Q2 25 EPS
$-0.31
MISS 9.00%
Est. $-0.28
Q2 25 Revenue
$8.7M
MISS 9.78%
Est. $9.6M
vs S&P Since Q2 25
-44.2%
TRAILING MARKET
WVE -25.2% vs S&P +19.0%
Market Reaction
Did WVE Beat Earnings? Q2 2025 Results
Wave Life Sciences delivered a disappointing second quarter, missing on both the top and bottom lines as accelerating pipeline investment weighed heavily on results. Revenue came in at $8.70 million, falling 55.8% year-over-year and missing the $9.64… Read more Wave Life Sciences delivered a disappointing second quarter, missing on both the top and bottom lines as accelerating pipeline investment weighed heavily on results. Revenue came in at $8.70 million, falling 55.8% year-over-year and missing the $9.64 million consensus by 9.78%, as the company recognized less collaboration revenue from its GSK partnership than analysts had anticipated. Loss per share of $-0.31 missed the $-0.28 estimate by 9.00%, with the net loss widening to $50.47 million from $32.92 million a year earlier on higher R&D and G&A spending. The financial pressure, while notable, is largely by design for a clinical-stage biotech with multiple catalysts on the horizon: comprehensive data from the 200 mg cohorts of the RestorAATion-2 AATD study are expected in Q3 2025, followed by INLIGHT obesity trial data in Q4 2025 and a WVE-N531 NDA filing planned for 2026. Analysts nonetheless project roughly 39% annual revenue growth over the next three years, well above the industry average. Cash of $208.48 million is expected to fund operations into 2027.
Key Takeaways
- • Revenue decline driven by lower collaboration revenue recognition from GSK partnership
- • Increased R&D spending reflecting advancement of multiple clinical programs including RestorAATion-2 and INLIGHT trials
- • Higher G&A expenses in the quarter
WVE YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We have rapidly advanced our RestorAATion-2 study following positive proof-of mechanism data last year where we observed mean total AAT protein that met the level that has been the basis for regulatory approval for AAT augmentation therapies following a single, lowest planned dose of WVE-006, our GalNAc-RNA editing candidate for AATD. We remain on track to share two comprehensive data sets from our RestorAATion-2 trial this year, beginning with multidose data in the third quarter, which will inform the therapeutic potential of WVE-006, and our pipeline of wholly-owned GalNAc-RNA editing programs.”
— Paul Bolno, Q2 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% |