Revenue is defined by extreme lumpiness, peaking at $83.7M in Q4 2024 before crashing to $2.3M in Q2 2026, indicating reliance on non-recurring milestones that leave a high fixed-cost base of over $76.0M in quarterly operating expenses chronically unprofitable.
Wave Life Sciences Ltd. (WVE) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 65.37M | 42.73M | 108.3M | 113.31M | 3.65M | 40.96M | 20.08M | 15.98M | 14.41M | 3.7M | 1.49M | 152K | 0 | 0 |
| Revenue Growth % | -30.42% | -60.55% | -4.42% | 3005.1% | -91.09% | 104.03% | 25.61% | 10.89% | 289.15% | 149.43% | 876.97% | - | - | - |
| Cost of Goods Sold | 2.26M | 8.85M | 0 | 0 | 0 | 0 | 130.94M | 175.43M | 134.43M | 79.31M | 393K | 9.06M | 2.4M | 4.61M |
| COGS % of Revenue | - | 20.72% | - | - | - | - | 652.21% | 1097.61% | 932.62% | 2141.17% | 26.46% | 5958.55% | - | - |
| Gross Profit | 63.11M | 33.88M | 108.3M | 113.31M | 3.65M | 40.96M | -110.87M | -159.45M | -120.01M | -75.61M | 1.09M | -8.9M | -2.4M | -4.61M |
| Gross Margin % | 96.54% | 79.28% | 100% | 100% | 100% | 100% | -552.21% | -997.61% | -832.62% | -2041.17% | 73.54% | -5858.55% | - | - |
| Gross Profit Growth % | - | -68.72% | -4.42% | 3005.1% | -91.09% | 136.95% | 30.47% | -32.86% | -58.74% | -7023.53% | 112.26% | -271.82% | 48.03% | - |
| Operating Expenses | 281.03M | 249.26M | 218.71M | 181.3M | 166.37M | 167.98M | 42.51M | 48.87M | 173.94M | 106.28M | 56.81M | 19.45M | 5.39M | 3.57M |
| OpEx % of Revenue | - | 583.37% | 201.94% | 160.01% | 4559.3% | 410.07% | 211.73% | 305.76% | 1206.72% | 2869.44% | 3825.72% | 12796.05% | - | - |
| Selling, General & Admin | 85.87M | 75.33M | 59.02M | 51.29M | 50.51M | 46.1M | 42.51M | 48.87M | 39.51M | 26.98M | 15.99M | 10.39M | 3M | 1.65M |
| SG&A % of Revenue | - | 176.31% | 54.5% | 45.27% | 1384.3% | 112.55% | 211.73% | 305.76% | 274.1% | 728.27% | 1077.04% | 6837.5% | - | - |
| Research & Development | 197.42M | 182.78M | 159.68M | 130.01M | 115.86M | 121.88M | 130.94M | 175.43M | 134.43M | 79.31M | 40.82M | 9.06M | 2.4M | 1.92M |
| R&D % of Revenue | - | 427.78% | 147.44% | 114.74% | 3175.01% | 297.52% | 652.21% | 1097.61% | 932.62% | 2141.17% | 2748.69% | 5958.55% | - | - |
| Other Operating Expenses | -1000K | -8.85M | 0 | 0 | 0 | 0 | -130.94M | -175.43M | 9.55M | -331K | -50K | 56K | 261K | 37K |
| Operating Income | -217.92M | -215.38M | -110.4M | -68M | -162.72M | -127.02M | -153.38M | -208.32M | -159.52M | -102.58M | -55.33M | -19.3M | -5.39M | -3.57M |
| Operating Margin % | -333.36% | -504.09% | -101.94% | -60.01% | -4459.3% | -310.07% | -763.94% | -1303.37% | -1106.72% | -2769.44% | -3725.72% | -12696.05% | - | - |
| Operating Income Growth % | - | -95.09% | -62.37% | 58.21% | -28.11% | 17.19% | 26.37% | -30.59% | -55.51% | -85.41% | -186.7% | -257.77% | -50.92% | - |
| EBITDA | -208.82M | -206.53M | -101.74M | -58.79M | -152.61M | -117.18M | -145.26M | -200.73M | -153.94M | -100.42M | -54.54M | -18.7M | -5.11M | -3.3M |
