Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Wave Life Sciences Ltd. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
1.49
3.89
14.4
16
20.1
41
3.65
113
108
42.7
Research and development
40.8
79.3
134
175
131
122
116
130
160
183
General and administrative
16
27
39.5
48.9
42.5
46.1
50.5
51.3
59
75.3
Operating expenses
56.8
106
174
224
173
168
166
181
219
258
Operating income
-55.7
-102
-160
-208
-153
-127
-163
-68
-110
-215
Interest income
0.57
0.03
1.57
7.93
10.2
10.5
Other non-operating income
0.54
1.25
12.9
14.7
2.63
4.57
1.58
9.81
13.4
11
Pre-tax income
-55.2
-101
-147
-194
-151
-122
-161
-58.2
-97
-204
Income tax
0.48
0.84
0.07
0
-0.84
-0.2
0.68
-0.68
0
0
Net income
-55.7
-102
-147
-194
-150
-122
-162
-57.5
-97
-204
EBITDA
-54.9
-100
-154
-201
-145
-120
-156
-63
-107
-212
EPS, basic
-2.44
-3.85
-5.06
-5.72
-3.82
-2.36
-2.05
-0.54
-0.70
-1.21
EPS, diluted
-2.44
-3.85
-5.06
-5.72
-3.82
-2.36
-2.05
-0.54
-0.70
-1.21
Shares, basic (weighted)
22.8
26.5
29
33.9
39.2
51.8
78.9
106
138
169
Shares, diluted (weighted)
22.8
26.5
29
33.9
39.2
51.8
78.9
106
138
169
Balance sheet
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
150
143
175
147
184
151
88.5
200
302
602
Receivables
1
10
20
30
21.1
1.42
1.28
Other current assets
1.48
6.99
10.9
8.69
5.11
5.42
2.11
4.02
7.35
3.08
Total current assets
152
150
202
185
230
163
98.5
235
320
615
Property, plant and equipment
8.61
27.3
39.9
36.4
29.2
22.3
17.3
13.1
10.1
7.41
Lease right-of-use assets
18.1
16.2
18.4
26.8
22.6
17.9
12.5
Other non-current assets
0.16
0.06
0.02
Total assets
165
182
296
284
279
207
146
275
352
638
Accounts payable
4.94
7.6
13.1
9.07
13.8
7.28
16.9
12.8
16.3
15.7
Accrued liabilities
2.48
3.28
5.5
5.03
2.14
3.57
3.52
1.77
4.55
7.31
Deferred revenue
2.71
1.28
101
89.7
91.6
37.1
31.6
150
66
44.4
Total current liabilities
12.2
18.2
130
118
121
64.2
71.5
186
111
95.1
Lease liabilities
29.3
25.6
25
32.1
25.4
17.8
9.41
Other non-current liabilities
0.8
1.62
2.14
1.72
0.47
0.19
Total liabilities
22.1
34.4
215
213
189
167
184
227
135
112
Paid-in capital
10
22.2
37.8
57.3
71.6
88
119
129
156
228
Retained earnings
-90.5
-193
-340
-533
-683
-806
-967
-1,025
-1,122
-1,326
Other comprehensive income
-0.29
0.12
0.15
0.27
0.39
0.18
-0.03
-0.12
-0.26
-0.25
Shareholders' equity
135
140
73.3
63.7
82.8
32.5
-45.1
39.6
210
518
Total equity
135
140
73.3
63.7
82.8
32.5
-45.1
39.6
210
518
Total liabilities and equity
165
182
296
284
279
207
146
275
352
638
Shares outstanding
23.5
27.8
29.5
34.3
48.8
59.8
86.9
119
153
188
Cash flow statement
FY2016
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-55.7
-102
-147
-194
-150
-122
-162
-57.5
-97
-204
Depreciation and amortization
0.78
2.16
5.58
7.59
8.11
7.48
6.57
5
3.9
3.44
Stock-based compensation
6.85
12.1
15.6
19.5
14.3
16.4
17.2
9.8
13.1
25
Deferred income tax
-0.7
0.91
0
0
0
Change in receivables
-1
-59
10
20
30
-21.1
19.7
0.15
Change in payables
3.37
3.89
4.94
-3.5
5.12
-6.57
9.35
-3.76
3.42
-0.56
Cash from operations
-31.9
-83.7
-22.9
-188
-116
-89
-128
-19.4
-151
-187
Capital expenditures
-5.57
-18.9
-9.94
-3.92
-1.34
-0.56
-1.36
-1.12
-0.94
-0.72
Purchases of investments
-75
Cash from investing
-5.56
-18.9
-9.94
-3.92
-1.34
-0.56
-1.26
-1.12
-0.94
-0.72
Stock issued
30
93.5
60
162
93.7
0.25
51.2
93.6
2.98
14.9
Cash from financing
29.1
94.4
65.1
164
155
55.8
67.2
133
254
488
Net change in cash
-8.38
-7.78
32.3
-27.6
37.3
-33.9
-62.1
112
102
300
Free cash flow
-37.5
-103
-32.8
-192
-117
-89.6
-129
-20.5
-152
-188
Interest paid
0.03
0.04
Income taxes paid
0.55
-0.01
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $3.78 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-44.6%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-36.3%
Net income / average total assets.
Return on invested capital (ROIC)
-201.3%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-60.5%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
127.1%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
16.3%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y
147.4%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 5y
44.3%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
81.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
63.4%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
18.0%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
22.0%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
28.8%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
33.9%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
9.99x
Current assets / current liabilities.
Quick ratio
7.26x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
7.24x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$0.95
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.94
Cash from operations / diluted weighted shares.
Book value per share
$2.35
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.64x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.64x
Market cap / tangible book value, when positive.
FCF yield
-25.9%
Free cash flow / market cap.
Earnings yield
-27.2%
Net income / market cap (the inverse of P/E).
What was Wave Life Sciences Ltd.'s revenue in fiscal 2025?
Wave Life Sciences Ltd. reported revenue of $42.7M for fiscal 2025, 60.5% lower than the year before.
Was Wave Life Sciences Ltd. profitable in fiscal 2025?
No. It reported a net loss of $204.4M.
How much free cash flow did Wave Life Sciences Ltd. generate in fiscal 2025?
Cash from operations of $187.5M minus capital expenditures of $718.0K left free cash flow of -$188.2M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.