Wave Life Sciences, Inc.

wavelifesciences.com

What Do They Do?

Develops RNA medicines for people with obesity, inherited liver disorders, and other genetic diseases.

How Do They Make Money?

Pharmaceutical partners pay upfront license fees and reimburse certain costs; they may also pay when they exercise options or reach development, regulatory or commercial milestones, and royalties on licensed-product sales.

FY2025 revenue

Who Are Their Customers?

Pharmaceutical partners work directly with Wave under research and development collaborations and licenses to product candidates.

Do Revenues Turn Into Profits?

No. It lost $204.4M in FY2025.

Operating income, FY2025

−504% of revenue

▲ +95% (Loss) vs FY2024 (−$110.4M, −102%)

Net income, FY2025

−478% of revenue

▲ +111% (Loss) vs FY2024 (−$97M, −90%)

Free cash flow, FY2025

−440% of revenue

▲ +24% (Loss) vs FY2024 (−$152M, −140%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Sep 30, 2026

Revenue: ▲ +73%; vs $7.6M in Q3 FY2025
Net income: ▲ +15% (Loss); vs −$53.9M in Q3 FY2025

Flat. Revenue was $42.7M in FY2025, about the same as the $41M of FY2021.

Obesity and liver focus The older report centered its lead programs on muscle, liver and central nervous system diseases, including DMD, AATD, HD, ALS and FTD. The latest report prioritizes obesity, AATD and liver disease, while retaining DMD and HD.

Who Do They Compete With?

Competes with Arrowhead, Rona Therapeutics, Vial, BaseCure Therapeutics, SanegeneBio, Hengrui, Alnylam, Innovent, iBio, Korro Bio, AIRNA, Beam Therapeutics, YolTech Therapeutics, Tessera Therapeutics, CRISPR Therapeutics, Prime Medicine, Krystal Biotech, Mereo BioPharma, Sanofi, and Takeda

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