WAVE Life Sciences Ltd

WVE

Healthcare|Biotechnology|Singapore

$6.26

-0.07 (-1.03%)

Tangible Book

$2.66

Financials

Financial Snapshot

Market Cap

$1.20B

Enterprise Value

$528.9M

Revenue (TTM)

$71.8M

Net Income (TTM)

$-183.6M

Cash & Equivalents

—

Net Cash/Share

$2.46

Free Cash Flow (TTM)

$-185.0M

Operating CF (TTM)

$-184.0M

Debt/Equity

0.03

Cash Runway & Burn Rate

Cash on Hand

$0.00

Quarterly Burn

$46.0M

Monthly Burn

$15.3M

Est. Runway

—

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Investments	$150.3M	$142.5M	$174.8M	$147.2M	$184.5M	$150.6M	$88.5M	$200.4M	$302.1M	$602.1M	$544.6M
Operating Cash Flow	$-31.9M	$-83.7M	$-22.9M	$-188.2M	$-116.0M	$-89.0M	$-127.8M	$-19.4M	$-151.0M	$-187.5M	$-184.0M
Free Cash Flow	$-37.5M	$-102.6M	$-32.8M	$-192.1M	$-117.3M	$-89.6M	$-129.1M	$-20.5M	$-152.0M	$-188.2M	$-185.0M
Capital Expenditure	$-5.6M	$-18.9M	$-9.9M	$-3.9M	$-1.3M	$-560.0K	$-1.4M	$-1.1M	$-938.0K	$-718.0K	$-991.0K
Financing Cash Flow	$29.1M	$94.4M	$65.1M	$164.4M	$154.5M	$55.8M	$67.2M	$132.5M	$253.9M	$488.2M	$486.6M

R&D Spending

R&D (TTM)

$189.6M

R&D Intensity

264.1%

R&D Growth YoY

+3.7%

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.1M	$3.9M	$14.4M	$16.0M	$20.1M	$41.0M	$3.6M	$113.3M	$108.3M	$42.7M	$71.8M
R&D Expense	$40.8M	$79.3M	$134.4M	$175.4M	$130.9M	$121.9M	$115.9M	$130.0M	$159.7M	$182.8M	$189.6M
R&D % of Revenue	3737.9%	2037.2%	932.6%	1097.6%	652.2%	297.5%	3175.0%	114.7%	147.4%	427.8%	264.1%
SG&A	$16.0M	$27.0M	$39.5M	$48.9M	$42.5M	$46.1M	$50.5M	$51.3M	$59.0M	$75.3M	$79.1M

Income Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Revenue	$1.1M	$3.9M	$14.4M	$16.0M	$20.1M	$41.0M	$3.6M	$113.3M	$108.3M	$42.7M	$71.8M
Cost of Goods Sold	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Gross Profit	$1.1M	$3.9M	$14.4M	$16.0M	$20.1M	$41.0M	$3.6M	$113.3M	$108.3M	$42.7M	$71.8M
R&D	$40.8M	$79.3M	$134.4M	$175.4M	$130.9M	$121.9M	$115.9M	$130.0M	$159.7M	$182.8M	$189.6M
SG&A	$16.0M	$27.0M	$39.5M	$48.9M	$42.5M	$46.1M	$50.5M	$51.3M	$59.0M	$75.3M	$79.1M
Operating Income	$-55.7M	$-102.4M	$-159.5M	$-208.3M	$-153.4M	$-127.0M	$-162.7M	$-68.0M	$-110.4M	$-215.4M	$-196.9M
Interest Expense	$0.00	$0.00	$0.00	$0.00	$-16.0K	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Pretax Income	$-55.2M	$-101.1M	$-146.6M	$-193.6M	$-150.8M	$-122.4M	$-161.1M	$-58.2M	$-97.0M	$-204.4M	$-183.6M
Net Income	$-55.7M	$-102.0M	$-146.7M	$-193.6M	$-149.9M	$-122.2M	$-161.8M	$-57.5M	$-97.0M	$-204.4M	$-183.6M
EPS (Diluted)	-2.44	-3.85	-5.06	-5.72	-3.82	-2.36	-2.05	-0.54	-0.70	-1.21	-1.06
EBITDA	$-54.9M	$-100.2M	$-153.9M	$-199.1M	$-143.4M	$-117.2M	$-152.6M	$-58.8M	$-101.7M	$-206.5M	$-187.9M
Shares Out. (M)	22.80	26.51	28.97	33.87	39.23	51.83	78.86	106.10	138.28	168.65	200.17

