WVE Wave Life Sciences Ltd. - Ordinary Shares
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Jul 30, 2026
$3.78
· of 52w range
· above low
· to high
$3.5652w low
$20.6352w high
Market Cap (MRQ)
$731M
P/E
-14.0
EPS
$-1.21
Revenue
$43M
your badges
52W Range
$4–$21
Analyst Rating
BUY
Price Target
$19
P/E
-14.0
ROE
·
Net Profit Margin
·
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WVE Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$3.78
Market Cap (MRQ)
$731M
P/E
-14.0
EPS
$-1.21
Revenue
$43M
52W Range
$4–$21
WVE Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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About Wave Life Sciences Ltd. - Ordinary Shares Company overview from Wikipedia
sectorHealthcare
industryPharmaceuticals
employees317
countrySG
10-Year Performance Revenue, net income, margins and EPS trends
Revenue$43M2016-12-31 → 2025-12-31
EPS$-1.212021-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | WVE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E | -14.05Y avg ≈-9.2 | ≈-9.2 | · | · | |
| P/B (MRQ) | 1.6 | · | · | · | |
| Price / FCF (TTM) | -3.8 | · | · | · | |
| Price / Cash Flow (TTM) | -3.8 | · | · | · | |
| Price / Tangible Book | 6.25Y avg ≈9.0 | ≈9.0 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | WVE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 10.0 | · | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | WVE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | -60.6%5Y avg ≈590.6% | ≈590.6% | · | · | |
| Revenue CAGR 3Y | 127.1%5Y avg ≈81.1% | ≈81.1% | · | · | |
| Revenue CAGR 5Y | 16.3% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | WVE | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue / Employee | ≈$134.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
3.3%
Next Report
Nov 09, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 28, 2026 | $-0.34 | $-0.31 | -8.9% |
| March 31, 2026 | May 7, 2026 | $-0.13 | $-0.33 | 60.7% |
| Dec. 31, 2025 | $-0.30 | $-0.27 | -10.0% | |
| Sept. 30, 2025 | $-0.32 | $-0.30 | -6.2% | |
| June 30, 2025 | $-0.31 | $-0.29 | -5.6% | |
| March 31, 2025 | $-0.29 | $-0.26 | -10.1% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43M | $108M | $113M | $4M | $41M | $20M | $16M | $14M | $4M | $1M | $152.0K | |
| R&D Expense | $183M | $160M | $130M | $116M | $122M | $131M | $175M | $134M | $79M | $41M | $9M | |
| SG&A Expense | $75M | $59M | $51M | $51M | $46M | $43M | $49M | $40M | $27M | $16M | $10M | |
| Operating Expenses | $258M | $219M | $181M | $166M | $168M | $173M | $224M | $174M | $106M | $57M | $19M | |
| Operating Income | $-215M | $-110M | $-68M | $-163M | $-127M | $-153M | $-208M | $-160M | $-102M | $-56M | $-19M | |
| Other Non-op | $527.0K | $3M | $2M | $7.0K | $5M | $2M | $10M | $10M | $-331.0K | $-50.0K | $56.0K | |
| Pretax Income | $-204M | $-97M | $-58M | $-161M | $-122M | $-151M | $-194M | $-147M | $-101M | $-55M | $-19M | |
| Income Tax | $0 | $0 | $-677.0K | $681.0K | $-204.0K | $-841.0K | $0 | $69.0K | $842.0K | $482.0K | $44.0K | |
| Net Income | $-204M | $-97M | $-58M | $-162M | $-122M | $-150M | $-194M | $-147M | $-102M | $-56M | $-19M | |
| EPS (Basic) | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 | · | · | · | · | · | · | |
| EPS (Diluted) | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 | · | · | · | · | · | · | |
| Shares (Basic) | 168,649,795 | 138,277,468 | 106,097,268 | 78,855,810 | 51,825,566 | · | · | · | · | · | · | |
