.94) | (41.26) | (56.19) | (7.6) pt | |||||
| ROIC | 0.00 | (1,284.77) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | (38.61) | (74.31) | (137.73) | (282.52) | (204.64) | (212.09) | 2,570.05 | 2,106.32 | (77.87) | (56.16) | (79.98) | (17.5) pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 96 | 168 | 250 | 301 | 220 | 238 | 252 | 268 | 288 | 317 | — | +14.2% | |||||
| Revenue/emp, $m | 0.01 | 0.02 | 0.06 | 0.05 | 0.09 | 0.17 | 0.01 | 0.42 | 0.38 | 0.13 | — | +31.6% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
WAVE Life Sciences Ltd. vs peers in Biotechnology (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| AURA Aura Biosciences, Inc. | $657.5M | — (loss-making) | — | — | n/m | −56.26% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| ACHV Achieve Life Sciences, Inc. | $656.0M | — (loss-making) | — | +54.44% (above 0%: growing) | n/m | −19.01% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| SGMT Sagimet Biosciences Inc. | $641.5M | — (loss-making) | — (loss-making) | — | n/m | −21.95% (below 0%: shrinking) | 100.00% | 0.00% | Compare |
| WVE WAVE Life Sciences Ltd. | $635.1M | — (loss-making) | — (loss-making) | +72.95% (above 0%: growing) | n/m | −33.94% (below 0%: shrinking) | 100.00% | (501.95%) | |
| ZVRA Zevra Therapeutics, Inc. | $626.6M | 9.0× | 9.2× | +44.86% (above 0%: growing) | n/m | +106.77% (above 0%: growing) | 95.25% | 30.67% | Compare |
| FDMT 4D Molecular Therapeutics, Inc. | $621.5M | — (loss-making) | — (loss-making) | +25,106.67% (above 0%: growing) | n/m | −61.28% (below 0%: shrinking) | 100.00% | (2,037.16%) | Compare |
| DBVT DBV Technologies S.A. | $615.8M | — (loss-making) | — | −42.86% (below 0%: shrinking) | n/m | −64.93% (below 0%: shrinking) | 100.00% | (4,043.75%) | Compare |
| CADL Candel Therapeutics, Inc. | $615.2M | — (loss-making) | — (loss-making) | 0.00% | n/m | −93.35% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| HELP Cybin Inc. | $613.0M | — (loss-making) | — (loss-making) | — | n/m | −25.60% (below 0%: shrinking) | 0.00% | 0.00% | Compare |
| Median of peers | $624.0M | — | — | +44.86% | — | −40.93% | 47.63% | 0.00% |
Pay and ownership Proxy statement filed 14 October 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 12.28m | 18.59m | 216.01 |
| 2024 | 4.27m | 17.39m | 157.18 |
| 2023 | 3.87m | 2.22m | 64.17 |
| 2022 | 2.67m | 6.08m | 88.95 |
| 2021 | 3.89m | 1.27m | 39.90 |
Ownership
Directors and executive officers, together
24.34%
RA Capital Management, L.P.
16.76%
Peter Kolchinsky, Ph.D.
16.76%
GSK plc
9.25%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement