Wave Life Sciences Ltd. (WVE) Income Statement
WVE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsWVE revenue and net income
Where WVE's revenue goes
2025Each bar shows an amount and its share of revenue. WVE kept −478.3% of revenue as net income.
WVE profit margins
WVE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −60.5% | +127.1% | +16.3% | +75.7% |
| Gross profit | −68.7% | +110.2% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
WVE quarterly EPS vs estimates
Wave Life Sciences beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 9, 2026 (estimate $-0.33).
WVE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $42.7M | $108.3M | $113.3M | $3.6M | $41.0M | $20.1M | $16.0M | $14.4M | $3.7M | $1.5M |
| Cost of revenue | $8.9M | $8.7M | $9.2M | $10.1M | $121.9M | $130.9M | $175.4M | $134.4M | $79.3M | $393,000 |
| Gross profit | $33.9M | $108.3M | $113.3M | $3.6M | $41.0M | −$110.9M | −$159.4M | −$120.0M | −$75.6M | $1.1M |
| Research & development | $182.8M | $159.7M | $130.0M | $115.9M | $121.9M | $130.9M | $175.4M | $134.4M | $79.3M | $40.8M |
| Sales, general & admin | $75.3M | $59.0M | $51.3M | $50.5M | $46.1M | $42.5M | $48.9M | $39.5M | $27.0M | $16.0M |
| Total operating expenses | $249.3M | $218.7M | $181.3M | $166.4M | $168.0M | $42.5M | $48.9M | $173.9M | $106.3M | $56.8M |
| Operating income | −$215.4M | −$110.4M | −$68.0M | −$162.7M | −$127.0M | −$153.4M | −$208.3M | −$159.5M | −$102.6M | −$55.3M |
| Interest income | — | — | — | $1.6M | — | — | $4.9M | $3.4M | $1.6M | $592,000 |
| Interest expense | — | — | — | $1.6M | $14.4M | $16,000 | $0 | $22,000 | $6,000 | $337,000 |
| Income before taxes | −$204.4M | −$97.0M | −$58.2M | −$161.1M | −$122.4M | −$150.8M | −$193.6M | −$146.6M | −$101.3M | −$54.8M |
| Income taxes | — | — | −$677,000 | $681,000 | −$204,000 | −$841,000 | −$14.1M | $69,000 | $708,000 | $616,000 |
| Net income | −$204.4M | −$97.0M | −$57.5M | −$161.8M | −$122.2M | −$149.9M | −$193.6M | −$146.7M | −$102.0M | −$55.4M |
| EBITDA | −$195.5M | −$88.3M | −$49.0M | −$152.6M | −$112.6M | −$143.4M | −$199.1M | −$153.9M | −$100.2M | −$54.9M |
| EPS (diluted) | −$1.22 | −$0.79 | −$0.55 | −$2.13 | −$2.37 | −$3.98 | −$5.71 | −$5.05 | −$3.85 | −$2.41 |
| Gross margin | 79.3% | 100.0% | 100.0% | 100.0% | 100.0% | −552.2% | −997.6% | −832.6% | −2,041.2% | 73.5% |
| Operating margin | −504.1% | −101.9% | −60.0% | −4,459.3% | −310.1% | −763.9% | −1,303.4% | −1,106.7% | −2,769.4% | −3,725.7% |
| Net margin | −478.3% | −89.6% | −50.8% | −4,434.7% | −298.4% | −746.7% | −1,211.5% | −1,017.4% | −2,754.7% | −3,730.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3M | $38.2M | $17.2M | $7.6M | $8.7M | $9.2M | $83.7M | $0 | $19.7M | $12.5M | $29.1M | $49.2M |
| Cost of revenue | $0 | $0 | $2.3M | $0 | $2.2M | $2.2M | $65.7M | $2.2M | $2.2M | $2.2M | $2.2M | $31.6M |
| Gross profit | $2.3M | $38.2M | $15.0M | $7.6M | $6.5M | $7.0M | $83.7M | −$7.7M | $19.7M | $12.5M | $26.9M | $17.6M |
| Research & development | $51.3M | $47.4M | $52.8M | $45.9M | $43.5M | $40.6M | $44.6M | $41.2M | $40.4M | $33.4M | $34.1M | $31.6M |
| Sales, general & admin | $24.8M | $22.1M | $20.9M | $18.1M | $18.0M | $18.4M | $16.1M | $15.0M | $14.3M | $13.5M | $13.7M | $13.1M |
| Total operating expenses | $76.1M | $69.5M | $71.5M | $64.0M | $59.3M | $56.8M | $60.8M | $56.2M | $54.7M | $47.0M | $45.6M | $13.1M |
