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Segments

By product

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Other Research And Development Expenses Including PNPLA3Additional Preclinical Programs PRISM$37.32M
INHBE Program$6.87M+95.4%
DMD Programs$3.95M
AATD Program$2.99M+61.9%
HD Programs$157K

Other financials

Income statement

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Revenue$2.3M-73.9%
Operating income-$73.8M-39.9%
Net income-$69.4M-37.4%
EPS (diluted)-$0.34-9.7%

Balance sheet

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Cash & equivalents$368.0M+76.5%
Total debt$43.6M+101%
Total equity$453.5M+226%
Total assets$558.3M+121%

Cash flow

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Operating cash flow-$53.6M-16.5%
CapEx$884.0K+189%
Free cash flow-$54.5M-17.6%

Valuation

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Market cap$1.2B-7.3%
Enterprise value$877.58M-21.0%
P/S20.6×-16.6×

Profitability

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Operating margin-75.7%-33.6pp
Net margin-66.5%-29.9pp
FCF margin-27.2%-12.6pp

Returns & leverage

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Return on equity-68.3%
Debt / equity0.1×-0.1×
Current ratio10×+7.4×

Where this comes from

Reported directly by Wave Life Sciences in its filing.

Tagged under the XBRL concept us-gaap:ResearchAndDevelopmentExpense.

The source filing: Wave Life Sciences’s 10-Q, filed July 30, 2026.

Filed
Jul 30, 2026, 7:50 AM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-324949
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Revenue$2,272$8,699$40,518$17,874
Operating expenses:
Research and development51,29343,46998,73384,091
General and administrative24,78117,98946,88436,346
Total operating expenses76,07461,458145,617120,437
Loss from operations(73,802)(52,759)(105,099)(102,563)
Other income, net:
Interest income4,7222,37210,0135,247

Item 1. Financial Statements

FAQ

What is Wave Life Sciences's R&D?
Wave Life Sciences (WVE) reported R&D of $51.29M in Q2 2026.
How has Wave Life Sciences's R&D changed year-over-year?
Wave Life Sciences's R&D increased by 18.0% year-over-year, from $43.47M to $51.29M.
What is the long-term trend for Wave Life Sciences's R&D?
Over 4 years (2021 to 2025), Wave Life Sciences's R&D has grown at a 10.7% compound annual growth rate (CAGR), from $121.88M to $182.78M.
What does R&D mean?
Costs of research activities to discover new knowledge and development activities to translate research into new or improved products, services, processes, or technologies.

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