Wave Life Sciences Ltd.
WVE · Pharmaceutical Preparations · 192.4M shares · +27%/yr ↑ shares · EDGAR filings ↗
Reference price $6.50 · est. market cap ~$1.3B — last insider purchase, 2026-03-30 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — RNA-medicines clinical, heavy burn ($188M), funded.
Strengths
- Liquidity — current ratio 6.5 (67th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Net lossNet loss (net margin -478.3%)
- Cash burnNegative free cash flow (-188.2M)
- Chronic dilutionShare count +27%/yr over 3y (dilution)
- Strong balance sheetStrong balance sheet — $602M cash & investments, ~13 quarters of runway
- Insider buyingInsider buying — 4 open-market buy(s) by 1 insider(s) (~$55M, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 8 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$907,810, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-504.1%
Net margin
-478.3%
Return on equity
-39.4%
Return on assets
-32.0%
Revenue growth (QoQ)
339.7%
Current ratio
6.5×
Free cash flow
-$188M
Tangible book value
$518M
Cash & investments
$602M
Cash runway
13q
Stock comp / revenue
58.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-30 | RA CAPITAL MANAGEMENT, L.P. | Buy | 971K | $6.50 |
| 2026-03-27 | RA CAPITAL MANAGEMENT, L.P. | Buy | 2.5M | $6.43 |
| 2026-03-26 | RA CAPITAL MANAGEMENT, L.P. | Buy | 5.0M | $6.06 |
| 2026-03-26 | RA CAPITAL MANAGEMENT, L.P. | Buy | 351K | $6.38 |
| 2026-03-23 | TAKANASHI KEN | Conversion | 3.9M | — |
| 2026-02-26 | Francis Chris | Sell | 18K | $15.09 |
| 2026-02-26 | Francis Chris | Option exercise | 15K | $4.75 |
| 2026-02-26 | Francis Chris | Sell | 15K | $15.00 |
| 2026-02-26 | Francis Chris | Option exercise | 18K | $3.87 |
| 2026-02-09 | BOLNO PAUL | Sell | 10K | $13.45 |
| 2026-02-09 | Francis Chris | Sell | 1.9K | $13.45 |
| 2026-02-09 | Moran Kyle | Sell | 3.6K | $13.45 |
| 2026-02-09 | Vargeese Chandra | Sell | 3.2K | $13.45 |
| 2026-02-05 | Vargeese Chandra | Grant | 46K | — |
| 2026-02-05 | Moran Kyle | Grant | 46K | — |
| 2026-02-05 | BOLNO PAUL | Grant | 165K | — |
| 2026-02-05 | Francis Chris | Grant | 39K | — |
| 2026-01-02 | Francis Chris | Option exercise | 9.4K | $3.14 |
| 2026-01-02 | Francis Chris | Sell | 8.1K | $15.92 |
| 2026-01-02 | Francis Chris | Sell | 1.3K | $16.70 |
| 2025-12-09 | Moran Kyle | Sell | 50K | $20.02 |
| 2025-12-09 | Moran Kyle | Option exercise | 50K | $10.48 |
| 2025-12-09 | Moran Kyle | Option exercise | 36K | $8.17 |
| 2025-12-09 | Moran Kyle | Sell | 36 | $20.25 |
| 2025-12-08 | Tan Aik Na | Option exercise | 21K | $5.97 |
| 2025-12-08 | Tan Aik Na | Sell | 21K | $12.75 |
| 2025-12-08 | Verdine Gregory L. | Sell | 12K | $13.09 |
| 2025-12-08 | Verdine Gregory L. | Sell | 8.0K | $14.05 |
| 2025-12-08 | Francis Chris | Option exercise | 28K | $3.14 |
