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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $43M | $-207M | $-204M | $-188M | -39.4% | -60.5% | 110.7% |
| 2024 | $108M | $-102M | $-97M | $-152M | -46.3% | -4.4% | 68.7% |
| 2023 | $113M | $-59M | $-58M | $-21M | -145.1% | 3005.1% | -64.5% |
| 2022 | $4M | $-153M | $-162M | $-129M | 358.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 3.65 | 113.30 | 108.30 | 42.73 |
| Operating Revenue | - | 3.65 | 113.30 | 108.30 | 42.73 |
| Operating Expense | - | 166.37 | 181.30 | 218.70 | 258.11 |
| Research And Development | - | 115.86 | 130.01 | 159.68 | 182.78 |
| Selling General And Administration | - | 50.51 | 51.29 | 59.02 | 75.33 |
| Total Expenses | - | 166.37 | 181.30 | 218.70 | 258.11 |
| Operating Income | - | -162.72 | -68 | -110.40 | -215.38 |
| Total Operating Income As Reported | - | -162.72 | -68 | -110.40 | -215.38 |
| EBITDA | - | -152.61 | -58.79 | -101.74 | -206.53 |
| Normalized EBITDA | - | -154.18 | -66.72 | -111.90 | -217.01 |
| EBIT | - | -162.72 | -68 | -110.40 | -215.38 |
| Other Non Operating Income Expenses | - | 0.01 | 1.88 | 3.23 | 0.53 |
| Other Income Expense | - | 1.58 | 9.81 | 13.40 | 11 |
| Pretax Income | - | -161.14 | -58.19 | -97.01 | -204.38 |
| Tax Provision | - | 0.68 | -0.68 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.27 | 0.09 | 0 | 0 |
| Net Income Continuous Operations | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Net Income From Continuing And Discontinued Operation | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Net Income From Continuing Operation Net Minority Interest | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Net Income | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Net Income Common Stockholders | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Net Income Including Noncontrolling Interests | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Normalized Income | - | -163.13 | -65.35 | -107.17 | -214.86 |
| Diluted NI Availto Com Stockholders | - | -161.82 | -57.51 | -97.01 | -204.38 |
| Basic Average Shares | - | 78.86 | 106.10 | 138.28 | 168.65 |
| Diluted Average Shares | - | 78.86 | 106.10 | 138.28 | 168.65 |
| Reconciled Depreciation | - | 10.11 | 9.21 | 8.66 | 8.85 |
| Total Unusual Items | - | 1.57 | 7.93 | 10.16 | 10.48 |
| Total Unusual Items Excluding Goodwill | - | 1.57 | 7.93 | 10.16 | 10.48 |
| Gain On Sale Of Security | - | 1.57 | 7.93 | 10.16 | 10.48 |
| General And Administrative Expense | - | 50.51 | 51.29 | 59.02 | 75.33 |
| Other Gand A | - | 50.51 | 51.29 | 59.02 | 75.33 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Wave Life Sciences Ltd.this co. | WVE | $1.2B | - | 2.26 | -39.4% | - |
| IRADIMED CORPORATION | IRMD | $1.2B | 53.21 | 12.64 | 23.8% | 41.92 |
| CareDx, Inc. | CDNA | $1.2B | -55.93 | 3.94 | -7.0% | -248.15 |
| Kestra Medical Technologies, Ltd. | KMTS | $1.2B | -10.49 | 5.81 | -55.4% | -10.21 |
| AMN Healthcare Services, Inc. | AMN | $1.2B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 1.85 |
| -14.9% |
| 19.35 |
| Schrödinger, Inc. | SDGR | $1.2B | -11.47 | 3.25 | -28.4% | -6.61 |
| Avanos Medical, Inc. | AVNS | $1.2B | - | 1.50 | -9.4% | - |
| Zenas BioPharma, Inc. | ZBIO | $1.2B | -3.07 | 4.79 | -156.0% | -2.84 |
| Absci Corporation | ABSI | $1.1B | -9.94 | 6.04 | -60.8% | -10.95 |
| Peer Median | - | -10.21 | 4.37 | -21.6% | -6.61 | |