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

Share price

$4.35

Market cap

$857.2M

Cash

$490.6M

Enterprise value

$366.6M

Balance sheet

Cash	$490.6M
Debt	$0.0M
Net cash	$490.6M
Enterprise value	$366.6M
Basic shares	193.3M shares
Fully diluted shares	238.9M shares
Fully diluted market cap	$1,039.4M
Cash per share	$2.54

Cash figures as of 2026-06-30. Database snapshot: 2026-09-21.

Price history

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Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Oct 13 - Nov 24	WVE-006	Phase 2	Alpha-1 Antitrypsin Deficiency	—
Jan 12 - Feb 23	WVE-007	Phase 2	Overweight and Obesity	—
Apr 12 - May 24	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-007
Lead indication	Overweight and Obesity
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	—
NCT04906460	Phase 2	Recruiting	Sponsor	WVE	—	Duchenne Muscular Dystrophy	—
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

Institutional holders

Fund	Shares	Q/Q change	% of portfolio	Filing
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
ADAR1 Capital Management	160,000	+115,100	0.04%	2026-08-14
Ikarian Capital	85,285	no change	0.08%	2026-08-14

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

WVE — Wave Life Sciences Inc.

Balance sheet

Price history

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Institutional holders