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Wave Life Sciences WVE AATD Program — Research And Development Expense

Other product segments

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

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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$871.66M-21.0%
P/S20.5×-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
Research and development expenses:
INHBE program$6,870$3,515$11,706$6,054
AATD program2,9891,8464,7393,292
DMD program3,9532,6818,0915,719
HD program1577892201,956
Other research and development expenses(1), including PNPLA3, additional preclinical programs, PRISM37,32434,63873,97767,070
Total research and development expenses51,29343,46998,73384,091
General and administrative expenses24,78117,98946,88436,346

Item 1. Financial Statements

FAQ

What is Wave Life Sciences's AATD program — research and development expense?
Wave Life Sciences (WVE) reported AATD program — research and development expense of $2.99M in Q2 2026.
How has Wave Life Sciences's AATD program — research and development expense changed year-over-year?
Wave Life Sciences's AATD program — research and development expense increased by 61.9% year-over-year, from $1.85M to $2.99M.
What is the long-term trend for Wave Life Sciences's AATD program — research and development expense?
Over 3 years (2022 to 2025), Wave Life Sciences's AATD program — research and development expense has grown at a 14.9% compound annual growth rate (CAGR), from $3.76M to $5.71M.
What does AATD program — research and development expense mean?
This metric represents the total operating costs directly attributable to the research and development activities of the Alpha-1 Antitrypsin Deficiency (AATD) therapeutic program. It captures expenditures related to clinical trials, preclinical studies, and scientific innovation specifically focused on advancing this pipeline asset. Monitoring this expense provides insight into the company's capital allocation strategy and the pace of development for this specific genetic disorder treatment.

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