The company maintains a conservative capital structure with a negligible debt-to-equity ratio of 0.03 and a robust current ratio of 11.26 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Total Current Assets | 561.27M | 614.81M | 320.39M | 235.37M | 98.54M | 162.56M | 230.04M | 185.48M | 202.27M | 150.49M | 151.99M | 161.38M | 1.49M | 779K |
| Cash & Short-Term Investments | 544.59M | 602.07M | 302.08M | 200.35M | 88.5M | 150.56M | 184.5M | 147.16M | 174.82M | 142.5M | 150.29M | 161.22M | 1.05M | 439K |
| Cash Only | 544.59M | 602.07M | 302.08M | 200.35M | 88.5M | 150.56M | 184.5M | 147.16M | 174.82M | 142.5M | 150.29M | 161.22M | 1.05M | 439K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 1.28M | 1.42M | 21.09M | 0 | 0 | 30M | 20M | 10M | 1M | 0 | 0 | 200K | 95K |
| Days Sales Outstanding | 16.39 | 10.9 | 4.79 | 67.93 | - | - | 545.4 | 456.74 | 253.23 | 98.54 | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167K | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | 25.45 | - |
| Other Current Assets | 16.68M | 11.47M | 7.35M | 4.02M | 2.11M | 5.42M | 5.11M | 8.69M | 10.87M | 0 | 1.7M | 164K | 136K | 170K |
| Total Non-Current Assets | 22.27M | 23.68M | 31.81M | 39.58M | 47.85M | 44.44M | 49.2M | 98.77M | 93.67M | 31.36M | 12.82M | 4.04M | 1.45M | 1.54M |
| Property, Plant & Equipment | 18.07M | 19.86M | 28M | 35.72M | 44.13M | 40.64M | 45.43M | 54.47M | 39.93M | 27.33M | 8.61M | 2.79M | 1.27M | 1.38M |
| Fixed Asset Turnover | 3.41x | 2.15x | 3.87x | 3.17x | 0.08x | 1.01x | 0.44x | 0.29x | 0.36x | 0.14x | 0.17x | 0.05x | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 7.62M | 3.81M | 0 | 0 | 0 | 0 | 3.65M | 33.65M | 53.63M | 3.61M | 3.6M | 1.05M | 0 | 0 |
| Other Non-Current Assets | 386K | 16K | 3.81M | 3.85M | 3.72M | 3.8M | 115K | 10.66M | 111K | 411K | 3.65M | 1.06M | 0 | 0 |
| Total Assets | 583.54M | 638.5M | 352.21M | 274.95M | 146.39M | 207.01M | 279.24M | 284.25M | 295.94M | 181.84M | 164.81M | 165.42M | 2.94M | 2.32M |
| Asset Turnover | 0.17x | 0.07x | 0.31x | 0.41x | 0.02x | 0.20x | 0.07x | 0.06x | 0.05x | 0.02x | 0.01x | 0.00x | - | - |
| Asset Growth % | 171.84% | 81.29% | 28.1% | 87.82% | -29.28% | -25.87% | -1.76% | -3.95% | 62.74% | 10.33% | -0.37% | 5530.5% | 26.47% | - |
| Total Current Liabilities | 49.83M | 95.06M | 110.95M | 186.44M | 71.52M | 64.2M | 121.04M | 118.15M | 130.04M | 19.62M | 12.15M | 3.82M | 882K | 10.05M |
| Accounts Payable | 19.06M | 15.7M | 16.26M | 12.84M | 16.91M | 7.28M | 13.79M | 9.07M | 13.09M | 7.6M | 4.94M | 2.81M | 125K | 176K |
| Days Payables Outstanding | 1.31K | 647.37 | - | - | - | - | 38.45 | 18.88 | 35.54 | 34.97 | 4.59K | 113.28 | 19.05 | 13.94 |
| Short-Term Debt | 8.33M | 8.36M | 0 | 0 | 0 | 0 | 3.71M | 3.24M | 1.16M | 0 | 62K | 62K | 0 | 9.6M |
| Deferred Revenue (Current) | 151.94M | 44.44M | 65.97M | 150.06M | 31.56M | 37.1M | 91.56M | 89.65M | 100.94M | 2.71M | 2.71M | 591K | 152K | 219K |
| Other Current Liabilities | 13.04M | 26.56M | 15.36M | 14.06M | 12.29M | 10.18M | 2.97M | 7.52M | 6.47M | 1.33M | 3.38M | 291K | 177K | 52K |
| Current Ratio | 11.26x | 6.47x | 2.89x | 1.26x | 1.38x | 2.53x | 1.90x | 1.57x | 1.56x | 7.67x | 12.50x | 42.27x | 1.69x | 0.08x |
| Quick Ratio | 11.26x | 6.47x | 2.89x | 1.26x | 1.38x | 2.53x | 1.90x | 1.57x | 1.56x | 7.67x | 12.50x | 42.27x | 1.50x | 0.08x |
| Cash Conversion Cycle | -1.29K | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 21.98M | 17.2M | 31.74M | 48.88M | 119.96M | 110.31M | 67.55M | 94.49M | 92.55M | 22.41M | 17.79M | 8.12M | 29K | 36K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.25M | 3.09M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 41.74M | 9.4M | 17.77M | 25.4M | 32.12M | 24.95M | 25.59M | 29.3M | 9.25M | 3.09M | 16K | 78K | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 68.16M | 1.37M | 16K | 78K | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 7.87M | 7.87M | 8.06M | 7.87M | 474K | 1.72M | 5.9M | 10.61M | 1.59M | 163K | 29K | 36K |
| Total Liabilities | 71.81M | 112.27M | 142.69M | 235.32M | 191.48M | 174.51M | 188.59M | 212.64M | 222.59M | 42.03M | 29.95M | 11.93M | 911K | 10.09M |
| Total Debt | 15.71M | 17.77M | 25.4M | 32.12M | 37.61M | 29.92M | 29.3M | 32.55M | 10.4M | 3.45M | 78K | 140K | 0 | 9.6M |
| Net Debt | -528.88M | -584.3M | -276.67M | -168.23M | -50.88M | -120.65M | -155.19M | -114.61M | -164.42M | -139.05M | -150.22M | -161.08M | -1.05M | 9.16M |
