Filing Flows › Wave Life Sciences (WVE) › Q2 2025
Wave Life Sciences (WVE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 30, 2025
Wave Life Sciences (WVE) reported revenue of $8.7M for the second quarter 2025 (Q2 2025), -56% from a year earlier and -5% from the quarter before. Operating margin was -606.5%, net loss $50.5M (580.2% of revenue).
Wave Life Sciences, Q2 2025: revenue $8.7M (-56% year over year), operating margin -606.5%, net loss $50.5M, operating cash flow −$46.0M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.7M | -5% | -56% |
| Operating profit | −$52.8M | — | — |
| Net earnings | −$50.5M | — | — |
| Operating cash flow | −$46.0M | — | — |
What changed
Revenue was $8.7M in Q2 2025, down 56% year over year and down 5% from the previous quarter.
Operating costs exceeded revenue by $52.8M, an operating margin of -606.5%. Total costs grew 12% against a revenue fall of 56%. The fastest-growing cost line was General & admin (+26%). The quarter ended with a net loss of $50.5M, wider than the previous quarter's $46.9M loss.
Operating cash flow was −$46.0M. Non-cash charges added back $865K of depreciation and $6.2M of share-based compensation. Working capital and other items used $2.6M. Capital expenditures of $306K exceeded it, leaving free cash flow of −$46.3M.
Questions
What was Wave Life Sciences' revenue in the second quarter 2025?
Wave Life Sciences (WVE) reported revenue of $8.7M for the second quarter 2025 (Q2 2025), -56% from a year earlier and -5% from the quarter before.
Was Wave Life Sciences profitable in the second quarter 2025?
Operating loss was $52.8M (-606.5% of revenue) and net loss $50.5M.
Source: Wave Life Sciences 10-Q on SEC EDGAR.