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Wave Life Sciences WVE HD Programs — 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
AATD Program
$2.99M+61.9%

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$4.87M+3.1%
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TYRAOther Development Programs — Research And Development Expense
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$5.52M-9.2%
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KURADiscovery Stage Program — Research And Development Expense
$1.4M-33.0%
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SLDBInternal Research And Development Expense — Research And Development Expense
$9.06M+33.9%
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TNGXTNG260Direct Program Expenses-RD — Research And Development Expense
$2.01M+16.1%

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
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
Total operating expenses$76,074$61,458$145,617$120,437

Item 1. Financial Statements

FAQ

What is Wave Life Sciences's HD programs — research and development expense?
Wave Life Sciences (WVE) reported HD programs — research and development expense of $157K in Q2 2026.
How has Wave Life Sciences's HD programs — research and development expense changed year-over-year?
Wave Life Sciences's HD programs — research and development expense decreased by 80.1% year-over-year, from $789K to $157K.
What is the long-term trend for Wave Life Sciences's HD programs — research and development expense?
Over 2 years (2022 to 2024), Wave Life Sciences's HD programs — research and development expense has grown at a 21.8% compound annual growth rate (CAGR), from $7.95M to $11.79M.
What does HD programs — research and development expense mean?
This metric represents the total operating costs directly attributable to research and development activities for the Huntington's Disease (HD) therapeutic program. It captures expenditures related to clinical trials, preclinical studies, and scientific discovery efforts specifically focused on this disease area. Monitoring this expense provides insight into the company's capital allocation strategy and the intensity of investment in its specific pipeline assets.

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