Wave Life Sciences Ltd. has recently released its 10-K report, providing a comprehensive overview of its financial performance and business operations. The company, a clinical-stage biotechnology firm, specializes in designing, developing, and commercializing ribonucleic acid (RNA) medicines through its PRISM platform. This platform combines multiple modalities, chemistry innovation, and deep insights into human genetics to deliver scientific breakthroughs that treat both rare and prevalent disorders. Wave Life Sciences is currently developing a range of RNA medicines, including WVE-006 for alpha-1 antitrypsin deficiency, WVE-007 for obesity, WVE-N531 for Duchenne muscular dystrophy, and WVE-003 for Huntington's disease.
In the 10-K report, Wave Life Sciences discussed its financial condition and results of operations. The company reported a net loss of $204.4 million in 2025, $97.0 million in 2024, and $57.5 million in 2023. As of December 31, 2025, the company had an accumulated deficit of $1,326.2 million. Wave Life Sciences recognized collaboration revenue under the GSK Collaboration Agreement, amounting to $42.7 million in 2025, and the Takeda Collaboration Agreement, which contributed $71.3 million in 2024. The company has not generated any product revenue and expects to continue incurring significant expenses and operating losses for the foreseeable future.
Research and development expenses were a significant component of the company's operating costs, totaling $182.8 million in 2025. These expenses primarily covered costs related to the development of the RNA medicines platform, including compensation-related expenses, external research activities, preclinical and clinical activities, and regulatory compliance. General and administrative expenses amounted to $75.3 million in 2025, encompassing compensation-related expenses, legal fees, professional fees, insurance costs, and facility-related expenses.
Wave Life Sciences reported a decrease in revenue from $108.3 million in 2024 to $42.7 million in 2025, primarily driven by the termination of the Takeda Collaboration Agreement in October 2024. The company also detailed its research and development expenses, highlighting increases in external expenses related to specific programs such as the INHBE program and DMD program, as well as a decrease in expenses related to the AATD and HD programs.
Today the company's shares have moved -2.98% to a price of $13.65. For more information, read the company's full 10-K submission here.