| EBITDA Margin % | -319.43% | -483.37% | -93.94% | -51.89% | -4182.13% | -286.06% | -723.53% | -1255.89% | -1068% | -2711.26% | -3672.93% | -12305.26% | - | - |
| EBITDA Growth % | -54.87% | -103% | -73.06% | 61.48% | -30.23% | 19.33% | 27.63% | -30.39% | -53.29% | -84.12% | -191.61% | -265.81% | -55.03% | - |
| D&A (Non-Cash Add-back) | 9.1M | 8.85M | 8.66M | 9.21M | 10.11M | 9.84M | 8.11M | 7.59M | 5.58M | 2.15M | 784K | 594K | 281K | 276K |
| EBIT | -206.64M | -204.38M | -97.01M | -58.19M | -161.14M | -122.45M | -153.38M | -208.32M | -159.52M | -102.39M | -55.72M | -19.3M | -5.13M | -3.54M |
| Net Interest Income | 15.24M | 10.48M | 0 | 0 | 0 | 30K | -16K | 0 | 22K | 6K | 337K | 86K | 0 | 0 |
| Interest Income | 15.24M | 10.48M | 0 | 0 | 0 | 30K | 0 | - | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 16K | - | 22K | 6K | 337K | 86K | 12K | 0 |
| Other Income/Expense | 15.45M | 11.01M | 13.39M | 9.81M | 1.58M | 4.57M | 2.63M | 14.68M | 12.94M | 1.25M | 542K | 142K | 249K | -74K |
| Pretax Income | -202.47M | -204.38M | -97.01M | -58.19M | -161.14M | -122.45M | -150.75M | -193.64M | -146.58M | -101.33M | -54.78M | -19.16M | -5.14M | -3.65M |
| Pretax Margin % | -309.73% | -478.33% | -89.57% | -51.36% | -4416.06% | -298.92% | -750.86% | -1211.52% | -1016.96% | -2735.61% | -3689.23% | -12602.63% | - | - |
| Income Tax | 0 | 0 | 0 | -677K | 681K | -204K | -841K | 0 | 69K | 708K | 616K | 44K | 84K | -330K |
| Effective Tax Rate % | 0% | 0% | 0% | 1.16% | -0.42% | 0.17% | 0.56% | 0% | -0.05% | -0.7% | -1.12% | -0.23% | -1.63% | 9.05% |
| Net Income | -202.47M | -204.38M | -97.01M | -57.51M | -161.82M | -122.25M | -149.91M | -193.64M | -146.65M | -102.03M | -55.4M | -19.2M | -5.23M | -3.32M |
| Net Margin % | -309.73% | -478.33% | -89.57% | -50.76% | -4434.72% | -298.42% | -746.68% | -1211.52% | -1017.43% | -2754.72% | -3730.71% | -12631.58% | - | - |
| Net Income Growth % | -55.9% | -110.68% | -68.67% | 64.46% | -32.38% | 18.45% | 22.58% | -32.04% | -43.73% | -84.18% | -188.55% | -267.18% | -57.59% | - |
| Net Income (Continuing) | -202.47M | -204.38M | -97.01M | -57.51M | -161.82M | -122.25M | -149.91M | -193.64M | -146.65M | -101.98M | -55.4M | -19.2M | -5.23M | -3.32M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.00 | -1.21 | -0.70 | -0.54 | -2.05 | -2.36 | -3.82 | -5.30 | -5.06 | -3.85 | -2.43 | -0.89 | -0.25 | -0.93 |
| EPS Growth % | -21.11% | -72.86% | -29.63% | 73.66% | 13.14% | 38.22% | 27.92% | -4.74% | -31.43% | -58.44% | -173.03% | -256% | 73.12% | - |
| EPS (Basic) | - | -1.21 | -0.70 | -0.54 | -2.05 | -2.36 | -3.82 | -5.30 | -5.06 | -3.85 | -2.43 | -0.89 | -0.25 | -0.93 |
| Diluted Shares Outstanding | 202.1M | 168.65M | 138.28M | 106.1M | 78.86M | 51.83M | 39.23M | 33.87M | 28.97M | 26.51M | 22.8M | 21.55M | 20.93M | 3.55M |
| Basic Shares Outstanding | 202.1M | 168.65M | 138.28M | 106.1M | 78.86M | 51.83M | 39.23M | 33.87M | 28.97M | 26.51M | 22.8M | 21.55M | 20.93M | 3.55M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying WVE stock.
