Velarion · Company Intelligence
Compensation Brief
Fiscal year 2024 · Filings through 2026-04-30

Wave Life Sciences (WVE)

Fiscal year 2024 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$4,272,299
Paul Bolno total, FY2024
38th
CEO pay percentile vs peers
CEO-to-median pay ratio
99.25%
Say-on-pay support, latest vote
Companies that benchmark against WVE
2 companies name WVE as a compensation peer

Each company listed discloses WVE in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named WVE in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2024

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Paul Bolno$655,500$0$0$3,064,934$532,600$0$19,266$4,272,299
President and Chief Executive Officer
Kyle Moran497,200001,128,914279,675011,5921,917,381
Chief Financial Officer
Chandra Vargeese487,540001,099,134287,975013,9141,888,563
Chief Technology Officer, Head of Platform Discovery Sciences
Christopher Francis438,30000870,312246,550011,2601,566,422
Senior Vice President, Corporate Development and Head of Emerging Areas

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2024 totalFY2023 totalFY2022 totalΔ FY20232024
Paul Bolno$4,272,299$3,874,300$2,667,997+397,999
Kyle Moran1,917,3811,697,0721,148,790+220,309
Chandra Vargeese1,888,5631,783,3391,231,794+105,224
Christopher Francis1,566,4221,527,4691,010,645+38,953

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

03

Grants of plan-based awards — fiscal year 2024

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Paul BolnoOPTION2024-02-051,008,600$3,064,934
Christopher FrancisOPTION2024-02-05286,400870,312
Kyle MoranOPTION2024-02-05371,5001,128,914
Chandra VargeeseOPTION2024-02-05361,7001,099,134
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Paul Bolno$0$0$3,064,9340.0%
Christopher Francis00870,3120.0%
Kyle Moran001,128,9140.0%
Chandra Vargeese001,099,1340.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2024

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Paul BolnoOption187,5003.14
Paul BolnoRSU92,5001,144,225
Chandra VargeeseRSU50,000618,500
Christopher FrancisRSU32,500402,025
Paul BolnoRSU15,000185,550
Paul BolnoOption433,6884.75
Paul BolnoOption1,008,6003.87
Paul BolnoOption54,6883.14
Paul BolnoOption153,3944.75
Chandra VargeeseOption361,7003.87
Paul BolnoOption371,5003.87
Chandra VargeeseOption62,5003.14
Chandra VargeeseOption166,1634.75
Christopher FrancisOption46,8753.14
Christopher FrancisOption137,6444.75
Christopher FrancisOption286,4003.87
05

Incentive-plan design — the Compensation Discussion & Analysis

Our intention is to structure these components of our executive compensation program in a way that achieves the objectives of the program of linking and emphasizing pay to performance over both the short- and long-term, aligning executives’ interests with the interests of shareholders and attracting, motivating and retaining highly skilled and experienced executives.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20252025-08-05129,648,036977,46615,61499.25%Passed
20242024-08-0694,163,361356,57318,06499.62%Passed
20232023-08-0179,211,157150,9751,130,59999.81%Passed
20222022-08-0951,160,64813,821,01617,27378.73%Passed
20212021-08-1033,669,973249,75412,65499.26%Passed
20202020-08-1224,128,2373,141,31867588.48%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20252025-08-0599.25%a
20242024-08-0699.62%b
20232023-08-0199.81%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2024

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Mark H. N. Corrigan, M.DIndependent · Audit · Nominating and Corporate Governance · Research and Development (Chair)$71,875$173,075$202,520$1$447,471
Heidi L. Wagner, J.DIndependent · Compensation · Nominating and Corporate Governance (Chair)62,500173,075202,5201438,096
Christian HenryIndependent · Board Chair · Compensation (Chair) · Audit99,37586,538100,303286,216
Adrian RawcliffeIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance66,25086,538100,303253,091
Aik Na TanIndependent · Audit49,37586,538100,303236,216
Gregory L. VerdineIndependent47,500100,30386,538234,341
Ken TakanashiIndependent · Nominating and Corporate Governance47,50086,538100,303234,341
Gregory L. Verdine, Ph.DNot independent · Research and Development47,50086,538100,303234,341
Peter Kolchinsky, Ph.DIndependent · Research and Development47,50086,538100,303234,341
Peter KolchinskyIndependent47,500100,30386,538234,341
Paul B. Bolno, M.D., MBAEmployee director0
09

