Wave Life Sciences
WVE on Nasdaq. Wave Life Sciences develops RNA medicines for people with rare and common diseases. Market value $739m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-26.14 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$3.75 a share, 5% above its 1-year low
Over the past year the price has ranged from $3.56 to $21.73.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $41m | $4m | $113m | $108m | $43m |
| Operating margin | |||||
| Operating margin | -310.1% | -4459.3% | -60.0% | -101.9% | -504.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.09bn | 0.10bn | 0.15bn | 0.17bn | 0.20bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- DebtUnknown
- Revenue growth, five yearsStrong, 16.3% a year
- Buying back its own sharesNo, 127% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $2 million last quarter, down 74% on a year ago.
- A loss of $69 million, compared with a loss of $50 million a year ago.
- It loses 333 cents on each $1 of sales, compared with 153 cents a year earlier.
- Over the past 12 months it spent $193 million more cash than it brought in, compared with $200 million a year earlier.
- 24% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| September 2024 | -$62m |
| December 2024 | $29m |
| March 2025 | -$47m |
| June 2025 | -$50m |
| September 2025 | -$54m |
| December 2025 | -$53m |
| March 2026 | -$26m |
| June 2026 | -$69m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
1 long-term investor we follow owns it, unchanged from 1 last quarter. 239 funds in all.
- Platinum Investment ManagementPlatinum team
- Value
- $2m
- Share of fund
- 0.4%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Platinum Investment ManagementPlatinum team | $2m | 0.4% |
Largest holders overall
- RA Capital Management, L.P.$157m
- BlackRock$112mAdded
- GSK$106m
- Maverick Capital$60m
- Driehaus Capital Management$32m
- Primecap Management$31mAdded
- 683 Capital Management$29m
- FMR$29mCut
- State Street$28mAdded
- Readystate Asset Management LP$27mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- at least 16.8%−0.3 pts(filed with 3 related holders)Since 7 August 2026
What they said
Item 4 of the Statement is hereby amended and supplemented as follows: On August 7, 2026, as part of the Redomiciliation, Wave-Delaware, became the ultimate parent company of the Wave Life Sciences group of companies. Pursuant to the Scheme of Arrangement, all issued ordinary…
Read the filing - BlackRock, Inc.Passive investor6.1%Since 31 December 2024
- Maverick Capital, Ltd.Passive investorat least 5.4%(filed with 2 related holders)Since 31 December 2024
- FMR LLCPassive investorat least 2.8%−5.7 pts(filed with 1 related holder)Since 31 March 2026
- Adage Capital Management, L.P.Passive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
at least 16.8%−0.3 pts (filed with 3 related holders) | 7 August 2026 | What they saidItem 4 of the Statement is hereby amended and supplemented as follows: On August 7, 2026, as part of the Redomiciliation, Wave-Delaware, became the ultimate parent company of the Wave Life Sciences group of companies. Pursuant to the Scheme of Arrangement, all issued ordinary… Read the filing | |
BlackRock, Inc. Passive investor | 6.1% | 31 December 2024 | |
Maverick Capital, Ltd. Passive investor | at least 5.4% (filed with 2 related holders) | 31 December 2024 | |
FMR LLC Passive investor | at least 2.8%−5.7 pts (filed with 1 related holder) | 31 March 2026 | |
Adage Capital Management, L.P. Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $55m of shares on the open market. 11 sold $16m, $16m of it under preset trading plans.
- Rawcliffe AdrianDirectorSoldunder a preset trading plan
- Date
- 12 August 2026
- Shares
- 12,700
- Price
- $5.29
- Value
- $67,183
- Wagner Heidi LDirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 7,000
- Price
- $6.01
- Value
- $42,070
- TAKANASHI KENDirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 3,864
- Price
- $6.01
- Value
- $23,223
- Tan Aik NaDirectorSoldunder a preset trading plan
- Date
- 11 August 2026
- Shares
- 432
- Price
- $6.01
- Value
- $2,596
- RA CAPITAL MANAGEMENT, L.P.DirectorBought
- Date
- 30 March 2026
- Shares
- 971,091
- Price
- $6.50
- Value
- $6m
- RA CAPITAL MANAGEMENT, L.P.DirectorBought
- Date
- 27 March 2026
- Shares
- 2,495,623
- Price
- $6.43
- Value
- $16m
- RA CAPITAL MANAGEMENT, L.P.DirectorBought
- Date
- 26 March 2026
- Shares
- 5,305,782
- Price
- $6.08
- Value
- $32m
- Francis ChrisSee RemarksSoldunder a preset trading plan
- Date
- 26 February 2026
- Shares
- 33,194
- Price
- $15.05
- Value
- $499,521
- Moran KyleChief Financial OfficerSold
- Date
- 9 February 2026
- Shares
- 3,588
- Price
- $13.45
- Value
- $48,259
- BOLNO PAULPresident and CEO, DirectorSold
- Date
- 9 February 2026
- Shares
- 10,480
- Price
- $13.45
- Value
- $140,956
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 12 August 2026 | Rawcliffe Adrian Director | Sold under a preset trading plan | 12,700 | $5.29 | $67,183 |
| 11 August 2026 | Wagner Heidi L Director | Sold under a preset trading plan | 7,000 | $6.01 | $42,070 |
| 11 August 2026 | TAKANASHI KEN Director | Sold under a preset trading plan | 3,864 | $6.01 | $23,223 |
| 11 August 2026 | Tan Aik Na Director | Sold under a preset trading plan | 432 | $6.01 | $2,596 |
| 30 March 2026 | RA CAPITAL MANAGEMENT, L.P. Director | Bought | 971,091 | $6.50 | $6m |
| 27 March 2026 | RA CAPITAL MANAGEMENT, L.P. Director | Bought | 2,495,623 | $6.43 | $16m |
| 26 March 2026 | RA CAPITAL MANAGEMENT, L.P. Director | Bought | 5,305,782 | $6.08 | $32m |
| 26 February 2026 | Francis Chris See Remarks | Sold under a preset trading plan | 33,194 | $15.05 | $499,521 |
| 9 February 2026 | Moran Kyle Chief Financial Officer | Sold | 3,588 | $13.45 | $48,259 |
| 9 February 2026 | BOLNO PAUL President and CEO, Director | Sold | 10,480 | $13.45 | $140,956 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.