$WVE
Wave Life Sciences Ltd.

2022 Q4 Form 10-Q Financial Statement

#000095017022024171 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.239M $285.0K $36.42M
YoY Change -29.8% -99.22% 955.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.72M $11.61M $12.94M
YoY Change 13.29% -10.31% 34.97%
% of Gross Profit
Research & Development $31.08M $27.58M $31.09M
YoY Change 20.64% -11.29% 9.92%
% of Gross Profit
Depreciation & Amortization $1.512M $1.637M $1.847M
YoY Change -15.01% -11.37% -9.46%
% of Gross Profit
Operating Expenses $44.80M $39.18M $44.03M
YoY Change 18.29% -11.01% 16.27%
Operating Profit -$38.90M -$7.607M
YoY Change 411.36%
Interest Expense $825.0K $596.0K $6.000K
YoY Change 16400.0% 9833.33% -85.0%
% of Operating Profit
Other Income/Expense, Net -$290.0K -$105.0K $1.371M
YoY Change -125.99% -107.66% 7.11%
Pretax Income -$43.03M -$39.00M -$6.230M
YoY Change 22.98% 526.07% -81.18%
Income Tax $681.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$43.71M -$39.00M -$6.230M
YoY Change 25.65% 526.07% -81.18%
Net Earnings / Revenue -3527.76% -13685.61% -17.1%
Basic Earnings Per Share -$0.42 -$0.12
Diluted Earnings Per Share -$0.46 -$0.42 -$122.9K
COMMON SHARES
Basic Shares Outstanding 86.90M 86.82M 50.71M
Diluted Shares Outstanding 93.90M 50.71M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.50M $122.0M $123.9M
YoY Change -41.22% -1.53% -42.75%
Cash & Equivalents $88.50M $96.95M $123.9M
Short-Term Investments $25.04M
Other Short-Term Assets $2.108M $2.017M $11.59M
YoY Change -61.08% -82.6% -4.21%
Inventory
Prepaid Expenses $7.932M $7.419M
Receivables $22.50M
Other Receivables $0.00
Total Short-Term Assets $98.54M $131.4M $158.0M
YoY Change -39.39% -16.81% -38.86%
LONG-TERM ASSETS
Property, Plant & Equipment $17.28M $18.55M $38.66M
YoY Change -22.37% -52.01% -19.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.722M $3.698M $3.866M
YoY Change -2.03% -4.35% 1.74%
Total Long-Term Assets $47.85M $50.08M $42.53M
YoY Change 7.66% 17.76% -17.75%
TOTAL ASSETS
Total Short-Term Assets $98.54M $131.4M $158.0M
Total Long-Term Assets $47.85M $50.08M $42.53M
Total Assets $146.4M $181.5M $200.5M
YoY Change -29.28% -9.48% -35.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.92M $15.93M $7.443M
YoY Change 132.32% 114.08% -23.27%
Accrued Expenses $3.516M $1.907M $3.384M
YoY Change -1.54% -43.65% 53.61%
Deferred Revenue $31.56M $32.34M
YoY Change -14.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $71.52M $64.26M $31.64M
YoY Change 11.4% 103.09% -71.16%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $190.0K $113.9M $131.1M
YoY Change -99.81% -13.12% 55.51%
Total Long-Term Liabilities $112.1M $113.9M $131.1M
YoY Change 9.42% -13.12% 55.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.52M $64.26M $31.64M
Total Long-Term Liabilities $112.1M $113.9M $131.1M
Total Liabilities $183.6M $178.2M $162.7M
YoY Change 10.18% 9.47% -16.07%
SHAREHOLDERS EQUITY
Retained Earnings -$967.3M -$923.6M
YoY Change 20.09%
Common Stock $802.8M $802.7M
YoY Change 7.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$45.09M -$4.519M $29.90M
YoY Change
Total Liabilities & Shareholders Equity $146.4M $181.5M $200.5M
YoY Change -29.28% -9.48% -35.34%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$43.71M -$39.00M -$6.230M
YoY Change 25.65% 526.07% -81.18%
Depreciation, Depletion And Amortization $1.512M $1.637M $1.847M
YoY Change -15.01% -11.37% -9.46%
Cash From Operating Activities -$33.44M -$25.65M -$28.18M
YoY Change 375.47% -9.01% 39.73%
INVESTING ACTIVITIES
Capital Expenditures $204.0K -$457.0K -$98.00K
YoY Change -1460.0% 366.33% 63.33%
Acquisitions
YoY Change
Other Investing Activities $25.04M -$44.00K
YoY Change
Cash From Investing Activities $24.84M -$501.0K -$98.00K
YoY Change -165700.0% 411.22% 63.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 55.00K 17.00K 8.349M
YoY Change -99.84% -99.8% -94.14%
NET CHANGE
Cash From Operating Activities -33.44M -25.65M -28.18M
Cash From Investing Activities 24.84M -501.0K -98.00K
Cash From Financing Activities 55.00K 17.00K 8.349M
Net Change In Cash -8.545M -26.13M -19.93M
YoY Change -131.95% 31.09% -116.3%
FREE CASH FLOW
Cash From Operating Activities -$33.44M -$25.65M -$28.18M
Capital Expenditures $204.0K -$457.0K -$98.00K
Free Cash Flow -$33.64M -$25.19M -$28.09M
YoY Change 379.4% -10.31% 39.66%