For fiscal year 2025, Wave Life Sciences Ltd. (WVE) reported total revenue of $42.7M.
Wave Life Sciences Ltd. (WVE) reported a net loss of $204.4M for the fiscal year ending 2025.
Wave Life Sciences Ltd. (WVE) reported an operating income of $-215.4M, resulting in an operating profit margin of -504.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Wave Life Sciences Ltd. (WVE) generated $33.9M in gross profit for the year, representing a gross profit margin of 79.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile, non-recurring revenue streams
Metrics are mathematically derived from official filings.
Revenue Volatility Driven by Lumpiness
Wave Life Sciences exhibits extreme revenue volatility, with quarterly swings from a -$7.7M loss in Q3 2024 to an $83.7M peak in Q4 2024, suggesting sales are driven by non-recurring milestones or licensing events rather than a stable commercial base.
The company's top line is characterized by erratic quarterly movements, including a negative revenue quarter, which is highly atypical for a commercial entity. The recent -73.9% year-over-year decline in Q2 2026, following a modest 3.2% uptick in Q1 2026, underscores that revenue generation lacks durability. This pattern points to a business model reliant on episodic payments, making forward visibility exceptionally poor.
Gross Margin Distorted by Revenue Composition
Gross margins fluctuate wildly between 74.8% and 100%, a pattern driven by the company's revenue mix; quarters with 100% margins likely reflect pure licensing or milestone income with no associated cost of goods sold.
The reported gross margin figures are not indicative of pricing power or manufacturing efficiency but rather the nature of the revenue recognized in a given period. The quarters with lower gross margins (e.g., 74.8% in Q2 2025) suggest the presence of some product-related or collaboration revenue with direct costs. This distortion makes peer comparisons on gross margin less meaningful for understanding the core profitability of the business.
R&D and SG&A as Fixed Cost Burden
Operating expenses, particularly R&D and SG&A, form a high, relatively fixed cost base that has grown steadily from $46.9M in Q1 2024 to $76.1M in Q2 2026, overwhelming volatile revenue and ensuring consistent operating losses.
The company's cost structure is dominated by substantial R&D investment and a growing SG&A line, which appear to be driven by clinical programs and corporate infrastructure build-out rather than immediate commercial scale. Even in the profitable Q4 2024 quarter, these expenses totaled $60.7M, highlighting that sustained profitability requires revenue far exceeding recent averages. Management's expense discipline appears focused on investment in pipeline rather than near-term cost containment.
Negative Operating Leverage on Limited Revenue
The company's fixed cost structure results in severe negative operating leverage; as reported, a drop in revenue from $38.2M in Q1 2026 to just $2.3M in Q2 2026 led to the operating margin plummeting from -81.8% to -32.5%, amplifying losses.
With operating expenses largely fixed in the near term, the income statement shows extreme sensitivity to revenue fluctuations. The lack of a scalable commercial infrastructure means that any top-line contraction flows almost entirely to the bottom line. This dynamic suggests that until the company achieves a higher and more consistent revenue run rate, operating losses will remain structurally elevated regardless of incremental cost controls.
Path to Profitability Remains Elusive
The strongest challenge to WVE's narrative is the persistent inability to cover its fixed cost base with recurring revenue, as evidenced by operating losses in nine of the last ten quarters despite occasional large revenue spikes.
Based on the financial statements, the sole profitable quarter (Q4 2024) appears to be an outlier driven by a large, non-recurring revenue event. Excluding that quarter, the company has burned significant cash, with net losses consistently exceeding $25M per quarter. Investors should monitor whether the recent growth in R&D and SG&A spending translates into a sustainable commercial engine or merely extends the timeline to cash flow positive without addressing the core issue of revenue volatility.