$WVE
Wave Life Sciences Ltd.

2023 Q2 Form 10-Q Financial Statement

#000095017023016888 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $22.11M $12.93M $1.750M
YoY Change 5794.93% 638.8%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.27M $12.24M $12.37M
YoY Change -4.22% -1.12% 22.76%
% of Gross Profit
Research & Development $33.31M $30.98M $27.47M
YoY Change 12.04% 12.77% -17.74%
% of Gross Profit
Depreciation & Amortization $1.289M $1.433M $1.730M
YoY Change -23.95% -17.17% -11.19%
% of Gross Profit
Operating Expenses $45.58M $43.21M $39.84M
YoY Change 7.15% 8.46% -8.34%
Operating Profit -$23.47M -$30.29M -$38.09M
YoY Change -44.33% -20.5% -12.37%
Interest Expense $2.251M $1.873M $26.00K
YoY Change 1715.32% 7103.85% 160.0%
% of Operating Profit
Other Income/Expense, Net $118.0K $2.880M $280.0K
YoY Change -86.41% 928.57% -72.19%
Pretax Income -$21.10M -$27.41M -$37.81M
YoY Change -48.9% -27.53% -10.95%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$21.10M -$27.41M -$37.81M
YoY Change -48.9% -27.53% -10.95%
Net Earnings / Revenue -95.47% -211.97% -2160.8%
Basic Earnings Per Share -$0.20 -$0.27 -$0.62
Diluted Earnings Per Share -$0.20 -$0.27 -$624.9K
COMMON SHARES
Basic Shares Outstanding 98.37M 98.10M 60.84M
Diluted Shares Outstanding 105.5M 102.1M 60.52M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $173.0M $207.6M $111.7M
YoY Change 16.75% 85.8% -24.77%
Cash & Equivalents $173.0M $207.6M $61.71M
Short-Term Investments $50.00M
Other Short-Term Assets $11.73M $2.798M $5.730M
YoY Change 79.01% -51.17% -64.19%
Inventory
Prepaid Expenses $9.012M $9.231M $6.940M
Receivables
Other Receivables
Total Short-Term Assets $184.7M $219.6M $124.4M
YoY Change 15.36% 76.54% -36.05%
LONG-TERM ASSETS
Property, Plant & Equipment $39.79M $16.01M $21.05M
YoY Change 100.87% -23.95% -51.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.489M $5.836M $4.336M
YoY Change 19.17% 34.59% -13.28%
Total Long-Term Assets $45.28M $47.68M $42.98M
YoY Change -14.9% 10.94% -10.65%
TOTAL ASSETS
Total Short-Term Assets $184.7M $219.6M $124.4M
Total Long-Term Assets $45.28M $47.68M $42.98M
Total Assets $230.0M $267.3M $167.4M
YoY Change 7.81% 59.7% -31.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.38M $11.91M $9.853M
YoY Change 10.84% 20.84% -26.47%
Accrued Expenses $16.71M $2.131M $3.152M
YoY Change 381.26% -32.39% -69.98%
Deferred Revenue $111.1M $107.0M $36.43M
YoY Change 196.62% 193.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $140.2M $132.6M $58.49M
YoY Change 118.82% 126.66% 20.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $133.6M $190.0K $868.0K
YoY Change 21.0% -78.11% -99.35%
Total Long-Term Liabilities $133.6M $161.5M $101.1M
YoY Change 21.0% 59.86% -24.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $140.2M $132.6M $58.49M
Total Long-Term Liabilities $133.6M $161.5M $101.1M
Total Liabilities $273.8M $294.1M $159.5M
YoY Change 56.93% 84.35% -12.34%
SHAREHOLDERS EQUITY
Retained Earnings -$1.016B -$994.7M -$843.3M
YoY Change 14.83% 17.95%
Common Stock $839.7M $837.9M $751.2M
YoY Change 4.64% 11.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$43.85M -$34.71M -$53.00K
YoY Change
Total Liabilities & Shareholders Equity $230.0M $267.3M $167.4M
YoY Change 7.81% 59.7% -31.01%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$21.10M -$27.41M -$37.81M
YoY Change -48.9% -27.53% -10.95%
Depreciation, Depletion And Amortization $1.289M $1.433M $1.730M
YoY Change -23.95% -17.17% -11.19%
Cash From Operating Activities -$37.26M $85.52M -$39.87M
YoY Change 29.27% -314.49% -10.15%
INVESTING ACTIVITIES
Capital Expenditures $72.00K $489.0K $208.0K
YoY Change -114.63% 135.1% 92.59%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$50.00M
YoY Change -100.0% -100.0%
Cash From Investing Activities -$72.00K -$489.0K -$50.21M
YoY Change -100.29% -99.03% 46388.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.849M 35.05M 1.316M
YoY Change -97.19% 2563.6% -84.77%
NET CHANGE
Cash From Operating Activities -37.26M 85.52M -39.87M
Cash From Investing Activities -72.00K -489.0K -50.21M
Cash From Financing Activities 1.849M 35.05M 1.316M
Net Change In Cash -35.48M 120.1M -88.85M
YoY Change -157.6% -235.13% 147.07%
FREE CASH FLOW
Cash From Operating Activities -$37.26M $85.52M -$39.87M
Capital Expenditures $72.00K $489.0K $208.0K
Free Cash Flow -$37.33M $85.03M -$40.08M
YoY Change 31.76% -312.15% -9.9%

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CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-21000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-86000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
120065000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-88851000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
92157000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
154215000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
212222000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
65364000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
207600000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<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:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of 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><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 Company’s consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s financial statements and related disclosures requires the Company to make estimates and assumptions that affect the reported amount of assets, liabilities, revenue, costs and expenses and related disclosures. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. The Company believes that its 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, and the assumptions and estimates used in the Company’s analysis of contracts with contract research organizations (“CROs”) and contract manufacturing organizations (“CMOs”) to estimate the contract expense, involve a greater degree of judgment, and therefore the Company considers them to be its critical accounting policies. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions and conditions.</span></p>
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3582000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12287000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2131000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3516000
CY2023Q1 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1909000
CY2022Q4 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1749000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
7622000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
17552000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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