| Shares (Diluted) | 168,649,795 | 138,277,468 | 106,097,268 | 78,855,810 | 51,825,566 | · | · | · | · | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $602M | $302M | $200M | $88M | $151M | $184M | $147M | $175M | $143M | $150M | $161M | |
| Receivables | $1M | $1M | $21M | · | · | $30M | $20M | $10M | $1M | · | · | |
| Prepaid Expense | $8M | $10M | $10M | $8M | $7M | $10M | $10M | $7M | $7M | $1M | $146.0K | |
| Other Current Assets | $3M | $7M | $4M | $2M | $5M | $5M | $9M | $11M | · | · | · | |
| Current Assets | $615M | $320M | $235M | $99M | $163M | $230M | $185M | $202M | $150M | $152M | $161M | |
| PP&E (Net) | $7M | $10M | $13M | $17M | $22M | $29M | $36M | $40M | $27M | $9M | $3M | |
| PP&E (Gross) | $57M | $56M | $56M | $55M | $54M | $54M | $53M | $49M | $32M | $11M | $4M | |
| Accum. Depreciation | $50M | $46M | $43M | $38M | $32M | $25M | $17M | $10M | $4M | $2M | $2M | |
| Other Non-current Assets | $16.0K | $55.0K | $156.0K | · | · | · | · | · | · | · | · | |
| Total Assets | $638M | $352M | $275M | $146M | $207M | $279M | $284M | $296M | $182M | $165M | $165M | |
| Accounts Payable | $16M | $16M | $13M | $17M | $7M | $14M | $9M | $13M | $8M | $5M | $3M | |
| Accrued Liabilities | $7M | $5M | $2M | $4M | $4M | $2M | $5M | $6M | $3M | · | · | |
| Current Liabilities | $95M | $111M | $186M | $72M | $64M | $121M | $118M | $130M | $18M | $12M | $4M | |
| Capital Leases | $9M | $18M | $25M | $32M | $25M | $26M | $29M | · | · | $16.0K | $78.0K | |
| Other Non-current Liabilities | · | · | · | $190.0K | · | $474.0K | $2M | $2M | $2M | $796.0K | $163.0K | |
| Total Liabilities | $112M | $135M | $227M | $184M | $167M | $189M | $213M | $215M | $34M | $22M | $4M | |
| Common Stock | $1.62B | $1.18B | $935M | $803M | $750M | $694M | $540M | $375M | $310M | $216M | $185M | |
| Paid-in Capital | $228M | $156M | $129M | $119M | $88M | $72M | $57M | $38M | $22M | $10M | $3M | |
| Retained Earnings | $-1.33B | $-1.12B | $-1.02B | $-967M | $-806M | $-683M | $-533M | $-340M | $-193M | $-90M | $-35M | |
| AOCI | $-250.0K | $-262.0K | $-124.0K | $-29.0K | $181.0K | $389.0K | $267.0K | $153.0K | $116.0K | $-291.0K | $41.0K | |
| Stockholders' Equity | $518M | $210M | $40M | $-45M | $32M | $83M | $64M | $73M | $140M | $135M | $153M | |
| Liabilities + Equity | $638M | $352M | $275M | $146M | $207M | $279M | $284M | $296M | $182M | $165M | $165M | |
| Shares Outstanding | 187,660,263 | 153,037,286 | 119,162,234 | 86,924,643 | 59,841,116 | 48,778,678 | 34,340,690 | 29,472,197 | 27,829,079 | 23,502,169 | 21,551,423 |
Cash Flow
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | · | · | · | · | · | · | · | · | $2M | $784.0K | $594.0K | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | $4M | |
| Deferred Tax | $0 | $0 | $0 | · | · | · | · | · | $908.0K | $-698.0K | $36.0K | |
| Operating Cash Flow | $-187M | $-151M | $-19M | $-128M | $-89M | $-116M | $-188M | $-23M | $-84M | $-32M | $-13M | |
| CapEx | $718.0K | $938.0K | $1M | $1M | $560.0K | $1M | $4M | $10M | $19M | $6M | $2M | |
| Investing Cash Flow | $-718.0K | $-938.0K | $-1M | $-1M | $-560.0K | $-1M | $-4M | $-10M | $-19M | $-6M | · | |
| Stock Issued | · | · | $94M | $51M | · | $94M | $162M | $60M | $94M | $30M | $12M | |
| Financing Cash Flow | $488M | $254M | $133M | $67M | $56M | $155M | $164M | $65M | $94M | $29M | · | |
| Net Change in Cash | $300M | $102M | $112M | $-62M | $-34M | $37M | $-28M | $32M | $-8M | $-8M | $160M | |
| Taxes Paid | · | · | · | · | · | · | · | · | $-11.0K | $554.0K | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EPS (TTM) | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 | · | · | · | · | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | -60.6% | -4.4% | 3005.1% | -91.1% | 104.0% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 127.1% | 38.3% | 78.0% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 16.3% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $43M | $108M | $113M | $4M | $41M | $20M | $16M | $14M | $4M | $1M | $152.0K | |
| Net Income TTM | $-204M | $-97M | $-58M | $-162M | $-122M | $-150M | $-194M | $-147M | $-102M | $-56M | $-19M | |
| P/E | -14.0 | -17.7 | -9.4 | -3.4 | -1.3 | · | · | · | · | · | · | |
| P / Tangible Book | 6.2 | 9.0 | 15.2 | · | 5.8 | 4.6 | · | · | · | · | · | |
| Earnings Yield | -7.1% | -5.7% | -10.7% | -29.3% | -75.2% | · | · | · | · | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2M | $38M | · | · | $9M | $9M | · | · | $20M | $13M | $49M | $22M | $13M | $285.0K | $375.0K | $2M | |
| R&D Expense | $51M | $47M | $53M | $46M | $43M | $41M | $45M | $41M | $40M | $33M | $32M | $33M | $31M | $28M | $30M | $27M | |
| SG&A Expense | $25M | $22M | $21M | $18M | $18M | $18M | $16M | $15M | $14M | $14M | $13M | $12M | $12M | $12M | $13M | $12M | |
| Operating Expenses | $76M | $70M | $74M | $64M | $61M | $59M | $61M | $56M | $55M | $47M | $45M | $46M | $43M | $39M | $43M | $40M | |
| Operating Income | $-74M | $-31M | $-56M | $-56M | $-53M | $-50M | $23M | $-64M | $-35M | $-34M | $4M | $-23M | $-30M | $-39M | $-42M | $-38M | |
| Interest Income | $5M | $5M | · | $2M | $2M | $3M | · | $2M | $2M | $3M | · | · | · | · | · | · | |
| Other Non-op | $-275.0K | $-80.0K | $234.0K | $324.0K | $-82.0K | $51.0K | $3M | $337.0K | $-18.0K | $365.0K | $171.0K | $118.0K | $1M | $-701.0K | $744.0K | $254.0K | |
| Pretax Income | $-69M | $-26M | $-53M | $-54M | $-50M | $-47M | $29M | $-62M | $-33M | $-32M | $7M | $-21M | $-27M | $-39M | $-41M | $-38M | |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $-677.0K | $0 | $0 | $0 | $0 | $0 | |
| Net Income | $-69M | $-26M | $-53M | $-54M | $-50M | $-47M | $29M | $-62M | $-33M | $-32M | $7M | $-21M | $-27M | $-39M | $-41M | $-38M | |
| EPS (Basic) | $-0.34 | $-0.13 | $-0.29 | $-0.32 | $-0.31 | $-0.29 | $0.26 | $-0.47 | $-0.25 | $-0.24 | $0.07 | $-0.20 | $-0.27 | $-0.42 | $-0.62 | $-0.62 | |
| EPS (Diluted) | $-0.34 | $-0.13 | $-0.29 | $-0.32 | $-0.31 | $-0.29 | $0.26 | $-0.47 | $-0.25 | $-0.24 | $0.07 | $-0.20 | $-0.27 | $-0.42 | $-0.62 | $-0.62 | |
| Shares (Basic) | 204,008,712 | 200,167,869 | · | 167,739,208 | 163,987,640 | 162,572,026 | · | 132,563,467 | 129,527,003 | 129,271,678 | 106,025,063 | 105,462,414 | 102,056,712 | 93,900,484 | 66,479,293 | 60,516,616 | |
| Shares (Diluted) | 204,008,712 | 200,167,869 | · | 167,739,208 | 163,987,640 | 162,572,026 | · | 132,563,467 | 129,527,003 | 129,271,678 | 106,975,231 | 105,462,414 | 102,056,712 | 93,900,484 | 66,479,293 | 60,516,616 | |
| EBITDA | · | $-31M | · | $-56M | $-53M | $-50M | · | $-64M | $-35M | · | $4M | $-23M | $-30M | $-39M | $-42M | $-38M |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $368M | $545M | $602M | $196M | $208M | $243M | $302M | $311M | $154M | $181M | $140M | $173M | $208M | $97M | $123M | $62M | |
| Short-term Investments | · | · | · | · | · | · | · | · | · | · | · | · | · | $25M | $25M | $50M | |