Balance Sheet

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Cash & Equivalents	$150.3M	$142.5M	$174.8M	$147.2M	$184.5M	$150.6M	$88.5M	$200.4M	$302.1M	$602.1M	$544.6M
Marketable Securities	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Current Assets	$152.0M	$150.5M	$202.3M	$185.5M	$230.0M	$162.6M	$98.5M	$235.4M	$320.4M	$614.8M	$561.3M
Total Assets	$164.8M	$181.8M	$295.9M	$284.3M	$279.2M	$207.0M	$146.4M	$274.9M	$352.2M	$638.5M	$583.5M
Total Current Liabilities	$12.2M	$18.2M	$130.0M	$118.2M	$121.0M	$64.2M	$71.5M	$186.4M	$111.0M	$95.1M	$49.8M
Long-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Total Liabilities	$29.9M	$42.2M	$222.6M	$220.5M	$196.5M	$174.5M	$191.5M	$235.3M	$142.7M	$120.1M	$71.8M
Stockholders' Equity	$134.9M	$139.6M	$73.3M	$63.7M	$82.8M	$32.5M	$-45.1M	$39.6M	$209.5M	$518.4M	$511.7M
Retained Earnings	$-90.5M	$-192.7M	$-339.7M	$-533.4M	$-683.3M	$-805.5M	$-967.3M	$-1.02B	$-1.12B	$-1.33B	$-1.35B

Cash Flow Statement

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Operating Cash Flow	$-31.9M	$-83.7M	$-22.9M	$-188.2M	$-116.0M	$-89.0M	$-127.8M	$-19.4M	$-151.0M	$-187.5M	$-184.0M
Capital Expenditure	$-5.6M	$-18.9M	$-9.9M	$-3.9M	$-1.3M	$-560.0K	$-1.4M	$-1.1M	$-938.0K	$-718.0K	$-991.0K
Free Cash Flow	$-37.5M	$-102.6M	$-32.8M	$-192.1M	$-117.3M	$-89.6M	$-129.1M	$-20.5M	$-152.0M	$-188.2M	$-185.0M
Investing Cash Flow	$-5.6M	$-18.9M	$-9.9M	$-3.9M	$-1.3M	$-560.0K	$-1.3M	$-1.1M	$-938.0K	$-718.0K	$-991.0K
Financing Cash Flow	$29.1M	$94.4M	$65.1M	$164.4M	$154.5M	$55.8M	$67.2M	$132.5M	$253.9M	$488.2M	$486.6M
Issuance of Stock	$30.0M	$93.5M	$60.0M	$161.8M	$153.6M	$55.0M	$52.3M	$131.3M	$236.2M	$472.5M	$471.2M
Repurchase of Stock	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Issuance of Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Payments of Debt	$-62.0K	$-62.0K	$-16.0K	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$6.8M	$12.1M	$15.6M	$19.5M	$14.3M	$16.4M	$17.2M	$9.8M	$13.1M	$25.0M	$29.1M
Net Change in Cash	$-8.4M	$-7.8M	$32.3M	$-27.6M	$37.3M	$-33.9M	$-62.1M	$111.9M	$101.8M	$300.0M	$301.6M

Dilution Tracker

Shares outstanding grew 286.2% over 5 years — significant dilution

Shares Outstanding

200M

5-Year Share Growth

+286.2%

Stock Issuance (TTM)