| 2025-12-08 | Francis Chris | Sell | 28K | $14.50 |
| 2025-12-08 | Francis Chris | Option exercise | 107K | $3.87 |
| 2025-12-08 | Francis Chris | Sell | 107K | $14.56 |
| 2025-12-08 | Francis Chris | Option exercise | 46K | $4.75 |
| 2025-12-08 | Francis Chris | Sell | 46K | $14.50 |
| 2025-12-08 | Francis Chris | Option exercise | 9.4K | $3.14 |
| 2025-12-08 | Francis Chris | Sell | 9.4K | $15.00 |
| 2025-12-08 | Francis Chris | Option exercise | 38K | $3.14 |
| 2025-12-08 | Francis Chris | Sell | 38K | $14.08 |
| 2025-12-08 | Francis Chris | Option exercise | 18K | $3.87 |
| 2025-12-08 | Francis Chris | Sell | 18K | $15.00 |
| 2025-12-08 | Francis Chris | Option exercise | 122K | $4.75 |
| 2025-12-08 | Francis Chris | Sell | 122K | $14.20 |
| 2025-12-08 | Francis Chris | Option exercise | 50K | $10.48 |
| 2025-12-08 | Francis Chris | Sell | 50K | $16.00 |
| 2025-12-08 | Francis Chris | Option exercise | 22K | $2.83 |
| 2025-12-08 | Francis Chris | Sell | 22K | $14.08 |
| 2025-12-08 | Moran Kyle | Option exercise | 60K | $2.83 |
| 2025-12-08 | Moran Kyle | Sell | 60K | $13.20 |
| 2025-12-08 | Moran Kyle | Sell | 50K | $15.00 |
| 2025-12-08 | Moran Kyle | Sell | 50K | $13.20 |
| 2025-12-08 | Moran Kyle | Option exercise | 50K | $4.75 |
| 2025-12-08 | Moran Kyle | Sell | 50K | $18.00 |
| 2025-12-08 | CORRIGAN MARK | Sell | 9.6K | $13.09 |
| 2025-12-08 | CORRIGAN MARK | Sell | 6.5K | $14.06 |
| 2025-12-08 | Moran Kyle | Option exercise | 100K | $3.14 |
| 2025-12-08 | Rawcliffe Adrian | Option exercise | 42K | $5.97 |
| 2025-12-08 | Rawcliffe Adrian | Sell | 42K | $15.00 |
| 2025-12-08 | Wagner Heidi L | Option exercise | 7.0K | $5.97 |
| 2025-12-08 | Wagner Heidi L | Sell | 7.0K | $13.00 |
| 2025-12-08 | Wagner Heidi L | Option exercise | 7.0K | $5.97 |
| 2025-12-08 | Wagner Heidi L | Sell | 7.0K | $14.00 |
| 2025-12-08 | HENRY CHRISTIAN O | Sell | 6.4K | $12.75 |
| 2025-12-08 | HENRY CHRISTIAN O | Option exercise | 42K | $5.97 |
| 2025-12-08 | HENRY CHRISTIAN O | Sell | 42K | $12.75 |
| 2025-12-08 | HENRY CHRISTIAN O | Option exercise | 15K | $3.50 |
| 2025-12-08 | HENRY CHRISTIAN O | Sell | 15K | $14.07 |
| 2025-12-08 | HENRY CHRISTIAN O | Option exercise | 30K | $4.58 |
| 2025-12-08 | HENRY CHRISTIAN O | Sell | 30K | $18.02 |
| 2025-12-08 | Tan Aik Na | Sell | 7.5K | $12.75 |
| 2025-12-08 | Tan Aik Na | Sell | 7.5K | $15.00 |
| 2025-12-08 | Tan Aik Na | Option exercise | 32K | $5.37 |
| 2025-12-08 | Tan Aik Na | Sell | 15K | $12.75 |
| 2025-12-08 | Tan Aik Na | Sell | 17K | $15.00 |
| 2025-12-08 | Tan Aik Na | Option exercise | 45K | $4.58 |
| 2025-12-08 | Tan Aik Na | Sell | 20K | $12.75 |
| 2025-12-08 | Tan Aik Na | Sell | 25K | $15.00 |
| 2025-12-08 | Tan Aik Na | Option exercise | 21K | $3.50 |
| 2025-12-08 | Tan Aik Na | Sell | 21K | $12.75 |
| 2025-11-13 | Rawcliffe Adrian | Sell | 16K | $6.79 |
