Francis Chris 4

What Happened
Chris Francis, SVP, Corporate Development & Head of Emerging Areas at Wave Life Sciences (WVE), had three reported transactions: an automatic sale of 1,883 ordinary shares on Feb 9, 2026 for $13.45 each (proceeds $25,326) to cover taxes, plus two awards on Feb 5, 2026 — 38,750 restricted stock units (RSUs) and a derivative award of 232,500 shares (option/award) recorded at $0.00. The awards are grants (no cash paid) and are subject to multi-year vesting schedules.

Key Details

• Transaction dates and prices:
  • Feb 5, 2026: Award of 38,750 RSUs @ $0.00 (value recorded $0)
  • Feb 5, 2026: Derivative award of 232,500 shares @ $0.00 (value recorded $0)
  • Feb 9, 2026: Sale of 1,883 shares @ $13.45 — proceeds $25,326 (tax-withholding sale)
• Shares acquired via awards total 271,250 (38,750 RSUs + 232,500 derivative award).
• Shares owned after the transactions: Not specified in the filing.
• Footnotes of note:
  • F1: RSUs vest in four equal annual installments (25% each) on Feb 8, 2027–2030.
  • F2: The Feb 9 sale was automatic to cover tax withholding from RSU vesting on Feb 8, 2026.
  • F3: The derivative award vests 25% on Feb 8, 2027, then 6.25% quarterly until Feb 8, 2030.
• Filing timeliness: Form 4 filed Feb 11, 2026; with the most recent transaction on Feb 9, this appears to have been filed within the usual two-business-day window.

Context
The sale was a routine, automatic tax-withholding sale tied to RSU vesting, not an independent open-market disposition expressing sentiment. The awards are subject to future vesting; the derivative grant is an option-like award with staggered vesting. Purchases tend to be more informative about insider conviction; this filing primarily documents compensation-related grants and a routine sell-to-cover.