| Receivables | $888.0K | $0 | $1M | $10M | $2M | · | $1M | $0 | $1M | $0 | $7M | · | · | · | · | · | |
| Prepaid Expense | $12M | $13M | $8M | $7M | $7M | $8M | $10M | $11M | $12M | $11M | $8M | $9M | $9M | $7M | $5M | $7M | |
| Other Current Assets | $4M | $3M | $3M | $3M | $7M | $7M | $7M | $3M | $5M | $5M | $4M | $3M | $3M | $2M | $7M | $6M | |
| Current Assets | $508M | $561M | $615M | $215M | $224M | $258M | $320M | $325M | $172M | $197M | $159M | $185M | $220M | $131M | $160M | $124M | |
| PP&E (Net) | $7M | $7M | $7M | $8M | $9M | $10M | $10M | $11M | $12M | $12M | $14M | $15M | $16M | $19M | $20M | $21M | |
| PP&E (Gross) | · | · | $57M | · | · | · | $56M | · | · | · | · | · | · | · | · | · | |
| Accum. Depreciation | $51M | $50M | $50M | $49M | $48M | $47M | $46M | $45M | $44M | $44M | $42M | $40M | $39M | · | · | · | |
| Other Non-current Assets | $667.0K | $386.0K | $16.0K | $22.0K | $728.0K | $448.0K | $55.0K | · | · | · | · | · | · | · | · | · | |
| Total Assets | $558M | $584M | $638M | $241M | $252M | $288M | $352M | $359M | $209M | $235M | $200M | $230M | $267M | $182M | $213M | $167M | |
| Accounts Payable | $20M | $19M | $16M | $14M | $15M | $14M | $16M | $13M | $18M | $12M | $13M | $12M | $12M | $16M | $11M | $10M | |
| Accrued Liabilities | $5M | $5M | $7M | $5M | $3M | $2M | $5M | $3M | $2M | $2M | $3M | $3M | $2M | $2M | $3M | $3M | |
| Current Liabilities | $51M | $50M | $95M | $86M | $87M | $87M | $111M | $171M | $173M | $166M | $100M | $140M | $133M | $64M | $64M | $58M | |
| Capital Leases | $40M | $7M | $9M | $11M | $14M | $16M | $18M | $20M | $22M | $24M | $27M | $29M | $31M | $34M | $35M | $24M | |
| Other Non-current Liabilities | · | · | · | · | · | · | · | · | · | · | · | $190.0K | $190.0K | · | · | $868.0K | |
| Total Liabilities | $105M | $72M | $112M | $109M | $105M | $109M | $135M | $209M | $204M | $202M | $233M | $274M | $294M | $178M | $174M | $160M | |
| Common Stock | $1.63B | $1.63B | $1.62B | $1.22B | $1.19B | $1.18B | $1.18B | $1.14B | $951M | $950M | $841M | $840M | $838M | $803M | $802M | $751M | |
| Paid-in Capital | $248M | $237M | $228M | $174M | $168M | $161M | $156M | $153M | $136M | $132M | $127M | $125M | $122M | $117M | $113M | $92M | |
| Retained Earnings | $-1.42B | $-1.35B | $-1.33B | $-1.27B | $-1.22B | $-1.17B | $-1.12B | $-1.15B | $-1.09B | $-1.06B | $-1.01B | $-1.02B | $-995M | $-924M | $-885M | $-843M | |
| AOCI | $-172.0K | $-254.0K | $-250.0K | $-190.0K | $-161.0K | $-204.0K | $-262.0K | $-159.0K | $-279.0K | $-198.0K | $-182.0K | $-150.0K | $-50.0K | $-123.0K | $-47.0K | $95.0K | |
| Stockholders' Equity | $454M | $512M | $518M | $125M | $139M | $172M | $210M | $142M | $-3M | $25M | $-40M | $-52M | $-35M | $-5M | $31M | $-53.0K | |
| Liabilities + Equity | $558M | $584M | $638M | $241M | $252M | $288M | $352M | $359M | $209M | $235M | $200M | $230M | $267M | $182M | $213M | $167M | |
| Shares Outstanding | 193,277,622 | 192,337,566 | 187,660,263 | 160,288,481 | 155,673,292 | 154,093,313 | 153,037,286 | 148,392,939 | 122,479,289 | 122,321,384 | 99,011,901 | 98,566,816 | 98,104,844 | 86,841,523 | 86,724,658 | 60,859,968 |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-54M | $-60M | $-34M | $-45M | $-46M | $-63M | $-44M | $-46M | $-27M | $-33M | $-34M | $-37M | $86M | $-26M | $-29M | $-40M | |
