WVE Stock — Wave Life Sciences Inc.: Cash, EV, Pipeline

What they do

We are a clinical-stage biotechnology company focused on unlocking the broad potential of ribonucleic acid (“RNA”) medicines (also known as oligonucleotides), or those targeting RNA, to transform human health. Our RNA medicines platform, PRISM ® , combines multiple modalities, chemistry innovation and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and common disorders.

Source: 10-K FY2025 via SEC EDGAR

Share price

$3.37

Market cap

$663.7M

Cash

$431.0M

Enterprise value

$232.7M

Balance sheet

Cash	$431.0M
Debt	$0.0M
Net cash	$431.0M
Enterprise value	$232.7M
Basic shares	197.2M shares
Fully diluted shares	220.4M shares
Fully diluted market cap	$742.8M
Cash per share	$2.19
Quarterly burn	$53.6M
Cash runway	6.9 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

178.0M

Pre-funded warrants

7.1M

Options

24.3M

RSUs

8.9M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

2.2M

FDSO

220.4M

Cap table as of 2026-09-30.

Price history

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Next catalyst

WVE-008 · Est. Nov 7, 2026 · half midpoint · guided Now

Recently reported

WVE-006 Phase 2 Mixed · 2026-10-01

WVE-006 · alpha-1 antitrypsin deficiency

Source release →

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
GUIDEDEst. Nov 7, 2026 Now half midpoint	WVE-008 CTA filing for WVE-008	Not disclosed	WVE-008	2H 2026
Jan 12 - Feb 23 in 14 mo	WVE-007	Phase 2	Overweight and Obesity	—
Apr 12 - May 24 in 30 mo	WVE-N531	Phase 2	Duchenne Muscular Dystrophy	—

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

WVE-007

Phase 2 · Active

Target INHBE

Indications

obesity (Phase 2)

Status note Phase 2; no discontinuation disclosed.

WVE-006

Phase 2 · Active

Target SERPINA1

Partnerships GSK (license terminated; Wave retains the asset)

Indications

alpha-1 antitrypsin deficiency (AATD) (Phase 2)

Status note GSK license terminated; Wave continues development; no discontinuation disclosed.

WVE-008

Preclinical · Active

Target PNPLA3

Indications

liver disease (Preclinical)

Status note Preclinical; no discontinuation disclosed.

WVE-N531

Phase 2 · Active

Target dystrophin exon 53

Indications

Duchenne muscular dystrophy (DMD) (Phase 2)

Status note Phase 2; no discontinuation disclosed.

WVE-003

Phase 2 · Active

Target HTT

Indications

Huntington's disease (Phase 2)

Status note Phase 2; no discontinuation disclosed.

Per-asset detail extracted from the 10-Q filed 2026-07-30. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	WVE-N531
Lead indication	Duchenne Muscular Dystrophy
Lead phase	Phase 2
Active trials	4

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06842186	Phase 2	Recruiting	Sponsor	WVE	—	Overweight and Obesity	—
NCT07209332	Phase 2	Enrolling by invitation	Sponsor	WVE	—	Duchenne Muscular Dystrophy	2H 2026 Est. Nov 7, 2026 · half midpoint
NCT04906460	Phase 2	Recruiting	Sponsor	WVE	—	Duchenne Muscular Dystrophy	2H 2026
NCT06405633	Phase 2	Active, not recruiting	Sponsor	WVE	—	Alpha-1 Antitrypsin Deficiency	—

Sponsor-matched active trials from ClinicalTrials.gov (4 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 4 active trials for Wave Life Sciences USA, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
RA Capital Management	26,975,505	no change	1.36%	2026-08-14
RTW Investments	1,350,000	no change	0.07%	2026-08-14
Baker Bros. Advisors	822,638	no change	0.02%	2026-08-14
Sphera Biotech	638,272	+90,000	0.53%	2026-08-14
Tang Capital Partners	600,000	no change	0.16%	2026-08-14
ADAR1 Capital Management	160,000	+115,100	0.04%	2026-08-14
Ikarian Capital	85,285	no change	0.08%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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WVE — Wave Life Sciences Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Recently reported

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

WVE — Wave Life Sciences Inc.