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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-39004000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
-4519000
us-gaap Profit Loss
ProfitLoss
-118114000
us-gaap Profit Loss
ProfitLoss
-87460000
wve Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
2557000
wve Amortization Of Right Of Use Assets
AmortizationOfRightOfUseAssets
1593000
us-gaap Depreciation
Depreciation
5062000
us-gaap Depreciation
Depreciation
5704000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14287000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12681000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-7500000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
835000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-2807000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-3503000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1047000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
8337000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-6335000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-3805000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-607000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-2006000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-16699000
wve Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-3327000
wve Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-2731000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
540000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-94341000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-81960000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1157000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
545000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
106000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
75044000
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
50000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-26095000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-545000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
51235000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
14272000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
87000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
250000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
372000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
608000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
67133000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
22035000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-304000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-131000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-53607000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-60601000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
154215000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
188148000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
100608000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
127547000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12006000
CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
122000000.0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Cash, cash equivalents, restricted cash and short-term investments are financial instruments that potentially subject the Company to concentration of credit risk. The Company uses several financial institutions to maintain its cash, cash equivalents, restricted cash and short-term investments, all of which are high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has no financial instruments with off-balance sheet risk of loss.</span></p>
CY2022Q3 wve Fair Value Assets Level1 To Level2 Transfer Amount
FairValueAssetsLevel1ToLevel2TransferAmount
0
CY2022Q3 wve Fair Value Assets Level2 To Level1 Transfer Amount
FairValueAssetsLevel2ToLevel1TransferAmount
0
us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
On June 16, 2022, the Company closed an underwritten offering (the “June 2022 Offering”) in which the Company issued and sold 25,464,483 of the Company’s ordinary shares at a price of $2.15 per share and pre-funded warrants (the “Pre-Funded Warrants”) to purchase up to 7,093,656 of the Company’s ordinary shares at an offering price of $2.1499 per Pre-Funded Warrant, which represents the per share offering price for the ordinary shares less the $0.0001 per share exercise price for each Pre-Funded Warrant. These Pre-Funded Warrants were recorded as a component of shareholders’ equity within additional paid-in capital. The gross proceeds to the Company were $70.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds of the June 2022 Offering were approximately $65.5 million. The Pre-Funded Warrants are exercisable at any time after their original issuance and on or prior to the five-year anniversary of the original issuance date. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with its affiliates, would beneficially own more than 19.99% of the number of ordinary shares outstanding or more than 19.99% of the combined voting power of the Company’s securities outstanding immediately after giving effect to such exercise, unless and until shareholder approval is obtained.
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
8002000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10181000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1907000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3571000
CY2022Q3 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1147000
CY2021Q4 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1109000
CY2022Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11056000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
14861000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The lease for the additional space commenced on October 1, 2021, with a term of five years and, for accounting purposes, is considered a separate lease from the Cambridge Lease (the “Additional Cambridge Lease”).
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4500000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
4500000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
In August 2022, the Company executed the second amendment to the Cambridge Lease with respect to the Cambridge Lease Extension.

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