Wave Life Sciences (WVE) financial statements
Wave Life Sciences reported revenue of $43M in fiscal 2025, up 50.3% a year over 9 years.
Net income was -$204M and the operating margin -504.1%, against -5102.6% in 2016.
Free cash flow was -$188M.
The diluted share count rose 640% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Wave Life Sciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1M | $4M | $14M | $16M | $20M | $41M | $4M | $113M | $108M | $43M |
| Research and development | $41M | $79M | $134M | $175M | $131M | $122M | $116M | $130M | $160M | $183M |
| Selling, general and admin | $16M | $27M | $40M | $49M | $43M | $46M | $51M | $51M | $59M | $75M |
| Operating income | -$56M | -$102M | -$160M | -$208M | -$153M | -$127M | -$163M | -$68M | -$110M | -$215M |
| Pre-tax income | -$55M | -$101M | -$147M | -$194M | -$151M | -$122M | -$161M | -$58M | -$97M | -$204M |
| Income tax | $482,000 | $842,000 | $69,000 | $0 | -$841,000 | -$204,000 | $681,000 | -$677,000 | $0 | $0 |
| Net income | -$56M | -$102M | -$147M | -$194M | -$150M | -$122M | -$162M | -$58M | -$97M | -$204M |
| EPS (diluted) | -$2.44 | -$3.85 | -$5.06 | -$5.72 | -$3.82 | -$2.36 | -$2.05 | -$0.54 | -$0.70 | -$1.21 |
| Diluted shares | 23M | 27M | 29M | 34M | 39M | 52M | 79M | 106M | 138M | 169M |
| Operating margin | -5102.6% | -2630.1% | -1106.7% | -1303.4% | -763.9% | -310.1% | -4459.3% | -60.0% | -101.9% | -504.1% |
| Net margin | -5097.1% | -2619.6% | -1017.4% | -1211.5% | -746.7% | -298.4% | -4434.7% | -50.8% | -89.6% | -478.3% |
Balance sheet
Fiscal years, from Wave Life Sciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $150M | $143M | $175M | $147M | $184M | $151M | $88M | $200M | $302M | $602M |
| Receivables | — | $1M | $10M | $20M | $30M | — | — | $21M | $1M | $1M |
| Total current assets | $152M | $150M | $202M | $185M | $230M | $163M | $99M | $235M | $320M | $615M |
| Property, plant and equipment | $9M | $27M | $40M | $36M | $29M | $22M | $17M | $13M | $10M | $7M |
| Total assets | $165M | $182M | $296M | $284M | $279M | $207M | $146M | $275M | $352M | $638M |
| Total current liabilities | $12M | $18M | $130M | $118M | $121M | $64M | $72M | $186M | $111M | $95M |
| Total liabilities | $22M | $34M | $215M | $213M | $189M | $167M | $184M | $227M | $135M | $112M |
| Shareholders' equity | $135M | $140M | $73M | $64M | $83M | $32M | -$45M | $40M | $210M | $518M |
| Net debt | -$150M | -$143M | -$175M | -$147M | -$184M | -$151M | -$88M | -$200M | -$302M | -$602M |
Cash flow
Fiscal years, from Wave Life Sciences's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$32M | -$84M | -$23M | -$188M | -$116M | -$89M | -$128M | -$19M | -$151M | -$187M |
| Capital spending | $6M | $19M | $10M | $4M | $1M | $560,000 | $1M | $1M | $938,000 | $718,000 |
| Free cash flow | -$37M | -$103M | -$33M | -$192M | -$117M | -$90M | -$129M | -$21M | -$152M | -$188M |
| Stock-based compensation | $7M | $12M | $16M | $20M | $14M | $16M | $17M | $10M | $13M | $25M |
| Free cash flow margin | -3433.3% | -2634.4% | -227.6% | -1202.2% | -584.4% | -218.6% | -3539.1% | -18.1% | -140.3% | -440.5% |
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Open WVE in InvestinglyQuestions
What was Wave Life Sciences's revenue in 2025?
$43M in fiscal 2025, from its 10-K filing.
How much free cash flow does Wave Life Sciences generate?
-$188M in fiscal 2025 (operating cash flow minus capital spending).
From Wave Life Sciences's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.