Revenue remains highly erratic, evidenced by a 79.4% sequential decline in 2025Q4, while operating margins remain deeply negative at -81.8% in 2026Q1 due to heavy R&D spending.
| 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 | 71.8M | 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 % | -31.58% | -60.55% | -4.42% | 3005.1% | -91.09% | 104.03% | 25.61% | 10.89% | 289.15% | 149.43% | 876.97% | - | - | - |
| Cost of Goods Sold | 4.46M | 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 | 67.34M | 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 % | 93.79% | 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 | 264.22M | 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 | 79.08M | 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 | 189.6M | 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 | -2M | -8.85M | 0 | 0 | 0 | 0 | -130.94M | -175.43M | 9.55M | -331K | -50K | 56K | 261K | 37K |
| Operating Income | -196.88M | -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 % | -274.21% | -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 | -187.88M | -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 % | -261.68% | -483.37% | -93.94% | -51.89% | -4182.13% | -286.06% | -723.53% | -1255.89% | -1068% | -2711.26% | -3672.93% | -12305.26% | - | - |
| EBITDA Growth % | -60.45% | -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) | 8.99M | 8.85M | 8.66M | 9.21M | 10.11M | 9.84M | 8.11M | 7.59M | 5.58M | 2.15M | 784K | 594K | 281K | 276K |
| EBIT | -191.09M | -204.38M | -110.4M | -68M | -162.72M | -127.02M | -153.38M | -208.32M | -159.52M | -102.39M | -55.72M | -19.3M | -5.13M | -3.54M |
| Net Interest Income | 12.89M | 10.48M | 0 | 0 | 0 | 30K | -16K | 0 | 22K | 6K | 337K | 86K | 0 | 0 |
| Interest Income | 12.89M | 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 | 13.29M | 11.01M | 13.39M | 9.81M | 1.58M | 4.57M | 2.63M | 14.68M | 12.94M | 1.25M | 542K | 142K | 249K | -74K |
| Pretax Income | -183.59M | -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 % | -255.7% | -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 | -183.59M | -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 % | -255.7% | -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 % | -63.44% | -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) | -183.59M | -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) | -0.92 | -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 % | -26.19% | -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 | 200.17M | 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 | 200.17M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical milestone dependency
As reported in financial statements, WVE's revenue trajectory remains highly erratic, characterized by a 79.4% sequential decline in 2025Q4 following a 188.2% surge in 2024Q4, reflecting the inherent lumpiness of milestone-based collaboration payments rather than any underlying commercial growth or consistent product demand trends.
The revenue profile is entirely dependent on the timing of partnership-related events, which obscures the company's true operational momentum. Investors should monitor the deferred revenue balance to gauge the sustainability of these inflows, as current figures do not represent a predictable or recurring sales model.
Based on the company's quarterly filings, R&D expenditure consistently represents the primary cash outflow, with spending levels frequently exceeding $40M per quarter, which underscores the capital-intensive nature of advancing the PRISM platform through clinical trials without the benefit of a commercialized product revenue stream.
The persistent R&D burn rate suggests that management is prioritizing pipeline advancement over near-term profitability. This cost structure is likely to remain elevated as the company pushes its lead candidates into more complex and expensive late-stage clinical evaluations.
According to recent income statement data, WVE lacks meaningful operating leverage, as operating losses have remained substantial, peaking at $63.9M in 2024Q3, which indicates that the company's current business model is not yet structured to scale profitably relative to its fixed research and administrative overhead.
The absence of a scalable cost base is typical for clinical-stage biotech, but it highlights the extreme sensitivity of the bottom line to revenue fluctuations. Without a transition to commercial product sales, operating margins will likely continue to oscillate based on the timing of non-recurring partnership milestones.
As evidenced by the provided financial data, net income is heavily distorted by the recognition of collaboration revenue and stock-based compensation, with quarterly net losses frequently exceeding $50M, suggesting that reported EPS is currently a poor proxy for the company's underlying economic value or operational health.
The reliance on milestone accounting makes it difficult to assess the quality of earnings, as these figures do not reflect cash-on-hand or long-term value creation. Analysts should focus on the cash runway and clinical progress rather than traditional profitability metrics, which are currently irrelevant to the company's stage of development.
Based on an analysis of historical performance, the primary risk to the income statement is the potential for prolonged gaps between milestone payments, which could force the company to rely on dilutive financing if clinical readouts fail to trigger the next phase of partnership-based revenue.
Short-term volatility in revenue recognition masks the underlying risk that the current business model is not self-sustaining. If the PRISM platform fails to deliver consistent clinical validation, the ability to secure future non-dilutive capital from partners may diminish, creating a significant funding gap.
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.