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Wave Life Sciences cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$60.2M in Q3 2026 · −$208M over twelve months

Operating cash flow−$60.1M
Capital spending−$15K
Free cash flow−$60.2M

Analysis

In Q3 2026, Wave Life Sciences generated −$60.1M of operating cash flow and spent $15K on capital projects, leaving free cash flow of −$60.2M. That is $15.2M less than in Q3 2025 (−$44.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$207M; the largest uses were other investing ($233M), operating cash flow ($207M), capital spending ($1.3M); besides operations, cash came from other financing ($431M), shares issued ($12.1M); the cash balance rose by $1.1M.

Operating cash flow was −$60.1M against net income of −$61.9M. The largest differences: receivables −$11.1M, stock-based pay +$10.3M, accrued liabilities +$3.7M.

Free cash flow

Wave Life Sciences: free cash flow by quarterWave Life Sciences: free cash flow by quarter−$43.7MQ4 2024−$63.2MQ1 2025−$46.3MQ2 2025−$44.9MQ3 2025−$33.8MQ4 2025−$60.0MQ1 2026−$54.5MQ2 2026−$60.2MQ3 2026
Operating cash flow less capital spending.
Wave Life Sciences: operating cash flow against capital spendingWave Life Sciences: operating cash flow against capital spendingOperating cash flowCapital spending−$43.6M$86KQ4 2024−$63.0M$165KQ1 2025−$46.0M$306KQ2 2025−$44.7M$248KQ3 2025−$33.8M−$1KQ4 2025−$59.6M$438KQ1 2026−$53.6M$884KQ2 2026−$60.1M$15KQ3 2026
Latest (Q3 2026): Operating cash flow −$60.1M, Capital spending $15K.

Capital allocation, year by year

Wave Life Sciences: where the cash came from (up) and went (down), by fiscal yearWave Life Sciences: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$89.0MFY2021: Shares issued $250KFY2021: Capital spending −$560K$250KFY2021FY2022: Operating cash flow −$128MFY2022: Shares issued $51.4MFY2022: Asset sales $106KFY2022: Capital spending −$1.4M$51.5MFY2022FY2023: Operating cash flow −$19.4MFY2023: Shares issued $94.1MFY2023: Capital spending −$1.1M$94.1MFY2023FY2024: Operating cash flow −$151MFY2024: Shares issued $3.0MFY2024: Capital spending −$938K$3.0MFY2024FY2025: Operating cash flow −$187MFY2025: Shares issued $14.9MFY2025: Capital spending −$718K$14.9MFY2025
Over these 5 years operating cash flow totalled −$575M; the largest uses were operating cash flow ($575M) and capital spending ($4.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$431M
Debtnone
Net cash$431M
Cash runway2.1 years

Wave Life Sciences is burning cash: its operations consume cash, a free cash flow of −$208M a year at the current rate against $431M of cash and investments: a runway of about 2.1 years before any new financing.

Where the cash came from and went

Wave Life Sciences: sources (+) and uses (−) of cash, Q3 2026Wave Life Sciences: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$171MOther investing−$111MOperating cash flow−$60.1MOther financing$345KExchange rates−$125KShares issued$88KCapital spending−$15K
Wave Life Sciences: sources (+) and uses (−) of cash, TTM to Q3 2026Wave Life Sciences: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$431MOther investing−$233MOperating cash flow−$207MShares issued$12.1MCapital spending−$1.3MCash drawn (+) / kept (−)−$1.1MExchange rates−$66K

From profit to cash

Wave Life Sciences: net income to operating cash flow, Q3 2026Wave Life Sciences: net income to operating cash flow, Q3 2026Net income−$61.9MDepreciation & amortization$880KStock-based pay$10.3MReceivables−$11.1MPayables−$1.3MAccrued liabilities$3.7MDeferred revenue−$1.2MPrepaid and other assets−$656KOperating cash flow−$60.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$60.1M−$15K$88K$171M−$60.2M
Q2 2026−$53.6M−$884K$330K$177M−$54.5M
Q1 2026−$59.6M−$438K$1.9M$57.5M−$60.0M
Q4 2025−$33.8M$1K$9.8M−$406M−$33.8M
Q3 2025−$44.7M−$248K$2.0M$12.3M−$44.9M
Q2 2025−$46.0M−$306K$594K$34.6M−$46.3M
Q1 2025−$63.0M−$165K$2.5M$59.0M−$63.2M
Q4 2024−$43.6M−$86K$2.1M$8.9M−$43.7M

Wave Life Sciences: income statement and cash flow

Wave Life Sciences, Q3 2026: revenue $13.2M (+73% year over year), operating margin -502.0%. The chart follows the revenue to costs, profit and cash.

Wave Life Sciences: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.