| CapEx | $884.0K | $438.0K | $-1.0K | $248.0K | $306.0K | $165.0K | $86.0K | $383.0K | $52.0K | $417.0K | $198.0K | $72.0K | $489.0K | $457.0K | $492.0K | $208.0K | |
| Investing Cash Flow | $-123M | $-438.0K | $1.0K | $-248.0K | $-306.0K | $-165.0K | $-86.0K | $-383.0K | $-52.0K | $-417.0K | $-198.0K | $-72.0K | $-489.0K | $-501.0K | $25M | $-50M | |
| Stock Issued | · | · | · | · | · | · | · | $174M | $0 | $14M | $-35M | $-35M | $0 | $-229.0K | · | · | |
| Net Stock Activity | · | · | · | · | · | · | · | · | · | · | · | · | $35M | · | · | · | |
| Financing Cash Flow | $330.0K | $3M | $440M | $33M | $12M | $4M | $35M | $204M | $653.0K | $15M | $2M | $2M | $35M | $17.0K | $66M | $1M | |
| Net Change in Cash | $-177M | $-57M | $406M | $-12M | $-35M | $-59M | $-9M | $157M | $-27M | $-19M | $-33M | $-36M | $120M | $-26M | $61M | $-89M | |
| Free Cash Flow | · | $-60M | · | · | · | $-63M | · | · | · | · | · | · | $85M | · | · | $-40M |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | · | -81.8% | · | · | -606.5% | -542.8% | · | · | -177.7% | · | 9.0% | -106.2% | -234.2% | -13648.8% | -11243.7% | -2176.8% | |
| Net Margin | · | -68.2% | · | · | -580.2% | -510.9% | · | · | -167.2% | · | 14.7% | -95.5% | -212.0% | -13685.6% | -11012.3% | -2160.8% | |
| Pretax Margin | · | -68.2% | · | · | -580.2% | -510.9% | · | · | -167.2% | · | 13.4% | -95.5% | -212.0% | -13685.6% | -11012.3% | -2160.8% | |
| EBITDA Margin | · | -81.8% | · | · | -606.5% | -542.8% | · | · | -177.7% | · | 9.0% | -106.2% | -234.2% | -13648.8% | -11243.7% | -2176.8% | |
| ROA | · | -6.0% | · | -17.9% | -21.9% | -17.9% | · | -22.1% | -15.0% | · | 3.8% | -9.5% | -12.6% | -20.4% | -19.7% | -18.4% | |
| ROE | · | -7.6% | · | -40.5% | -74.3% | -47.5% | · | -122.2% | 119.3% | · | -32.2% | 203.2% | 157.7% | -307.3% | -156.5% | -143.3% | |
| ROIC | · | -6.1% | · | -45.2% | -37.9% | -29.0% | · | -45.1% | 1006.5% | · | -12.1% | 45.4% | 87.2% | 860.8% | -136.2% | 71875.5% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 11.3 | · | 2.5 | 2.6 | 3.0 | · | 1.9 | 1.0 | · | 1.6 | 1.3 | 1.7 | 2.0 | 2.5 | 2.1 | |
| Quick Ratio | · | 10.9 | · | 2.4 | 2.4 | 2.8 | · | 1.8 | 0.9 | · | 1.5 | 1.2 | 1.6 | 1.9 | 2.3 | 1.9 |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.1 | · | · | 0.0 | 0.0 | · | · | 0.1 | · | 0.3 | 0.1 | 0.1 | 0.0 | 0.0 | 0.0 | |
| Receivables Turnover | · | · | · | · | 6.0 | · | · | · | 30.5 | · | 3.3 | · | · | · | · | · |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $2.66 | · | $0.78 | $0.89 | $1.11 | · | $0.95 | $-0.03 | · | $-0.41 | $-0.52 | $-0.35 | $-0.05 | $0.36 | $-0.00 | |
| Revenue / Share | · | $0.19 | · | · | $0.05 | $0.06 | · | · | $0.15 | · | $0.46 | $0.21 | $0.13 | $0.00 | $0.01 | · | |
| Cash Flow / Share | · | $-0.30 | · | · | · | $-0.39 | · | · | · | · | · | · | $0.84 | · | · | · | |
| Cash / Share | · | $2.83 | · | $1.22 | $1.34 | $1.58 | · | $2.10 | $1.26 | · | $1.41 | $1.75 | $2.12 | $1.12 | $1.42 | $1.01 | |
| EPS (TTM) | $-1.08 | $-1.05 | · | $-0.66 | $-0.81 | $-0.75 | · | $-1.10 | $-0.56 | $-0.51 | $-0.79 | $-1.28 | $-1.70 | $-2.27 | $-1.97 | $-2.13 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | · | · | · | · | · | · | $110M | $110M | $113M | $85M | $37M | $15M | $4M | $40M | $43M | |
| Net Income TTM | $-202M | $-184M | · | $-122M | $-130M | $-112M | · | $-143M | $-73M | $-62M | $-85M | $-131M | $-151M | $-153M | $-120M | $-118M | |
| Market Cap | · | $1.39B | · | $1.17B | $1.01B | $1.25B | · | $1.22B | $611M | · | $569M | $359M | $425M | $313M | $282M | $122M | |
