$WVE
Wave Life Sciences Ltd.

2023 Q3 Form 10-Q Financial Statement

#000095017023037601 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $49.21M $22.11M
YoY Change 17168.07% 5794.93%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.13M $12.27M
YoY Change 13.1% -4.22%
% of Gross Profit
Research & Development $31.64M $33.31M
YoY Change 14.75% 12.04%
% of Gross Profit
Depreciation & Amortization $1.200M $1.289M
YoY Change -26.7% -23.95%
% of Gross Profit
Operating Expenses $44.77M $45.58M
YoY Change 14.26% 7.15%
Operating Profit $4.444M -$23.47M
YoY Change -111.42% -44.33%
Interest Expense $1.960M $2.251M
YoY Change 228.86% 1715.32%
% of Operating Profit 44.1%
Other Income/Expense, Net $2.131M $118.0K
YoY Change -2129.52% -86.41%
Pretax Income $6.575M -$21.10M
YoY Change -116.86% -48.9%
Income Tax -$677.0K $0.00
% Of Pretax Income -10.3%
Net Earnings $7.252M -$21.10M
YoY Change -118.59% -48.9%
Net Earnings / Revenue 14.74% -95.47%
Basic Earnings Per Share $0.07 -$0.20
Diluted Earnings Per Share $0.07 -$0.20
COMMON SHARES
Basic Shares Outstanding 98.98M 98.37M
Diluted Shares Outstanding 107.0M 105.5M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.9M $173.0M
YoY Change 14.67% 16.75%
Cash & Equivalents $139.9M $173.0M
Short-Term Investments
Other Short-Term Assets $4.116M $11.73M
YoY Change 104.07% 79.01%
Inventory
Prepaid Expenses $7.514M $9.012M
Receivables $7.000M
Other Receivables $0.00
Total Short-Term Assets $158.6M $184.7M
YoY Change 20.65% 15.36%
LONG-TERM ASSETS
Property, Plant & Equipment $13.77M $39.79M
YoY Change -25.78% 100.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.800M $5.489M
YoY Change 2.76% 19.17%
Total Long-Term Assets $41.35M $45.28M
YoY Change -17.44% -14.9%
TOTAL ASSETS
Total Short-Term Assets $158.6M $184.7M
Total Long-Term Assets $41.35M $45.28M
Total Assets $199.9M $230.0M
YoY Change 10.14% 7.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.61M $12.38M
YoY Change -20.87% 10.84%
Accrued Expenses $3.080M $16.71M
YoY Change 61.51% 381.26%
Deferred Revenue $68.25M $111.1M
YoY Change 111.04% 196.62%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $99.98M $140.2M
YoY Change 55.59% 118.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $132.6M $133.6M
YoY Change 16.42% 21.0%
Total Long-Term Liabilities $132.6M $133.6M
YoY Change 16.38% 21.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.98M $140.2M
Total Long-Term Liabilities $132.6M $133.6M
Total Liabilities $232.5M $273.8M
YoY Change 30.52% 56.93%
SHAREHOLDERS EQUITY
Retained Earnings -$1.009B -$1.016B
YoY Change 9.2% 14.83%
Common Stock $841.4M $839.7M
YoY Change 4.82% 4.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$40.49M -$43.85M
YoY Change
Total Liabilities & Shareholders Equity $199.9M $230.0M
YoY Change 10.14% 7.81%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $7.252M -$21.10M
YoY Change -118.59% -48.9%
Depreciation, Depletion And Amortization $1.200M $1.289M
YoY Change -26.7% -23.95%
Cash From Operating Activities -$34.46M -$37.26M
YoY Change 34.37% 29.27%
INVESTING ACTIVITIES
Capital Expenditures $200.0K $72.00K
YoY Change -143.76% -114.63%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$200.0K -$72.00K
YoY Change -60.08% -100.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.670M 1.849M
YoY Change 9723.53% -97.19%
NET CHANGE
Cash From Operating Activities -34.46M -37.26M
Cash From Investing Activities -200.0K -72.00K
Cash From Financing Activities 1.670M 1.849M
Net Change In Cash -32.99M -35.48M
YoY Change 26.25% -157.6%
FREE CASH FLOW
Cash From Operating Activities -$34.46M -$37.26M
Capital Expenditures $200.0K $72.00K
Free Cash Flow -$34.66M -$37.33M
YoY Change 37.6% 31.76%

Facts In Submission

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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1855000
wve Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-2454000
wve Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-2399000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
48265000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-68695000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
561000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
700000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
106000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
50000000
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
25000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-561000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25594000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
34623000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
51464000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
14336000
wve Proceeds From Issuance Of Ordinary Shares Pursuant To At The Market Equity Program Net
ProceedsFromIssuanceOfOrdinarySharesPursuantToAtTheMarketEquityProgramNet
1764000
wve Proceeds From Issuance Of Ordinary Shares Pursuant To At The Market Equity Program Net
ProceedsFromIssuanceOfOrdinarySharesPursuantToAtTheMarketEquityProgramNet
1105000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
86000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
37000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
429000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
174000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36902000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
67116000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-121000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-228000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
84485000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-27401000
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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
176642000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
126814000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
12006000
wve Offering Costs In Accounts Payable
OfferingCostsInAccountsPayable
60000
wve Offering Costs In Accounts Payable
OfferingCostsInAccountsPayable
311000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
173000000.0
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>
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6898000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
12287000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2662000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3516000
CY2023Q2 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
869000
CY2022Q4 wve Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1749000
CY2023Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
10429000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
17552000
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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