WVEWave Life Sciences, Inc.

Pharmaceutical Preparations

Revenue: $43M; 61% YoY
Operating margin: -504.1%; 394% YoY
EBITDA: −$212M; 99% YoY
Market cap: $708M
Employees: 200,000; $214 revenue each
Net debt / EBITDA: —
AI in 10-K: 0.8; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
58% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
100% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$214 · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.8 per 10K words · 29th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$708M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$66M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$41M	$4M	$113M	$108M	$43M	61%
Operating income	−$127M	−$163M	−$68M	−$110M	−$215M	95%
Net income	−$122M	−$162M	−$58M	−$97M	−$204M	111%
Operating cash flow	−$89M	−$128M	−$19M	−$151M	−$187M	24%
Capex	$560K	$1M	$1M	$938K	$718K	23%
Stock-based comp	$16M	$17M	$10M	$13M	$25M	90%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 11, 2026	RA CAPITAL MANAGEMENT, L.P.	SCHEDULE 13D/A	33.5%	Passive
Apr 17, 2026	RA CAPITAL MANAGEMENT, L.P.	SCHEDULE 13D/A	53.2%	Active
Mar 30, 2026	RA CAPITAL MANAGEMENT, L.P.	SCHEDULE 13D/A	54.5%	Passive
Dec 15, 2025	RA CAPITAL MANAGEMENT, L.P.	SCHEDULE 13D/A	42.7%	Passive
Nov 13, 2025	RA CAPITAL MANAGEMENT, L.P.	SCHEDULE 13D/A	45.9%	Passive
Oct 1, 2024	RA CAPITAL MANAGEMENT, L.P.	SC 13D/A	16.0%	Passive
Aug 12, 2022	Shin Nippon Biomedical Laboratories, Ltd.	SC 13D/A	10.6%	Passive
Jul 20, 2022	Kagoshima Shinsangyo Sousei Investment Limited Partnership	SC 13D/A	3.3%	Passive
Jun 21, 2022	RA CAPITAL MANAGEMENT, L.P.	SC 13D/A	20.0%	Passive
Nov 12, 2021	RA CAPITAL MANAGEMENT, L.P.	SC 13D/A	13.3%	Passive

Insider trading

Open-market buys, 12 mo: $83M · 6
Open-market sells, 12 mo: $16M · 47
Net: $66M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$12M	$19M	216	66
FY2024	$4M	$17M	157	37
FY2023	$4M	$2M	64	43
FY2022	$3M	$6M	89	48
FY2021	$4M	$1M	40	77