| P/E | -5.4 | -6.9 | · | -11.1 | -8.0 | -10.8 | · | -7.5 | -8.9 | -12.1 | -7.3 | -2.8 | -2.5 | -1.6 | -1.6 | -0.9 | |
| P/S | · | · | · | · | · | · | · | 11.0 | 5.5 | · | 6.7 | 9.8 | 28.6 | 75.1 | 7.0 | 2.8 | |
| P/B | · | 2.7 | · | 9.4 | 7.3 | 7.2 | · | 8.6 | -175.8 | · | -14.1 | -6.9 | -12.2 | -69.4 | 9.1 | -2296.6 | |
| P / Tangible Book | 2.5 | 2.7 | · | 9.4 | 7.3 | 7.2 | · | 8.6 | · | 29.7 | · | · | · | · | 9.1 | · | |
| P / Cash Flow | · | -23.4 | · | · | · | -19.8 | · | · | · | · | · | · | 5.0 | · | · | -3.1 | |
| Earnings Yield | -18.6% | -14.5% | · | -9.0% | -12.5% | -9.3% | · | -13.4% | -11.2% | -8.3% | -13.7% | -35.2% | -39.3% | -62.9% | -60.6% | -106.5% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Revenue | $43M | $108M | $113M | $4M | $41M |
| Net Income | $-204M | $-97M | $-58M | $-162M | $-122M |
| Diluted EPS | $-1.21 | $-0.70 | $-0.54 | $-2.05 | $-2.36 |
No data for this statement
Not enough fundamentals data to build this statement yet.
No data for this statement
Not enough fundamentals data to build this statement yet.
Institutional owners (13F) 260 filers · $1.1B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Holders
260
Value held
$1.1B
New positions
50
Exited positions
39
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 50 (-7 vs prior Q) | 39 (+3 vs prior Q) | 99 (-14 vs prior Q) | 59 (+5 vs prior Q) | +5.4M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| RA CAPITAL MANAGEMENT, L.P. | $156,727,684 | 26,975,505 | 14.03% | Shares |
| BlackRock, Inc. | $111,566,297 | 19,202,461 | 9.99% | Shares |
| GSK plc | $106,007,465 | 18,245,691 | 9.49% | Shares |
| VANGUARD GROUP INC | $60,753,682 | 3,573,746 | 5.44% | Shares |
| MAVERICK CAPITAL LTD | $59,715,848 | 10,278,115 | 5.35% | Shares |
| Driehaus Capital Management LLC | $31,624,661 | 5,443,143 | 2.83% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $31,110,354 | 5,354,622 | 2.79% | Shares |
| 683 Capital Management, LLC | $28,759,500 | 4,950,000 | 2.57% | Shares |
| FMR LLC | $28,599,589 | 4,922,477 | 2.56% | Shares |
| STATE STREET CORP | $28,116,432 | 4,839,317 | 2.52% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $27,464,678 | 4,727,139 | 2.46% | Shares |
| M28 Capital Management LP | $26,657,930 | 4,588,284 | 2.39% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $22,489,218 | 3,869,998 | 2.01% | Shares |
| TWO SIGMA INVESTMENTS, LP | $21,541,656 | 3,707,686 | 1.93% | Shares |
| ALGERT GLOBAL LLC | $16,370,343 | 2,817,615 | 1.47% | Shares |
| Qube Research & Technologies Ltd | $16,128,560 | 2,776,000 | 1.44% | Shares |
| Squarepoint Ops LLC | $14,765,778 | 2,541,442 | 1.32% | Shares |
| MORGAN STANLEY | $14,075,916 | 2,422,705 | 1.26% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $12,263,463 | 2,110,751 | 1.10% | Shares |
| Pfizer Inc | $10,931,250 | 1,875,000 | 0.98% | Shares |
| MILLENNIUM MANAGEMENT LLC | $10,523,548 | 1,811,282 | 0.94% | Shares |
| D. E. Shaw & Co., Inc. | $10,296,645 | 1,772,228 | 0.92% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $10,175,651 | 1,751,403 | 0.91% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $9,920,932 | 1,746,643 | 0.89% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $9,920,137 | 1,707,809 | 0.89% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $9,903,261 | 1,704,520 | 0.89% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $9,575,141 | 1,648,045 | 0.86% | Shares |
