Wave Life Sciences Ltd.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
WVE$3.41-2.0%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
(In thousands)
| For the Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash flows from operating activities | |||
| Net loss | $(204,378) | $(97,008) | $(57,513) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Amortization of right-of-use assets | 5,412 | 4,767 | 4,206 |
| Depreciation of property and equipment | 3,440 | 3,896 | 5,000 |
| Share-based compensation expense | 24,973 | 13,141 | 9,795 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 146 | 19,664 | (21,086) |
| Prepaid expenses | 1,149 | 368 | (1,980) |
| Other assets | 4,314 | (3,225) | (2,010) |
| Accounts payable | (561) | 3,421 | (3,761) |
| Accrued expenses and other current liabilities | 5,483 | 4,253 | (724) |
| Deferred revenue | (19,833) | (93,589) | 54,328 |
| Operating lease liabilities | (7,638) | (6,714) | (5,496) |
| Other non-current liabilities | — | — | (190) |
| Net cash used in operating activities | (187,493) | (151,026) | (19,431) |
| Cash flows from investing activities | |||
| Purchases of property and equipment | (718) | (938) | (1,115) |
| Net cash used in investing activities | (718) | (938) | (1,115) |
| Cash flows from financing activities | |||
| Proceeds from the issuance of ordinary shares as a part of the December 2023 Offering, net of offering costs | — | 14,038 | 93,574 |
| Proceeds from the issuance of ordinary shares as a part of the September 2024 Offering, net of offering costs | — | 201,758 | — |
| Proceeds from issuance pre-funded warrants as a part of the September 2024 Offering, net of offering costs | — | 14,076 | — |
| Proceeds from the issuance of ordinary shares as a part of the December 2025 Offering, net of offering costs | 330,912 | — | — |
| Proceeds from issuance pre-funded warrants as a part of the December 2025 Offering, net of offering costs | 46,938 | — | — |
| Proceeds from issuance of ordinary shares pursuant to the GSK Collaboration Agreement | — | — | 34,623 |
| Proceeds from issuance of ordinary shares pursuant to the at-the-market equity program, net | 94,636 | 20,380 | 3,080 |
| Proceeds from the exercise of share options | 14,868 | 2,979 | 509 |
| Proceeds from the ESPP | 881 | 659 | 748 |
| Net cash provided by financing activities | 488,235 | 253,890 | 132,534 |
| Effect of foreign exchange rates on cash | 12 | (138) | (95) |
| Net increase in cash, cash equivalents and restricted cash | 300,036 | 101,788 | 111,893 |
| Cash, cash equivalents and restricted cash, beginning of period | 305,838 | 204,050 | 92,157 |
| Cash, cash equivalents and restricted cash, end of period | $605,874 | $305,838 | $204,050 |
| Supplemental disclosure of cash flow information: | |||
| Offering costs in accounts payable at period end | $— | $— | $210 |
Wave Life Sciences Ltd.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.