Wave Life Sciences
Develops PRISM-based RNA medicines across editing, silencing, splicing, and RNAi.
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Profile
Builds investigational RNA medicines through PRISM, with programs in obesity, AATD, liver disease, DMD, and Huntington's disease. The business has one reportable segment, no approved product revenue, and collaboration economics tied to GSK.
Develops investigational RNA medicines through PRISM, a platform spanning RNAi silencing, RNA editing, splicing, and allele-selective silencing. Named programs include WVE-007 in obesity, WVE-006 in AATD, WVE-008 in PNPLA3 liver disease, WVE-N531 in DMD, and WVE-003 in Huntington's disease.
Operates as one reportable segment with public listing in the US, legal domicile in Singapore, and app headquarters centered in Cambridge, Massachusetts. Execution is focused on advancing clinical programs, matching PRISM chemistry to human-genetics targets, and managing outside development scope through the GSK collaboration.
No approved product revenue has been generated; recognized revenue is collaboration-driven. The business depends on clinical readouts, regulatory paths, partnership economics, manufacturing control, and the court-conditioned redomiciliation process.
Company facts
Key statistics
Year to date −68.4% · Average volume (30d) 3.0M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 3, 2026 | UBS | Target | $32 | $13 | |
| Jul 31, 2026 | Wedbush | Reiterate | Outperform | $33 | $12 |
| Jun 11, 2026 | New Street | Target | $13 | ||
| May 20, 2026 | Wells Fargo | Reiterate | Overweight | $13 | $14 |
| May 19, 2026 | H.C. Wainwright | Target | $18 | $13 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$0.30 | −$0.34 | −13.4% | $7.4M | $2.3M | −69.5% | −0.86% |
| Apr 28, 2026Q1 FY26 | −$0.34 | −$0.13 | +61.8% | $8.5M | $38.2M | +352.6% | −6.25% |
| Feb 26, 2026Q4 FY25 | −$0.28 | −$0.30 | −7.1% | $16.1M | $17.2M | +7.4% | −9.31% |
| Nov 10, 2025Q3 FY25 | −$0.30 | −$0.32 | −6.7% | $16.3M | $7.6M | −53.5% | +2.98% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $9.2M | $8.7M | $7.6M | $17.2M | $38.2M | $2.3M | |
| Gross profit | $7.0M | $6.5M | $7.6M | $15.0M | $38.2M | $2.3M | |
| Operating income | −$49.8M | −$52.8M | −$56.4M | −$56.5M | −$31.3M | −$73.8M | |
| Net income | −$46.9M | −$50.5M | −$53.9M | −$53.2M | −$26.1M | −$69.4M | |
| Diluted EPS | −$0.29 | −$0.31 | −$0.32 | −$0.30 | −$0.13 | −$0.34 | |
| Gross margin | 76.4% | 74.8% | 100.0% | 86.9% | 100.0% | 100.0% | |
| Operating margin | -542.8% | -606.5% | -740.7% | -327.4% | -81.8% | -3,248.3% |
Fiscal years (4-quarter sums)FY21 $41.0M · FY22 $3.6M · FY23 $113.3M · FY24 $108.3M · FY25 $42.7M
Balance sheet, Jun 30, 2026Cash & short-term investments $490.6M · Total debt $43.6M · Total assets $558.3M · Shareholders' equity $453.5M
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 197.05M · Float 162.27M · 82.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Rajeev Shah | 34.31M | 16.80% | 13D | Aug 11, 2026 |
| Ra Capital Management, L.P. | 26.98M | 13.69% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 19.20M | 9.75% | 13F | Aug 7, 2026 |
| GSK PLC | 18.25M | 9.26% | 13F | Aug 13, 2026 |
| Maverick Capital Ltd | 10.28M | 5.22% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Heidi L. Wagner | director | −7,000 | $6.01 |
| Aug 11, 2026 | Aik Na Tan | director | −432 | $6.01 |
| Aug 11, 2026 | Ken Takanashi | director | −3,864 | $6.01 |
| Aug 12, 2026 | Adrian Rawcliffe | director | −12,700 | $5.29 |
| Mar 26, 2026 | Ra Capital Management, L.P. | director, 10 percent owner: | +5,305,782 | $6.08 |
Peers
- Arrowhead Pharmaceuticals
RNAi peer in INHBE obesity, AATD liver disease, and GalNAc delivery
- Beam Therapeutics
One-time base-editing challenger in AATD genetic medicine
- Sarepta Therapeutics
Approved exon-skipping and DMD franchise competitor
- Madrigal Pharmaceuticals
PNPLA3 siRNA and MASH commercial anchor in liver disease
- uniQure
Huntington gene-therapy rival pursuing AMT-130 approval path
- Ionis Pharmaceuticals
Established ASO platform peer with Roche-partnered HD programs
- PTC Therapeutics
Oral HTT-lowering program tied to Novartis collaboration
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Wave Life Sciences | $5.09 | +1.07% | $993.1M | — | — | 15.2 | −73.9% |
| Arrowhead Pharmaceuticals | $84.80 | −0.13% | $11.96B | — | — | 17.9 | +171.0% |
| Beam Therapeutics | $29.32 | +0.10% | $3.02B | — | — | 19.3 | −94.2% |
| Sarepta Therapeutics | $21.05 | +0.98% | $2.20B | — | 26.3 | 1.1 | −34.3% |
| Madrigal Pharmaceuticals | $533.76 | −0.02% | $12.33B | — | — | 9.6 | +71.2% |
| uniQure | $49.46 | +1.55% | $3.38B | — | — | 181.0 | +11.0% |
| Ionis Pharmaceuticals | $61.05 | +0.02% | $10.15B | — | — | 11.6 | −40.7% |
| PTC Therapeutics | $70.59 | +0.73% | $5.85B | — | 58.0 | 5.8 | +101.6% |
| Median | — | 42.2 | 11.6 | +11.0% |