$WVE
Wave Life Sciences Ltd.

2023 Q1 Form 10-K Financial Statement

#000095017023009319 Filed on March 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $12.93M $1.239M $3.649M
YoY Change 638.8% -29.8% -91.09%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.24M $13.72M $50.51M
YoY Change -1.12% 13.29% 9.56%
% of Gross Profit
Research & Development $30.98M $31.08M $115.9M
YoY Change 12.77% 20.64% -4.94%
% of Gross Profit
Depreciation & Amortization $1.433M $1.512M $6.600M
YoY Change -17.17% -15.01% -12.0%
% of Gross Profit
Operating Expenses $43.21M $44.80M $166.4M
YoY Change 8.46% 18.29% -0.96%
Operating Profit -$30.29M -$162.7M
YoY Change -20.5% 28.11%
Interest Expense $1.873M $825.0K $1.571M
YoY Change 7103.85% 16400.0% 5136.67%
% of Operating Profit
Other Income/Expense, Net $2.880M -$290.0K $1.578M
YoY Change 928.57% -125.99% -65.22%
Pretax Income -$27.41M -$43.03M -$161.1M
YoY Change -27.53% 22.98% 31.6%
Income Tax $0.00 $681.0K $681.0K
% Of Pretax Income
Net Earnings -$27.41M -$43.71M -$161.8M
YoY Change -27.53% 25.65% 32.38%
Net Earnings / Revenue -211.97% -3527.76% -4434.72%
Basic Earnings Per Share -$0.27 -$2.05
Diluted Earnings Per Share -$0.27 -$0.46 -$2.05
COMMON SHARES
Basic Shares Outstanding 98.10M 86.90M 78.86M
Diluted Shares Outstanding 102.1M 78.86M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.6M $88.50M $88.50M
YoY Change 85.8% -41.22% -41.22%
Cash & Equivalents $207.6M $88.50M $88.50M
Short-Term Investments
Other Short-Term Assets $2.798M $2.108M $10.04M
YoY Change -51.17% -61.08% -16.33%
Inventory
Prepaid Expenses $9.231M $7.932M
Receivables
Other Receivables
Total Short-Term Assets $219.6M $98.54M $98.54M
YoY Change 76.54% -39.39% -39.39%
LONG-TERM ASSETS
Property, Plant & Equipment $16.01M $17.28M $44.13M
YoY Change -23.95% -22.37% 8.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.836M $3.722M $3.722M
YoY Change 34.59% -2.03% -2.03%
Total Long-Term Assets $47.68M $47.85M $47.85M
YoY Change 10.94% 7.66% 7.66%
TOTAL ASSETS
Total Short-Term Assets $219.6M $98.54M $98.54M
Total Long-Term Assets $47.68M $47.85M $47.85M
Total Assets $267.3M $146.4M $146.4M
YoY Change 59.7% -29.28% -29.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.91M $16.92M $16.92M
YoY Change 20.84% 132.32% 132.32%
Accrued Expenses $2.131M $3.516M $23.05M
YoY Change -32.39% -1.54% 16.27%
Deferred Revenue $107.0M $31.56M
YoY Change 193.64% -14.93%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $132.6M $71.52M $71.52M
YoY Change 126.66% 11.4% 11.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $190.0K $190.0K $112.1M
YoY Change -78.11% -99.81% 9.42%
Total Long-Term Liabilities $161.5M $112.1M $112.1M
YoY Change 59.86% 9.42% 9.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.6M $71.52M $71.52M
Total Long-Term Liabilities $161.5M $112.1M $112.1M
Total Liabilities $294.1M $183.6M $183.6M
YoY Change 84.35% 10.18% 10.18%
SHAREHOLDERS EQUITY
Retained Earnings -$994.7M -$967.3M
YoY Change 17.95% 20.09%
Common Stock $837.9M $802.8M
YoY Change 11.54% 7.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$34.71M -$45.09M -$37.22M
YoY Change
Total Liabilities & Shareholders Equity $267.3M $146.4M $146.4M
YoY Change 59.7% -29.28% -29.28%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$27.41M -$43.71M -$161.8M
YoY Change -27.53% 25.65% 32.38%
Depreciation, Depletion And Amortization $1.433M $1.512M $6.600M
YoY Change -17.17% -15.01% -12.0%
Cash From Operating Activities $85.52M -$33.44M -$127.8M
YoY Change -314.49% 375.47% 43.59%
INVESTING ACTIVITIES
Capital Expenditures $489.0K $204.0K $1.361M
YoY Change 135.1% -1460.0% 143.04%
Acquisitions
YoY Change
Other Investing Activities $0.00 $25.04M $106.0K
YoY Change -100.0%
Cash From Investing Activities -$489.0K $24.84M -$1.255M
YoY Change -99.03% -165700.0% 124.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $51.22M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.05M 55.00K 67.19M
YoY Change 2563.6% -99.84% 20.35%
NET CHANGE
Cash From Operating Activities 85.52M -33.44M -127.8M
Cash From Investing Activities -489.0K 24.84M -1.255M
Cash From Financing Activities 35.05M 55.00K 67.19M
Net Change In Cash 120.1M -8.545M -62.06M
YoY Change -235.13% -131.95% 82.88%
FREE CASH FLOW
Cash From Operating Activities $85.52M -$33.44M -$127.8M
Capital Expenditures $489.0K $204.0K $1.361M
Free Cash Flow $85.03M -$33.64M -$129.1M
YoY Change -312.15% 379.4% 44.21%

