$WVE
Wave Life Sciences Ltd.

2022 Q1 Form 10-K Financial Statement

#000156459022008414 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $1.750M $1.765M $40.96M
YoY Change -81.3% 104.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.37M $12.11M $46.11M
YoY Change 22.76% 24.63% 8.46%
% of Gross Profit
Research & Development $27.47M $25.76M $121.9M
YoY Change -17.74% -14.22% -6.93%
% of Gross Profit
Depreciation & Amortization $1.730M $1.779M $7.500M
YoY Change -11.19% -11.49% -7.41%
% of Gross Profit
Operating Expenses $39.84M $37.88M $168.0M
YoY Change -8.34% -4.72% -3.16%
Operating Profit -$38.09M -$127.0M
YoY Change -12.37% -17.19%
Interest Expense $26.00K $5.000K $30.00K
YoY Change 160.0% -75.0% -287.5%
% of Operating Profit
Other Income/Expense, Net $280.0K $1.116M $4.537M
YoY Change -72.19% 69.09% 120.46%
Pretax Income -$37.81M -$34.99M -$122.4M
YoY Change -10.95% 18.09% -18.77%
Income Tax $0.00 -$204.0K -$204.0K
% Of Pretax Income
Net Earnings -$37.81M -$34.79M -$122.2M
YoY Change -10.95% 20.82% -18.45%
Net Earnings / Revenue -2160.8% -1970.82% -298.42%
Basic Earnings Per Share -$0.62 -$2.36
Diluted Earnings Per Share -$624.9K -$607.6K -$2.359M
COMMON SHARES
Basic Shares Outstanding 60.84M 51.83M
Diluted Shares Outstanding 60.52M 51.83M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.7M $150.6M $150.6M
YoY Change -24.77% -18.39% -18.39%
Cash & Equivalents $61.71M $150.6M $150.6M
Short-Term Investments $50.00M
Other Short-Term Assets $5.730M $5.416M $12.00M
YoY Change -64.19% 5.97% -22.58%
Inventory
Prepaid Expenses $6.940M $6.584M
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $124.4M $162.6M $162.6M
YoY Change -36.05% -29.33% -29.32%
LONG-TERM ASSETS
Property, Plant & Equipment $21.05M $22.27M $40.64M
YoY Change -51.17% -23.74% -10.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.336M $3.799M $3.799M
YoY Change -13.28% -0.03% -0.03%
Total Long-Term Assets $42.98M $44.44M $44.44M
YoY Change -10.65% -9.66% -9.67%
TOTAL ASSETS
Total Short-Term Assets $124.4M $162.6M $162.6M
Total Long-Term Assets $42.98M $44.44M $44.44M
Total Assets $167.4M $207.0M $207.0M
YoY Change -31.01% -25.87% -25.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.853M $7.281M $7.281M
YoY Change -26.47% -47.22% -47.24%
Accrued Expenses $3.152M $3.571M $19.82M
YoY Change -69.98% 66.64% 26.25%
Deferred Revenue $36.43M $37.10M
YoY Change -59.48%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $58.49M $64.20M $64.20M
YoY Change 20.09% -46.96% -46.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $868.0K $102.4M $102.4M
YoY Change -99.35% 21510.55% 51.75%
Total Long-Term Liabilities $101.1M $102.4M $102.4M
YoY Change -24.19% 51.65% 51.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.49M $64.20M $64.20M
Total Long-Term Liabilities $101.1M $102.4M $102.4M
Total Liabilities $159.5M $166.6M $166.6M
YoY Change -12.34% -11.64% -11.65%
SHAREHOLDERS EQUITY
Retained Earnings -$843.3M -$805.5M
YoY Change 17.89%
Common Stock $751.2M $749.9M
YoY Change 8.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$53.00K $32.50M $40.37M
YoY Change
Total Liabilities & Shareholders Equity $167.4M $207.0M $207.0M
YoY Change -31.01% -25.87% -25.86%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$37.81M -$34.79M -$122.2M
YoY Change -10.95% 20.82% -18.45%
Depreciation, Depletion And Amortization $1.730M $1.779M $7.500M
YoY Change -11.19% -11.49% -7.41%
Cash From Operating Activities -$39.87M -$7.033M -$88.99M
YoY Change -10.15% -77.61% -23.27%
INVESTING ACTIVITIES
Capital Expenditures $208.0K -$15.00K $560.0K
YoY Change 92.59% -97.32% -58.15%
Acquisitions
YoY Change
Other Investing Activities -$50.00M
YoY Change
Cash From Investing Activities -$50.21M -$15.00K -$560.0K
YoY Change 46388.89% -97.32% -58.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.316M 33.79M 55.83M
YoY Change -84.77% 168865.0% -63.87%
NET CHANGE
Cash From Operating Activities -39.87M -7.033M -88.99M
Cash From Investing Activities -50.21M -15.00K -560.0K
Cash From Financing Activities 1.316M 33.79M 55.83M
Net Change In Cash -88.85M 26.75M -33.93M
YoY Change 147.07% -183.71% -190.88%
FREE CASH FLOW
Cash From Operating Activities -$39.87M -$7.033M -$88.99M
Capital Expenditures $208.0K -$15.00K $560.0K
Free Cash Flow -$40.08M -$7.018M -$89.55M
YoY Change -9.9% -77.25% -23.67%

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, <span style="Background-color:#FFFFFF;color:#000000;">(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</span>, 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. </p>
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents are financial instruments that potentially subject the Company to concentration of credit risk. The Company uses several financial institutions to maintain its cash and cash equivalents, 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>
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15.67
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1109000
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10.22
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677000
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3052144
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15.60
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14296000
CY2021 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
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P5Y
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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4500000
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4500000
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4742000
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2150000
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1982000
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6892000
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6454000
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4498000
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7226000
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6089000
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6272000
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5466000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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37510000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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7594000
CY2021Q4 us-gaap Operating Lease Liability
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29916000
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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51825566
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39227618
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-800000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-204000
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-841000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-204000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-841000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
170997000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
133841000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
40163000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
36151000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
7194000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
5880000
CY2021Q4 wve Deferred Tax Assets Tax Deferred Expense Accumulated Amortization
DeferredTaxAssetsTaxDeferredExpenseAccumulatedAmortization
872000
CY2020Q4 wve Deferred Tax Assets Tax Deferred Expense Accumulated Amortization
DeferredTaxAssetsTaxDeferredExpenseAccumulatedAmortization
962000
CY2021Q4 wve Deferred Tax Assets Tax Deferred Expense Operating Lease Liabilities
DeferredTaxAssetsTaxDeferredExpenseOperatingLeaseLiabilities
8173000
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CY2021Q4 us-gaap Deferred Tax Assets Deferred Income
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13546000
CY2020Q4 us-gaap Deferred Tax Assets Deferred Income
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13956000
CY2021Q4 us-gaap Deferred Tax Assets Other
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2351000
CY2020Q4 us-gaap Deferred Tax Assets Other
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1146000
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243296000
CY2020Q4 us-gaap Deferred Tax Assets Gross
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199942000
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238170000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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5126000
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4561000
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98000
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117000
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195381000
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156680000
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42886000
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38653000
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97000
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238170000
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195381000
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18416000
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16682000
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575000
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313000
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18416000
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19900000
CY2020Q4 us-gaap Unrecognized Tax Benefits
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18400000
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0

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