| Operating income | −$73.8M | −$31.3M | −$56.5M | −$56.4M | −$52.8M | −$49.8M | $23.0M | −$63.9M | −$35.0M | −$34.5M | −$18.7M | $4.4M |
| Interest income | $4.7M | $5.3M | — | $2.2M | $2.4M | $2.9M | — | $1.8M | $2.1M | $2.5M | — | — |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $2.9M | — |
| Income before taxes | −$69.4M | −$26.1M | −$53.2M | −$53.9M | −$50.5M | −$46.9M | $29.3M | −$61.8M | −$32.9M | −$31.6M | −$16.3M | $7.9M |
| Income taxes | — | — | — | — | — | — | — | — | −$1 | −$1 | $7.5M | $676,999 |
| Net income | −$69.4M | −$26.1M | −$53.2M | −$53.9M | −$50.5M | −$46.9M | $29.3M | −$61.8M | −$32.9M | −$31.6M | −$16.3M | $7.3M |
| EBITDA | −$71.2M | −$23.8M | −$50.9M | −$51.6M | −$48.3M | −$44.7M | $31.4M | −$59.6M | −$30.8M | −$29.4M | −$14.1M | $10.2M |
| EPS (diluted) | −$0.34 | −$0.13 | −$0.30 | −$0.32 | −$0.31 | −$0.29 | $0.17 | −$0.47 | −$0.25 | −$0.24 | −$0.15 | $0.07 |
| Gross margin | 100.0% | 100.0% | 86.9% | 100.0% | 74.8% | 76.4% | 100.0% | — | 100.0% | 100.0% | 92.5% | 35.7% |
| Operating margin | −3,248.3% | −81.8% | −327.4% | −740.7% | −606.5% | −542.8% | 27.4% | — | −177.7% | −274.8% | −64.3% | 9.0% |
| Net margin | −3,052.6% | −68.2% | −308.4% | −707.8% | −580.2% | −510.9% | 34.9% | — | −167.2% | −251.7% | −55.9% | 14.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in WVE's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
WVE financial results
In fiscal year 2025 (ended December 31, 2025), Wave Life Sciences reported revenue of $42.7 million, down 60.5% from the year before. It had a net loss of $204.4 million, a net profit margin of −478.3%. Diluted earnings per share came to −$1.22. Over five years revenue grew at an average rate of 16.3% a year.
See the WVE stock overview for the latest quote and news, or the WVE chart for price history and technical indicators.
WVE income statement FAQ
What is Wave Life Sciences's annual revenue?
Wave Life Sciences reported total revenue of $42.7 million for fiscal year 2025, which ended on December 31, 2025. That was down 60.5% from $108.3 million the previous year.
Is Wave Life Sciences profitable?
No. Wave Life Sciences reported a net loss of $204.4 million in fiscal 2025, a net profit margin of −478.3%; its operating margin was −504.1%.
What is Wave Life Sciences's gross margin?
Wave Life Sciences's gross margin was 79.3% in fiscal 2025: for every $100 of revenue, Wave Life Sciences kept $79 after the direct cost of its products and services.
How much does Wave Life Sciences spend on research and development?
Wave Life Sciences spent $182.8 million on research and development in fiscal 2025, 427.8% of revenue.
How fast is Wave Life Sciences growing?
Revenue grew 16.3% a year on average over the last five fiscal years, from $20.1 million to $42.7 million.
What are Wave Life Sciences's earnings per share?
Wave Life Sciences earned $-1.22 per diluted share in fiscal 2025, compared with $-0.79 a year earlier.
When will Wave Life Sciences report its next earnings?
Wave Life Sciences is expected to report results for the quarter ending September 30, 2026 on November 9, 2026 before the market opens.
When does Wave Life Sciences's fiscal year end?
Wave Life Sciences's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.