| 2025-11-13 | RA CAPITAL MANAGEMENT, L.P. | Buy | 1.0K | $6.69 |
| 2025-08-22 | BOLNO PAUL | Sell | 217K | $10.10 |
| 2025-08-22 | Verdine Gregory L. | Sell | 10K | $10.00 |
| 2025-08-15 | Tan Aik Na | Sell | 21K | $9.25 |
| 2025-08-15 | Tan Aik Na | Option exercise | 21K | $9.13 |
| 2025-08-13 | HENRY CHRISTIAN O | Sell | 9.7K | $8.81 |
| 2025-08-11 | Rawcliffe Adrian | Grant | 13K | — |
| 2025-08-11 | Verdine Gregory L. | Grant | 13K | — |
| 2025-08-11 | RA CAPITAL MANAGEMENT, L.P. | Grant | 13K | — |
| 2025-08-11 | CORRIGAN MARK | Grant | 13K | — |
| 2025-08-11 | Tan Aik Na | Grant | 25K | — |
| 2025-08-11 | TAKANASHI KEN | Grant | 13K | — |
| 2025-08-11 | Wagner Heidi L | Grant | 13K | — |
| 2025-08-11 | HENRY CHRISTIAN O | Grant | 13K | — |
| 2025-08-05 | TAKANASHI KEN | Sell | 4.9K | $8.75 |
| 2025-08-05 | Tan Aik Na | Sell | 1.1K | $8.75 |
| 2025-06-13 | Verdine Gregory L. | Sell | 30K | $6.95 |
| 2025-03-20 | HENRY CHRISTIAN O | Option exercise | 10K | $9.13 |
| 2025-03-20 | HENRY CHRISTIAN O | Sell | 10K | $9.77 |
| 2025-03-07 | Verdine Gregory L. | Option exercise | 133K | $2.48 |
| 2025-03-07 | BOLNO PAUL | Option exercise | 169K | $2.48 |
| 2025-03-07 | BOLNO PAUL | Sell | 169K | $9.57 |
| 2025-03-05 | Verdine Gregory L. | Option exercise | 133K | $2.48 |
| 2025-03-04 | Vargeese Chandra | Option exercise | 92K | $2.48 |
| 2025-02-04 | Moran Kyle | Grant | 42K | — |
| 2025-02-04 | BOLNO PAUL | Grant | 121K | — |
| 2025-02-04 | Francis Chris | Grant | 25K | — |
| 2025-02-04 | Vargeese Chandra | Grant | 37K | — |
| 2025-01-23 | Vargeese Chandra | Option exercise | 46K | $2.48 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Shareholder vote | filing ↗ |
| 2026-05-18 | Reg FDOtherExhibits | filing ↗ |
| 2026-04-28 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-21 | OtherExhibits | filing ↗ |
| 2026-04-15 | Material agreementOtherExhibits | filing ↗ |
| 2026-03-26 | Reg FDOtherExhibits | filing ↗ |
| 2026-02-26 | ResultsReg FDExhibits | filing ↗ |
| 2026-02-02 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-22 | 0001193125-26-284002 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001193125-26-229076 ↗ |
| 10-K/A | 2026-04-30 | 2025-12-31 | 0001193125-26-197330 ↗ |
| 10-Q | 2026-04-28 | 2026-03-31 | 0001193125-26-183587 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001193125-26-183563 ↗ |
| 8-K | 2026-04-21 | 2026-04-21 | 0001193125-26-167070 ↗ |
| 8-K | 2026-04-15 | 2026-04-15 | 0001193125-26-157003 ↗ |
| 8-K | 2026-03-26 | 2026-03-26 | 0001193125-26-125092 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001193125-26-073437 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-073472 ↗ |
| 8-K | 2026-02-02 | 2026-02-02 | 0001193125-26-032698 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-009784 ↗ |