2016 Q1 Form 10-K Financial Statement

#000119312516523890 Filed on March 30, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 2014 Q4
Revenue $0.00 $152.0K $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.220M $10.39M $1.060M
YoY Change 71.28% 246.33%
% of Gross Profit
Research & Development $4.736M $9.057M $720.0K
YoY Change 194.71% 278.16%
% of Gross Profit
Depreciation & Amortization $153.0K $590.0K $80.00K
YoY Change 70.0% 110.71%
% of Gross Profit
Operating Expenses $7.952M $19.45M $1.780M
YoY Change 127.79% 260.59%
Operating Profit -$7.952M -$19.30M
YoY Change 129.49% 257.77%
Interest Expense $104.0K $86.00K
YoY Change -816.67%
% of Operating Profit
Other Income/Expense, Net $100.0K $142.0K $20.00K
YoY Change 100.0% -42.97%
Pretax Income -$7.852M -$19.16M -$1.760M
YoY Change 129.93% 272.32%
Income Tax -$5.000K $44.00K -$10.00K
% Of Pretax Income
Net Earnings -$7.847M -$19.20M -$1.749M
YoY Change 126.46% 267.18%
Net Earnings / Revenue -12631.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$364.3K -$1.829M -$83.61K
COMMON SHARES
Basic Shares Outstanding 21.55M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.4M $161.2M $1.000M
YoY Change 16020.0%
Cash & Equivalents $153.4M $161.2M $1.048M
Short-Term Investments
Other Short-Term Assets $600.0K $100.0K $200.0K
YoY Change -50.0%
Inventory
Prepaid Expenses
Receivables $0.00 $200.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $154.0M $161.4M $1.487M
YoY Change 10660.0%
LONG-TERM ASSETS
Property, Plant & Equipment $3.218M $2.800M $1.269M
YoY Change 115.38% -8.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.300M $1.300M $200.0K
YoY Change 550.0%
Total Long-Term Assets $4.522M $4.000M $1.451M
YoY Change 185.71%
TOTAL ASSETS
Total Short-Term Assets $154.0M $161.4M $1.487M
Total Long-Term Assets $4.522M $4.000M $1.451M
Total Assets $158.5M $165.4M $2.938M
YoY Change 5603.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.437M $2.800M $125.0K
YoY Change 2700.0%
Accrued Expenses $1.300M $600.0K $400.0K
YoY Change 50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $0.00
YoY Change
Total Short-Term Liabilities $3.770M $3.800M $882.0K
YoY Change 322.22%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $0.00
YoY Change
Other Long-Term Liabilities $295.0K $200.0K $29.00K
YoY Change
Total Long-Term Liabilities $357.0K $300.0K $29.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.770M $3.800M $882.0K
Total Long-Term Liabilities $357.0K $300.0K $29.00K
Total Liabilities $4.127M $4.100M $911.0K
YoY Change 355.56%
SHAREHOLDERS EQUITY
Retained Earnings -$42.92M -$15.88M
YoY Change
Common Stock $185.3M $9.973M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $146.5M $161.4M $2.027M
YoY Change
Total Liabilities & Shareholders Equity $158.5M $165.4M $2.938M
YoY Change 5603.45%

Cashflow Statement

Concept 2016 Q1 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$7.847M -$19.20M -$1.749M
YoY Change 126.46% 267.18%
Depreciation, Depletion And Amortization $153.0K $590.0K $80.00K
YoY Change 70.0% 110.71%
Cash From Operating Activities -$7.140M -$12.53M -$1.240M
YoY Change 340.74% 182.84%
INVESTING ACTIVITIES
Capital Expenditures $685.0K $1.857M -$30.00K
YoY Change 3929.41% 214.75%
Acquisitions
YoY Change
Other Investing Activities -$1.050M $20.00K
YoY Change -418.18%
Cash From Investing Activities -$690.0K -$2.910M -$10.00K
YoY Change 885.71% 1019.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $11.63M
YoY Change 108.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 175.6M 0.000
YoY Change -100.17% 3024.38%
NET CHANGE
Cash From Operating Activities -7.140M -12.53M -1.240M
Cash From Investing Activities -690.0K -2.910M -10.00K
Cash From Financing Activities -20.00K 175.6M 0.000
Net Change In Cash -7.850M 160.2M -1.250M
YoY Change -178.97% 17120.43%
FREE CASH FLOW
Cash From Operating Activities -$7.140M -$12.53M -$1.240M
Capital Expenditures $685.0K $1.857M -$30.00K
Free Cash Flow -$7.825M -$14.39M -$1.210M
YoY Change 378.01% 186.59%