Board fee structure and ownership guideline

Annual cash retainer$40,000
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)10,000 / 7,500 / 15,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2024
Cash retainers and fees$586,875
Equity awards (grant-date value)$865,378
All other compensation$173,078
Total cost of the board$1,625,331

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2024

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Wave Life Sciences names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Wave Life Sciences.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Stoke Therapeutics, Inc.2025Ian Smith$170,625$11,590,000$14,035,067$0$27,031,655
2PTC Therapeutics, Inc.2025Matthew Klein958,50016,593,8004,399,7601,294,00023,266,326
3Ionis Pharmaceuticals, Inc.2025Brett Monia1,051,7768,444,8381,438,105013,350,777
4Arrowhead Pharmaceuticals, Inc.2025Christopher Anzalone981,0466,810,29201,236,0009,029,861
5Verve Therapeutics, Inc.2024Sekar Kathiresan639,2311,683,0004,727,372378,9727,442,663
6Beam Therapeutics, Inc.2025John Evans755,0001,513,5752,876,754662,5135,818,525
7Intellia Therapeutics, Inc.2025John Leonard708,0002,443,9201,356,32005,063,899
8Denali Therapeutics, Inc.2025Ryan Watts718,0001,151,8672,180,00304,751,515
9Wave Life Sciences2024Paul Bolno655,50003,064,934532,6004,272,299
10Prime Medicine, Inc.2025Allan Reine606,21202,828,798402,0003,894,187
11Editas Medicine, Inc.2025Gilmore O'Neill686,57401,282,937375,1642,353,655
12Dyne Therapeutics, Inc.2025John Cox721,0000937,893410,9702,076,868
13Alector, Inc.2025Arnon Rosenthal678,100422,876558,216325,4881,995,018
14Arcturus Therapeutics Holdings, Inc.2025Joseph Payne750,0000941,00001,691,000
Sangamo Therapeuticsnot in coverage universe
Avidity Biosciences, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Wave Life Sciencesnot disclosedOption 100not disclosedAon
Alector, Inc.80%not disclosednot disclosedPearl Meyer & Partners, LLC
Arcturus Therapeutics Holdings, Inc.not disclosedOptions 100not disclosednot disclosed
Arrowhead Pharmaceuticals, Inc.125%PSU 70 · RSU 30not disclosedCompensia
Avidity Biosciences, Inc.not disclosednot disclosednot disclosednot disclosed
Beam Therapeutics, Inc.135%Options 66 · RSU 34not disclosedPay Governance LLC
Denali Therapeutics, Inc.145%not disclosednot disclosedAlpine Rewards
Dyne Therapeutics, Inc.95%not disclosednot disclosedAlpine Rewards, LLC
Editas Medicine, Inc.91%Options 100not disclosedPearl Meyer & Partners, LLC
Intellia Therapeutics, Inc.115%Options 40 · RSU 40 · PSU 20Yes — TSR relative to the Nasdaq Biotechnology IndexAlpine Rewards, LLC
Ionis Pharmaceuticals, Inc.228%RSU 67 · PSU 33Yes — Relative TSRAon Human Capital Solutions
Prime Medicine, Inc.120%Options 100not disclosedAlpine Rewards
PTC Therapeutics, Inc.167%Options 50 · RSU 50Yes — TSR relative to Nasdaq Biotechnology IndexFW Cook
Sangamo Therapeuticsnot disclosednot disclosednot disclosednot disclosed
Stoke Therapeutics, Inc.not disclosednot disclosednot disclosedAon
Verve Therapeutics, Inc.not disclosednot disclosednot disclosedRadford Data & Analytics from Aon plc

