Q1 25 EPS
$-0.29
MISS 13.46%
Est. $-0.26
Q1 25 Revenue
$9.2M
MISS 19.09%
Est. $11.3M
vs S&P Since Q1 25
-36.4%
TRAILING MARKET
WVE -2.8% vs S&P +33.6%
Market Reaction
Did WVE Beat Earnings? Q1 2025 Results
Wave Life Sciences delivered a disappointing first quarter for fiscal 2025, missing on both the top and bottom lines as its GSK collaboration revenue continued to weigh on results. Revenue fell 26.8% year-over-year to $9.18 million, falling well shor… Read more Wave Life Sciences delivered a disappointing first quarter for fiscal 2025, missing on both the top and bottom lines as its GSK collaboration revenue continued to weigh on results. Revenue fell 26.8% year-over-year to $9.18 million, falling well short of the $11.34 million consensus by 19.09%, while a loss per share of $0.29 missed the $0.26 estimate by 13.46%, as a 21% surge in R&D spending to $40.62 million and a 35% jump in G&A expenses to $18.36 million widened the net loss to $46.88 million. The cost increases reflect a pipeline in full acceleration, with Wave advancing programs across obesity, alpha-1 antitrypsin deficiency, Duchenne muscular dystrophy, and Huntington's disease simultaneously. Looking ahead, the company expects clinical data from its obesity candidate WVE-007 in the second half of 2025, key readouts from its WVE-006 AATD trial in Q3 2025, and an IND submission for a potentially registrational Huntington's study later this year, with cash of $243.07 million providing runway into 2027.
Key Takeaways
- • Revenue primarily from GSK collaboration
- • Increased R&D spending driven by advancement of multiple clinical-stage programs
- • Higher G&A expenses in Q1 2025 versus prior year
WVE YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“We've continued our consistent execution across modalities as we completed dosing in the first two cohorts of our INLIGHT trial in obesity, advanced our RestorAATion-2 trial in AATD, and delivered positive data from our FORWARD-53 clinical trial in DMD. We are on track to deliver multiple clinical datasets this year that will further demonstrate our broad capabilities across modalities and our leadership in RNA medicines.”
— Paul Bolno, Q1 2025 Earnings Press Release
WVE Earnings Trends
WVE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WVE EPS Trend
Earnings per share: estimate vs actual
WVE Revenue Trend
Quarterly revenue: estimate vs actual
WVE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $-0.31 | $-0.13 | +58.51% | $38.2M | +382.65% |
| Q4 25 MISS FY | $-0.26 | $-0.30 | -13.51% | $17.2M | +9.98% |
| FY Full Year | — | $-1.21 | — | $42.7M | — |
| Q3 25 MISS | $-0.30 | $-0.32 | -8.18% | $7.6M | -27.73% |
| Q2 25 MISS | $-0.28 | $-0.31 | -9.00% | $8.7M | -9.78% |
| Q1 25 MISS | $-0.26 | $-0.29 | -13.46% | $9.2M | -19.09% |