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CY2014 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
9602000
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
124000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
84000
CY2014 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
-6000
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2014 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
152000
CY2014 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
14000
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
410000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2999000
CY2014 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
9000
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
281000
CY2014 us-gaap Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
-327000
CY2014 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
84000
CY2014 wve Deferred Tax Assets Valuation Foreign Currency Translation
DeferredTaxAssetsValuationForeignCurrencyTranslation
168000
CY2014 wve Stock Issued During Period Value Conversion Of Convertible Debt
StockIssuedDuringPeriodValueConversionOfConvertibleDebt
9602000
CY2014 wve Deferred Tax Assets Valuation Allowance Increase
DeferredTaxAssetsValuationAllowanceIncrease
1292000
CY2014 wve Collaboration Agreement Upfront Payment
CollaborationAgreementUpfrontPayment
152000
CY2014 wve Proceeds From Government Grant
ProceedsFromGovernmentGrant
34000
CY2014 wve Reimbursable Capital Expenditure
ReimbursableCapitalExpenditure
248000
CY2014 wve Proceeds From Government Grant Reimbursements For Property And Equipment
ProceedsFromGovernmentGrantReimbursementsForPropertyAndEquipment
319000
CY2014 wve Increase Decrease In Accrued Expenses For Deferred Offering Costs
IncreaseDecreaseInAccruedExpensesForDeferredOfferingCosts
72000
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-12527000
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 dei Amendment Flag
AmendmentFlag
false
CY2015 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.83
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0001631574
CY2015 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentration of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Cash is a financial instrument that potentially subjects the Company to concentration of credit risk. The Company uses eight financial institutions to maintain its cash, 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.</p> </div>
CY2015 us-gaap Common Stock Voting Rights
CommonStockVotingRights
One vote for each ordinary share
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
WAVE LIFE SCIENCES LTD.
CY2015 us-gaap Revenue Recognition Services Licensing Fees
RevenueRecognitionServicesLicensingFees
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>License Agreements and Patent Costs</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Costs associated with licenses of technology and patent costs are expensed as incurred and are generally included in research and development expense in the consolidated statements of operations.</p> </div>
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
The Company's board of directors and shareholders approved a 50-for-1 share split of the Company's outstanding ordinary and Series A preferred shares effective November 18, 2014. Additionally, on November 1, 2015, the Company's board of directors and shareholders approved a 4.0415917-for-1 share split of the Company's issued and outstanding ordinary shares, Series A preferred shares and Series B preferred shares.
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 valuation of its Series A preferred shares on conversion of the related party notes payable, the valuation of the Company&#x2019;s ordinary shares prior to the initial public offering, the assumptions used to determine the fair value of share-based awards, the valuation allowance required for the Company&#x2019;s deferred tax assets, and determining uncertain tax positions and the related liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#x2019;s estimates.</p> </div>
CY2015 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.
CY2015 dei Trading Symbol
TradingSymbol
WVE
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10501455 shares
CY2015 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
126000
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1857000
CY2015 us-gaap Other Income
OtherIncome
155000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-19200000
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-15000
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19200000
CY2015 us-gaap Revenues
Revenues
152000
CY2015 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
86000
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
11631000
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
63000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-19298000
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
56000
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
142000
CY2015 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
62532000
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-193000
CY2015 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1055000
CY2015 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-19215000
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-15000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-19156000
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
4024000
CY2015 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
306000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
255000
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
4024000
CY2015 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
38000
CY2015 us-gaap Straight Line Rent Adjustments
StraightLineRentAdjustments
88000
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2015 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-152000
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
537000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
160172000
CY2015 us-gaap Operating Expenses
OperatingExpenses
19450000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2909000
CY2015 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
62532000
CY2015 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
268000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
175593000
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9057000
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
36000
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
11631000
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
267000
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4024000
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
10393000
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
8000
CY2015 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
101444000
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1648000
CY2015 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
594000
CY2015 us-gaap Effect Of Exchange Rate On Cash Continuing Operations
EffectOfExchangeRateOnCashContinuingOperations
15000
CY2015 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
36000
CY2015 wve Deferred Tax Assets Valuation Foreign Currency Translation
DeferredTaxAssetsValuationForeignCurrencyTranslation
10000
CY2015 wve Deferred Tax Assets Valuation Allowance Increase
DeferredTaxAssetsValuationAllowanceIncrease
4818000
CY2015 wve Operating Loss Carryback Carried Forward To Reduce Future Taxable Income
OperatingLossCarrybackCarriedForwardToReduceFutureTaxableIncome
2365000
CY2015 wve Prior Written Notice Period For Termination
PriorWrittenNoticePeriodForTermination
P60D
CY2015 wve Proceeds From Government Grant
ProceedsFromGovernmentGrant
112000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.14
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-400000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
968000
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2015 wve Reclassification Of Preferred Stock Value
ReclassificationOfPreferredStockValue
7874000
CY2015 wve Reimbursable Capital Expenditure
ReimbursableCapitalExpenditure
3000
CY2015 wve Proceeds From Government Grant Reimbursements For Property And Equipment
ProceedsFromGovernmentGrantReimbursementsForPropertyAndEquipment
3000
CY2015 wve Increase Decrease In Accrued Expenses For Deferred Offering Costs
IncreaseDecreaseInAccruedExpensesForDeferredOfferingCosts
1075000
CY2015 wve Minimum Percentage Of Issued And Outstanding Shares Required For Approval
MinimumPercentageOfIssuedAndOutstandingSharesRequiredForApproval
0.75 pure
CY2015 wve Maximum Number Of Directors On Board
MaximumNumberOfDirectorsOnBoard
7 Director
CY2015 wve Net Operating Losses Carryforward Available To Offset Future Federal Taxable Income
NetOperatingLossesCarryforwardAvailableToOffsetFutureFederalTaxableIncome
1871000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-3465000
CY2015Q1 us-gaap Revenues
Revenues
26000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
3491000
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-1717000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
1292000
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-3700000
CY2015Q2 us-gaap Revenues
Revenues
126000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
3755000
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.32
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-1363000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
1354000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.54
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-4936000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
4990000
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-1749000
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
1780000
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.46
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-7099000
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
7214000

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