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Paul BolnoDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation”. As printed: 4,272,299. Filing ↗machine: r2 · c23 · span 370996–371005
2Section 01, Kyle MoranDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation”. As printed: 1,917,381. Filing ↗machine: r5 · c23 · span 376702–376711
3Section 01, Chandra VargeeseDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation”. As printed: 1,888,563. Filing ↗machine: r8 · c23 · span 382394–382403
4Section 01, Christopher FrancisDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation”. As printed: 1,566,422. Filing ↗machine: r11 · c23 · span 388131–388140
5Section 03, Paul Bolno OPTIONDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 402982–402991
6Section 03, Christopher Francis OPTIONDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 413167–413174
7Section 03, Kyle Moran OPTIONDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 406354–406363
8Section 03, Chandra Vargeese OPTIONDEF 14A2025-06-230001193125-25-144678Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 409784–409793
9Section 08, Mark H. N. Corrigan, M.DDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 447,471. Filing ↗
10Section 08, Heidi L. Wagner, J.DDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 438,096. Filing ↗
11Section 08, Christian HenryDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 286,216. Filing ↗
12Section 08, Adrian RawcliffeDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 253,091. Filing ↗
13Section 08, Aik Na TanDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 236,216. Filing ↗
14Section 08, Gregory L. VerdineDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 234,341. Filing ↗
15Section 08, Ken TakanashiDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 234,341. Filing ↗
16Section 08, Gregory L. Verdine, Ph.DDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 234,341. Filing ↗
17Section 08, Peter Kolchinsky, Ph.DDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 234,341. Filing ↗
18Section 08, Peter KolchinskyDEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 234,341. Filing ↗
19Section 08, Paul B. Bolno, M.D., MBADEF 14A2025-06-230001193125-25-144678Section “Director Compensation”. As printed: 0. Filing ↗
20Section 06, 2025 voteForm 8-K2025-08-110001193125-25-178083Item 5.07 · say-on-pay result. As reported: 99.25% (votes for as printed: 129,648,036). Filing ↗
21Section 06, 2024 voteForm 8-K2024-08-120001193125-24-199020Item 5.07 · say-on-pay result. As reported: 99.62% (votes for as printed: 94,163,361). Filing ↗
22Section 06, 2023 voteForm 8-K2023-08-070001193125-23-205066Item 5.07 · say-on-pay result. As reported: 99.81% (votes for as printed: 79,211,157). Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 586,875 + equity 865,378 + all other 173,078 = 1,625,331, summed across the director compensation table rows.machine: formula: Σ = 1,625,331
26Stoke Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-220001193125-26-170362CEO total compensation as printed in Stoke Therapeutics, Inc.'s own proxy. As printed: 27,031,655. Filing ↗machine: r2 · c31 · span 335841–335851
27PTC Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-200001104659-26-045528CEO total compensation as printed in PTC Therapeutics, Inc.'s own proxy. As printed: 23,266,326. Filing ↗machine: t148 · r6 · c16 · span 769400–769410
28Ionis Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-04-230001140361-26-016388CEO total compensation as printed in Ionis Pharmaceuticals, Inc.'s own proxy. As printed: 13,350,777. Filing ↗machine: t325 · r3 · c25 · span 1543650–1543661
29Arrowhead Pharmaceuticals, Inc., Section 10b CEO totalDEF 14A2026-01-270000879407-26-000019CEO total compensation as printed in Arrowhead Pharmaceuticals, Inc.'s own proxy. As printed: 9,029,861. Filing ↗machine: span 692475–692484
