Companies /Healthcare

Wave Life Sciences Ltd

NASDAQ: WVE Biotechnology
$5.16
▼ $0.07 (−1.34%) today
Markets closed · 9:17am ET

Q4 2025 Earnings

Reported Feb 26, 2026, 7:37am ET · SEC source
$-0.30
Miss −13.51%
EPS · est. $-0.26
$17.2M
Beat +9.98%
Revenue · est. $15.7M
−48.6%
Trailing market
WVE vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−4%0+4%Feb 26Feb 27report 7:37am ETearnings−1.4%−6.1%
−4%0+4%Feb 26Feb 27earnings−1.4%−6.1%
WVE −6.1%S&P 500 −1.4%
−4%0+4%Feb 26Feb 27report 7:37am ETearnings−1.8%−6.1%
−4%0+4%Feb 26Feb 27earnings−1.8%−6.1%
WVE −6.1%NASDAQ −1.8%
−10%−5%0+5%Feb 25Mar 6report 7:37am ETearnings−2.3%−8.4%
−10%−5%0+5%Feb 25Mar 6earnings−2.3%−8.4%
WVE −8.4%S&P 500 −2.3%
−10%−5%0+5%Feb 25Mar 6report 7:37am ETearnings−1.9%−8.4%
−10%−5%0+5%Feb 25Mar 6earnings−1.9%−8.4%
WVE −8.4%NASDAQ −1.9%
+5.64%
Day of report
−9.31%
Next session
−14.06%
One week
−56.90%
30 days

S&P 500 over the same 30 days: −8.32%.

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 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

“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.”

Wave Life Sciences CEO, on the earnings call

Forward Guidance & Outlook

Wave expects its cash and cash equivalents of $602.1 million to fund operations into Q3 2028, excluding potential future GSK collaboration milestones. Key upcoming catalysts include: INLIGHT clinical data update (6-month 240 mg and 3-month 400 mg) in Q1 2026; Phase 2a multidose initiation for WVE-007 in H1 2026; new WVE-007 trials as an incretin add-on and post-incretin maintenance in 2026; WVE-006 RestorAATion-2 400 mg multidose data in Q1 2026 and 600 mg data throughout 2026; regulatory feedback on accelerated approval pathway for WVE-006 expected mid-2026; CTA filing for WVE-008 in 2026; and NDA filing for WVE-N531 for accelerated approval in 2026. The company anticipates continued milestone payments from GSK in 2026 and beyond.

WVE YoY Financials

Revenue$17.2M
Operating Income$-56,467,000
Net Income$-53,179,000

Figures from SEC filings and company reports. Not investment advice.