Facts In Submission

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CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2022 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
372000
CY2021 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
608000
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
55828000
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-210000
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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-208000
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
154215000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12006000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4498000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88500000
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include the assumptions used to determine the fair value of share-based awards, the Company’s revenue recognition policy, particularly, (a) assessing the number of performance obligations; (b) determining the transaction price; (c) allocating the transaction price to the performance obligations in the contract; and (d) determining the pattern over which performance obligations are satisfied, including estimates to complete performance obligations, the evaluation of progress to completion of external research and development costs which can result in prepaid or accrued expenses related to the Company’s contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”), the valuation allowance required for the Company’s deferred tax assets, determining uncertain tax positions and the related liabilities, and estimating refundable tax credits. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.</span><span style="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;"> </span></p>
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8655000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
9311000
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
154200000
CY2022 wve Term Deposits Purchased And Reached Maturity Current
TermDepositsPurchasedAndReachedMaturityCurrent
75000000.0
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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;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>
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9591000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9584000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8987000
CY2022Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
3700000
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
3700000
CY2022Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
886000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
47014000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement.
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9400000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
37614000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
55130000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
54496000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
37846000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
32230000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17284000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22266000
CY2022 us-gaap Depreciation
Depreciation
6600000
CY2021 us-gaap Depreciation
Depreciation
7500000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12287000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
10181000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3516000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3571000
CY2022Q4 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1749000
CY2021Q4 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1109000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
17552000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
14861000
CY2022 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 from the June 2022 Offering were $70.0 million before deducting underwriting discounts and commissions and other offering expenses. The net proceeds to the Company from the June 2022 Offering were approximately $65.5 million after deducting underwriting commissions and offering expenses. 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 the Company’s 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.
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote for each ordinary share
CY2022Q4 wve Common Stock Votes Per Share
CommonStockVotesPerShare
1
CY2022Q4 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
10
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6958160
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.22
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3844242
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.16
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
90000
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.48
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1030348
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.90
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9682054
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.73
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y21D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
25032000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4051769
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.11
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y9M7D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
5994000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
7424000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
5126000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17194000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
16407000
CY2022 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 is considered a separate lease from the 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
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
6458000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
4742000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
2508000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
2150000
CY2022 us-gaap Lease Cost
LeaseCost
8966000
CY2021 us-gaap Lease Cost
LeaseCost
6892000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
7226000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
6275000
CY2022 wve Increase In Operating Right Of Use Assets
IncreaseInOperatingRightOfUseAssets
12006000
CY2021 wve Increase In Operating Right Of Use Assets
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4498000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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12006000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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4498000
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OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.092
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.084
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-161823000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-122245000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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78855810
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78855810
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
51825566
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
51825566
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.05
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.05
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.36
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.36
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-161142000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-122449000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000
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IncomeTaxExpenseBenefit
-200000
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CurrentIncomeTaxExpenseBenefit
681000
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CY2022 us-gaap Income Tax Expense Benefit
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681000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-204000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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158413000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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170997000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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368000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
40163000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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7265000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
7194000
CY2022Q4 wve Deferred Tax Assets Tax Deferred Expense Accumulated Amortization
DeferredTaxAssetsTaxDeferredExpenseAccumulatedAmortization
782000
CY2021Q4 wve Deferred Tax Assets Tax Deferred Expense Accumulated Amortization
DeferredTaxAssetsTaxDeferredExpenseAccumulatedAmortization
872000
CY2022Q4 wve Deferred Tax Assets Tax Deferred Expense Operating Lease Liabilities
DeferredTaxAssetsTaxDeferredExpenseOperatingLeaseLiabilities
10276000
CY2021Q4 wve Deferred Tax Assets Tax Deferred Expense Operating Lease Liabilities
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8173000
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
16786000
CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
13546000
CY2022Q4 wve Deferred Tax Assets Capitalized Research And Development
DeferredTaxAssetsCapitalizedResearchAndDevelopment
36643000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
3164000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2351000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
233697000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
243296000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
226273000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
238170000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
7424000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
5126000
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
7333000
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
5021000
CY2022Q4 wve Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
86000
CY2021Q4 wve Deferred Tax Liabilities Accumulated Depreciation
DeferredTaxLiabilitiesAccumulatedDepreciation
98000
CY2022Q4 us-gaap Deferred Tax Liabilities Other
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5000
CY2021Q4 us-gaap Deferred Tax Liabilities Other
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7000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
238170000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
195381000
CY2022 wve Deferred Tax Assets Valuation Allowance Increase
DeferredTaxAssetsValuationAllowanceIncrease
3134000
CY2021 wve Deferred Tax Assets Valuation Allowance Increase
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42886000
CY2022 wve Deferred Tax Assets Valuation Allowance Decrease
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CY2022 wve Deferred Tax Assets Valuation Foreign Currency Translation
DeferredTaxAssetsValuationForeignCurrencyTranslation
97000
CY2021 wve Deferred Tax Assets Valuation Foreign Currency Translation
DeferredTaxAssetsValuationForeignCurrencyTranslation
97000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
226273000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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238170000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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-11900000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
19864000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18416000
CY2022 wve Unrecognized Tax Benefits Increases Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreasesResultingFromPriorPeriodTaxPositions
-7320000
CY2021 wve Unrecognized Tax Benefits Increases Decreases Resulting From Prior Period Tax Positions
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-56000
CY2021 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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575000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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1401000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2079000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13945000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
19864000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13900000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
19900000
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
200000

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