| GOLDMAN SACHS GROUP INC | $9,425,807 | 1,622,342 | 0.84% | Shares |
| Point72 Asset Management, L.P. | $8,627,786 | 1,484,989 | 0.77% | Shares |
| FEDERATED HERMES, INC. | $8,518,820 | 1,466,234 | 0.76% | Shares |
| RTW INVESTMENTS, LP | $7,843,500 | 1,350,000 | 0.70% | Shares |
| NORTHERN TRUST CORP | $7,282,835 | 1,253,500 | 0.65% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $7,114,025 | 1,224,445 | 0.64% | Shares |
| EMERALD ADVISERS, LLC | $7,111,237 | 1,223,965 | 0.64% | Shares |
| MARSHALL WACE, LLP | $5,807,286 | 999,533 | 0.52% | Shares |
| SymBiosis Capital Partners, LLC | $5,437,500 | 750,000 | 0.49% | Shares |
| Pictet Asset Management Holding SA | $5,330,146 | 917,409 | 0.48% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $5,157,403 | 887,677 | 0.46% | Shares |
| Aberdeen Group plc | $5,092,221 | 876,458 | 0.46% | Shares |
| EMERALD MUTUAL FUND ADVISERS TRUST | $4,926,874 | 847,999 | 0.44% | Shares |
| BAKER BROS. ADVISORS LP | $4,779,527 | 822,638 | 0.43% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $4,712,241 | 811,057 | 0.42% | Shares |
| CAPITAL FUND MANAGEMENT S.A. | $4,268,874 | 734,746 | 0.38% | Shares |
| SPHERA FUNDS MANAGEMENT LTD. | $3,708,360 | 638,272 | 0.33% | Shares |
| JPMORGAN CHASE & CO | $3,546,519 | 618,172 | 0.32% | Shares |
| Y-Intercept (Hong Kong) Ltd | $3,544,646 | 610,094 | 0.32% | Shares |
| Susquehanna Portfolio Strategies, LLC | $3,533,607 | 608,194 | 0.32% | Shares |
| TANG CAPITAL MANAGEMENT LLC | $3,486,000 | 600,000 | 0.31% | Shares |
| Walleye Capital LLC | $3,401,482 | 585,453 | 0.30% | Shares |
| Nuveen, LLC | $3,191,328 | 549,282 | 0.29% | Shares |
Activists & 5%+ owners 4 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| RA Capital Management, L.P., Peter Kolchinsky, Rajeev Shah, RA Capital Healthcare Fund, L.P. ×9 filings | Aug. 11, 2026 | 16.80% | Amendment | · | SEC |
| Shin Nippon Biomedical Laboratories, Ltd., SNBL USA, Ltd., Ken Takanashi ×6 filings | Aug. 12, 2022 | · | Initial filing | · | SEC |
| Kagoshima Shinsangyo Sousei Investment Limited Partnership, Kagoshima Development Co. Ltd. ×5 filings | July 20, 2022 | · | Initial filing | · | SEC |
| RA Capital Management, LLC, Peter Kolchinsky ×3 filings | Jan. 28, 2019 | · | Initial filing | Passive investment | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 22 insiders · 8 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Paul Bolno | President and CEO | Feb. 5, 2026 A | 275,520 | 0 | 1 | $-140,956 |
| Kyle Moran | Chief Financial Officer | Feb. 5, 2026 A | 134,385 | 0 | 7 | $-4,151,988 |
| David G Gaiero | Interim CFO | March 3, 2020 A | 6,392 | 0 | 0 | $0 |
| Keith Regnante | Chief Financial Officer | March 7, 2019 A | 29,186 | 0 | 0 | $0 |
| Chris Francis | SVP, Corporate Development, Head of Emerging Areas | Feb. 26, 2026 M | 61,867 | 0 | 14 | $-7,103,233 |
| Chandra Vargeese | Chief Technology Officer, Head of Platform Discovery Sciences | Feb. 5, 2026 A | 408,246 | 0 | 1 | $-43,417 |
| Michael A. Panzara | Chief Medical Officer, Head of Therapeutics Discovery and Development | July 25, 2022 A | 109,103 | 0 | 0 | $0 |
| Mark Baldry | Chief Commerical Officer | Aug. 5, 2019 A | 39,000 | 0 | 0 | $0 |
| Gregory L. Verdine | Director | Dec. 8, 2025 S | 275,217 | 0 | 2 | $-269,461 |
| Christian O Henry | Director | Dec. 8, 2025 M | 12,700 | 0 | 4 | $-1,369,324 |
| Mark Corrigan | Director | Dec. 8, 2025 S | 28,815 | 0 | 2 | $-217,265 |
