Q4 25 EPS
$-0.30
MISS 13.51%
Est. $-0.26
Q4 25 Revenue
$17.2M
BEAT +9.98%
Est. $15.7M
vs S&P Since Q4 25
-67.4%
TRAILING MARKET
WVE -57.3% vs S&P +10.1%
Full Year 2025 Results
FY 25 EPS
$-1.21
FY 25 Revenue
$42.7M
Market Reaction
Did WVE Beat Earnings? Q4 2025 Results
Wave Life Sciences posted a sharply weaker Q4 2025, with revenue collapsing to $17.24 million from $83.75 million a year earlier as collaboration payments from GSK fell dramatically, swinging the company to a net loss of $53.18 million compared to ne… Read more Wave Life Sciences posted a sharply weaker Q4 2025, with revenue collapsing to $17.24 million from $83.75 million a year earlier as collaboration payments from GSK fell dramatically, swinging the company to a net loss of $53.18 million compared to net income of $29.25 million in the prior-year period. EPS came in at -$0.30 for the quarter, reflecting the steep drop in partnership revenue alongside rising R&D expenditures of $52.81 million as Wave pressed forward aggressively across its clinical pipeline. Yet the headline losses obscure a company in deliberate growth mode, with management pointing to a substantially fortified cash position of $602.07 million, nearly double the $302.08 million held a year prior, providing a runway it expects to extend into Q3 2028. The most compelling part of the story sits in the pipeline, where WVE-007, its GalNAc-siRNA obesity candidate, demonstrated fat loss comparable to GLP-1 therapies while preserving muscle mass, and WVE-006 is now pursuing an accelerated approval pathway for alpha-1 antitrypsin deficiency, with a late-breaking oral presentation slot secured at a major lung conference in May 2026.
Key Takeaways
- • Revenue decline driven by lower GSK collaboration milestone and research funding recognition versus prior year
- • Cash position nearly doubled year-over-year due to financing proceeds and GSK milestone payments
- • R&D expense increases reflect advancement of obesity (WVE-007), AATD (WVE-006), and PNPLA3 (WVE-008) programs
WVE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“We entered 2026 focused on executing in two priority areas: accelerating development of WVE-007, our INHBE GalNAc-siRNA for obesity, and rapidly advancing our RNA editing portfolio, which includes WVE-006 for AATD and WVE-008 for PNPLA3 liver disease. WVE-007 is enabled by our leading RNAi capabilities supported by a differentiated and proprietary SpiNA design, and has the potential to be a transformative treatment approach for obesity. Our interim INLIGHT clinical data from the lowest therapeutic single-dose cohort demonstrated fat loss on par with GLP-1, favorable safety and tolerability, as well as the potential for once or twice a year dosing.”
— Paul Bolno, Q4 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% |