| Debt / Equity | 0.03x | 0.03x | 0.12x | 0.81x | - | 0.92x | 0.32x | 0.45x | 0.14x | 0.02x | 0.00x | 0.00x | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 2.81x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -9586.06x | - | -7251.05x | -17065.17x | -165.34x | -224.40x | -427.75x | - |
| Total Equity | 511.73M | 526.23M | 209.51M | 39.63M | -45.09M | 32.5M | 90.65M | 71.61M | 73.35M | 139.81M | 134.86M | 153.49M | 2.03M | -7.76M |
| Equity Growth % | 3399.62% | 151.17% | 428.68% | 187.89% | -238.75% | -64.15% | 26.6% | -2.38% | -47.54% | 3.67% | -12.14% | 7472.32% | 126.11% | - |
| Book Value per Share | 2.56 | 3.12 | 1.52 | 0.37 | -0.57 | 0.63 | 2.31 | 2.11 | 2.53 | 5.27 | 5.91 | 7.12 | 0.10 | -2.18 |
| Total Shareholders' Equity | 511.73M | 526.23M | 209.51M | 39.63M | -45.09M | 32.5M | 90.65M | 71.61M | 73.35M | 139.81M | 134.86M | 153.49M | 2.03M | -7.76M |
| Common Stock | 1.63B | 1.62B | 1.18B | 935.37M | 802.83M | 749.85M | 694.09M | 539.55M | 375.15M | 310.04M | 215.6M | 185.34M | 9.97M | 638K |
| Retained Earnings | -1.35B | -1.33B | -1.12B | -1.02B | -967.34M | -805.51M | -683.27M | -533.36M | -339.72M | -192.51M | -90.48M | -35.08M | -15.88M | -10.65M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -254K | -250K | -262K | -124K | -29K | 181K | 389K | 267K | 153K | 116K | -291K | 41K | 56K | 225K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical milestone dependency
As reported in recent financial filings, WVE has significantly bolstered its balance sheet, with total assets rising from $274.9M in 2023Q4 to $583.5M by 2026Q1, primarily driven by the strategic accumulation of cash reserves from milestone-based collaboration agreements with major pharmaceutical partners.
The trajectory of the balance sheet indicates a successful transition from a capital-constrained state to one with a substantial liquidity buffer. This shift suggests that management has effectively leveraged its PRISM platform to secure non-dilutive funding, which is critical for sustaining long-term clinical development without immediate reliance on equity markets.
Based on the company's 2026Q1 balance sheet, WVE maintains a strong liquidity position with $544.6M in cash and a current ratio of 11.26, providing a significant buffer against the ongoing cash burn associated with its high-intensity clinical research and development programs.
The current ratio improvement from 1.26 in 2023Q4 to 11.26 in 2026Q1 highlights a dramatic reduction in near-term liquidity risk. Investors should monitor whether this cash position remains sufficient to reach key clinical readouts, as the company's operational survival remains tethered to the successful validation of its pipeline.
According to quarterly balance sheet data, WVE maintains a conservative capital structure with total debt declining to $15.7M in 2026Q1, resulting in a negligible debt-to-equity ratio of 0.03 that underscores a strategic preference for equity-based funding over interest-bearing obligations.
The low leverage profile is appropriate for a clinical-stage biotechnology firm, as it avoids the burden of debt service during a period of negative cash flow. This lack of debt suggests that the company retains maximum flexibility to navigate potential market volatility without the constraints of restrictive credit covenants.
As evidenced by the company's financial statements, deferred revenue remains a significant liability, peaking at $154.4M in 2024Q3 before declining to $24.0M in 2026Q1, which indicates that headline cash balances are partially offset by future performance obligations tied to ongoing research collaborations.
The fluctuation in deferred revenue suggests that the company's reported cash position is not entirely 'free' capital, as portions are effectively earmarked for future R&D commitments. Analysts should interpret these balances as a reflection of the company's contractual obligations rather than purely discretionary liquidity available for new initiatives.
Quick answers to the most common questions about buying WVE stock.
As of 2025, Wave Life Sciences Ltd. (WVE) had total assets of $638.5M including $614.8M in current assets.
Wave Life Sciences Ltd. (WVE) carries total debt of $17.8M, offset by $602.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Wave Life Sciences Ltd. (WVE) has total shareholders' equity (book value) of $526.2M ($3.12 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Wave Life Sciences Ltd. (WVE) reported a current ratio of 6.47x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.