30Verve Therapeutics, Inc., Section 10b CEO totalDEF 14A2025-04-250000950170-25-058325CEO total compensation as printed in Verve Therapeutics, Inc.'s own proxy. As printed: 7,442,663. Filing ↗machine: r2 · c20 · span 327433–327442
31Beam Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-170001193125-26-161512CEO total compensation as printed in Beam Therapeutics, Inc.'s own proxy. As printed: 5,818,525. Filing ↗machine: r2 · c29 · span 502169–502178
32Intellia Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-197283CEO total compensation as printed in Intellia Therapeutics, Inc.'s own proxy. As printed: 5,063,899. Filing ↗machine: r2 · c25 · span 749290–749299
33Denali Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-210001714899-26-000054CEO total compensation as printed in Denali Therapeutics, Inc.'s own proxy. As printed: 4,751,515. Filing ↗machine: t25 · r2 · c25 · span 469605–469614
34Wave Life Sciences (subject), Section 10b CEO totalDEF 14A2025-06-230001193125-25-144678CEO total compensation as printed in Wave Life Sciences's own proxy. As printed: 4,272,299. Filing ↗machine: r2 · c23 · span 370996–371005
35Prime Medicine, Inc., Section 10b CEO totalDEF 14A2026-04-230001628280-26-026697CEO total compensation as printed in Prime Medicine, Inc.'s own proxy. As printed: 3,894,187. Filing ↗machine: r2 · c42 · span 285179–285188
36Editas Medicine, Inc., Section 10b CEO totalDEF 14A2026-04-280001650664-26-000037CEO total compensation as printed in Editas Medicine, Inc.'s own proxy. As printed: 2,353,655. Filing ↗machine: t42 · r2 · c12 · span 545455–545464
37Dyne Therapeutics, Inc., Section 10b CEO totalDEF 14A2026-04-230001193125-26-173655CEO total compensation as printed in Dyne Therapeutics, Inc.'s own proxy. As printed: 2,076,868. Filing ↗machine: r3 · c24 · span 816239–816248
38Alector, Inc., Section 10b CEO totalDEF 14A2026-04-280001193125-26-186928CEO total compensation as printed in Alector, Inc.'s own proxy. As printed: 1,995,018. Filing ↗machine: span 1038665–1038674
39Arcturus Therapeutics Holdings, Inc., Section 10b CEO totalDEF 14A2026-04-240001193805-26-000507CEO total compensation as printed in Arcturus Therapeutics Holdings, Inc.'s own proxy. As printed: 1,691,000. Filing ↗machine: t116 · r1 · c27 · span 296910–296919
40Section 10a, Editas Medicine, Inc. reciprocityDEF 14A0001650664-26-000037Editas Medicine, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
41Section 10a, Dyne Therapeutics, Inc. reciprocityDEF 14A0001193125-26-173655Dyne Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
42Section 10a, Arcturus Therapeutics Holdings, Inc. reciprocityDEF 14A0001193805-26-000507Arcturus Therapeutics Holdings, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
43Section 10a, Beam Therapeutics, Inc. reciprocityDEF 14A0001193125-26-161512Beam Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
44Section 10a, Denali Therapeutics, Inc. reciprocityDEF 14A0001714899-26-000054Denali Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
45Section 10a, PTC Therapeutics, Inc. reciprocityDEF 14A0001104659-26-045528PTC Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
46Section 10a, Stoke Therapeutics, Inc. reciprocityDEF 14A0001193125-26-170362Stoke Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
47Section 10a, Alector, Inc. reciprocityDEF 14A0001193125-26-186928Alector, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
48Section 10a, Intellia Therapeutics, Inc. reciprocityDEF 14A0001193125-26-197283Intellia Therapeutics, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
49Section 10a, Ionis Pharmaceuticals, Inc. reciprocityDEF 14A0001140361-26-016388Ionis Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗
50Section 10a, Arrowhead Pharmaceuticals, Inc. reciprocityDEF 14A0000879407-26-000019Arrowhead Pharmaceuticals, Inc.'s most recent proxy was read; its disclosed peer group does not include Wave Life Sciences. Filing ↗