Short answer
Wave Life Sciences Ltd. (WVE) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $43M (−60.5% year over year) and net income of −$204M.
- Top risk flagged: Cybersecurity risk oversight by Audit Committee with quarterly updates on incidents and mitigation activities
FY2025 key financial metrics · XBRL
- Revenue
- $43M
- −60.5% YoY
- Net income
- −$204M
- −110.7% YoY
- Operating margin
- -504.1%
- −402.2 pp YoY
- EPS (diluted)
- −$1.21
- −72.9% YoY
- ROE
- -39.4%
- +6.9 pp YoY
- Operating cash flow
- −$187M
- −24.1% YoY
Source: XBRL data from the Wave Life Sciences Ltd. (WVE) FY2025 10-K on SEC EDGAR. USD.
Wave Life Sciences Ltd. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Clinical-stage biotech developing RNA medicines using proprietary PRISM® platform combining multi-modal RNA-targeting modalities and chemistry innovations
- New emphasis on obesity program WVE-007 showing positive Phase 1 data with durable fat loss and muscle preservation, supporting once or twice yearly dosing
- Strategic focus shift to RNA editing (AIMers) for rare genetic diseases like AATD (WVE-006) and PNPLA3 liver disease (WVE-008), advancing first-in-class oligonucleotide therapies
- Clinical pipeline update: WVE-N531 for Duchenne muscular dystrophy granted FDA Rare Pediatric Disease and Orphan Drug Designations; FORWARD-53 trial showed functional muscle improvements
- Noteworthy: Accelerated regulatory engagement initiated for WVE-006 AATD program with potential accelerated approval pathway feedback expected mid-2026
Management Discussion & Analysis
- Revenue $42.7M in 2025 vs $108.3M in 2024, down $65.6M YoY due to Takeda agreement termination offset by GSK revenue increase
- Operating loss widened to $215.4M in 2025 from $110.4M in 2024; operating margin -503.8% in 2025 vs -102.0% in 2024 (calculated as loss/ revenue)
- Best segment R&D expenses: Other R&D including PNPLA3 and preclinical up $27.8M to $139.2M in 2025; worst segment HD program down $9.1M to $2.7M in 2025
- Cash flow: Operating cash outflow $187.5M in 2025; financing inflows $488.2M driven by $377.8M public offering and $94.6M ATM sales; capex $0.7M in 2025
- Outlook: Cash balance $602.1M at end 2025; expects funding sufficiency for 12+ months; notes risks in raising future capital tied to market conditions and business strategy
Risk Factors
- Cybersecurity risk oversight by Audit Committee with quarterly updates on incidents and mitigation activities
- Executive team including Data Security Officer and CFO with 50+ years combined cybersecurity experience managing risk
- Incident response plan and reporting thresholds ensure timely Board-level awareness of significant cybersecurity breaches
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