| Amy Pott | Director | Aug. 18, 2020 A | · | 0 | 0 | $0 |
| Peter Kolchinsky | Director | Aug. 18, 2020 A | · | 0 | 0 | $0 |
| Koji Miura | Director | Aug. 15, 2019 A | · | 0 | 0 | $0 |
| Masaharu Tanaka | Director | Nov. 10, 2016 A | · | 0 | 0 | $0 |
| Takeshi Wada | Director | Nov. 10, 2016 A | · | 0 | 0 | $0 |
| GSK plc | 10% owner | Dec. 11, 2025 P | 18,245,691 | 1 | 0 | $27,930,000 |
| Adrian Rawcliffe | · | Aug. 12, 2026 S | 0 | 0 | 3 | $-806,604 |
| Tan Aik Na | · | Aug. 11, 2026 S | 24,968 | 0 | 9 | $-1,825,754 |
| Ken Takanashi | · | Aug. 11, 2026 S | 20,079 | 0 | 1 | $-23,223 |
| Heidi L Wagner | · | Aug. 11, 2026 M | 44,930 | 0 | 3 | $-231,070 |
| Roberto Guerciolini | · | Dec. 7, 2016 M | 4,000 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 30 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PILL · Direxion Shares ETF Trust | 1.11% | 41,500 NS | July 31, 2026 | N-PORT |
| IHE · iShares Trust | 0.16% | 562,937 SH | Sept. 11, 2026 | Daily |
| IWC · iShares Trust | 0.15% | 470,896 SH | Sept. 11, 2026 | Daily |
| IBB · iShares Trust | 0.06% | 1,217,594 SH | Sept. 11, 2026 | Daily |
| NUSC · Nushares ETF Trust | 0.05% | 122,389 NS | July 31, 2026 | N-PORT |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.05% | 13,788 SH | Oct. 2, 2026 | Daily |
| VTWV · VANGUARD SCOTTSDALE FUNDS | 0.05% | 111,824 SH | Aug. 19, 2026 | Daily |
| RSSL · Global X Funds | 0.02% | 66,050 NS | July 31, 2026 | N-PORT |
| IWM · iShares Trust | 0.02% | 3,532,850 SH | Sept. 11, 2026 | Daily |
| VTWO · VANGUARD SCOTTSDALE FUNDS | 0.02% | 793,588 SH | Aug. 19, 2026 | Daily |
| DFAS · Dimensional ETF Trust | 0.01% | 386,104 NS | July 31, 2026 | N-PORT |
| PRFZ · Invesco Exchange-Traded Fund Trust | 0.01% | 86,919 SH | Oct. 2, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.01% | 1,751,403 SH | Aug. 19, 2026 | Daily |
| VHT · VANGUARD WORLD FUND | 0.01% | 390,910 SH | Aug. 19, 2026 | Daily |
| ISCG · iShares Trust | 0.01% | 14,841 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 7,302 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.00% | 4,263 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.00% | 19,243 NS | July 31, 2026 | N-PORT |
| IWO · iShares Trust | 0.00% | 88,152 SH | Sept. 11, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.00% | 195,202 NS | July 31, 2026 | N-PORT |
| IWV · iShares Trust | 0.00% | 64,397 SH | Sept. 10, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.00% | 6,250 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.00% | 248,363 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.00% | 19,385 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.00% | 33,180 NS | July 31, 2026 | N-PORT |
| VTWG · VANGUARD SCOTTSDALE FUNDS | 0.00% | 10,069 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.00% | 11,431 SH | Aug. 19, 2026 | Daily |
| IWN · iShares Trust | · | 1,201,565 SH | Sept. 11, 2026 | Daily |
| ISCB · iShares Trust | · | 6,085 SH | Sept. 11, 2026 | Daily |
| ISCV · iShares Trust | · | 18,901 SH | Sept. 11, 2026 | Daily |
WVE Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 21 analysts
BUY
Median target
$15.00
+296.8%
7 33.3%
Strong Buy
13 61.9%
Buy
1 4.8%
Hold
0 0.0%
Sell
0 0.0%
Strong Sell
12-Month Price Target
17 analysts · 2026-09-28Mean target $18.53 +390.2%
← Below all targets
Current price $3.78
Low$10.00
Mean$18.53
High$42.00
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Source: SEC 10-Q filed Jul 30, 2026