$471.2M

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Shares Out. (M)	22.80	26.51	28.97	33.87	39.23	51.83	78.86	106.10	138.28	168.65	200.17
YoY Change %	—	16.3%	9.3%	16.9%	15.8%	32.1%	52.2%	34.5%	30.3%	22.0%	18.7%
Stock Issuance	$30.0M	$93.5M	$60.0M	$161.8M	$153.6M	$55.0M	$52.3M	$131.3M	$236.2M	$472.5M	$471.2M
Stock Repurchase	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Stock Based Comp.	$6.8M	$12.1M	$15.6M	$19.5M	$14.3M	$16.4M	$17.2M	$9.8M	$13.1M	$25.0M	$29.1M

Margins & Profitability

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Gross Margin %	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Operating Margin %	-5102.6%	-2630.1%	-1106.7%	-1303.4%	-763.9%	-310.1%	-4459.3%	-60.0%	-101.9%	-504.1%	-274.2%
Net Margin %	-5097.1%	-2619.6%	-1017.4%	-1211.5%	-746.7%	-298.4%	-4434.7%	-50.8%	-89.6%	-478.3%	-255.7%
EBITDA Margin %	-5030.8%	-2574.8%	-1068.0%	-1245.8%	-714.2%	-286.1%	-4182.1%	-51.9%	-93.9%	-483.4%	-261.7%
FCF Margin %	-3433.3%	-2634.4%	-227.6%	-1202.2%	-584.4%	-218.6%	-3539.1%	-18.1%	-140.3%	-440.5%	-257.7%
ROE %	-38.6%	-74.3%	-137.7%	-282.5%	-204.6%	-212.1%	0.0%	0.0%	-77.9%	-56.2%	-62.6%
ROA %	-33.7%	-58.8%	-61.4%	-66.8%	-53.2%	-50.3%	-91.6%	-27.3%	-30.9%	-41.3%	-45.8%
R&D / Revenue	-	-	-	-	-	-	-	-	-	-	-

Valuation

P/E (TTM)At Loss

HistoricalAt Loss / At Loss / At Loss

Industry Med.27.51

P/S16.26

Historical1.47 / 24.30 / 1906.67

Industry Med.9.49

P/B2.35

Historical2.15 / 6.43 / 30.10

Industry Med.2.93

EV/EBITDA-3.60

Historical-22.05 / -4.98 / 0.08

Industry Med.13.02

EV/Revenue9.41

Historical-0.20 / 16.58 / 1433.29

Industry Med.8.59

P/FCF—

Historical— / — / —

Industry Med.27.13

Intrinsic Value Models

Tangible Book

$2.66

Net Current Assets

$2.540

Median P/S Value

$9.69

Net-Net Working Capital

$2.46

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
PE Ratio	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss	At Loss
PS Ratio	544.79	238.78	84.42	16.98	15.37	3.97	152.17	4.73	15.80	67.19	16.26
PB Ratio	4.56	7.00	16.89	4.32	4.64	5.78	0.00	15.17	9.04	6.15	2.35
EV/EBITDA	-8.46	-8.36	-6.98	-0.81	-1.59	-0.57	-3.65	-7.37	-15.89	-12.62	-3.60
EV/Revenue	425.36	215.19	74.55	10.05	11.39	1.64	152.81	3.83	14.92	60.99	9.41

Analyst Estimates & Quality

Altman Z-Score

6.96

Safe

Piotroski F-Score

Weak

Beneish M-Score

-2.98

Unlikely Manipulator

Forward Estimates

Metric	Current Year	Next Year	2 Years Out
Revenue	$57.08M	$57.87M	$122.89M
Net Income	$-222.07M	$-253.15M	$-267.00M
EPS	-0.91	-1.19	-1.14
Book Value per Share	0.24	3.17	0.00
Operating Cash Flow per Share	-0.85	-1.31	0.00
Operating CF	$-170.14M	$-262.22M	$0.00M

Dividends

Revenue Segments

By Business

Segment	2025
Developing its proprietary ribonucleic acid (RNA) medicines platform, PRISM, to develop and	$42.7M

By Geography

Segment	2025
Singapore	$42.7M