Q3 25 EPS
$-0.32
MISS 8.18%
Est. $-0.30
Q3 25 Revenue
$7.6M
MISS 27.73%
Est. $10.5M
vs S&P Since Q3 25
-20.4%
TRAILING MARKET
WVE -9.9% vs S&P +10.5%
Market Reaction
Did WVE Beat Earnings? Q3 2025 Results
Wave Life Sciences delivered a mixed third quarter, missing on both the top and bottom lines even as its pipeline generated some of the most closely watched clinical data in its history. Revenue came in at $7.61 million, falling 27.73% short of the $… Read more Wave Life Sciences delivered a mixed third quarter, missing on both the top and bottom lines even as its pipeline generated some of the most closely watched clinical data in its history. Revenue came in at $7.61 million, falling 27.73% short of the $10.53 million consensus, though the figure still represented a 199.1% year-over-year improvement against a prior-period quarter weighed down by a GSK collaboration accounting adjustment. EPS of -$0.32 missed the -$0.30 estimate by 8.18%, with the wider loss partly reflecting rising R&D and G&A costs tied to pipeline expansion. The standout catalyst was WVE-007, Wave's GalNAc-siRNA obesity candidate, which produced up to 85% mean Activin E reductions in the INLIGHT trial, with effects sustained through six months at the lowest dose, supporting a potential once or twice yearly dosing schedule. Cash stood at $196.22 million at quarter-end, extended into Q2 2027 following $72.10 million in post-quarter proceeds, with body weight and composition readouts from INLIGHT and WVE-006 multidose data expected through early 2026.
Key Takeaways
- • Revenue improvement from positive GSK collaboration revenue recognition versus negative recognition in prior year quarter
- • Interest income of $2.2 million contributed to narrowing net loss
- • Net loss narrowed year-over-year despite increased R&D and G&A spending
WVE YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“In the third quarter, we achieved key clinical objectives with WVE-007 for obesity and WVE-006 for alpha-1 antitrypsin deficiency, which validate the impact of our proprietary chemistry and further solidify our growing leadership in RNAi and RNA editing. Coming out of ObesityWeek®, it is clear there is a strong need for novel non-incretin treatment approaches, and WVE-007 has the potential to disrupt the obesity treatment landscape. The successful clinical translation observed thus far, with robust and durable Activin E reductions, support WVE-007's potential to induce fat loss, preserve muscle, improve cardiometabolic health, without the class-effects of GLP-1s, and with the advantages of once or twice per year dosing.”
— Paul Bolno, Q3 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% |